Project Performance Measures

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Project performance measures

Project performance refers to the process of assessing the progress of a project as it progresses

with time. This applies when we want to measure the rate at which a business process is

progressing at a given time. We may be interested in a particular business process or the

outcomes of a process in order to know how it changes with time. When measuring performance

in a project, we want to know the impact it has at a point at that time relating to its scheduled

timeframe. There are different methods employed in measurement of project performance. The

choice of these methods depends on the applicability and the factors involved in the project in

question.

EVM

EVM (Earned Value Management) is a technique used in project management to measure the

performance and the progress of a particular project. This analysis is important in providing

facts on the success of a project success. Earned Value Management is therefore a Performance

Management strategy. As an integrated system, EVM helps management by providing reliable

and accurate analysis of the performance and the challenges of the project on progress.

Earned value management analysis involves assessing project outputs over given reporting

interval to determine whether the performance is getting better or deteriorating.These project

progress measures are expressed in terms of cost, technical performance and schedule. They

include techniques and methods used to express and evaluate progress within the project baseline

i.e schedule, cost and technical.

EIRs

EIRs (External Independent Reviews) are done to validate the Baseline Performance of a project.

These reviews serve the purpose of providing the management in a particular Department with

reliable information on its progress to maintain that it can be completed within the scope, cost

and time schedule and still meet performance parameters and eventually serve the purpose for

which it was started.

KPIs

KPI (Key Performance Indicator) is a value that can is measured and used to indicate the how

organizations effectively achieve their laid objectives. Selecting the best performance indicator

depends on the industry in question and which areas of the business you want to track analyze

performance. KPI is used by organization to evaluate the tread of success towards the set targets.

EV (Earned Value)

The way a project is performing today is a good indicator of how it will perform in the future.

We therefore need know the data trend data so that we can forecast the real cost and time as early

first stages of a project. Earned Value method (EV) is the best trend-analysis technique that we

use to assess and measure the tread of a project.

According to Duncan 2016, Earned Value approach helps us monitor the plan of the project, the

actual work involved, and the work volume completed in order to see whether the project is

performing well. EV also indicates the cost and the time that should have been set for the project

considering the progress of time and the amount of work completed. Earned Value give the

project manager a way of comparing the volume of work completed and the volume he expected

finished at a particular point of time.

Conclusion

Measurement of performance in a progressing project is very essential as it portends the success

or failure of the project. The objective of measurement project performance is to help project

members and project managers to remain in track with project expectations and avail information

to stakeholders the progress of the project and where it will be in future. It also helps in getting

early warning of challenges that may affect its performance in the future and prevent them by

taking the most effective action.

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Project performance measures Project performance refers to the process of assessing the progress of a project as it progresses with time. This applies when we want to measure the rate at which a business process is progressing at a given time. We may be interested in a particular business process or the outcomes of a process in order to know how it changes with time. When measuring performance in a project, we want to know the impact it has at a point at that time relating to its scheduled timeframe. There are different methods employed in measurement of project performance. The choice of these methods depends on the applicability and the factors involved in the project in question. EVM EVM (Earned Value Management) is a technique used in project management to measure the performance and the progress of a particular project. This analysis is important in providing facts on the success of ...
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