PRiSM Methodology and Project Success: A Stakeholders’ Perspective

Abstract

In business, success is the only language stakeholders understand. This may be due to investment of scarce resources with the anticipation that the business or project will deliver the expected values and benefits to meet strategic business objectives. Traditionally, project success is measured with respect to the Iron Triangle, but the question is: is the concept still effective? It does, how do we assess projects whose deliverables are delivering value and benefits, yet cost thrice their original budget and twice their schedule, for instance? How effective is the concept now, with respect to the myriad sustainability challenges around the world? This research therefore, aims to examine PRiSM methodology, an all-inclusive and sustainable methodology, and its impact on project success from the perspective of stakeholders executing projects in Nigeria's tertiary educational sector. The outcome of the study suggests that the PRiSM approach could result in improved collaboration and communication, better project planning and execution and will contribute to a high likelihood of project success. Nevertheless, using sustainable building techniques and materials is one of the main obstacles to adopting the PRiSM approach, along with the need for a cultural shift, lack of understanding about new methodologies and technologies, lack of senior management support, and others. Cost of implementation, complexity, difficulty in measuring success and resistance to change are some of it draw backs. The findings show that professionals need to acquire new skills and retrain in cutting-edge, sustainable techniques and technologies. There is also significant evidence that respondents would use the PRiSM approach if they possess the requisite knowledge and skill. Though this research focused on the construction sector, it opens up opportunities for further studies in other sectors, such as Oil and Gas, Manufacturing, Pharmaceuticals and others. This information could be helpful to project management experts in understanding these sustainability challenges and strategising and seizing opportunities to increase the project success rate while reducing the carbon footprint.