When you want to know if your project was successful or if it failed, you need to be able to measure it. Just like project management in itself has improved throughout the year, the project management metrics also evolved.
Despite there are many different metrics you can use, there are some that are more important than others. So, here are the best 6 project management metrics you should use:
This project management metric refers to the use of the resources only. When you’re analyzing the productivity of your project, you’ll be able to know what factors deserve more attention. For example, you can get to the conclusion that you workers are underperforming, and this may cause delays.
The scope is a project management metric that is usually defined at the beginning of each project. It’s what ensures that the project will meet the requirements at the end. However,it’s normal to have some additions and changes in the middle of the process. So, when this happens, you need to make sure that you track all the changes and additions so that you don’t lose control of the project. This will make sure that you deliver the project, on time and on budget.
As you can imagine, this metric is the one that focuses more attention on the consumers. So, it concerns with the quality of the product. By making sure that that your delivering quality at the end will help you avoid and catch any errors that might be occurring earlier in the process. This way, the deliverability won’t be affected and the errors will be avoided sooner.
Setting up a schedule for each project you manage is crucial. Usually, the schedule is measured on a weekly basis and tit’s agreed by both the manager and stakeholders. As a project manager, you’ll need to define certain goals to be met during each scheduled meeting and it will help you to deliver every project on time.
Measuring the cost is another project management metric that shouldn’t be avoided. There are many different variables that may affect your project, including productivity, scope, and even quality. However, when you’re closely monitoring the cost, you’ll be able to adapt each variable to make sure that your project is able to achieve its goals.
#6: Gross Margin
Most companies projects have the ultimate goal to increase the profits. And this is exactly where this metric comes in. The gross margin is the difference between the total income that is achieved after the project is completed and the total costs that were involved in the project. The higher the difference, the better. And this is exactly the kind of metric that employers use to promote the best project managers.
Keeping track on your project through these 6 metrics is crucial. This will not only give you a lot more control over the project you’re managing as well as it will drastically improve the chances of the project to be successful. With this better insight, you can easily make predictions about future projects as you’ll be able to execute them much faster. If you want to know about this subject, make sure to learn more about project management and lean manufacturing.