Successful projects start with developing quality plans commensurate with the nature and type of project and their application in order to achieve the project objectives. It is necessary to support these plans with the regulatory process which monitor their implementation. Such monitoring of project execution can be defined as the identification of deviations between planned and actual execution of the project. The question is how to find the right set of indicators of execution through which we will be able to effectively monitor performance? The so-called key performance indicators (KPI) must consist of the most important goals of execution covering all aspects of project work. KPI should have specific tools or methods to measure in order to effectively follow specific goals of all participants of the project team.
Effective and efficient KPI should have the following characteristics: comply with the specifics of the project, measurable, realistic, consistent with project objectives …
Here is an example. 🙂
As noted in the introduction, the project is easily controlled through KPIs. Here we will briefly describe a couple of KPIs applicable to every project. In addition to the display of each KPI there is a brief explanation of its meaning and methods of how to implement the project.
- Scope Control – provide in order to control all scope changes (if any) methods: overview and update to WBS, note all the required changes, propose corrective action, update the initial plan.
- Schedule Control, measures: schedule overview, propose corrective actions, update of the schedule activities, update the initial plan
- Cost Control, measures: compare estimated costs versus actual, make a new estimate of costs, update the initial plan.
- Control of the project team – it is necessary to monitor performance of the team, gather feedback, solve problems and control their performance in order to enhance project performance, measures: a note of the required amendments, propose corrective and preventive actions, update the initial plan.
- Control of key stakeholders – it is necessary to control communication with stakeholders and provide them with information on the project to ensure their satisfaction, measures: a note of all resolved issues, approved changes, approved corrective actions, update of the initial plan.