Success Your Way
The Standish Group is working on an update to the Project Resolution Benchmark (PRB) to include an option to create your own measurement of success. Currently, the benchmark presents three success models: Traditional, Modern, and Pure. The new model is called “Custom,” and it allows you to create your own personal measurement. Within the company profile, “Custom” allows you to add your own definition of success by selecting the six success options in any combination and ranges. Projects that meet your definition will be considered successful. Projects that do not meet your definition of success will be considered challenged. Failed projects are projects that are canceled or not used.
In the benchmark report, we will compare your projects against the 50,000 projects in the CHAOS Database for Traditional, Modern, Pure, and your new Custom definition of success. With the Custom feature, you can measure your projects against your own version of success. For example, the Traditional measurement is OnTime, OnBudget, and OnTarget—but maybe you would like to replace OnTime and OnBudget with “very high value” and “high value.We are planning to release the Custom feature in the first quarter of 2019.
For more information on the Project Resolution Benchmark, see our YouTube video: https://www.youtube.com/watch?v=cRPOPMhycrs&feature=youtu.be
Traditional Success is OnTime OnBudget and OnTarget; Modern Success is OnTime OnBudget with a Very Satisfied or Satisfied customer; Pure Success is a Very Satisfied or Satisfied customer and Very High Value or High Value return. These three models are highlighted in our current CHAOS Report: https://www.standishgroup.com/store/services/10-chaos-report-decision-latency-theory-2018-package.html
The six Success options and modifications are: 1) OnTime; 2) OnBudget; 3) OnTarget; 4) Customer Satisfaction with Very Satisfied, Satisfied, and Somewhat Satisfied ranges; 5) Return of Value with Very High, High, and Average Value ranges; and 6) Goalto the corporate strategy with precise, close, and loose ranges.