Project Management KPIs
In any business, managing projects is usually part of those daily tasks which are expected to produce results and continue to push your business forward, but when your teams start to struggle between resources, deliverables and deadlines, you’re up to find a proper project management software to support them and make those projects become a reality.
Your first point of order should be to make sure that every project team manager in your business knows where he is going and use a dashboard and the proper key performance indicators metrics to track its goals.
When creating your KPI dashboards, it is important to remember to create one dashboard per project. You can then create a master dashboard to follow the advancement of all your projects at a glance, but this would be more of a tool to share with your senior management.
What KPI For
Selecting your key performance indicators to keep track of your project and properly report your advancement to your senior management can vary depending on the type of project your team is working on. However, a few indicators will always be useful when setting up a Project Management Dashboard.
- Actual Cost of Work Performed (ACWP) which represents the total amount of money that has been spent on a project. This KPI aggregates all the spending, including salaries, resources etc.
- Budgeted Cost of Work Scheduled (BCWS) is the estimation of costs for your project planned / scheduled as of reporting date.
- Budgeted Cost of work Performed (BCWP) shows the budgeted cost of work that has actually been performed during a determined time period for a task.
- Return on Investment will show the profitability of a project and if its benefits exceed its cost. Although it is important to notice that this particular KPI must be taken consideration over a long period of time as not all projects will be producing immediate profitability.
- Percentage of tasks completed is a simple KPI which will let you and your management know how far you are in the completion of an overall project. Matched with deadlines, it will let you know how you are ahead or behind schedule.
There are many other KPIs to look for while building a dashboard to help you manage your project, have a look at our dashboard gallery for a few examples.
Best Software For Project Management
Use a flexible solution which will be able to fit your needs now and in the future (think scalability). Every project can be different, so make sure you choose a solution which will allow tracking of the KPIs you need.
Look for a Cloud based service, the new generation of online tools allows their users to access the information they need anytime, anywhere.
Make sure the solution you choose is easy to use. As less training will be required for your teams to learn how to use the tool, they can focus on their primary objectives: making the project a reality.
Discover more about KPI metrics with our other guides :
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