Measuring project success

Measuring the success of a project can be difficult in that success means something different to each person involved in the project. In an effort to determine measures of performance to define success, a method of measuring success objectively was developed. A literature search revealed seven common criteria were used to measure success: technical performance, efficiency of project execution, managerial and organizational implications, personal growth, project termination, technical innovativeness, and manufacturability and business performance. Limited to the viewpoints of the sponsor and the project manager, and consistent with the discounted cash flow (DCF) principles, a common focus was found in financial factors for evaluating success of a business venture.