{"id":2460,"date":"2021-02-03T00:00:38","date_gmt":"2021-02-03T00:00:38","guid":{"rendered":"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/?p=2460"},"modified":"2023-12-20T11:22:40","modified_gmt":"2023-12-20T11:22:40","slug":"top-project-metrics-you-need","status":"publish","type":"post","link":"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/top-project-metrics-you-need\/","title":{"rendered":"5 Top Project Metrics You Need to Use Today"},"content":{"rendered":"<p><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/project-management-vs-resource-management\/\"><b>Project management<\/b><\/a><b> metrics<\/b><span style=\"font-weight: 400;\"> play a vital role in the success of any project. Project managers define these parameters as per the guideline of the organization during the initiation phase. It gets tracked regularly and validated during each milestone to ensure that the project progresses as per plan. To track <\/span><b>time, cost<\/b><span style=\"font-weight: 400;\"> and direct the team towards the <\/span><b>goals<\/b><span style=\"font-weight: 400;\">, performance metrics act as a guiding light.<\/span><\/p>\n<p>\u201c<em>What gets measured, gets done.<\/em>\u201d &#8212; Peter Drucker<\/p>\n<p><span class=\"quote-style\">Regular checks help the managers assess the <strong>project&#8217;s health<\/strong> and ensure that the project is not getting <strong>derailed<\/strong>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An efficient project manager needs to <\/span><b>understand <\/b><span style=\"font-weight: 400;\">and <\/span><b>analyze <\/b><span style=\"font-weight: 400;\">the various deciding checkpoints. He\/She must stay informed <\/span><b>on the project\u2019s status<\/b><span style=\"font-weight: 400;\">, whether it is <\/span><b>leading or lagging,<\/b><span style=\"font-weight: 400;\"> thereby <\/span><span style=\"font-weight: 400;\">avoiding future bottlenecks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, let us understand ways to measure performance with various project management metrics to fuel the project\u2019s success.<\/span><\/p>\n<p><a href=\"https:\/\/www.saviom.com\/resource-management-software.php\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-9816 fullwidth_img\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/02\/Reduce-Project-Costs-by-10-30.png\" alt=\"Reduce Project Costs by 10-30%\" width=\"1195\" height=\"450\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/02\/Reduce-Project-Costs-by-10-30.png 1195w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/02\/Reduce-Project-Costs-by-10-30-300x113.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/02\/Reduce-Project-Costs-by-10-30-1024x386.png 1024w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/02\/Reduce-Project-Costs-by-10-30-768x289.png 768w\" sizes=\"(max-width: 1195px) 100vw, 1195px\" \/><\/a><\/p>\n<h2 id=\"1\" class=\"target\">What is Project Management Metrics?<\/h2>\n<p>Project metrics are key indicators that help to track a project\u2019s performance. To be a successful project manager, one must monitor the team\u2019s progress and lead the efforts to the project\u2019s goals. Metrics also help to implement corrective measures in case the numbers don\u2019t align with the expectations.<\/p>\n<p>So,<\/p>\n<h3>Why is Project Management Metrics needed?<\/h3>\n<p><span style=\"font-weight: 400;\">Project managers<\/span><span style=\"font-weight: 400;\"> need a definite system to assess every project attribute and prepare an action plan accordingly. Many successful organizations have created well-defined guidelines to develop these metrics. The size and complexity of the project, technology\/domain area, can influence this decision. Integrating these metrics into the system is necessary to assess and maintain the project\u2019s lifecycle.<\/span><\/p>\n<p>In a nutshell, a project management metric allows you :<\/p>\n<ul style=\"font-size: 18px;\">\n<li>To analyze the overall <strong>health of the project<\/strong>.<\/li>\n<li>To determine the <strong>critical factors<\/strong> that need <strong>attention<\/strong>.<\/li>\n<li>To evaluate the <strong>current status<\/strong> and make <strong>informed decisions<\/strong>.<\/li>\n<li>To <strong>evolve, adapt and forecast better<\/strong> during uncertainties.<\/li>\n<\/ul>\n<p>Metrics act as a <strong>warning system<\/strong> and, hence, are the <strong>backbone<\/strong> of any <strong>project<\/strong>.