Businesses embark on the project management journey to earn profitable returns, but failures lead to massive disruptions. Companies waste an incredible amount of resources, time, and money on it without any returns. In this article at TechRepublic, Moira Alexander explains that a well-informed team can make the right decisions at the right time to achieve success.
The project management office (PMO) dashboard is the blueprint of ongoing and upcoming tasks necessary to accomplish a project. IT leaders and project managers must update it to maintain transparency with stakeholders. The following metrics must be present in the dashboard:
Customer Satisfaction Index
This metric usually gathers customer insights by surveying project performance. You can collect information by using feedback forms, questionnaires, client referrals, and so on.
This metric can ascertain the number of products delivering high-quality results in a specific period. It could also measure the level of services offered to a client to accomplish their goals. Success is possible only when you make simple, measurable, achievable, relevant, and time-bound (SMART) goals.
This metric evaluates if the available resources are over or under-utilized. Thereby, you can shift, plan, and manage resources well. Use the following formula: Resource utilization= Proposed work hours /Available hours.
Return on Investment
Your business is profitable only when the money invested generates maximum returns. Project success is equally important to your revenue flow. Use this formula to calculate the project ROI: ((Project’s financial gain or loss – project cost) / overall cost) X 100. The ROI enables PMO leaders to identify valuable portfolios and stop unproductive ones.
Teams play a significant role in overseeing projects. PMO leaders must continuously monitor projects and measure their productivity using metrics that indicate how well employees work. Identifying and evaluating key PMO dashboard metrics can boost the success rate of your projects. Click on the following link to read the original article: https://www.techrepublic.com/article/5-essential-dashboard-metrics-for-pmos/