Every business aspires to achieve better sales, optimized productivity, and an efficient workforce. But how exactly would you calculate the growth of your company and workforce? This is where project metrics come into the picture. Project metrics are crucial to observe the growth rate of different aspects of the business. Furthermore, it is equally important to determine what metrics will be best suited for your project and how you can upscale and measure the growth of your company. Simplilearn shares in one of their articles the different project metrics you can implement in your projects.
Different Types of Project Metrics
There are several project metrics that project managers generally choose:
- Process metrics are most commonly used for process quality.
- A project quality metric is slightly different because it focuses on the measurement of projects. It is generally used to quantify defects, finances, and project schedules.
- Product metrics, as the name suggests, focus on product quality. They are often used to measure a product’s time-to-market.
- Organizational metrics have become quite popular among businesses lately. They are used to measure the effect of different organizational factors such as economics and communication.
- Software development metrics are used to measure the productivity of software-oriented aspects of the firm.
List of Project Metrics
There are 11 project metrics that companies commonly implement:
- Schedule variance
- Effort variance
- Size variance
- Requirement stability index
- Project productivity
- Productivity for test case preparation
- Productivity for test case execution
- Productivity for defect detection
- Productivity for defect fixation
- Phase-based schedule variance
- Phase-based effort variance
List of Process Metrics
Many enterprises use process metrics to measure the efficiency of a project. There are seven process metrics that are used extensively. They are:
- Cost of quality
- Cost of poor quality
- Defect density
- Review efficiency
- Testing efficiency
- Defect removal efficiency
- Residual defect density
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