For a method or strategy to work, it is always a given to not only confirm its efficacy, but also how it is implemented by the people using it. This is how you determine if the project is a success or a failure.
When we are presented with a method or a strategy, we always think of its users that will put it into effect, the processes required, and if it will measure up to the project’s requirements. This is how project metrics come in and do all these tasks—it’s like a calculator, except you don’t need infinite equations to measure your project’s health.
Project Success : The Know-How
Project metrics are used to measure the factors involved in the project. One of its important roles is monitoring, controlling, and identifying the rate of the project’s success. This also identifies the advantages of the business and return on investment (ROI). The overall rating of these metric determines how much is done on the project from the day it was planned to its execution schedule. The results are thus given which give the team to adjust to their deliveries, schedule, resources, and funds.
Just like the rest of the areas involved with project management, project metrics also have their stages or phases in order to embed their full effect and potential in the task.
These are divided into three groups:
Project management
In this area, the metrics calculate or measure schedule, budget, changes or updates, the capability to meet the project requirements, and the rate of quality. The project management is measured in terms of how they can utilize and conserve the funds and timetable provided by the team as well as the problems the team might encounter once the plan is executed and prepped for processing.
Project Success
This area basically measures the success rate of the project. Specific data include advantages that have been increased from client’s feedback and satisfaction, problems and its respective solutions, amount of problems brought up during meetings or discussions, and usage of methods and available tools. Appropriate processes are implanted in here to ensure the success is secured.
Business Success
This is not only for the tail of the project but the whole stage. Factors and processes in business success include ROI, conserving the funds during the project’s processes, changes, and execution. Business success is also determined by possible opportunities and data gathering for the purpose of monitoring costs, tasks, and processes. Since this is more of a wider spectrum, there is a need to also determine how much it’s compared to the competition.
The metrics mentioned above should be done not once, but from the beginning , during to, and after the project’s completion. It has to be embedded within the project, not just in terms of settling to the plan because the possible risks have already been contained. That is why monitoring and measuring go hand in hand because these are tasks that are constantly doing their most important roles to ensure the project will not collapse. With the correct management of metrics, you are rest assured that your project will have a sense of direction from beginning to end.
