11.Mastering Project Management-Beyond the Triple Constraints: Redefining Project Success

Join Brittany Project Management Professional (PMP), on this episode of Project Management Masterclass as she discusses  PMI’s groundbreaking report, Maximizing Project Success. Discover how the definition of project success is evolving and why it's no longer just about time, budget, and scope. Learn about the innovative Net Project Success Score (NPSS) and how it helps measure value-driven success. We'll explore actionable strategies for improving project outcomes, such as defining success criteria, establishing measurement systems, and tracking performance. Whether you're leading a startup or managing a seasoned organization, this episode will inspire you to transform projects into value-driven successes. Tune in and take the first step toward mastering project success.

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Welcome to Project Management Masterclass hosted by Brittany Wilkins. Whether you're a seasoned project manager looking to sharpen your skills or a newcomer eager to learn the ropes, this podcast is your ultimate guide to mastering the art and science of project management.  In each episode, we dive deep into the world of project management, bringing you insights, practical tips, and real-life success stories. Get ready to elevate your project management game.

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Transcript

Welcome to Project Management Masterclass. Thanks for spending time with me today My name is Brittany I'm a project management professional.My goal is to help grow the project management profession unveiling the fundamentals of art & science of the field. Additionally bring you insights how the profession is evolving. 

On todays show I will discuss project management institutes  ground breaking report Maximizing Project Success. This report offers a fresh & inclusive perspective on project success. In this episode I will introduce the  new definition of project success, a way to rate your project using NPSS, and share some practical steps for delivering value in projects. 

Evolving Definition of Success 

To provide a bit of context PMI launched a global research initiative with three objectives. 

The first objective was developing a more modern definition of project success. 

The second objective was determining a method to measure project success rates globally. 

Third objective to understand what factors are predictive of success.

Per PMI this research was conducted with more than 10,000 survey respondents from 141 countries, both within & outside the PMI community. 

As a result of the survey & in-depth insights we now have a new standard for project success 

What is project success? Take a moment to reflect how you measure project success within your organization or business today? 

Traditionally project success has been measured by three things. Number 1 did the project launch on time? Number 2 Did we deliver the project within the budget established at project planning phase. Number 3 Did we deliver the product or service within scope. Time, budget, & scope the three historical measures of project success.

Do you consider a project to successful if you miss the mark on one or more of these? 

Success is subjective & varies depending on priorities of the organization. 

The way to answer the question of project success is by gauging the value it delivers & if it meets stakeholders expectations. 

Therein lies a shift in perspective. According to PMI report success is about delivering outcomes worth the effort & expense.  This is new definition of project success. Let me repeat that again Project success is defined as the delivered value that/and or was the effort and expense. 

What does this definition of success mean for project managers? Again it’s subjective. Here is my perspective   Project managers must transform into becoming value creators & strategic leaders. As project managers are sole focus cannot only be to execute. It’s more than just updating a task to done, in progress, not started we must own project success by being accountable for it’s value and strategy aligning the project to broader business goals. Projects are the bridge or gateway that connects innovation to world impact. We have to have the foresight how this project integrates into the bigger picture outside of our issues tracker, RAID log, or project management plan. The value is rooted in the why. Why it matters & engaging with the stakeholders in helping them to see the value. 

Now we have a common understanding of the definition of project success…how do we measure it?

Project success can be measured by NPSS which stands for Net Project Success Score. 

What PMI did was ask survey respondents from 19 countries this question To What Extent Would You Say this project delivered value that was worth the effort and expense? Respondents were required to rate their success on a scale from 0 to 10. Like traditional survey 0 indicates does not agree & 10 indicates fully agreed. 

NPSS is intended to evaluate projects on a continuum from failure to success. 

The results of the study conclude that 48% of projects were rated successful. 12% were deemed failures equating to a global net project success score of 36. A NPSS score of 36 can be utilized as a baseline to measure your project success determining if you are at, below, or higher. 

Based upon the report definition and concept of applying NPSS it has been well received and easy enough to understand & calculate from those part of this study.

From what I shared thus far what are your thoughts on this methodology. Let me know by texting the show. Full disclaimer your privacy  is confidential. Meaning I only see the last four digits of your phone number & city. Also I can’t text you back. I can read your messages and respond to them live via the show. Let me know your comments of what you think of this show and this topic today. You can find details how text the show in the episode description. 

When I first seen the Global NPSS, I went back to the question that was asked. Projects are executed differently. I asked myself how does each measure projects  in terms of effort and expense. What’s is the difference 48% of success vs 12% of failure. Is it operating efficiency, processes, tools, people. Another thing that came to mind is what is the development approach are the projects included in this study waterfall, agile, or a bit of both. 

 I am probably opening up a can of worms? Now that there is a global definition of project success and a baseline NPSS , how does we get here. 

 As indicated in the report measurement is the key to success. What gets measured gets improved. The reports offers three strategies in helping project professionals achieve project success 

Strategy 1..Define your success criteria up front. The study revealed that those projects with well defined criteria achieved a NPSS of 41, which is higher than the benchmark of 36 compared to a NPSS score of only 20 for those who don’t define criteria up front. 

Strategy 2 -Establish a measurement system that will enable you to make decisions. 81% of projects with a measurement system achieved a NPSs score of 43 compared to a NPSS score of 6 for organizations do not have a system in place. 

Strategy 3-Measure performance along the way. Are you a set it and forget it type of organization…well the data shows that when you measure performance throughout the duration you can potentially achieve a NPSS score of 40 on par with 51% projects that do it or if you don’t you may find yourselves just at the benchmark of 36.

The underlying fundamentals here is organizational management and governance. 

Do you think the pressure to deliver prohibits us from doing the right things because we get so caught up in hitting targets. Depending on how large an Organization these can take time. 

The drivers of project success is an agreed upon definition & how it’s measured. You may also want to consider performance theme and performance levers. 

Performance themes are general categories of measurement that can be used for implementing strategy #1 Defining the critieria. Overall there were 22 performance themes utilized throughout the study in which survey respondents were asked the question which of the following criteria did the project deliver on? Out of those 22 performance themes these were the top 6 

1. Sustainability and social impact
2. Level of quality
3. Meeting the defined requirements
4. Customer satisfaction
5. Employee experience
6. Safety 

Additionally another driver of project success are performance levers. Performance levers are defined as those types of activities to do, capabilities to prioritize, and conditions that will enable you to meet/and or exceed project success. The report listed 65 performance levers, but out of these 65 only 6 came out on top which were the following: 

1. Measurment system
2. Caring for team morale
3. Adequate funding for completion
4. Effective resource management
5. Minium start up difficulties
6. Sound business case

This is a great report. It enables us as project professionals to measure where we are today. In my opinion PMI has taken out some of the "guesswork" in helping us to understand where we are compared to others. If you're a startup it helps you develop a roadmap in where you need to grow. If you been in business for awhile it helps you to mature and continuously improve staying in step with the industry. 

The report provides us the what. It is up to us to determine the how we may incorporate this information. 

A potential first step is to create a net project success score card and outline a strategy to measure your current state. Develop a communication plan to talk with PMO. If you are the PMO or lead PMO how do you weave this into your plan to enlighten stakeholders on a different approach to view project success if current results are not satisfactory. 

The PMI report reminds us that true success isnt just about delivering outputs, but creating meaningful outcomes that resonate with stakeholders and society. 

Its been a pleasure to bring you the latest insights from PMI. I appreciate to you listening. Stay the course the road to project success begins with one step .