Human factors errors and identification of causes of successful/unsuccessful completion of business projects

Institute of Technology and Business in České Budějovice, Faculty of Corporate Strategy, 37010 České Budějovice, Czech Republic

^* Corresponding author: vanickova@mail.vstecb.cz

Abstract

Managers often deal with uncertainty of a different nature in their decision processes. The objective of the contribution is to confirm or refute the facts published in professional literature including the opinions resulting from the erudition of the author of the paper claiming that human factor errors and identifying causes of successful / unsuccessful completion of business projects is a significant explicit factor. With regard to this finding, the paper will deal with the quintessence of the human factor positive/negative impact on the business projects success, as well as recognizing and prevention of negative impacts on the implementation of success/failure a business project. The theoretical part defines the influence of the human factor and correlation of a business project success/failure with the SMART method. The analytical part of the paper interprets the theoretical findings into practical models of project teams by means of comparison and erudition of the author of the paper. The final part proposes measures, suggestions and recommendations concerning the optimal setting of the human factor key values so that the personality positive/negative impact on the business project success is evaluated and from the socio-economic perspective in terms of invested financial resources and the return of investment, from a substantive and time point of view. For the purposes of the contribution, the term “influence“ can be divided into exogenous and endogenous, while “success“ can be defined as a determinant of positive/negative fulfilment of expected vision and business strategy entities. In terms of project management, “project” is a set of individual and unique activities to implement a planned change or innovation in a given period of time using specific sources.