Metrics & Project Performance Tools

Key Project Metrics

• Project managers usually monitor project performance by examining the schedule data, including key milestone dates. If the dates for tasks completed extend beyond the originally estimated dates, project managers may need to adjust the final delivery date. Project managers also track costs and determine if actual costs exceed the budget. Additionally, the team reports their hours spent on completing the tasks, materials used and future needs. Changes to the project in terms of additional requirements or different personnel need to be noted. Operational metrics, such as product errors, customer satisfaction or supplier delays, may trigger the need for root cause analysis.

Benefits

• Tracking project performance metrics using tools such as Microsoft Project, Project.net or Fogbugz, allows managers to establish a feedback loop that helps them make informed decisions about project execution. Instead of waiting until the end of the project and conducting a post-project review, managers monitor activity during every stage of the project. Project metrics provide the data that project managers need to determine current status, future predictions and past trends. Data gathered for individual products can serve to form the basis of a program plan report and allow managers to prioritize future projects.

Tool Entry Functions

• To track project performance, managers require a tool that allows team members to enter or gather data from different sources. For example, team members should be able to estimate their own work schedule by entering tasks, time frames and resources required. Managers should be able to use the tool to track actual times and make adjustments to future scheduling. Effective tools allow team members to account for vacations, training, holidays and sick time. The tool should allow all users to add, change and delete their own schedule items.

Tool Reporting Functions

• Reporting functions for project performance tools allow project managers to examine metrics, typically in a visual, easy-to-read format. Using lists, pie charts, bar charts and tables, project managers can see how team members are performing. Details, such as number of tasks, estimated time remaining and time elapsed on the project, give project managers the information they need to report to executive leadership.