Why use project management indicators?
The correct project management actions allow us to improve our understanding by eliminating uncertainty so that we can make informed decisions.
Metrics show value
Project management metrics related to cost can demonstrate the value of a team. For example, the speed of on-time delivery or the speed of execution of SLAs. Return on investment (ROI) is a very common measure to represent this value.
If the department does not meet the measurable objectives of the Business case and does not contribute to its achievement, the smart company will dissolve the department and move the resources to another area that produces results.
While proof of value is important, visionary leadership places greater emphasis on improving productivity. The corresponding metrics provide a better understanding of project management. This removes uncertainty so that all parties involved can make informed decisions.
For example, if the assigned downtime delays the subsequent completion of a task, you can adjust the downtime so that the project’s finish date is not compromised.
How to choose metrics?
Every business or project requires unique metrics that match its goals or objectives. The selection of indicators is carried out in three phases:
Understand the purpose or purpose of a project or job.
Find out what critical success factors must exist in order to be successful and reach your goal.
Take each critical success factor for a project or program and decide how you want to measure its performance.
Any scheme running scheme, no matter how basic, produces a large amount of data. This statistics can be personal or impartial, separate or collective within the scope of a project or union.
Taking this data and using it in your HR strategy helps you in three ways:
It helps you measure, track and comprehend the adulthood of your group’s processes.
Helps you better achieve capitals and schemes.
It helps demonstrate efficiency, a chiefly significant advantage for scheme managers and account managers.
Taking the right approach to project management measures is critical to reaping these benefits. It is not sufficient to degree things; you necessity also properly assess what is needed.
How to choose the right measurements?
All the metrics you use to measure project management effectiveness should be:
1. Simple and relevant
Any scheme organization metrics you use must be:
Easy to measure
Easy to comprehend and
Adapts to your organization and your current goals
Points 1 and 2 are pretty obvious. If you can’t measure or comprehend this, it doesn’t help you better manage projects. The additional exertion it receipts to amount something, the less you will use it.
Even more important is point 3.
Too numerous activities reduction into the trap of gaging metrics that are currently not relevant to their business. What might be a key figure for a Fortune 500 company would be completely unnecessary for a 10-person boutique agency. Also, a metric used at the beginning of a project will not be as useful at the end.
So when you see a list of “must-have” metrics (including this one), don’t start using it blindly. Ask if this is right for your business, your current situation, and your short-term and long-term goals.