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The Relevance of Project Success Criteria

and Requirements in Project Management

 

SECOND EDITION

By Ágnes Csiszárik-Kocsir, habil. PhD

Associate Professor, Óbuda University

Budapest, Hungary

 



Abstract

Projects have become key players in national economies today. Projects are concrete manifestations of investments, there are no investments without projects, and without them the economy can not grow substantially. However, projects are unsuccessful in many cases, because they aren’t prepared in time, don’t achieve the required performance they expect from them. A common cause of project failure is a poor planning process, budgetary problems, the missed investment calculations, or the omission of sustainability, relevance, and feasibility.

These expectations are expressed in every project management course, all of the literature dealing with the projects, but the project actors don’t give the required relevance to them. The aim of this paper is to examine the above-mentioned triple success criteria system based on the opinion of Hungarian companies, in addition to measuring the elements of a classical project triangle.

Key words: project success, project management, primary research, SME

JEL code: O10, M10

Introduction

Projects are always temporary arrangements that are established for pre-set objectives. Success for a project means achieving the objectives, but the road to success is paved with various risks and difficulties. Therefore in many cases the expected success of a project turns into failure. Several organizations have already tried to estimate the number of unsuccessful projects. An organization called Wellingtone (n.d., a.) defined the project as such a change-inducing endeavour that has to meet three criteria for the sake of success:

  • Alignment to the strategy of the project promoter,
  • Must have priority over other initiatives, which are in competition with the project for scarce resources,
  • Must have a positive impact in the future.

Based on some surveys, 70% of the projects fail due to inadequate planning. The most common mistakes are the underestimation of the budget and the insufficient management of risks. The failed projects will not be able to contribute to the increase of the investment ratio and to the promotion of the economic growth. Hence the failed projects will always appear as a loss or damage, for which the organization wasted the resources in vain. These effects also show up at the level of the national economy as a loss in the form of lost growth.

The above cited organization also interpreted success in three dimensions:

  • Successful project management that is capable of delivering the predefined result on time and within the budget, in which setting up the correct milestones has a huge role,
  • Successful project, which reaches the pre-set business goals,
  • Successful enterprise, which is able to approach the strategic goals, meeting the expectations of all actors (owners, managers, employees, other stakeholders).

The organization provided methodological recommendations as well (n.d., b.) for the sake of achieving the project’s success. Based on their theory there are six steps leading to the success of the project: preparation, planning, communication, monitoring, controlling and review.

The annual project management survey conducted by the organization examines the key factors along the project characteristics, through which success is measureable and the tendencies can be determined too. The results are summed up in the diagram below.

More…

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Second Editions are previously published papers that have continued relevance in today’s project management world, or which were originally published in conference proceedings or in a language other than English.  Original publication acknowledged; authors retain copyright.  This paper was originally presented at the most recent Scientific Conference on Project Management in the Baltic States at the University of Latvia in Riga in April 2018.  It is republished here with the permission of the authors and conference organizers

How to cite this paper: Csiszárik-Kocsir, A. (2018). The Relevance of Project Success Criteria and Requirements in Project Management; Proceedings of the 7th Scientific Conference on Project Management in the Baltic States, University of Latvia, Riga, Latvia, April 2018; republished in the PM World Journal, Vol. VII, Issue VIII – August. Available online at https://pmworldjournal.net/wp-content/uploads/2018/08/pmwj73-Aug2018-Csiszárik-Kocsir-Relevance-of-Project-Success-Criteria.pdf

 



About the Author


Ágnes Csiszárik-Kocsir

Budapest, Hungary

 

 

 

Professor Ágnes Csiszárik-Kocsir works as an associate professor of Finance at the Óbuda University, Keleti Faculty of Business and Management. She is a doctor of Management and Business Administration. She received her Ph.D. degree from Szent István University Management and Business Administration PhD School in 2010. Title of her dissertation is “The education funding aspects at local governments”. After it, she did her habilitation in 2017 at University of Kaposvár.  She worked at Central European University as a project manager and a visiting professor from 2004 till 2007. She managed several research projects in that time, and she was responsible for the finances of the projects.

From 2007 she is a professor at Óbuda University. Her research fields are financing and the crisis. In recent years she had several research projects in connection with her courses: financial culture, corporate financing, investment funding, project management and the project financing. She was a visiting professor in Romania, and in Poland (CEEPUS Award and Erasmus+ scholarships).

She has more than 220 national and international publications, articles and conference proceedings as well. She helped in organizing more than 20 conferences, and she is a member of editorial boards in  national and international journals (Lépések, The Macrotheme Review, Journal of Competiveness, Journal of Financial Management and Accounting), and she is a review board member in 2 international journals (Journal of Process Management – New Technologies International, International Journal of Trade). From 2015 she is an editor of the “Business Development in the 21th Century” book published by the Óbuda University. In 2009 she was the Young Researcher of the Year at Óbuda University.

Ágnes can be contacted at [email protected].