Having a documented and approved (by key stakeholders) project success criteria from the beginning of the project help to plan and execute the project more effectively. Generally the success criteria of the project is included either in the project charter or in the project plan.
Success criteria = On time + Within Budget + Met Scope + Achievement of the business case (Purpose)
Projects are considered as successful when;
- Completed on time (As per schedule)
- Completed within budget (Cost)
- Completed the Scope (Scope)
- Met the business objecive (business case)
- Return on Investment (ROI)
- Payback period
- Net Present Value
- Internal Rate of Return (IRR)