The Project Management Institute (PMI) has unveiled its groundbreaking Project Success Report, a comprehensive study redefining how project success is understood and measured. This pivotal report, informed by responses from over 10,000 professionals and 150 in-depth interviews, challenges conventional metrics and introduces a holistic framework that prioritizes outcomes and value creation.

Historically, project success has been measured by adherence to the “iron triangle” of time, budget, and scope. However, in today’s dynamic landscape, PMI argues that these criteria are no longer sufficient. The report introduces a shared definition of success: “delivered value that was worth the effort and expense.” This redefinition emphasizes long-term outcomes, stakeholder satisfaction, and alignment with organizational and societal goals, marking a critical shift in the profession.

Key Findings:

1. New Measurement Framework: PMI introduces the Net Project Success Score (NPSS), a global metric evaluating projects on a continuum of success rather than a binary outcome. The current global NPSS average is 36%, highlighting room for improvement.
   
   
2. Importance of Outcomes: Outcome-related factors such as sustainability, social impact, and customer satisfaction emerged as the top predictors of success, surpassing traditional execution metrics.
3. Broader Accountability: The report urges project professionals to take ownership beyond execution, aligning projects with broader enterprise and societal objectives.
   
   
4. Actionable Insights: Practical guidance on defining success criteria upfront, establishing robust performance measurement systems, and continuously reassessing project parameters is provided to improve success rates.