<\/p>\n<p><a style=\"border-bottom: none !important;\" href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/project-resource-management-an-ultimate-guide-on-how-to-master-it\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"fullwidth_img alignright wp-image-5471 size-full\" title=\"Guide on mastering project resource management\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/06\/Project-Resource-Management-An-Ultimate-Guide-on-How-to-Master-it.png\" alt=\"Guide on mastering project resource management\" width=\"830\" height=\"103\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/06\/Project-Resource-Management-An-Ultimate-Guide-on-How-to-Master-it.png 830w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/06\/Project-Resource-Management-An-Ultimate-Guide-on-How-to-Master-it-300x37.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/06\/Project-Resource-Management-An-Ultimate-Guide-on-How-to-Master-it-768x95.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/p>\n<h2 id=\"2\" class=\"target\">How to engineer project metrics?<\/h2>\n<p><span style=\"font-weight: 400;\">It is essential to <\/span><b>understand<\/b><span style=\"font-weight: 400;\"> that <\/span><b>each project is unique<\/b><span style=\"font-weight: 400;\">, and the way organizations evaluate their performance can vastly differ. Therefore, project managers need to engineer <\/span><span style=\"font-weight: 400;\">key <\/span><b>project metrics<\/b><span style=\"font-weight: 400;\"> to suit their <\/span><b>organizational needs<\/b><span style=\"font-weight: 400;\"> and align with the <\/span><b>strategic goals<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first step towards engineering project metrics involves <\/span><b>setting suitable targets<\/b><span style=\"font-weight: 400;\"> to reach the <\/span><b>optimum performance level<\/b><span style=\"font-weight: 400;\">. The idea here is to <\/span><b>formulate your targets<\/b><span style=\"font-weight: 400;\">, keeping the <\/span><b>end objective<\/b><span style=\"font-weight: 400;\"> in mind.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s begin with the first step of <\/span><span style=\"font-weight: 400;\">setting the right goals.<\/span><\/p>\n<p>Many project managers follow the \u201cSMART\u201d framework, one of the best practices to ensure that the goals are attainable. SMART is an acronym that stands for<strong> Specific, Measurable, Achievable, Relevant<\/strong>, and <strong>Time-bound<\/strong>. When this is implemented appropriately, one can <strong>measure real-time performance<\/strong>.<\/p>\n<p>Here is a brief description of each one of these:<\/p>\n<ul style=\"font-size: 18px;\">\n<li style=\"list-style-type: none;\">\n<ul style=\"font-size: 18px;\">\n<li><strong>Specific<\/strong>&#8211; The goal must be specific to your project. It should answer<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>I. what needs to be accomplished<br \/>\nII. by who,<br \/>\nIII. when, and the process (How) to be implemented to carry out the tasks.<\/p>\n<ul>\n<li><b>Measurable<\/b><span style=\"font-weight: 400;\">\u2013 The progress of the project should be quantifiable. So, set parameters to calculate your project development right from its start.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Achievable<\/strong>&#8211; Setting unrealistic goals is as good as having no targets at all. To make them possible, break down the bigger goals into smaller tasks and set realistic deadlines.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Relevant<\/strong>&#8211; The project\u2019s goal must be in-line with your organization\u2019s overall mission. So, the project goal must be consistent with other business goals that align with your current and long-term plans.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Time-bound<\/strong>&#8211; Timeline is one of the most crucial indicators of a project&#8217;s success. Creating a timeline in terms of deadlines or the last date to achieve the set task is, therefore, of utmost importance<\/li>\n<\/ul>\n<p><a style=\"border-bottom: none !important;\" href=\"https:\/\/www.saviom.com\/ebook-registration.php?callFor=EBOOK&amp;ActionType=BDEBOOK&amp;ArticalTitle=The%20PMO%20Game%20Changer:%20A%20Value%20Driven%20Project%20Resource%20Management\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"fullwidth_img alignright wp-image-5064 size-full\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EBook.jpg\" alt=\"Value driven project management\" width=\"810\" height=\"312\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EBook.jpg 810w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EBook-300x116.jpg 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EBook-768x296.jpg 768w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/a><\/p>\n<p>Let\u2019s take a step further and create SMARTER goals to enhance organizational efficiency.