Successful Projects

Knut Samset

Chapter 2 in Early Project Appraisal, 2010, pp 10-19 from Palgrave Macmillan

Abstract: Abstract News about projects occasionally hits the headlines, usually when costs exceed budgets or when projects are significantly delayed. This is in itself a paradox, as the public as well as the media seem more concerned about the immediate outputs of a project than about the long-term outcome of the investment. Cost overrun and timeliness of delivering the outputs are restricted, premature measures of a project’s success. In a broader perspective, a successful project is one that significantly contributes to the fulfillment of its agreed objectives. Moreover, it should have only minor negative unintentional effects; its objectives should be consistent with needs and priorities in society, and it should be viable in the sense that the intended long-term benefits are realized. These requirements were first formulated in the 1960s to be applied by the United States Agency for International Development (USAID). They were subsequently endorsed by the United Nations (UN), the Organization for Economic Co-Operation and Development (OECD) and finally the European Commission (EC). They are summarized in terms of five requirements or success factors that should be fulfilled: efficiency, effectiveness, relevance, impact and sustainability.

Keywords: Successful Project; Project Case; Cost Overrun; Strategic Performance; Tactical Performance (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28992-5_2

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DOI: 10.1057/9780230289925_2

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