Project management metrics are very necessary and essential to implement practical and sustainable project management practices and processes in an organization. These metrics allow us to improve our understanding by simply removing uncertainty so that we can make a well-informed decision. Aaron Rodriguez, an expert in business optimization, has taken on the task of covering the metrics needed to gauge the success of practices performed in different companies.
Project management metrics are key to improving the way projects are managed and even delivered. The metrics help estimate cost and completion schedule along with greater accuracy over time.
There are several advantages that can be derived from them. “Project management metrics help us to measure or calculate and understand the maturity of the organization. They help manage projects and resources more effectively.
They are also essential for demonstrating year-over-year improvements in project management maturity. Over time, they provide information on how the process and product are gradually developing,” Rodriguez asserts.
Each and every company or organization needs unique metrics that can align and add value with its goal or objective. There are several steps necessary to be able to choose these metrics properly and Rodriguez has taken care to explain what they are.
“First, it is essential to know and understand the main purpose or objective or goal of the work project,” Rodriguez suggests. “Second, to determine and identify the critical factors that must be met in order to succeed and achieve the goal. And lastly, to take the critical factors for the program project and determine how to measure its completion.”
Today, there are several metrics available that help in modern process management. There are a few core metrics available that are essential and vital to all software projects. These metrics fall into two categories: management metrics and quality metrics.
All these metrics generally have two dimensions: static value that is used as a target and dynamic trend that is used to manage the main achievement of that particular target. These metrics are simply based on common sense and field experience with successful and unsuccessful metrics programs. Metrics that are generally cost-related demonstrate the value of the team.
The management indicators are divided into three subcategories. First are those of work and progress. This refers to the work being done over a given period of time. Your planning over the iteration means determining and discussing the planning of the next cycle, phase, or iteration.
Then there are those of budgeted cost and expense. These refer to the cost incurred over a given period of time. Your financial knowledge means understanding the implications with respect to the financial decisions being made today.
And finally, there are the dynamics of the staffing team: staffing changes occur during a given period of time. Your resource plan means allocating and utilizing resources simply to achieve the greatest efficiency from these resources.
“On the other hand, quality indicators are key performance indicators (KPIs) that are very critical during project delivery, Rodriguez explains. “These indicators must be carefully monitored to confirm and ensure that the team is working or performing on the right tasks.”
The change in traffic and stability over a given period of time is the first item in its subcategory. Their planning on iteration means determining and discussing the planning of the next cycle, phase, or iteration. They also indicate convergence schedule, which means to indicate convergence points in the schedule where two or more activities come together and explain the dependencies of the successor activity.
In addition, it also accounts for the interim between failure and maturity. This refers to the rate of defective furnaces given the period of time. Its purpose is to indicate the quality of the software the test coverage simply to measure and calculate the number of tests performed by a test suite.