<\/p>\n<ul>\n<li><strong>Setting SMARTER goals to achieve project success:<\/strong><\/li>\n<\/ul>\n<p>To stay <strong>resilient and adaptive<\/strong> in the <strong>current <a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/beat-market-volatility-with-efficient-resource-capacity-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\">volatile market<\/a><\/strong>, one may have to <strong>go beyond<\/strong> the usual <strong>SMART goals. SMARTER goals<\/strong> include the aspects of <strong>Evolving<\/strong> and <strong>Reviewing the overall process<\/strong> to ensure continual assessment and improvement.<\/p>\n<p>It addresses two major questions:<\/p>\n<p>I. Do you <strong>EVOLVE<\/strong> based on your project needs?<br \/>\nII. <span style=\"font-weight: 400;\">Are you <\/span><b>REVIEWING<\/b><span style=\"font-weight: 400;\"> the shortfalls in due time and fixing them?<\/span><\/p>\n<p>Subdividing the goals and categorizing them will help you set specific and measurable metrics. It will further enable you to control the project attributes more efficiently.<\/p>\n<p>Based on the SMARTER goals, the KPIs are further divided into five major categories. Here is a detailed description of each one of them:<\/p>\n<p><a style=\"border-bottom: none !important;\" href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/using-the-resource-based-view-strategy-for-competitive-advantage\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-5017 fullwidth_img\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/10\/Using-the-Resource-based-Read-More-Post-1.png\" alt=\"5 Professional Services trends to watch out for\" width=\"830\" height=\"103\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/10\/Using-the-Resource-based-Read-More-Post-1.png 830w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/10\/Using-the-Resource-based-Read-More-Post-1-300x37.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/10\/Using-the-Resource-based-Read-More-Post-1-768x95.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/p>\n<h2 id=\"3\" class=\"target\">5 Fundamental factors that decide your project success:<\/h2>\n<h2 id=\"3_1\" class=\"target\">Stick to Timelines<\/h2>\n<p><span style=\"font-weight: 400;\">When it comes to projects, time and cost are directly proportional. <\/span><span style=\"font-weight: 400;\">Improper utilization<\/span><span style=\"font-weight: 400;\"> of time will increase the project costs and eventually lead to billing loss. <\/span><span style=\"font-weight: 400;\">Thus,<\/span><span style=\"font-weight: 400;\"> time-based metric is vital to deliver the projects on or before the deadline and within budget.<\/span><\/p>\n<p>Use the following KPIs to stay on course with the project:<\/p>\n<ul>\n<li><strong>Cycle time:<\/strong> Cycle time is the actual time needed to complete one task in the project. It is best suited to track recurring functions within a project. Measuring the cycle time enhances the accuracy of your future predictions and helps you draw out a precise project plan.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Billable Resource utilization<\/b><span style=\"font-weight: 400;\"> is the way to measure the time spent by resources on particular tasks against their availability or capacity. The utilization level reflects overall on the productivity of the <\/span><span style=\"font-weight: 400;\">workforce<\/span><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"> You can <\/span><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/track-resource-utilization\/\"><span style=\"font-weight: 400;\">track resource utilization<\/span><\/a><span style=\"font-weight: 400;\"> to check if they are sticking to the timeline allocated for every project task.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>On-time completion:<\/strong> This flags the fulfillment of deadlines, acts as a performance indicator for both clients and the project manager. Respecting and adhering to completion dates is very seriously observed in project management.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"font-size: 18px;\">\n<li><b>Forecast vs. actual time:<\/b><span style=\"font-weight: 400;\"> It is the difference in the time planned for activity compared to the actual time spent. If the resources exceed the forecasted time, managers can implement corrective measures to keep the project going.