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Project Success Criteria refer to a set of standards by which a project can be judged and evaluated. They serve as the general indicator of the project’s cost-effectiveness and feasibility and are used to determine whether the project produces desired results under preset requirements. Success criteria are necessary for use in any kind of project.
Success criteria of a project help measure the contribution made by stakeholders and teams towards project delivery. They indicate the project’s health at any given point in time and often are used for deciding whether it is reasonable to continue doing the project.
The basic criteria for measuring project success are:
- Time
- Cost
- Quality
It means that a project becomes successful when it is delivered on time, with no cost overruns, and with satisfactory quality. Meanwhile, each of the basic criteria can be specified with more measures that are often regarded as key performance indicators. KPIs help teams gain insight into their projects’ performance to determine success or failure at a lower level.
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