In this blog we examine why using KPIs in Project Management can provide additional benefits beyond those anticipated at project approval stage.
A project proposal is approved with the intention that it will deliver value to an organization. By measuring value you are showing that the decisions you made had a positive impact on the organisation. Traditionally value would be viewed as a project completed on time and on budget however in today’s fast moving environment the value is viewed in other areas.
- Was a return on investment achieved?
- Did the completed project reach the needs of the end customer?
- Did the project meet the market demand?
- Did you reach the benefits that were outlined in the business case?
The project team is expected to help deliver value by managing a project successfully. However in order to do this you need some way of measuring the projects along the process. Measuring is best done through setting and examining Key Performance Indicators. KPIs are measurements that provide organisations with visibility of the past and current performance of a project and also provide intelligent information to detect future problems. Defining your KPIs can sometimes be a challenge to begin with.
Effective KPIs in Project Management should be:
- Agreed by all parties involved in the project prior to project kick off.
- Easily measured and reported on.
- Focused around building value for an organisation.
- Helpful in making decisions, throughout the project.
Project performance and success can be difficult to measure however if done correctly KPIs in Project Management have the ability to bring higher value across an organisation leading to greater goals and successful projects. By measuring and evaluating these indicators you can identify where more focus is needed in order to deliver future project value.
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Implementing a PPM solution is one way to deliver value before a project starts. Try our Return on Investment calculator to discover the potential benefit you could realize by implementing Cora PPM.