What gets measured gets done - but only with the proper analytics

“If you can measure it, you can manage it.” “What gets measured gets done.”

No matter which idiom you prefer, the message is clear: measuring different faculties of a projects gives portfolio managers the information they need in order to make sure they achieve what they set out to do. 

Why measuring matters

Recording achievements at the time they occur increases the likelihood they are accurate. Having people frequently review their proposed schedules and record their accomplishments heightens awareness of goals and increases the chances said commitments will be met.

For many people, the simple act of measurement creates a ‘eustress’ motivation. That is, that healthy response to ‘stress’ when we strive for something that’s just attainable. The more aware the team members are of their work in relation to the overall schedule, the greater the likelihood that they’ll hit the schedule. If they don’t know or care about the target date, they’re unlikely to hit it.

Regularly monitoring your project’s schedule performance can provide early indications of possible activity-coordination problems, resource conflicts, and possible cost blowouts. Measuring creates concrete data that show not only the status of activities, but also their impact. Without this accountability, project and portfolio managers are unable to provide the necessary feedback to get things back on track and meet the overall targets.

What to measure

What defines "success" for you? Is it when a client signs off on a project? Or when you complete the scope of work?

To monitor schedule performance, you need to know how to collect and evaluate information and how to confirm its accuracy.

To ensure you begin with the right criteria, here’s what you should consider when measuring a project:

1. Schedule. Is there a hard deadline, or does the schedule relate to an isolated factor - like the budget or product launch date? In the end, did you complete the project by the time it was due?

2. Scope. The scope is what aligns the client, the team, and you together. What do you need to get done within the timeframe?

3. Budget. Your team should always know where they stand in terms of money spent. In the end, did you stick to the budget? As is obvious, once you give a quote, you need to stick to it, or come in under budget to keep things profitable.

4. Stakeholder Perception. A more direct measure of support is the amount of stakeholder participation in project tasks and events. Make sure clients are happy with the end result by asking for feedback at regular intervals throughout the project. For example, if they rate their satisfaction on a scale of 1 to 10 every week or so, you can improve upon lower areas of engagement.

5. Impact. The size of the financial, operational or social impact on a business’ performance is the direct measure of a completed project’s success. Measure the difference between the business performance before project start time, and the level after the project completes. Depending on the objectives, you can measure revenue, engagement, publicity or repeat business.

How to measure your progress

In things like project planning, project management, and change management, there is a method of measuring the right things in the right way. Monitor and share schedule performance at least once a month or more frequently, depending on the duration of the project, otherwise people lose focus and commitment to the activity. Lower focus and commitment can increase the probability the activity won’t end on schedule.

Consider the following factors when you schedule your activity monitoring:

- Is the activity on a critical path?

- Is the activity on a path that’s close to being critical?

- What is the activity’s risk?

- Have you already encountered problems with this activity?

- Are you approaching the activity’s planned completion date?

How to report your findings

Unless you want your numbers-strewn reports to be languishing in a top drawer (or the circular file), the important thing for you as a manager is to make your reports clear, helpful, and meaningful.

Once the right data is measured and collected, the report should contain eye-catching information to lead the reader to the most important points. Make it visually interesting and helpful - and you will become the “go-to person” for people who want to know what’s going on.

Shameless plug: To make this simple, Sciforma software provides a complete set of tools for scheduling projects and managing portfolios along with unlimited data reporting and ease of configuration to create the interesting reports mentioned above. 

If you run a project-based portfolio, you know that there are any number of things that can get between you and the successful end of the project: budget, bureaucracy, poor team dynamics, just to name a few. To help reduce any / all of these, having a good measurement and reporting system in place is key to your success.

To find out more or discuss any points made in this article, please contact me at mrieder@sciforma.com.

About the Author:

Maurya Rieder specialises in Sciforma technology. Sciforma is a highly rated project and portfolio management software that assists businesses in completing more projects on time, on budget and within scope. Sciforma’s goal is to help you streamline your processes and accomplish your company visions. To find out how Sciforma can transform your business' way of doing business today, contact Maurya Rieder at mrieder@sciforma.com or visit www.sciforma.com for your free demo.