Indicators of best practices in technology product development projects: Prioritizing critical success factors

The purpose of this paper is to rank the importance of the critical success factors (CSFs) for best practices in technology product development in the Thailand electronics industry and to determine the relationships between these factors in terms of their impact on project success.

Interviews with experts and a review of past studies are used to design an instrument for data collection. A case analysis is conducted to classify CSFs. Interpretive structural modeling (ISM) methodology is applied to analyze CSFs and investigate their relationships.

The authors identified 14 “driving” and “dependent” factors, which were then classified into four factor categories: linkage, autonomous, dependent, or independent factors. The results show that strategic alignment was the most significant CSF. Three factors which had a high driving power and were less dependent on others were: follow-up work, co-ordination, and relationships with clients.

The results may inform and assist technology project management in the little understood business cultures of the developing world. These finding may allow practitioners to prioritize the factors that drive project success when allocating their limited resources.

This research contributes to the field of project management by identifying the relative importance of the CSFs which enhance the management of technology projects. Despite the abundance of studies on CSFs, their importance has still not been fully explained. The findings provide insights into the degree of importance of the factors and their interdependencies, which can either drive or undermine project success. In addition, the ISM methodology the authors used is a unique approach in the project management field.