Aligning Project and Benefits Management With Balanced Scorecard Approach to Achieve Project Success

Abstract

The organizations have spent an increased amount of financial resources in systems and technology without getting all the potential of their investments or collecting the promise business benefits. Organizational success is widely defined as winning in the marketplace, and firms tend to measure this with financial and economic indicators. There is also a general agreement that although schedule and budget performance alone are considered inadequate as measures of project success, they are still important components of the overall construct. An early identification of the critical success factors (CSF) and project success criteria (PSC) during the initial project assessment is a vital start for ensuring successful project completions. This paper combines project management (PM) and benefits management (BM) practices with balanced scorecard (BSC) approach to align the projects with the organizational strategy. The usage of this mix of different management tools led to more effectiveness in project success.