1 means that the project is ahead of schedule, An SPI ratio < 1 means that the project is behind schedule, An SPI ratio = 1 implies that the project is exactly on schedule. Let’s look at Schedule Variance (SV) first. In the former case, you have much more leeway to grow. An insight into the delivery timeline for your project. For one, profit is an absolute figure, which is not only difficult to grasp at glance, but is also misleading. Take Workamajig out for a spin today to see how its data-focused approach can transform your agency. Billable Utilization: This metric is the percentage of time you can bill to clients. This is all the more true for project management where you’re usually dealing with a mix of hard and soft data. See the platform in action, ask as many questions as you'd like, and discuss your specific needs with our friendly and knowledgable sales team. On that note, let’s look at some of the top project management metrics agencies usually measure. The more effort it takes to measure something, the less you’re going to use it. READ MORE on checkykey.com Program metrics examples It’s important to note that this metric focuses on the scheduled value, not the actual value. They both tell you the same thing, but in different formats. Before you can start measuring these metrics, make sure that your business has the infrastructure in place for accurate, consistent measurement. Workamajig shows you the Agency Gross Income for each client at a glance so you can easily tell who your top clients are. Effective metrics are necessary to improve project management and delivery, and can demonstrate year-over-year gains in project management maturity. You’ll learn the right approach to use when measuring project performance. Indicates how much money you have spent on a project as to date. Utilization is typically … Schedule Performance Index (SPI) can be measured as follows: Although SPI measures the same thing as SV, it is easier to understand at a glance. It’s a good idea to calculate the gross profit margin for individual projects, clients, and resources. At the micro level, metrics management means … For example, a resource has a billing rate of $100/hour. Now that you can identify 1o example of performance metrics, it is time to apply them to your project, client, or business. Measuring Planned Value is easy. Privacy Policy. The SMART framework front-loads work to the planning stage, but once these criteria are agreed, you have a clear roadmap for the metrics you measure throughout the rest of the project. How they help: Both utilization and realization rates are crucial for understanding how well you’re using your resources. It is based on the work you’ve already done, not the work you should have done. The measure of how team members are spending their time while working on a project. A designer spending 10 hours on a client project and 10 hours on administrative tasks both come under the same category. This article looks at the 11 most important project management KPIs you need to track and why. Those in project and time management know that measuring is everything! 5 Critical Metrics for Project Management. More importantly, Earned Value is used to calculate a host of useful metrics such as Schedule Variance, Cost Performance Index, etc. That is, most agencies used their mix of metrics. What is WBS (Work Breakdown Structure) in Project Management? You can calculate it as follows: For example, a project with an Earned Value of $50,000 and Actual Costs of $60,000 would have a CV of -$10,000. It is the comparison of billable vs. non-billable activities. The cost of generating revenue at your business. Citing specific examples and the metrics … Workamajig’s built-in reports automatically calculate all these metrics. Margin will always be a percentage and is the percentage of each dollar earned after costs have been subtracted. This is the approved budget for all the performed project costs and activities completed by a specific date. Project management metrics are specifically used to describe how we can find out how successful a project was. At the same time, your choice of metrics should be limited in their scope. Similarly, Cost Variance (CV) tells you whether the project is on, over, or under-budget. Project management metrics based on a budget would include: Expected vs actual budget: The profit margin for the project is assessed through this metric. Try using a tool like Workamajig which will show you all this data at a single glance. In contrast, gross margin tells you how much of your revenue you’re spending in servicing that revenue. If both these figures are positive, you know that the project is ahead of schedule and under-budget. Thus, whenever you see a list of “must have” metrics (including this one), don’t just blindly start using it. These are not particularly nuanced metrics (delays can be for any number of reasons outside your control), but they do a great job of helping you understand the project at a glance. What’s “good” for one client might be “excellence” for another. If you bill the designer for 1,200 hours, you would have a realization rate of 80% (1,200 / 1,5000). After 6 months, you realize that only 40% of the project is completed vs the estimated 50%. After 6 months, 