Firm performance is an economic metric that measures a company’s ability to fulfill its goals by combining people and material resources (Le, 2005). The efficiency of utilising business means during the manufacturing and consuming process is also taken into account when evaluating firm performance. Firm performance depicts the relationship between output results and input resources used in the process of conducting business activities (Truong & Tran, 2009). Return on assets (ROA), return on equity (ROE), and return on investment (ROI) are all common indicators of a company’s performance (ROI). Several studies, including Mehran (1995) and Ang et al., have employed financial ratios determined from balance sheets and income statements as accounting indicators of corporate success (2000).
niversal and comprehensive definition (Reiss, 2007). Gardiner (2005) defines a project as a transitory and exceptional activity that utilise scarce resources to generate benefits for stakeholders amid uncertainty and complexity. A project is a temporal alliance that deals with distributing capitals to prospects that are capable of creating a positive change (Turner, 2014) Similarly, a project is a short time venture embarked on to attain a valuable outcome, product or services (Project Management Institute 2008) (Association of Project Managers 2012).
2.2 Project Management.
Project Management has no universally accepted definition and it is a relatively new genre of study (Pellegrinelli, 2011). According to Kerzner (2013), project management is the actualisation of a business’s objective and goals through planning, directing. Organizing and adequate management of accessible resources. The Association of Project Management (2012) states that project management is the use of processes, systems, information, skills and experience for the accomplishment of project goals.
2.3 Project Success
Project success is a concept in project management that is hard to define due to the uncertainty of the factors that necessitates project success (Papke-Sheilds, Beise and Quan, 2010). Apparently, the conventional yardstick of project success based on the Iron triangle’s criteria of cost, time and quality; which appears unreasonable and rigid is of a lesser priority and a more realistic modern approach of measuring success; which entails the ability of a project to create value and stakeholders’ satisfaction; is now the criteria for measurement of project success. (Muller and Jugdev, 2012). According to Stingl and Geraldi (2017), one of the essential element for project success in the management of project is decision making, which considers the most appropriate strategies for the pre- conception to post- completion phases of the project.
2.4 Decision Making
Decision-making is the powerhouse of every project; decisions made at pre-conception, in-project and post -project stages of the project, defines the ultimate success of the project (Stingl and Geraldi 2017). The Business Dictionary (2018) defines decision-making as the logical selection of the most appropriate option from available alternatives. Similarly, Merriam Webster Dictionary (2018) states that decision-making is the act of making decision particularly with a group of individuals. Tiwary (2013) describes
