Project success: five things to get right



Five-step formula for project success revealed at 2015 APM Project Management Conference

24 March 2015 – London, UK – The Association for Project Management (APM) has announced the results of research into the Conditions for Project Success in a report revealed at their 2015 Project Management Conference in London on 19 March. Their new reports highlights that nearly 80% of projects fail to meet their planned objectives as a result of gaps in good practice. Most alarmingly, only 4% rated project planning and review as excellent; while 14% said it was either poor or absent from their last project.

150324-pmwj33-project-success-IMAGEIn response APM is targeting senior project executives and influencers with five critical success factors:

  1. Project planning and review
  2. Effective governance
  3. Goals and objectives
  4. Competent project teams
  5. Commitment to project success

The five factors form part of APM’s project success framework, which was endorsed and enhanced by more than 850 project professionals, academics and thoughts leaders who took part in the original study.

In each case over 85% of survey respondents rated the five factors as either ‘critical or very important’ to the success of a project.

Commenting on the findings Daniel Nicholls, APM research manager, said: “The 12 success factors were overwhelmingly endorsed by respondents. However, when asked how successful their last completed project had been and the status of each of the success factors in that same project, the findings revealed gaps between accepted good practice and the application.

“The five key factors for success – or those factors with the strongest and most consistent relationship with the traditional measures of project success: time, cost and quality – can be viewed as a formula for success; get this right and the rest should follow.”

The Conditions for Project Success report  reveals that the cost of ongoing failure could have a catastrophic effect on the economy, environment, and society. It concludes the environment in which the projects, programmes and portfolios operate, the conditions for project success, are at the heart of improving project outcomes. Download the full report for free here.

Senior business leaders in the UK will discuss the price of project failure at an APM breakfast meeting on April 15. The findings will be published online and in June’s issue of Project.

Founded in 1972, the APM is a registered charity in the UK with more than over 21,150 individual and 547 corporate members. The APM is dedicated to the development of professional project, programme and portfolio management across all sectors of industry and beyond. APM, with branches throughout the UK and in Hong Kong, is the UK national representative in the International Project Management Association (IPMA). More information at http://www.apm.org.uk/

Source: Association for Project Management