Final answer:
The notion that a project being 'on schedule' is the only true indicator of its health is false. Project health encompasses multiple factors including budget, quality, stakeholder satisfaction, among others, and all need to be considered for a full assessment.
Step-by-step explanation:
The statement that 'the only true indicator of project health is whether or not the project is on schedule' is false. Project health is determined by various factors including schedule adherence, budget status, stakeholder satisfaction, risk management, the quality of deliverables, and alignment with the project's goals and objectives. While maintaining a project schedule is crucial, it is not the sole indicator of project success. Other elements must be considered to ensure a comprehensive view of project performance and health.
For example, a project could be on schedule but over budget, or the quality of the work could be poor, both of which would indicate potential issues with the project's health. Also, a project might be on schedule due to a recent decision to cut important features to meet deadlines, which could ultimately harm the project's success. Thus, multiple metrics should be carefully monitored and analyzed.