Key Performance Indicators (KPIs) in project management

Introduction

Effective project management is vital for the continuity and success of any company. A simple mistake can affect the general operations of the project at hand. As a result, companies have developed various methods to help them in gauging their various activities and ensuring that they are a success. The methods developed also helps in preventing the multiple failures which they may encounter during the project. Most companies tend to apply the use of project metrics and key performance indicators. These help in ensuring that the company follows the right procedures when conducting their various projects as well as identify the risks that are likely to rise and look for ways in which they can handle them.

Key Performance Indicators (KPIs)

The use of key performance indicators is essential in any process of project management. It is primarily because it helps the company in understanding how well they have conducted their projects and if they do meet the requirements of their clients or the set goal of the project. For purposes of better decision making in the implementation of a successful project, key performance indicators tend to play a significant role. It is because it helps in ensuring that the ideas which have been set are put on the table, and the best ideas are used and applied during the whole process of project implementation, (Hara et al., 2016). Through key performance indicators, various problems that are likely to affect the project can easily be identified. Through this, there is enough room for the development of workable solutions, which may be used to prevent the occurrences of the identified problems. It helps in weighing on the pros and cons of conducting some activities within the project and how they are likely to meet the goals and objectives of the project. Companies must develop their company key performance indications. It is primarily because the company will always and continuously be working towards ensuring that the projects are only geared towards the growth of the company. It is because when they set their own KPIs, they are mainly set to meet the goals and objectives of the company. As a result, it will help in preventing mistakes that are likely to occur and increase the probability of the project becoming successful.

Metrics

Metrics can be applied and used as a key performance indicator to help in improving performances of projects which may be carried out in the future by any given company. In any project management, there involves a lot of stakeholders, which tends to play a primary role in project management, all of whom bring different inputs to the organization. Due to this, they should be involved and updated in every process and activity which takes place. Making this a process, companies have applied the use of metrics where the stakeholders are informed on the status of the project from its execution to its completion.Li et al., (2017) explains that, considering that stakeholders play an essential role in any given project, the use of metrics will provide them with a platform whereby they will ensure that they are updated in every step. It is through this process that it is easier for those involved in the project management process that the stakeholders may provide their various inputs, which may be geared towards better results from the project.  Metrics also helps companies in improving the quality of the multiple projects at hand. It also helps the company in controlling their costs which they use during the operations of the project. Through the use of metrics in project management, companies can quickly identify trends in the industry that are deemed to be necessary. Through the use of metrics, companies are in a better position to identify the risks which are likely to face them during the process of project implementation and ensure that they come up with solutions to help prevent their occurrences. Through the use metrics, companies can easily assess the quality of work they are doing as well as the productivity of the team, which is handling the project.

It is through the use of metrics that companies learn of some of the mistakes that they may have conducted during the process of project implementations as well as costs. With this information at hand, they are better placed in ensuring that there are better estimations, especially in regards to costs and time, in future projects. The use of metrics in project management helps in identifying the various mistakes which may have occurred or are likely to occur during the process of project implementation and develop methods to prevent them from occurring in the future, (Zimmerman, & Gaithersburg, 2017). Each company requires different types of metrics to help the company achieve its goals, depending on the objectives and goals of the company. Depending on the goal of the company, they need to understand the end goal of the project, which is at hand. They should also put into consideration some of the success which they need to fulfill as a way of ensuring that they reach and achieve their set goals. They should then factor in the success of the project and how the fulfillment of the success is measured.

Any given business or company needs to develop KPIs in line with their goals and objectives to help ensure that the project is successful with minimal mistakes affecting it. Metrics can be used as the best key performance indicator as it ensures that all the stakeholders are involved, especially in the implementation of the project. 

References

Hara, M., Nagao, T., Hannoe, S., & Nakamura, J. (March 03, 2016). New Key Performance Indicators for a Smart Sustainable City. Sustainability, 8, 3, 206

Li, Y., O’Donnell, J., García-Castro, R., & Vega-Sánchez, S. (January 01, 2017). Identifying stakeholders and key performance indicators for district and building energy performance analysis. Energy and Buildings, 155, 1-15

Zimmerman, T. A., & Gaithersburg, MD. National Institute of Standards and Technology. (April 01, 2017). Metrics and key performance indicators for robotic cybersecurity performance analysis

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