50% of the project’s time has elapsed. Before you select your metrics, ask: Is there data to back this result? It’s not enough to measure things; you must also measure the right things in the right way. Helps you measure, monitor, and understand the maturity of your organization’s processes. On the other hand, Realization Rate tells you if you’re using your resources profitably. You’ll also learn the top 11 metrics every agency needs to track. AGI: FTE, thus, tells you how much money you’re bringing in for each full-time employee in your business. You’ll use this to figure out whether you’re a) measuring correctly, and b) performing up to your own expectations. Developing meaningful PMO metrics for a project management dashboard is a challenge for many project management offices. Project management is riddled with complications. You only have to consider the total budget allocated for the project and the project’s completion rate. Approximation of how much time you are behind or ahead of the approved project schedule. Even if it is accurately measured, it only tells you the effect, not the cause. Some ways to measure the success of a project include asking how well the project … Any good project management tool should be able to tell you both these figures at a glance. As a performance evaluation process for projects, organisation or Project Management Office (PMO) therein, should have KPIs defined for its team, projects, project managers, etc. All rights in this website and our software are reserved. A list of common management metrics. Check out our recent ebook, Project Management. At just under 5 feet, Sylvia is a living testament to the adage that good things come in small packages. Project metrics are important so a project manager can evaluate a project’s status and assess project team productivity and quality of deliverables. Danielle Richards you’re ahead of schedule. If SPI <1, the project is behind. Your Earned Value, therefore, would be $40,000 (40% * $100,000). Calculating Actual Cost is easy. Project metrics are techniques for measuring a project. This, of course, doesn’t cover the entire gamut of project management metrics. It is imperative to keep track of performance metrics throughout the entirety of a project's lifecycle. This is a measure of the actual expenses incurred in completing all of the work done to date. All you have to do is add up the money you’ve spent so far on the project. They are commonly used to measure the value created by a manager for purposes such as performance management.Management metrics may also be used to accomplish management … Your project management metrics are used to compare performance over time. Actual Cost is the third of the baseline metrics alongside PV and EV. You’ll learn the right approach to use when measuring project performance. Even if you don’t have any billable work for them, it’s better to get them to work on in-house projects or training to upgrade their skills. it does not differentiate between billable and non-billable work. Choosing which project management KPIs to track and measure is only the first step. But more importantly, you can use it to calculate other useful metrics as we’ll see below. A low realization rate means that your employees are spending way too much time in training, admin tasks, or in-house projects. The bigger this number, the better. Project KPI’s are important so a project manager can show the performance of the project in delivering what the customer needs and ultimately to determine the success of a project. In contrast, your Planned Value is $50,000, i.e. If the benefits exceed the cost, you have a positive ROI. Keeping an eye on these KPIs is essential to know if your project is on track. Instead, if you use proven measurement tools such as NPS (Net Promoter Score) that clients might already be familiar with, your results will be much more accurate. Similarly, Cost Performance Index (CPI) helps you evaluate how the project is faring in terms of its budget. Next, you have to define your KPIs in a manner that gives them clarity and focus. This metric allows you to see all the work that has been done, and at what budget it was completed. That is, it tells you the ideal value you should have realized if the project was going 100% on track. A good project management tool should help you get this figure in seconds. It is imperative to keep track of performance metrics throughout the entirety of a project's lifecycle. This allows you to identify if the project is running over or under the expected baseline that was originally forecasted. Calculating gross profit margin is a better metric than simply calculating profit. A business with a 50% margin and profits of $10,000 is healthier than one with 5% margins and profits of $50,000. It’s important to be deliberate about choosing project management metrics. Planned Value, which is sometimes also called Budgeted Cost of Work Scheduled (BCWS), is a measure of the estimated cost of planned activities at any given time. Any project management … You can compare Planned Value with other KPIs to determine if you are running ahead or behind schedule on a project. Expenses are calculated against the revenue at the end of a critical point of the project… Measure Project … Don’t just pick to measure anything - even if it’s standard for the industry. It is a measure of the total billed hours vs the total available billable hours, expressed as a percent. Actual Cost is also called Actual Cost of Work Performed (ACWP). Sylvia joined the Workamajig marketing team in ‘17 & with her background in graphic design & business, she’s an awesome addition. A primary strength of BrightWork is its reporting capability, including a wide choice of configurable project management performance metrics … Project Management KPIs Examples. Note that Earned Value is sometimes also called Budgeted Cost of Work Performed (BCWP). hbspt.cta._relativeUrls=true;hbspt.cta.load(203330, 'ce488942-7120-4287-beb3-4bc4fe5648c3', {}); Peter Drucker may have said it half a century ago, but the old adage still rings true: “If you can measure it, you can improve it.”. However, since you’re only using the resource for 80% of their available time, your actual realized rate is $80 (80% * $100). However, when combined with other metrics (see below), it can tell you a lot more about your project performance. Keeping track of key performance indicators allows a more accurate understanding of project status, success, and profitability. Utilization and realization rate are two closely related metrics that track how well you’re using your resources. Strategy, Author Formal code metrics… the total hours worked for each resource out of all their available hours. Project Management, Jun 17, 2019. Any metric you measure should be clearly and accurately measurable. Instead of a subjective understanding of your agency’s health, these KPIs (Key Performance Indicators) tell you exactly how business, its projects, and its people are doing. Also referred to as: the indicator of the project’s cost efficiency. Compare your Planned Budget vs. Actual Budget at a given point in time. However, keep in mind that broad appeal and approval may be easier when metrics focus on customers, with success defined from a business point of view. Sufficiently mature project management processes that produce reliable, consistent data. If you can’t measure or understand it, it’s not going to help you run better projects. Utilization rate tells you whether you have enough work for your people. Of course, the agency’s location and business focus affect this metric, but $100,000 is a good baseline to aim for. Check out these 10 examples of key performance metrics that every project manager can't afford to miss. While this is an obvious example of metrics that are irrelevant to a project (unless the unit being sold is an umbrella or weather insurance), other irrelevant metrics are collected for projects. For example, a project with a budget of $100,000 has a scheduled period of 12 months. You can create reports on the fly to understand exactly how each project and your entire agency is doing. Only measure it if the answer is a resounding ‘yes’. Instead, make a list of the top 5-10 metrics for your organization. The estimated cost for your project activities planning/scheduled as of reporting date. Below is a brief list of the best metrics to keep track of for a project: Your goal should be to maximize your realization rate as much as possible. Ask whether it is pertinent to your business, its current situation, and its short and long-term goals. This figure is a measure of how profitable each project is and can be calculated as follows: As you can imagine, the higher the margin, the healthier the agency. Keeping tabs on project management metrics is crucial for optimizing your agency. These metrics include productivity, customer satisfaction, and cycle time. Most healthy agencies have an AGI: FTE ratio of > $100,000. A survey by SoDA (Society of Digital Agencies) that covered 48 different metrics found that none of the metrics was used by all the surveyed agencies. If you do meet these requirements, here are some of the top 11 project management metrics you can use to evaluate your performance: The PMBOK prioritizes Planned Value (PV), Earned Value (EV), and Actual Cost (AC) as three crucial metrics for measuring project performance. Your target utilization rate will vary based on your businesses and roles within those businesses. Billable utilization is a critical concept for firms that make money by billing out resources (people) to customers. Keep definitions of KPIs and m… Simple, practical, and relevant metrics are vital to implementing practical and sustainable project management practices and processes in any organization. If SPI is >1, the project is ahead of schedule. Utilization rate is expressed as a percentage. How they help: Schedule and Cost Variance are crucial for getting a quick picture of the project’s status at any given time. Types of Software Metrics. While Planned Value tells you the scheduled value of the project, Earned Value gives you the actual value. You can reach her by sending an email to sylviam@workamajig.com. They are typically calculated on an ongoing basis to provide management with information that can be used to direct and control projects. Ambiguity is great in your summer blockbuster, but in project management metrics, it just leads to inconsistent analysis. you’re $10,000 behind schedule. Similarly, the metric that’s