<\/span><\/li>\n<\/ul>\n<p><a style=\"border-bottom: none !important;\" href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/maximize-profitable-resource-utilization-with-modern-resource-management-software\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"fullwidth_img alignright wp-image-5066 size-full\" title=\"Significance of resource utilization\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/Maximize_ResourceManagement.png\" alt=\"Significance of resource utilization\" width=\"830\" height=\"103\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/Maximize_ResourceManagement.png 830w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/Maximize_ResourceManagement-300x37.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/Maximize_ResourceManagement-768x95.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/p>\n<p>The next critical metric is the project cost. Let us see various KPIs associated with it:<\/p>\n<h2 id=\"3_2\" class=\"target\">Stay within Budget<\/h2>\n<p><span style=\"font-weight: 400;\">A project budget lays out a financial plan based on the <\/span><span style=\"font-weight: 400;\">resource requirements<\/span><span style=\"font-weight: 400;\"> and other factors. It is the <\/span><b>total projected cost<\/b><span style=\"font-weight: 400;\"> required to <\/span><b>complete a project<\/b><span style=\"font-weight: 400;\">. To <\/span><b>maximize revenue<\/b><span style=\"font-weight: 400;\">, the <\/span><b>costs need to remain within the stipulated budget<\/b><span style=\"font-weight: 400;\">. Monitoring the budgeting techniques and setting alerts on budget creeps in the <\/span><span style=\"font-weight: 400;\">project management dashboard<\/span><span style=\"font-weight: 400;\"> can help prevent budget overruns. Dashboards enable you to <\/span><span style=\"font-weight: 400;\">manage your team<\/span><span style=\"font-weight: 400;\"> better.<\/span><\/p>\n<p><strong>Project management metrics<\/strong> based on <strong>Budget<\/strong> include:<\/p>\n<ul>\n<li><b>Budget Variance:<\/b><span style=\"font-weight: 400;\"> It is the difference between <\/span><b>forecast<\/b><span style=\"font-weight: 400;\"> and <\/span><b>actual budget.<\/b><span style=\"font-weight: 400;\"> A <\/span><span style=\"font-weight: 400;\">Forecast<\/span><span style=\"font-weight: 400;\"> vs. actual report can be handy for tracking budget variance. Managers can track this from time to time and keep a check on budget overruns.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Line Items:<\/b><span style=\"font-weight: 400;\"> It is a group of <\/span><b>individual financial<\/b><span style=\"font-weight: 400;\"> items divided into sub-categories to <\/span><b>track<\/b><span style=\"font-weight: 400;\"> and <\/span><b>sort<\/b><span style=\"font-weight: 400;\"> the project <\/span><b>expenses<\/b><span style=\"font-weight: 400;\">. Line items in budget work as a tool for future comparisons and budgeting. If one thing exceeds the projected cost, managers can implement remedial measures to avoid the domino effect on the overall revenue.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>CPI:<\/b> <span style=\"font-weight: 400;\">Cost performance Index<\/span><span style=\"font-weight: 400;\">\u2013<\/span><span style=\"font-weight: 400;\"> Similar to forecast vs. actual cost, CPI analyzes the work\u2019s budgeted cost with the actual amount spent. It helps you calculate the efficiency of resources and overall project planning and budgeting.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Pivoting your project budget plan is best done after assessing the financial details of your project.<\/p>\n<p><a style=\"border-bottom: none !important;\" href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/5-ways-reduce-project-management-costs\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"fullwidth_img alignright wp-image-5067 size-full\" title=\"Reducing project management costs\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/5waysToReduceCost.png\" alt=\"Reducing project management costs\" width=\"830\" height=\"103\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/5waysToReduceCost.png 830w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/5waysToReduceCost-300x37.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/5waysToReduceCost-768x95.