Project Metrics: Monitor your projects and manage them

Have you ever wondered how to determine the health of your project? Are you certain that your project will be delivered on the expected delivery date? Or are you unsure if it will be delayed? Certain project parameters can help you determine the health of your project and allow for better management. There are many monitor and control methods that can help you assess the health of your project. This is a great way for proactive management and to avoid scope creep, delays, resource issues, budget crises, and scope creep.
Project metrics are data about projects. They can be either quantitative or qualitative. The following can be considered quantitative data
Each of the above mentioned baselines is required. Baselines are created at the planning stage of a project and are used throughout project lifecycle to compare current and projected values to determine if project is on track.
Qualitative assessment provides us with the following terms
SV,Ai Schedule Variance
CV, Ai Cost Variance
SPI & Ai Schedule Performance Index
CPI, Ai Cost Performance Index
To understand and objectively determine how the project is performing in relation to its schedule, it is necessary to measure the schedule performance. This is why the terms Schedule Variance (or Schedule Performance Index) are used. The terms CV and CPI also provide insight into the project’s cost performance. Variance analysis involves comparing the present with projected or estimated values to determine where there is a gap. This allows you to take corrective actions, confirm that the cost or schedule are on track, and thus forecast or predict project performance. Variance analysis can also be used to analyze qualitative and quantitative project data.
AC,Ai Actual Price
BAC- Budgeted Actual Coast
PV- Planned Valuation
EAC ,Ai Estimate at completion
ETC- Estimate to complete
Earned Value – EV
These numbers can be derived either from project status or after certain calculations according to formulae such as EVM (Earned Value Method). Earned value is a method for analyzing and determining project performance data.
It is therefore important to identify the project metrics that you want to estimate. Next, take appropriate steps starting at the planning stage to create baselines and then capture project information during execution at scheduled intervals. This will allow you to compare, apply variance analysis, and other analysis methods to establish project sustainability at regular intervals. It helps project managers take corrective actions or risk mitigation techniques if there are project risks.
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