Running a business is not a piece of cake, many of projects fail or are discontinued. But what about projects that are completed? How do you know if by completing your project you’ve achieved your goals? What are methods for evaluating project performance?
There is a wide range of ways that may help you measure your project’s performance. The way you choose should depend on the type of project you are running and the project management methodology you are using. Project objectives are (or at least should be) specified before the work starts and there is no reason for skipping that part. To define project goals it’s great to keep it S.M.A.R.T. (Specific, Measurable, Achievable, Realistic, Time-related) or even S.M.A.R.T.E.R. (Evaluated, Reviewed). You and your team need to know why you are doing this and motivate each other.
Basically, project evaluation process consists of collecting, recording and organising information about project results and lessons learned. It’s really helpful for future projects you will be holding. Thanks to tracking project steps on every stage you are informed about occurring problems, obstacles in the project, and it’s much easier to solve issues, adapt changes and finally minimize the risk of project failure. Decision you make should benefit the organization at all times.
Definition of a success in regard to projects is achieving single project’s main goal. Of course, it’s also important to deliver a project within estimated time and budget. Just remember, your team should be flexible enough to adapt all changes in the project and improve its quality. There is no good and bad project management methodologies - each methodology has its own pros and cons.
To evaluate your project it is important to answer the following questions:
- What progress has been made?
- Were the desired project objectives achieved?
- Do the project results justify the project inputs?
- Is every team member satisfied with the result?
- What could have been done better?
It may be called as a whole Project Retrospective, and the best idea is to gather the team together in one place, discuss work that have been done, gain constructive feedback from users/stakeholders and have lessons learned.
Learning from our experiences, agile project management is the most effective way for IT software projects and we use it every day to deliver high-quality products all over the world. Thanks to that we have better visibility of the progress, alignment of the software features and overall project risk reduction.
We are always open to help companies of all sizes with building amazing products, so if you are in need of dedicated development team please check our Estimate Your Project section.
Please keep in mind that any approach may be good for your project, the main success indicator is achieving project goals. As a result of delivering the successful project you can create a valuable product or service. Keep going!