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/p>\n<h2 id=\"3_3\" class=\"target\">Maintain the quality of delivery<\/h2>\n<p><span style=\"font-weight: 400;\">A project manager\u2019s <\/span><b>key responsibility<\/b><b> area<\/b><span style=\"font-weight: 400;\"> is to <\/span><b>maintain the quality of delivery<\/b><span style=\"font-weight: 400;\">. Also, it is crucial to understand and meet the client\u2019s expectations from the very start. As a project manager, you need to <\/span><b>assess<\/b><span style=\"font-weight: 400;\"> and <\/span><b>spearhead<\/b><span style=\"font-weight: 400;\"> the team\u2019s <\/span><b>performance<\/b><span style=\"font-weight: 400;\"> towards the <\/span><b>desired project goals.<\/b><\/p>\n<p>Some of the KPIs in this area are:<\/p>\n<ul>\n<li><strong>Customer retention\/loyalty <\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Customer retention speaks and <\/span><b>reflects<\/b><span style=\"font-weight: 400;\"> on the <\/span><b>quality of work<\/b><span style=\"font-weight: 400;\"> and <\/span><b>client satisfaction<\/b><span style=\"font-weight: 400;\">. <\/span><a href=\"https:\/\/www.forbes.com\/sites\/shephyken\/2016\/08\/27\/bad-customer-service-costs-businesses-billions-of-dollars\/?sh=40bdfb151525\"><span style=\"font-weight: 400;\">Study<\/span><\/a><span style=\"font-weight: 400;\"> has shown that poor customer service costs businesses a great deal of money. Faster and better service that creates a memorable customer experience can substantially improve your client satisfaction.<\/span><\/p>\n<ul>\n<li><strong>Net Promoter Score or NPS <\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It measures <\/span><b>customer experience<\/b><span style=\"font-weight: 400;\"> and predicts business growth. Similar to customer retention\/loyalty, NPS checks on <\/span><b>user satisfaction<\/b><span style=\"font-weight: 400;\">. A <\/span><b>short questionnaire<\/b><span style=\"font-weight: 400;\"> can be used here to measure customer experience and brand loyalty.<\/span><\/p>\n<ul>\n<li><strong>Calculation of errors<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Most projects have very thin margins for errors. <\/span><b>Project<\/b><span style=\"font-weight: 400;\"> Errors or blunders that form bottlenecks <\/span><b>lead to rework<\/b><span style=\"font-weight: 400;\"> and have <\/span><b>an irreversible impact<\/b><span style=\"font-weight: 400;\"> on the <\/span><b>project performance<\/b><span style=\"font-weight: 400;\">. An error log can form a basis for future analysis and provides enough leeway for future improvement.<\/span><\/p>\n<h3>Earned Value :<\/h3>\n<p><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/crucial-benefits-of-earned-value-management\/\" target=\"_blank\" rel=\"noopener noreferrer\">Earned value<\/a> provides strategic guidance and suggests the value earned from the <strong>money spent<\/strong> until the date on a project. <strong>Earned Value<\/strong> gives an <strong>accurate measurement<\/strong> of the <strong>work accomplished in terms of profit earned by the client<\/strong>. You can calculate earned value by<\/p>\n<p><strong>EV = Work Completed\/budget approved *100<\/strong><\/p>\n<p><a style=\"border-bottom: none !important;\" href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/effects-of-low-productivity-business-growth\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"fullwidth_img alignright wp-image-5068 size-full\" title=\"Enhancing customer experience with ERM\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EffectsOfLowProductivity.png\" alt=\"Enhancing customer experience with ERM\" width=\"830\" height=\"103\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EffectsOfLowProductivity.png 830w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EffectsOfLowProductivity-300x37.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2019\/07\/EffectsOfLowProductivity-768x95.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/p>\n<h2 id=\"3_4\" class=\"target\">Deliver Effectively<\/h2>\n<p>To deliver effectively, a project manager has to break down processes into actionable parts that can be easily implemented over time. A systematic increment in the project progress makes way for qualitative delivery. Various components contributing to the effectiveness are:<\/p>\n<ul>\n<li><b>Clearly define project requirements:<\/b><span style=\"font-weight: 400;\"> All essential aspects of the project like objectives, scope, requirements etc must be clearly stated, documented and communicated with the stakeholder involved.