If you’re getting started in the world of leading a team and focusing on project management, a key aspect of successfully managing projects is to measure progress and success and see how you can improve for your next ones. Here are a few tips to help you figure out the best project management metrics:
Define what success and progress means
The first step is defining what success means to you and your company. What does project progress look like? For many project managers, it could be that it stays on budget with no extra costs. For others, it may be that the project is delivered on time with the best results. For most, it hits many different points, from reaching objectives to receiving praise from clients.
Define what you want out of your projects so you can easily track your success as you undertake them. You have to have these goals clear in order to create results within a framework that is designed for objective completion.
Find the right tools for measuring metrics
Another important aspect of efficient progress tracking is using the right tools to do so. Using software that includes things like task tracking and features like a Gantt chart can help you ensure things are progressing as they should throughout your project.
Measuring project progress while it’s underway is what will lead to project success, so don’t rule out the importance of check-ins, improving workflows, and frequent communication with your team. With all the software out there in today’s technologically driven world, you can be confident that you’ll get the outcome that you want.
OKRs and KPIs
OKRs are something that you’ll use at the beginning when you’re hoping to define objectives for your project. They’ll allow you to create a clear guideline for what you want out of said project. Most project managers know to use OKRs to clearly plan for the results that they want. KPIs are used to look back on a project and are just as important as OKRs. They allow you to take into account what should be done next time for optimal success.
This may look like checking in with your team on what they feel could have been done better or gauging customer satisfaction using feedback once your project is complete. With this knowledge, you can move forward and set better OKRs for your next project.
Measuring metrics for future success
It doesn’t matter how long you’ve been on the job; measuring the metrics of each project can help you always improve your efforts as a project manager. No matter how successful your projects may be or have been for a while, continue the process of tracking your progress and success. It will pay off with better results in your future endeavors. It’s up to you to determine the best metrics for tracking progress.
Progress tracking saves you money
Every project will have a budget. The purpose of most projects is to achieve profit. However, if you’re not careful about tracking costs during your projects, you may find that you’re going over budget and not making as much of a profit as you’d like. While you don’t want to cut corners in quality, there could be better ways of achieving objectives that require less investment on your end and result in more ROI for your company.
If you’re measuring project costs in real-time, you could be missing out on money earned. With your gained knowledge, you can plan for more affordable projects that bring better ROI.
Any successful project manager knows that measuring project progress leads to project success. It allows you to become even more of an expert at what you do so that your future projects are more successful than the ones before. Whatever your objectives may be and your favorite measuring tools are, having this type of framework can lead to the results you want and improvements that will make a difference.