Please help with a response to the below discussion posting providing all references.

In my viewpoint, for a project to be deemed successful, it needs to fulfill specific standards. Firstly, it should be finished within the original timeframe stipulated, without taking an excessive amount of time, as stated in PMBOK (P. 2013). For instance, a project that is supposed to be completed within a two-year timeframe should meet this deadline. This ensures that the organization saves money on additional resources. It is vital to work within the budget and resources allocated for a project. If any budget adjustments are required during project execution, they should be minor and finished within the designated timeframe.

There are multiple reasons behind the failure of projects, but the most prevalent ones are resource planning lapses. The availability of resources has a huge impact on the success of any project. If those responsible - including the project manager - fail to prepare and arrange sufficient resources for the project, it is probable that the project will not succeed. Any project where resource planning has not been performed is highly likely to fail. Additionally, poor communication during the project's implementation can result in failure and substandard outcomes.

As I see it, huge project failures can be considered real failures, which can be attributed to inadequate budgeting, ambiguous or impractical objectives, insufficient communication among team members, and excessive resource allocation. Had the project management teams adhered to all the essential project management principles, they would have had a guarantee of success.

Reference

PMBOK, P. (2013). A Guide to the Project Management Body of Knowledge (PMBOK Guide): Project Management Institute.