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Communicate effectively and regularly:<\/b><span style=\"font-weight: 400;\"> Establish <\/span><b>clear and transparent communication<\/b><span style=\"font-weight: 400;\"> with involved stakeholders. It helps rule out assumptions and provides clarity into customer\u2019s expectations.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Defining task dependencies:<\/b><span style=\"font-weight: 400;\"> Setting <\/span><b>task dependencies<\/b><span style=\"font-weight: 400;\"> clearly is an essential factor that determines project delivery effectiveness. It ensures that the tasks are completed in the right sequence for timely delivery.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Match suitable resources to projects:<\/b><span style=\"font-weight: 400;\"> By matching the right skill set to the right task at the right time is the best-case scenario for any project manager. Optimized project delivery can be achieved with competent <\/span><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/resource-allocation-a-guide-on-how-to-apply-it-on-project-management\/\"><span style=\"font-weight: 400;\">resource allocation<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Number of Project Milestones completion: Effective completion<\/b><span style=\"font-weight: 400;\"> of project milestones <\/span><b>approved by the client<\/b><span style=\"font-weight: 400;\"> is a key performance indicator. <\/span><b>Rework or revisions slows<\/b><span style=\"font-weight: 400;\"> the <\/span><b>rate of project completion.<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"font-size: 18px;\">\n<li><b>Equip a contingency plan:<\/b><span style=\"font-weight: 400;\"> Inevitable changes in project scope, costs, client requirements, resource availability can put projects at great risk. Project managers must identify and evaluate risks in advance and create a <\/span><b>contingency plan<\/b><span style=\"font-weight: 400;\"> for mitigation.<\/span><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/the-definitive-guide-to-resource-scheduling\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"fullwidth_img alignright wp-image-5557 size-full\" title=\"Getting project lifecycle right\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/03\/Definitive-guide-to-rs.png\" alt=\"Getting project lifecycle right\" width=\"830\" height=\"103\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/03\/Definitive-guide-to-rs.png 830w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/03\/Definitive-guide-to-rs-300x37.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2021\/03\/Definitive-guide-to-rs-768x95.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/p>\n<h2 id=\"3_5\" class=\"target\">Analyze Project Closure<\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><b>key aspect<\/b><span style=\"font-weight: 400;\"> of any <\/span><b>successful project manager<\/b><span style=\"font-weight: 400;\"> is to analyze the lessons learned from a <\/span><b>completed project<\/b><span style=\"font-weight: 400;\">. A project closure analysis provides <\/span><b>insightful improvements<\/b><span style=\"font-weight: 400;\"> for all <\/span><b>future projects<\/b><span style=\"font-weight: 400;\"> and hence must not be missed.<\/span><\/p>\n<ul>\n<li><strong>Who does it?<\/strong> Project Closure typically is a set of meetings by the project manager and the heads of each activity.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>What to do?<\/strong> Each head <strong>collates all the data<\/strong> from the beginning of the project up until the end. They cover all bases of the project before moving forward to the next one.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Why do it?<\/b><span style=\"font-weight: 400;\"> Basically, to <\/span><b>close loose ends<\/b><span style=\"font-weight: 400;\"> and look back for <\/span><b>missed items. <\/b><b>Planning<\/b><b> and Project initiation reports<\/b><span style=\"font-weight: 400;\"> are compared with the <\/span><b>project completion report<\/b><span style=\"font-weight: 400;\">. Thereby <\/span><b>providing critical takeaways and improvement scope<\/b><span style=\"font-weight: 400;\"> on the forthcoming <\/span><b>project<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">End of project learning and feedback gives a <\/span><b>retrospective view<\/b><span style=\"font-weight: 400;\"> of the vulnerabilities endured and <\/span><b>lessons learned<\/b><span style=\"font-weight: 400;\">. With a properly executed project analysis, one can set a checklist to catalog missed items and use it well for the future.