The rapid surge of digitalization in the education sector has redefined the dynamics of the modern classroom. In a world that embraces convenience, online learning has established its own relevance and has been a subject of considerable interest to researchers worldwide. The majority of studies have focused upon factors that make or break the success of an online program. In the current paper we attempt to model these factors by analyzing the relationships and interplay among them. The methodology of Interpretive Structural Modelling was applied to identify the most critical factors and analyze how they interact to determine the quality of the learning experience. A directed graph model representing the interplay of these factors was developed to identify the strongest drivers called strategic variables, the workable factors called operational variables and the dependent factors which subsequently lead to the success of an online program. The results of this research can enable the practitioners to focus on the right variables at the right time for ensuring the success of an online program. For researchers, the findings provide a holistic platform to empirically explore the relationships between variables.