“Value of an item must not be based on its price, but rather on the utility which it yields” – Daniel Bernoulli
A paradox of traditional project management practices is that project success is most frequently judged through three criteria;
- on-time or schedule achievement;
- on-budget or cost achievement; and
- met requirements criteria or scope achievement;
Yet the reason a project exists is to deliver value, either as benefits or outcomes, to an organisation. So why isn’t benefits realisation consistently part of the project success criteria yet?