It is difficult to determine whether a project is successful or not. A project, however, is considered successful if it comprises four fundamental elements. The conditions for a successful project are summarized as follows:
- On-Time: One of the limitations of project implementation is time. A project is considered successful only when it starts and ends on time. This indicates that the project was finished according to the project plan’s time schedule.
- On Budget: The second limitation of the project is the limited budget. Budget limits exist in every endeavor. A successful project will make optimal use of resources in order to stay under budget. That is, if a project is finished within budgetary constraints, it is considered a success.
- High Quality / Performance: All the projects are run following some technical guidelines. At the beginning of the project, it is decided how the project activities will be performed. What will be the outcome or output of the project? The program of the project is decided on the basis of what kind of output is expected from the project. The buyer/entrepreneur of any project expects that the output of the project will meet their demand and the project is being implemented to meet their demand. So if the work process at each level of the project is performed in accordance with the standard then its output standard will be agreed upon. Thus providing quality compliant output through a compliant work process is a notable determinant of a successful project.
- Customer Acceptance / Satisfaction: Any project that is accepted and run considers the buyer’s requirements. As a result, the primary goal of all projects is to satisfy customers. So, if a project is of good quality, ensures client happiness, and is accepted by the buyer, it is considered a success. The buyer assesses the project’s success and expresses his or her delight. As a result, the project’s success is determined by the amount of client satisfaction.
Therefore, in view of the above discussion, it can be said that a project which has the mentioned four elements in the project will be considered a successful project.