March 2025 Virtual Dinner Meeting - Evaluating Project Success

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Ttraditional methods of determining project success take into account only whether the project met its budget and schedule. A more meaningful assessment evaluates the impact of the project on the organization.

Defining project success can be a difficult task in the chemical process industries (CPI). Some companies look past the traditional parameters -- cost, schedule, and operability - and determine project success by evaluating predetermined key performance indicators (KPIs). This approach generates more meaningful, fair, and balanced post-project performance assessments.

Many parameters and indicators have been used to determine project success. Some companies, however, do not have a consistent way to determine the parameters that should be applied to assess how a project met its goals and objectives and how it impacted the organization in both tangible and intangible ways.

This presentation compares two approaches to evaluate project success and recommends a way to implement a performance measurement tool to quantify project success.