Project Management Performance Metrics
One of the factors that is essential for the successful completion of a project is
keeping track of the project. We must know the status of the project exactly at any
given point of time. If you do not know the status of the project and its progress then
there is something with the project management. It is not enough to get answers such is "the project is moving fine",
"we are not doing that bad", "the project will be completed soon" etc.
The answers regarding the status of the project should be quantifiable.
Therefore, the best way of keeping track of the progress of the
project is to have project management performance metrics. All the projects deployed
should maintain project management performance metrics. It is a numbers game and we will
be able to judge the progress, profit and loss of a particular project only through its performance metrics.
If we do not maintain or document project management performance metrics then our project will be poorly managed.
We will be able to know the deviations in the timeframe and cost of the project only through performance metrics.
When you want to document your project management performance metrics,
you need to make sure that you have the frame of reference ready and the actual
figures will have to be compared with the estimated timeframe and cost. Performance metrics
will make sense only when it is compared with the rules that we set for the project at the
beginning of the project. By studying the performance metrics, we will be able to take corrective measures.
Unless we know where we stand with reference to the estimated timeframe, we will not know whether we are on
the right track or not. This is one of the most risky situations whereby we do not know where exactly we stand in
terms of the project status as opposed to the estimated timeframe and cost.
Make sure that you have reliable project management system in place. Irrespective of the type of
project management tool that you deploy, you must have a system in place that will help you measure
the progress of you project. If you cannot quantify the results in terms of numbers then you should
consider that you have not control over the project. When projects go out of control, you can be
sure of making loss in that project. You will be able to make reasonable profit only when your actual
time and effort stays closer to the estimated time and effort. Greater the deviation lesser the profit,
in some cases you will run into negative profit, that is loss. You would certainly not like to make
loss out of your project and if you want to be safe, then you must stay close to your
project management performance metrics right from the beginning. One of the mistakes that people
make with regard to their project management is that they get to their project management performance metrics
only when they suspect that they are not on track. That should not be the case,
we must keep a close tab on the metrics right from day one.