Project metrics are important for tracking the progress of a project team. Project metrics include project progress, budget performance, safety, and others. Develop a project scorecard before executing the project plan. This video includes an example of a project scorecard for learning how to develop and track metrics.
- I'm a believer in the saying, "What gets measured gets done." Developing your project metrics is part of resolving to a course of action. So in this video we'll talk about how to measure project performance to make sure that you're getting the results you need. A metric is just a measurement. It's an indicator of how some aspect of your project is performing. You'll sometimes see metrics called key performance indicators, or KPIs for short. Some metrics are precise and mathematical.
But metrics can also be subjective and qualitative. Almost every project needs to keep track of how three basic things are doing: the schedule, the budget, and the people. The project plan makes tracking the schedule pretty easy. One of the metrics that I find useful is the percentage of activities that have been completed early, on time, and late. But there are other schedule metrics that can be useful too, such as the percentage of work completed or the percentage of time remaining.
You probably want to have metrics around money. For example, is the project on budget or not? Does it have savings or revenue targets? And are these being achieved? You need to keep your project team healthy and engaged in order to get the work done. So tracking their safety should also be a priority and perhaps a metric, especially when they're working in a dangerous environment or when they're under a lot of pressure to meet deadlines. Things like recordable injuries and near misses can be good metrics.
But you might also want to measure less obvious safety issues like ergonomics and stress that can lead to injuries, cause delays and extra costs. When I'm leading projects, I try to build in metrics that track morale. Do they feel overworked? Does there seem to be a lot of internal conflict? Or, is the team working well together and making healthy progress? It can be tough to measure morale objectively. But even having it as a subjective metric can open the door for frank discussions about the problems before they become serious.
Depending on your project, what you're trying to accomplish, who your stakeholders are, and what risks you're facing, there may be other elements that you want and need to include in your metrics. After you decide which metrics to use, the next step is to consolidate them into a scorecard. These scorecards should be updated at regular intervals, weekly for example, so that they provide consistent, reliable insights about how the project is progressing. You'll find an example scorecard for H+ Sport in our course files.
Using graphics and colors can make a scorecard more attractive and easier to read. But keep in mind that not everyone is able to tell colors apart. And some colors have special meanings in different cultures. Choosing good metrics and using them to build a scorecard will help you track the performance of your team as you begin to execute your project.
- Name who is responsible for approving the resources for the project.
- Recall what the spine of a fishbone diagram represents.
- List characteristics of the environment.
- Identify the tools used for mapping processes.
- Recognize what needs to be captured on the action item list.
- Recall what project metrics should be related to.