Project management assessment - Essay Example

A project is acknowledged as unsuccessful if it fails to offer what was needed, in line with prospects. In other words, in order to be successful a project has to be completed within estimated budget, with required performance, and on time; as well as it has to offer the advantages valuable in the business scenario. However, the project requirements should be apparent and absolute. Unluckily, it is not that simple. In addition, the second element of definition of project success is that the project has to be completed along the lines of expectations (Pritchard, 2004; Lewis, 2006; Mind Tools Ltd., 2011). In addition, in many cases a project had to cross its initial or expected budget, but the project still was considered as successful.

On the other hand, if a project complied with all the instructions which were in the wide-ranging project designs, but it was still considered as failure in view of the fact that it did not comprise the fundamental elements those were required by primary stakeholders. Though, it does not look reasonable, but project success and failure is not directly about the facts, nor is it simply about what was delivered. But, it is regarding how the project has to be completed (Pritchard, 2004; Lewis, 2006; Mind Tools Ltd., 2011). .

In this scenario, majority of projects fail due to the changes in time, budget and various other restrictions that can take place in a project. Additionally, there are a number of unique attributes connected with the project that direct to unnecessary as well as inherent problems, those increases risk profile of a number of projects which makes others less dangerous. In this scenario, the risk profile of each project is at extremely high level and this is for the reason that the reality that a lot of projects do not convene their performance aims and objectives.

In addition, it should be kept in mind that project management literature is paying more and more attention on significance of different methodologies that could help project managers achieve desired competence and success (Kerzner, 2003; Hughes & Cotterell, 2002; Schwalbe, 2005; DevTechnologies, 2010). Furthermore, the literature also outlines that almost all the projects that are carried out by businesses and institutes are executed in parallel with each other. As a result, there is a high level stress on project managers and project team associates inside corporations to tackle with the demands of these parallel executing projects.

On the other hand, the human resources inside a corporation are partial as well as the intellectual capital that is united with the project demands and deliverables is even additional limited. Thus, when the number of projects executing in parallel grows then a net shortage of the trained team associates takes place, which takes toward the opposition of projects for the intellectual capital essential for attaining its deliverables as well as performance objectives (Kerzner, 2003; Hughes & Cotterell, 2002;