<\/span><\/p>\n<p><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/managing-resources-across-multiple-projects\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"fullwidth_img alignright wp-image-5300 size-full\" title=\"Managing resources across multiple projects\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2016\/12\/Art-of-Resource-Allocation.png\" alt=\"Managing resources across multiple projects\" width=\"830\" height=\"103\" srcset=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2016\/12\/Art-of-Resource-Allocation.png 830w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2016\/12\/Art-of-Resource-Allocation-300x37.png 300w, http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2016\/12\/Art-of-Resource-Allocation-768x95.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/p>\n<h2 id=\"4\" class=\"target\">Key Take-Aways<\/h2>\n<p><span style=\"font-weight: 400;\">A project manager\u2019s performance depends on his\/her ability to quickly resolve project or resource bottlenecks. <\/span><b>Project management<\/b><b> metrics<\/b><span style=\"font-weight: 400;\"> can be overwhelming, considering the various constraints in any project. By <\/span><b>breaking down the metrics<\/b><span style=\"font-weight: 400;\"> into these five main parts, it can be easier to convert <\/span><b>gathered data to gauge project health.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">They are instrumental in <\/span><b>understanding, controlling,<\/b><span style=\"font-weight: 400;\"> and <\/span><b>evaluating<\/b><span style=\"font-weight: 400;\"> the <\/span><b>project outcomes<\/b><span style=\"font-weight: 400;\">. With <\/span><a href=\"https:\/\/www.saviom.com\/resource-management-software.php\"><span style=\"font-weight: 400;\">software-driven<\/span><\/a><span style=\"font-weight: 400;\"> metrics guiding you, your organization\u2019s most vital assets aren\u2019t sidelined to the net profit margins.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What metrics do you evaluate while managing projects?<\/span><\/p>\n<h2 id=\"5\" class=\"target\">The Glossary<\/h2>\n<p><a style=\"border-bottom: 0px;\" href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/the-complete-glossary-of-resource-or-workforce-planning-scheduling-and-management\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"size-full fullwidth_img wp-image-4606 aligncenter\" src=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/wp-content\/uploads\/2020\/11\/the-complete-glossary-of-resource-or-workforce-planning-scheduling-and-management-post.png\" alt=\"A Comprehensive Guide to Resource Planning in Project Management\" width=\"728\" height=\"auto\" \/><\/a><\/p>\n<h2 id=\"6\" class=\"target\">The SAVIOM Solution<\/h2>\n<p><span style=\"font-weight: 400;\">SAVIOM is the market leader in offering the most powerful and configurable solution for <\/span><a href=\"https:\/\/www.saviom.com\/resource-management-software.php\"><span style=\"font-weight: 400;\">managing your enterprise resources<\/span><\/a><span style=\"font-weight: 400;\"> effectively and efficiently. With over 20 years of experience, this Australian-based MNC has created its global presence across 50 countries and helped more than 100 customers achieve their business goals. SAVIOM also has products for project portfolio management, professional service automation, and <\/span><a href=\"http:\/\/ec2-52-95-249-27.ap-south-1.compute.amazonaws.com:8000\/blog\/the-complete-glossary-of-resource-or-workforce-planning-scheduling-and-management\/\"><span style=\"font-weight: 400;\">workforce planning software<\/span><\/a><span style=\"font-weight: 400;\"> that is customizable as per business requirements.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Project management metrics play a vital role in the success of any project. Project managers define these parameters as per the guideline of the organization during the initiation phase. It gets tracked regularly and validated during each milestone to ensure that the project progresses as per plan. To track time, cost and direct the team [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,40,37,1,41],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 5 Relevant project metrics<\/title>\n<meta name=\"description\" content=\"Project metrics play a vital role in the success of any project. 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