Running a project without project metrics is like driving a car without a speedometer, cash balance, gas gauge, and route map. Many project managers tend to manage their projects without gauging performance or keeping a check on the budget. Then, how can you prove that you are on top of what is important to stakeholders? In this article at PMWorld 360, Dr. Mark Bojeun shares why you require project metrics to increase the number of happy stakeholders.
Project Metrics and Stakeholders
Project managers are known for their balance aptitude and multi-tasking abilities. However, when it comes to measuring the results, majority of them evade performance metrics. The process of collecting the information, analyzing them, and categorizing the same for project metrics is time-consuming. So, pace yourself accordingly.
Project Management Institute insists that earned value analysis provides more accurate results than other project metrics. If you are going for more, base them on the expected deliverables and risk management strategies. Focus more on your weaker areas or aspects where you have issues in your past projects. Include your team members because they can be more specific than you can analyze from high-level reports.
To prove that you are on top of what is important to stakeholders, establish project metrics that can give you real-time or actual results rather than an ideal number. Though you might be using the same metrics for several projects, customize them per the project demands. So, plan the project metrics and use them to discover issues, risks, and bottlenecks. Be careful what you do with the results because they can positively or negatively impact your project outcomes. So, always prioritize project metrics that enable you to see the unseen and predict a storm despite an apparent progress.
To view the original article in full, visit the following link: https://www.pmworld360.com/blog/2021/03/24/why-project-metrics-matter/