Project Management Balanced Scorecard Metrics Pack
The “Project Management” scorecard set contains 6 scorecards, which describe the whole area of project management.
“Project Management” scorecard is a start point metrics set. It contains some common project management indicators. Use it as a basic KPI if you want to design your own scorecard.
“Project Launch” scorecard helps to measure and improve performance associated with starting new project or new business.
“Risk Metrics”, “Change Management”, “Resource Management” and “Operations” scorecards were designed to measure and improve performance in specific areas of project management. For instance, “Operations” scorecard focus on low-level operational performance, while “Risk Metrics” scorecard provides high-level risk measurement and control tool.
The pack includes 7 Project Management metrics:
- Project Management. It is essential to calculate the key performance indicators for the project management as they help to evaluate the success of the completed project that is to say whether it is completed at the specific level of quality, on time and within budget. Some of the indicators such as number of conflicts, employee turnover, shortage of resources, excessive work hours, and inadequate work breakdown structure point to the reasons of failure or under-quality performance.
- Product Launch. It is especially essential to measure the performance of the company and the product at every stage of development and PLC as the launch of a new product or service require substantial financial, material and human resources. Besides, it is a well-known fact that a majority of new products launched are thought to be failures.
- Operations. It is essential to calculate the POM key performance indicators however it is not a one-off project. In service industries in particular, change in mix, continuous reinterpretation of the task, the application of technology and changes in organizational goals bring about short- and long-term implications for the business and the measures used to evaluate performance and improvement. Thus periodic revision needs to be built into the system both in relation to productivity measurements and as a part of an ongoing, corporate review in general.
- Risk Metrics. Developing an organization's risk management strategy consists of the following stages: Risk Identification (identifying and naming the risks); Risks Quantification (assessing the probability of the risk occurring); Risk Response (avoiding, transferring, mitigating, or accepting the risk); and Risk Monitoring and Control (ongoing risk status analysis and risk issue identification).
- Change Management. Leaders of large change programs must over-perform during the business transformation and be the advocates who create a critical mass among the work force in favor of change. This requires ownership by leaders willing to accept responsibility for making change happen in all of the areas they influence or control.
- Resource Management. Measuring and managing an organization's human capital is a major part of creating value. There is a correlation between how human resources are managed and the amount of shareholder value. According to the recent study, if the company improves its Human Resource management in a number of key areas, it can experience up to 30% increase in its shareholder value.
- Cost Management. Productivity-driving programs are clearly responsible for high performance when they are aligned with the company operations and implemented across the entire organization. According to the latest study, the level of support, communication and involvement associated with the performance and cost management program proves more critical to company success than the specific program itself.
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