PMI Long Island Chapter s Tools and Techniques Series PM101
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1 PMI Long Island Chapter s Tools and Techniques Series PM101 Project Metrics & KPIs
2 Agenda Overview Why Metrics and KPIs important Source of Metrics and KPIs Common PM Metrics and KPIs Other PM Metrics and KPIs Metric & KPI Considerations Source of Metrics and KPIs Planning and Reporting Pitfalls of Metrics and KPIs Status Report Examples
3 Overview Definition: Metric: Something that can be measured and reported with a meaningful value. KPI: (Key Performance Indicator) A metric that indicates how well something is performing. Forecast of how the project is expected to perform. Also referred to as a leading indicator. Metrics focus on what is completed and KPIs focus on predictions Benefits: Benefits to the project Indicates if the project is on time and in budget Identifies risks and issues Measures if project deliverables meet requirements Benefits to the organization Confidence that investment is delivering expected strategic value Confidence that the investment will be realized when required to meet strategic goal Benefits to the end product Meets or exceeds customers expectation in utility, quality, and value.
4 Overview Presentation Considerations: We include example charts and graphs to consider for your reports Some metrics and KPIs are common to our profession focus is on PM and PMBOK metrics and KPIs It is not possible to cover all metrics and KPIs our goal is to get you to think about what is important to you and your project. Presentation Goals: Appreciate the importance of metrics and KPIs Understand that there is no one size fits all approach to many metrics and KPIs but there are common measures to our profession Use and / or enhance your use of metrics and KPIs to help the success of your projects.
5 Why Metrics and KPIs important As stated by Harold Kerzner: If you cannot offer a stakeholder something that can be measured, then how can you promise that their expectations will be met? Good metrics lead to proactive project management rather than reactive project management.
6 Source of Metrics & KPI PMBOK Project Charter, Business Case, SOW, Contracts Program Manager / Sponsor Organizational Process Assets Interview and / or brainstorm key stakeholders Critical Success Factors (CSFs) Note: Executive Stakeholders and project teams have different needs.
7 Common PM Metrics and KPIs Metrics Earned Value Management (EVM) Cost Variance (CV) Scheduled Variance (SV) Quality Metrics Defects or Percent / Rate of Defects Conformance to requirements (QC) Conformance to Process (QA) Fit for purpose KPIs Earned Value Management (EVM) Estimate at Completion (EAC) Estimate to Completion (ETC) Financial Return on Investment (ROI) Payback Period Almost any metric can be used to trend progress which can help forecast end result and plan actions. Close Customer Satisfaction Value Employee moral.
8 Other PM Metrics and KPIs Earned Value Management (EVM) Tailored to manage subprojects or portion of the project Quality Metrics Fit for purpose / Quality Function Deployment (QFD) using Voice of the Customer (VOC) Business Case Updated ROI, Payback period, etc Updated and validated during the project and at phase gates (kill points) Close Value Employee retention Communications Frequency Attendance.
9 Metrics & KPIs Considerations Subjective vs. Objective Quantitative vs. Qualitative Reliable vs. Unreliable (Verifiable and source) Valid vs. Invalid (Correct data for measure).
10 Pitfalls of Metrics and KPIs Too many may result in micro management Too little may result in loss of control Too many may result in more time managing metrics vs. the project Metrics, by themselves, do not tell the entire story Consider post deployment Programs or Organizational Change Management should continue with measurements & actions.
11 Planning & Reporting Metrics and KPIs must be defined in the project plan The Plan must define the measurement The source of input to the measurement must be clearly defined Stakeholders should review and approve the metrics and KPIs People who are the subject of the measure People who need to know the performance The Plan must define the when, where, and how measures are reported Each project phase may have new measures and some that are no longer important Review with each phase planning process Make sure all measures have documented importance.
12 Pitfalls of Metrics and KPIs Not periodically reviewing and selecting meaningful metric and KPIs throughout the project Not reviewing and updating when stakeholders change Not reviewing or getting stakeholder buy in.
13 Metrics & KPIs Examples
14 Example 1 Health Indicators Key Project Health Indicators Prior Current Next Scope Y G G Schedule Y Y y Cost G G G Complexity G G G Risk G Y Y Quality G R G Total Project Health Y Y Y Key Project Health Indicators Scope Prior Current Next Schedule (SPI) Cost (CPI) Complexity Risk Quality (Defect Rate) 3% 11% 2% Total Project Health Key Project Health Indicator Definitions Scope Documented and Approved Green Not documented or not approved Yellow Changes proposed and likely to be approved Yellow No agreement and likely to impact project Red Schedule SPI is 0.95 or greater Green SPI is 0.90 to 0.94 Yellow SPI is less than 0.90 Red Cost CPI is 0.95 or greater Green CPI is 0.90 to 0.94 Yellow CPI is less than 0.90 Red
15 Example 2 EVM
16 Example 3 Agile
17 References Kerzner, H. (2011). Project Management Metrics, KPIs, and Dashboards. Hoboken, NJ: John Wiley & Sons, Inc. Meredith, J.R. and Mantel, S.J. (2009). Project Management A Managerial Approach (7th Ed.). Hoboken, NJ: Wiley and Sons, Inc. PMI Today May 2014 A supplement to PM Network Project Management Institute (2013). A guide to the project management body of knowledge (PMBOK) (5th ed.). Newtown Square, PA: Project Management Institute.
18 Discussions, your experience, and Questions?
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