Assessing Lifecycle Success of Petrochemical Projects–based on Client’s Viewpoint
For the last couple of decades, researchers/managers have realized that the traditional success criteria known as golden triangle (time, cost, quality) are not adequate measures to align a project with the long term success trend of a company. The perception of project success may differ from one industry to another or from one stakeholder (client, contractor, etc.) to other. Petrochemical projects are of high complexity and a vast variety of parameters needs to be monitored in order to produce on spec products according to the customer requirements and market dynamic changes. To be successful in such complex projects, it is required to be successful in every phase of the project lifecycle. In this study, project success has been linked to four dimensions (efficiency, business success, impact and future preparation) and is investigated from client’s point of view. Based on a list of success criteria, previously recognized important by other researchers, a set of novel categorizations of the success criteria has been developed, called Success Breakdown Structure (SBS). The relative importance of each success criterion is measured by means of a survey questionnaire. It was found that almost all success criteria are important for clients and the efficiency dimension of success plays the most important role in the long term success achievement in client’s organization.