Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Ideally, you need to have a strategy (in a form of a strategy map) before you start thinking about the ways to measure its execution (KPIs). Don't have a strategy map yet? Use free Strategy Map Wizard to create a strategy map for your current business challenges. The wizard will:
The whole process takes on average 6 minutes. Give it a try right now - it's free.
Managing a project spans all activities right from the conceptualizing stage to reaching the very end of it. Looking at the fact that there can be numerous areas that require monitoring, implementation of a measurable management strategy is a must. This makes it possible to make decisions and moves in a 'calculative manner', when it comes to 'administration of a project'.
Saying it the other way round, one is supposed to organize the various aspects involved during project management by using a measurement instrument. BSC (Balanced Scorecard) can be the missing piece in this puzzle of tracking and monitoring.
This thought was devised in 1990s by Norton and Kaplan who went ahead to give a complete evaluation procedure to the then 'incomplete and biased' strategy. This was by bringing in the 'non-financial' aspect also as depending solely on 'financial part' was found incapable of reflecting the true picture.
This tool can be used to analyze the progress of a project or activity in 'quantitative terms'. A similar assessment is possible in case of project management also. To make sure that management of a given assignment is carried out properly, one is required to effectively and accurately organize resources. Moreover, at times implementing effectual 'follow-up systems' is also needed.
Stating it in a nut-shell, precise management of a project is all about using numbers and values to get over with it in a 'cost-effective' and 'timely' manner.
This is the actual scorecard with Project Management Performance Indicators and performance indicators. The performance indicators include: reduction in cost per sale (%), budget allocated to budget spent ratio (%), time allocated to time spent ratio (%), estimated labor hours to hours spent ratio (%), resource shortage, number of conflicts arisen during the project, project employee turnover (%), increase in re-purchases following the execution of the project (%).
How is this book different from 796 other book titles about KPIs on Amazon?
"Before writing a single line, I formulated some guiding principles, one of them was: "If our clients ask, "How can I find a good KPI for..." - I want this book to provide a perfect answer."