Critical success factors in project management: Lessons for sustaining competitiveness

The success of projects plays an important role in improving corporate competitiveness, necessitating a comprehensive examination of the critical factors that contribute to effective project outcomes. The aim of the research is to identify, rank and analyze the critical success factors (CSFs) that influence project success based on the project triangle, with the objective of determining which factors exert the greatest impact on project success. During the analysis, LASSO regression was employed to identify the most relevant variables while minimizing data bias, thus ensuring the reliability and validity of the findings. The empirical analysis is based on data from a questionnaire survey conducted by the Hungarian Project Management Association, which covered a total of 3153 projects of 70 Hungarian companies. The sample includes both public and private, SMEs and large organizations, operating in different fields. The results indicate that the most significant CSFs include the competence and experience of the project manager, the precise definition of user requirements, effective stakeholder management, continuous project monitoring and control, and a well-prepared and coordinated project team. The study contributes to the body of literature by identifying those CSFs that have a crucial impact on project success and, in this way, could increase corporate performance. Thus, the results of the research could help project managers focus on those areas of project management which provide the highest potential to achieve project success. Successful project management is not just an operational function but a critical determinant of long-term competitive advantage.