09 May CRITICAL SUCCESS FACTORS IN MAJOR PROJECTS
The basis for choosing this topic is to investigate the success and failure factors in relation to delivering major projects and to identify a framework of critical success factors that will enhance major project success.Major projects are defined as large and complex projects within the construction, engineering, information technolgy,pharma,life sciences,power plants,infrastructure,etc.
The reserach problem been investigated is to identify critical success factors in major projects.Presently only 30% of all major project projects are successful and 70% of projects are failures.Previous reserach on project success factors,describes the topic as frequently discussed by various reserachers and yet rarely agrred upon.Different individuals have diverse definitions and no mutal agreement can be obtained for the meaning of project success,it is hard and diffcult to define.Success is a word that is so general and wide in nature (Kandelousi and Abdollahi,2011).This indicates the need for more reserach on the developement of critical success factors in major projects.
The current reserach showed similar critical success factors in the case studies projects were vital in helping to deliver project success.The findings from the reserach were as follows:
Critical Success Factors
1.Project philosophy: vision,ambition,legacy,sustainability,environmental and safety
2.The application of rigorous project and programme management system
3.Procurement strategy: combination of fixed price contract,cost reimbursable contract and cost plus incentive contract (Risk Sharing)
4.Project complexities: entail a holistic approach from the concept to the completion through new and innovative solutions to solve problems
5.Issue management: appliation of robust risk management and project controls
6.Set a realistic budget and schedule
7.Project success involves two components: the first is the project is on time,within budget and meets the quality standards and the second is the project satisfies the overall project objectives
Article from dissertation written by Padraig Friel
“Critical Success Factors in Major Projects” Waterford Institue of Technolgy 2013