Six Metrics and KPI's for Successful Project Management
For projects managers, metrics are a way of life. If you're just starting out as a project manager, it can be hard to figure exactly what you should be tracking. In this video I break down the KPI's you should track to be successful. FREE Project Management EBOOK for new project managers. DOWNLOAD HERE: http://www.easyprojects.net/ebook/ Don't forget to check out our Blog on project management to learn more: http://www.easyprojects.net/blog/ **VIDEO TRANSCRIPT** Whether you use a project management software, or are tracking your projects manually, it’s really important to have a single place for all key indicators. Sometimes such a place is referred to as a dashboard. Your dashboards is a window into the overall health of your projects. You can visually track a number of different KPI’s to help you make better decisions. Here are some of the most important metrics that you should be keeping your eye on: Hours used vs. Hours Estimated vs. Hours Remaining Comparing these three numbers is the easiest way for you to determine whether your project is on track or going to be late. Of course, you and your team do need to log time regularly for these metrics to work. Resource Loading Resource loading per person will help you know what is going on with each of your team members and gauge if they have enough work or are getting overloaded. This way, if you need to move things around, you can do it with data to back up your decision. Hours Logged by Client or Department It’s a good idea to track how many hours your team spent for each customer or department or business unit in case you have internal clients. Having this data on hand might lead to some surprise insights. You might find out that 70% of your time is spent catering to the needs of HR department, while Sales team’s requests don’t get enough attention. Earned Value Analysis Now this is one we’ve spoken of before and it’s a pretty important KPI for project managers. The EVA shows you the overall health of your projects. It will show you troubled projects, at-risk projects and healthy projects. wbdg It’s an industry standard method of measuring a project's progress at any given point in time, forecasting its completion date and final cost, and analyzing variances in the schedule and budget as the project proceeds Estimated Profitability This is a neat one. Estimated profitability is not a way that people would think to organize projects. However, it’s probably the most useful metric if you are to be regarded as a good project manager. If you prioritize tasks and projects based on profitability, you’ll undoubtedly focus your attention there, helping you bring in some pretty sweet returns for your company. Project managers of year? Totally. Average Time Tasks Stay in Each Stage This metric allows you to discover hidden bottlenecks in your process. When analyzing your data you might discover that on average your tasks spend 7 days in legal review as opposed to just 2 days in the management review. Now you have quantifiable data should you decide to escalate this issue. So there you have it! These KPI’s will help you on your way to being a successful project manager in no time. If you have any questions or have a unique KPI that you can’t live without, comment below and let us know.