Zwikael, O., Smyrk, J. (2012). A general framework for gauging the performance of initiatives to ... more Zwikael, O., Smyrk, J. (2012). A general framework for gauging the performance of initiatives to enhance organizational value. British Journal of Management, 23, S6-S22. Abstract The project management literature argues that most projects fail, and yet, paradoxically increasing numbers of proposals for new initiatives attract funds. In order to resolve an apparent " investment-in-failure " paradox, this paper questions the methodology used in the literature to judge project performance and to decide on funding new projects. Using results from a field study, we describe a project performance framework that both expands and extends traditional approaches. We argue that the conventional test of project performance is not only fundamentally flawed, but also irrelevant to decision makers. In response, drawing on " principal-agent " , " regret " , and " contingency " theories, we propose a new methodology to assess projects based on the concept of " worth ". According to this approach performance is judged at three separate levels: project management, project ownership, and project investment. These three tests allow distinct judgments to be made about the respective performances of the project manager, the project owner, and the investment represented by the original funding decision. To the extent that financial crises are associated with project failure, such a framework may prove useful because it would support better investment decision-making. This is the pre-peer reviewed version of the following article:Zwikael, O., Smyrk, J. (2012). A general framework for gauging the performance of initiatives to enhance organizational value. British Journal of Management, 23, S6-S22., which has been published in final form at http://doi.
Zwikael, O., Smyrk, J. (2012). A general framework for gauging the performance of initiatives to ... more Zwikael, O., Smyrk, J. (2012). A general framework for gauging the performance of initiatives to enhance organizational value. British Journal of Management, 23, S6-S22. Abstract The project management literature argues that most projects fail, and yet, paradoxically increasing numbers of proposals for new initiatives attract funds. In order to resolve an apparent " investment-in-failure " paradox, this paper questions the methodology used in the literature to judge project performance and to decide on funding new projects. Using results from a field study, we describe a project performance framework that both expands and extends traditional approaches. We argue that the conventional test of project performance is not only fundamentally flawed, but also irrelevant to decision makers. In response, drawing on " principal-agent " , " regret " , and " contingency " theories, we propose a new methodology to assess projects based on the concept of " worth ". According to this approach performance is judged at three separate levels: project management, project ownership, and project investment. These three tests allow distinct judgments to be made about the respective performances of the project manager, the project owner, and the investment represented by the original funding decision. To the extent that financial crises are associated with project failure, such a framework may prove useful because it would support better investment decision-making. This is the pre-peer reviewed version of the following article:Zwikael, O., Smyrk, J. (2012). A general framework for gauging the performance of initiatives to enhance organizational value. British Journal of Management, 23, S6-S22., which has been published in final form at http://doi.
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