Project Success And Performance Evaluation

In 2001 Platinum overtook gold in foreign revenue earnings for South Africa. The export sales from platinum group metals amounted to R29.3 billion as opposed to gold export sales of R28.6billion1. Organizations must undertake new ventures to replace old, worn-out and obsolete assets with new ones. These assets could be a building, a new product or process, a new mine, or anything that can help the organization to achieve its objective. These ventures are projects by their nature. When a project is pronounced a success, the judgement is usually based on some factual evidence, although not every one uses the same data. From the literature, it is obvious that there is a lack of consensus and objectivity as to what constitutes a successful project. The purpose of this paper is to address the following questions: ?What constitutes a successful project? ? How does one measure project success? ?How can one work toward project success? This paper addresses the requirements for project success of three of the primary stakeholders of a project, namely the business or client, the employees as far as the project team is concerned, and the local community. Indicators are developed into a work breakdown structure (WBS)-like chart to demonstrate success indicators. These indices take cognisance of all the constituents required for project success. The indicators are further developed to take cognisance of the requirements of the local communities. These indices are then weighted to arrive at a total score for the respective stakeholders. Using these WBS models, the success and performance of a project can be evaluated. This score is considered an objective measure of project success. Projects are evaluated more consistently across different projects and the project manager is provided with a management tool that can assist him/her in ensuring greater project success. The shortcoming of this approach is that the weights of the different indices have been estimated at this stage. Research will have to be conducted to more accurately reflect the weights assigned to the indices.