Final answer:
The overall success factor of a project is the project's realized value, which measures if the outcomes meet the goals and satisfy stakeholder needs, not just budget, timeline, or scope.
Step-by-step explanation:
The overall success factor of a project is not solely dependent on tangible aspects such as the project's budget, timeline, or scope. Instead, it is the project's realized value that is of utmost importance. This value is assessed by measuring whether the project outcomes align with the initial goals and objectives, and how effectively it satisfies the needs of the customers and stakeholders involved.
Lesson learned from various projects indicate that the success of an evaluation project relies on the active involvement of all stakeholders. This inclusivity ensures that the project is achievable, relevant, and time-bound. Projects in design often aim to develop something that meets the needs of customers and stakeholders. Customers, who are a type of stakeholder, along with others such as government agencies, companies, and individuals, all have an investment in the project's outcome.
Therefore, the correct answer to the question regarding the overall success factor of a project is option 4: The project's realized value.