The Most Important Success Factors in Project Management

Success is always a topic in a company. However, the question is usually what we measure it by. Therefore, a large number of factors have been defined within project management that help in determining success and thus in controlling the project. With this article, we would like to offer you an overview of success factors in project management and their use.

What do we mean by project success?

Roughly speaking, project success means that the project goal has been achieved. At this point alone, however, many project managers fail because they set goals that are too imprecise or cannot be verified.

In order for you to more accurately measure the degree of project success, you should include other variables. This includes, for example, factors known in project management as the “magic triangle”, i.e. time, cost and quality. So, to make a subjective assessment, check that the project and its processes were completed on time and on budget and that the quality requirements of the final product were met. 

Important success factors in project management

1. Clearly defined goals

At the beginning of each project is the definition of objectives and remaining resources, such as cost and timeframe. Of course, feasibility and profitability studies, market analyses, etc. should be carried out before the tasks and responsibilities for the project are handed over to the staff of the relevant departments. 

Dividing the overall objective of the project will facilitate the coordination of the necessary activities.

To formulate the goals, use the SMART formula and make the goals specific, measurable , attainable, relevant and time-based. The defined goals should then be clearly communicated to the entire project team.

2. Support from the management level

It is particularly important for projects that the team receives support from the management level. To this end, the management level must be continuously informed about the detailed progress of the project and be involved in the process from the very beginning. In this way, the management level can also help to make decisions relevant to the project.

3. Stakeholder Management

Not only your company but also external people, groups or institutions are involved in a project in various ways. Each of these groups has its own ideas and objectives regarding the success or failure of the project and can therefore actively or passively support or undermine its success. For this reason, it is in your interest to identify and actively manage all involved parties in order to eliminate or neutralize disruptive factors.

4. Risk and conflict management

Projects involve risks and therefore your company should have a functional risk management or conflict management in place. The goal is to identify potential hazards in order to be able to avoid or at least limit them. The same applies to conflicts, because the more people are involved in a project, the more complex the tasks or the higher the performance pressure, the greater the potential for conflict. Also in this case, it is necessary to actively manage any difficulties that arise and, if possible, eliminate or mitigate them in a timely manner.

5. Functioning teamwork

To achieve good project success, the composition of the project team must also be right. The specific size of the team depends on whether the project is small or large. In general, however, the rule is as small as possible and as large as necessary. This makes communication among each other more efficient and speeds up decision-making processes. It also helps minimize potential conflicts within the team.

When choosing the team composition, you should pay attention to both professional and social balance. Also, make sure that each role and task has been clearly defined and distributed to prevent disputes and disagreements later in the project. However, if there are any conflicts within the team, address and resolve them openly.

6. Communication

Transparent and goal-oriented communication is crucial for project management, so that everyone involved is on the same level of information and can support each other. This saves time and helps to improve project quality. So make sure that all those involved receive comprehensive information on a regular basis and that the management level is also always kept informed of current progress, current challenges, potential problems and difficulties, etc. with the help of reports.

7. Experienced project management

Managing a project is a complex task that requires methodology, expertise as well as experience and also demands time and focus on the project goal. The Project Manager’s responsibilities include coordinating goals with management as well as internal and external customers. He also defines the schedule, budget, scope and quality of work to be done and leads the project team accordingly. This also includes duties such as stakeholder management, risk and conflict management, and communication within the project. The project manager and project management are thus the place where all the threads come together again.