Successful Projects, project objectives, project outcomes, project benefits, and value

This video will explore the concepts of successful projects, project objectives, project outcomes, project benefits and value. If project management is about pursuing project success, it is important to better understand the concept of project success. Asking different project stakeholders about the meaning of project success will likely garner very different answers. How can we define project success, accommodating these different perspectives? Project management defines project success combining the concepts of project objectives, project outcomes and business value. We must first establish feasible objectives that can be clearly verified during the project life cycle. Throughout the project, actual performance should be kept aligned with planned performance. A successful project should be able to achieve an acceptable outcome. The outcome refers to what will result from using the projects’ products. Projects should deliver value to the organization. The expected project outcomes result in measurable gains. These project benefits may or may not be expressed in monetary terms. The project business value refers to the value added by the project, when considering the expected tangible or intangible benefits that derive from the project, as well as the expected costs required to attain them.

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