Essay On Project Management

1440 Words6 Pages
Each year billions of dollars waste in project are been reported as a result of IT projects failure whereby a project might have failed for at least one of the measures of project success, indicating that it is imperative to enhance the manner in which projects are been managed. Contemporary IT project managers need to understand that all projects have some degree of successes and failures, which can be used as an opportunity for organizations to learn and continue develop from these experiences no matter the level of success or failure. Therefore, organizational learning and constant improvement from past experiences may be considered to be the secret to successful project management. In addition, this technique of organizational learning…show more content…
6) Value – This is emphasizing on the direct impact the project will have on the client organization which might result to enhance this organization efficiency and or effectiveness. Some common techniques used in measuring project performance in relation to value added includes: balanced scorecard, NPV, EVA and IRR. (Nelson, 2005).
Since the project manager objectives should be to improve continuously stakeholders satisfaction as possible based on these success criteria. There is no doubt that these six criteria when put together can produce a better understanding about why some project succeed and others fail but individually these criteria contributed differently with some more than others in the comprehension of project success. Therefore, it is important that in a project lifecycle (start-to-finish) each one of these criterion should be clarified and documented. I am going to discuss among other things, why the three success criteria presented in descending order of importance are more important; product, use and value and, how to ensure their success and the reasonable trade-offs one have to make in order to understand a project
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