Introducing the project value framework: An integrative view of the multidimensionality of project success measurement

Measuring a project’s success has been extensively discussed by practitioners and researchers alike. However, practice and research tend to provide a large number of different success measures which form a fragmented whole. Some of the used success measures even seem to be in conflict unless contextualized in terms of reference to time, or in terms of taking a perspective of a specific stakeholder. The purpose of our paper is to develop a conceptual framework for measuring project success that integrates those key dimensions necessary for understanding the distinct contribution of individual measures in the overall project assessment. The proposed project value framework relates benefits with sacrifices by considering explicitly time (in the system lifecycle), perspective (of a project stakeholder) and context (of the project itself) to select a set of measures to determine project success. We analyze the extant literature of project success to develop the project value framework. We see that the conceptual understanding of project success and value, and the key dimensions that are necessary for making sense of various success measures, has a potential to contribute significantly to the management of project operations in organizations that use projects as specific forms of organizing their activities.