Project Metrics
“Metrics” is a term used to describe the measurement of a particular phenomenon. Project metrics therefore refers to the key indicators of what exactly has been done or achieved in a certain project. The objective of this is to be able to improve on the processes involved in the project performance. Project metrics thus is a system set in place to evaluate the project process employed in the attainment of results with an aim of improving such processes. They usually involve collecting and availing information regarding the status of the project.
It is thus an important factor in project risk management as a review tool. One example of these metrics is the cost. Right before initiating a project, its financial aspect is normally catered for using budgetary control tools. Indeed, the economic viability of a project is a priority regardless of the final results expected of such a project. In this respect therefore, there are certain operations that should be conducted in the process of the project to monitor the cost element.
The actual budget will thus be reviewed in light of the original budget. This yields certain variances whose magnitude can thus be reviewed to improve on the process. Quality is another key aspect in a project that would form the basis of metrics. Quality control is thus established to be able to measure the output of a particular process in light of a set standard. Defects in the system are identified and when adequately documented, these provide good grounds for review of the project process with an aim of improvement of the same.
This is because in a business environment, quality compromise yields an adverse effect that translates to loss of economic gain which would otherwise be secured with the right standards of quality. In summary it can be said that in project management, the role of project metrics is extremely important and cannot be ignored. They constantly provide information, which when analyzed by the management is useful for decision making and the success of projects.
