The two success factors identified in chapter 11 are within time and within cost. Project success is measured in terms of how the team concerned manages its significant resources, and that is its cost as well as time. The above translates to an accomplishment that does not result in the straining of other resources that were not meant to be utilized in the achievement of the specific project. On the other hand, two components of failure discussed are ineffective estimation as well as ineffective planning (Kerzner, 2011). Inability to approximate several elements that are required to complete a project is likely to lead to failure. The above closely compare to cost and time components of success since these are some of the variables that need to be estimated. Besides, it is also necessary to plan against the available resources, especially time as well as financial related resources. Inability to plan as well as approximate leads to one or more factors mentioned above being a constraint to the accomplishment of the project’s objectives(Kerzner, 2011)..
One of the projects that I led in which time and cost played a significant role in its success is coming up with a startup to solve a local problem. Although the project was part of an internship undertaking in a particular organization, the stakeholders in question were keen on variables that would affect its success as they were willing to invest in it. Time had to be not only measurable but also, all of the undertakings documented had to be accomplished within the time proposed. Besides, all the undertakings had to be within the cost as presented in the budget. Inability to work within the budget would result in a crisis since only a specific amount of money, as proposed initially, was set to ensure the success of the startup.
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References
Kerzner, H. (2011). Using the project management maturity model: strategic planning for project management . John Wiley & Sons.
