Created Value as a Key Indicator of Successful Project Realisation

Abstract

The goal of the article is development of a universal approach to project management, based on maximisation of the created value for key project beneficiaries: customer (consumer) and organisation – project executor. Generalising theoretical and empirical achievements of the project analysis, the article considers main approaches to identification of the project success criteria and results of the study of practice of the project management in the context of effectiveness of achievement of the projects target parameters. The article presents the author’s approach to project management, oriented at maximisation and balancing the value for the customer and organisation – project executor. It offers a model for determination of the project current value based on the weighted sum of values of the project target parameters – identified as basic components of a successful project. The prospect of further studies in this direction is development of methodical recommendations by implementation of the value oriented concept into the system of process project management of an organisation.

Keywords

• project success
• project success criteria
• project value
• value oriented project management