Success Factors in Project Management in the Financial Sector in Ghana: Screening for Construct Items

Abstract

This study screens for individual manifest variables that make up the critical success factors in project management in the financial services sector in Ghana. A descriptive quantitative research technique was employed. A sample of 75 project team members were selected from commercial banks, insurance companies, and non-bank financial institutions in Ghana. Data was analyzed using the Principal Component Analysis.  Apart from two manifest variables of culture; thus, beliefs, and general attitudes, all other variables significantly accounted for project success in the financial services sector in Ghana. Among the 9 factors retrieved, project team competence contributes the highest level of variance on project success, with about 21.3% of the variance contributed. Management commitment contributes the second highest variance on project success, with about 16.2% of variance. Culture contributes the least amount of variance to project success, thus 5.6% of the variance contributed. Project management organizations in the financial services sector would need to give priority to considering project team competency and management commitment, with consideration also given to other factors and individual manifest variables.