2006 PMI Research Conference Aims to Link Project Management Discipline with the Business Community
Neil Stolovitsky - September 1, 2006

Introduction

For years, project management research has focused primarily on the methodology to execute projects on time, within budget, and according to specifications. Project managers who were able to meet these three requirements attached the keyword success to their projects—with the perspective that from an execution point of view, the project was a success. However, other business factors (such as profitability) must be taken into consideration when gauging a project's success. Today's business world demands project results that bring value to the business. History has shown that there have been cases of projects with overruns in budgets and projected time that are successful. A good example was the construction project of the Sydney Opera House in Australia that had an estimated cost of $7 million (USD), with a five-year timeline. The project ended up costing $102 million (USD), and was completed in fifteen years. Although from a project execution point of view it was a disaster, today no one would argue the business success of the opera house, and its impact on the city of Sydney. Recognizing the business value of projects, the project management world has confirmed the need to develop new metrics and techniques to measure and communicate project success...