Successful project management is all about delivering the best results for the organization. However, projects fail for various reasons, such as an unrealistic schedule, poor visibility, absent project sponsor, stretched resources, and so on. So, how can organizations effectively measure the results? In this article at Bernard Marr & Co., Bernard Marr explains in detail the ways to measure project performance and the key performance indicators (KPIs) that are important for organizational growth.
Steps Involved in Measuring Project Performance
Project performance measurement is not as same as measuring the performance of a team or organization’s strategy. Therefore, the kinds of measures differ when we evaluate project performance. While measuring the project performance, we must look at the impact a project has at the point in time.
Firstly, It Is the Project Impact
A project must have a positive impact on your business. Project impact must include better customer service, new functionality, reduced costs, and improved quality. You should be able to evaluate your business performance before the project began and after it ended. This will help you determine the project’s impact.
Secondly, Track Your Schedule
Project management success is determined by whether you were able to meet the original project deadline. Evaluate your progress regularly. Additionally, updating your project schedule on an online Gantt chart helps in making your tasks and deadlines visible to your team members.
Thirdly, Cost Management is One of the Highest Priorities
Evaluating how a project is performing financially is crucial for many managers. Compare the current cost to what you had budgeted before initiating the project. Also, you can create a project dashboard to track the actual cost involved in the project in real-time. Remember to monitor the cost throughout the project to be that sure you are tracking the budget. “When you compare the benefits of the project against the project goals as well as the costs of the project you can calculate a return on investment,” says Bernard.
Learn more ways of measuring the project performance; click on https://www.bernardmarr.com/default.asp?contentID=1792.