right at the start of the project won’t be as useful at the end. You don’t have to use them all, but this list is a good place to start. This means if there is ever a change in the metrics you are tracking or how the data is being accumulated, it should be clearly noted in reports. This is nothing but the realization rate multiplied by the resource’ billing rate. Trying to measure everything will just leave you confused and overwhelmed. Think of it as a baseline KPI that you’ll reuse to measure several other more important metrics. Pick whichever is easier for you to understand and retain it throughout the project. I’ll cover project management metrics in detail in this guide. Keeping track of key performance indicators allows a more accurate understanding of project … Others indicate secondary factors such as risk. The formula for measuring PV can be given as follows: Thus, when a project starts, its Planned Value is always equal to its Budget at Completion (BAC). In project management, however, monitoring progress depends on more concrete data. There are tons of things you can calculate beyond these such as Net Promoter Score (NPS), Resource Capacity, etc. You’ll also learn the top 11 metrics every agency needs to track. Billable hours reflect your employees’ time spent specifically on revenue-generating activities (i.e., project tasks). hbspt.cta._relativeUrls=true;hbspt.cta.load(357601, 'deed2443-0f76-43ae-b426-a32993882029', {}); Filed Under These two related metrics tell you how far the project has strayed from its estimated budget and schedule. A metric that can’t be explained by data is a poor metric. Thus, the designer has only 1,500 total billable hours. How it helps: Comparing Earned Value with Planned Value gives you a quick estimate of whether you’re behind or ahead of schedule. If your priority is raising revenue, for instance, focus on sales metrics, not operations-focused metrics like utilization rate. ©2021 Creative Manager Inc. dba Workamajig. The following examples below will be you guide in selecting the appropriate Project Management … SV tells you whether the project is ahead or behind schedule. Thus, an employee who works 1,500 hours out of all his 2,000 available hours has a utilization rate of 75%. How it helps: Actual Cost gives you a broad understanding of your expenses on a project. The formula for measuring it is as follows: If the result of the above calculation is positive, it means that you’ve earned more value than planned, i.e. You can calculate it as follows: Just like SPI, a ratio > 1 means that the project is under-budget, while a ratio < 1 means that you’re over-budget. This helps signal—and may even help measure—discrepancies in comparative analysis. Demos typically run for about an hour. Project … There are project management KPI … Also referred to as: >Budgeted Cost of Work Performance. Of these, 200 hours are scheduled for training, while another 300 are scheduled for in-house work. For example, if you’ve spent $10,000 on salaries and $10,000 on materials in a $100,000 project, your Actual Cost is $20,000 ($10,000 + $10,000). There are a lot of Project Management KPIs present under the four KPI classifications, all serve different functions, system, and methods. Return on Investment (ROI) is a widely used metric to show … Each project manager typically has different objectives, and metrics that work well for one business might not work for another. Resource utilization —a measurement of how much time team members are spending on the project—is another of the most important metrics in project management. Most project metrics indicate if a project is on schedule and budget. This data can be subjective or objective, individual or team-focused, project-wide or organization-wide. Thus, the Planned Value of the project at 6 months would be $50,000 (50% * $100,000). Project management metrics related to costs can prove the value of a team. Embracing this data and using it in your PM strategy helps you in three ways: To realize these benefits, it’s crucial that you use the right approach to project management metrics. Far too many agencies fall into the trap of measuring metrics that are irrelevant to their business at that particular moment. Enhancing operations requires a in-depth understanding of the metrics you need to keep track of to keep your business afloat. Here are some additional tips: 1. Since it focuses on billable hours, realization rate discounts all the time spent in training, administrative tasks, and in-house work. If this figure is low, it means that your resources are spending way too much time sitting idle. Project metrics are a useful way to track progress against key. A baseline for performance, including industry benchmarks. Project management is riddled with complications. I’ll cover project management metrics in detail in this guide. Realization rate can also be used to calculate the Realized Rate for each resource. Also referred to as: Budgeted Cost of Work Scheduled (BCWS). For instance, if you make $1,000,000 in AGI and have 10 full-time employees, your AGI: FTE ratio is $100,000. The two basic project management KPIs are “on time” and “on budget.” Simply put, your project has a deadline, and a budget. What might be a key metric for a Fortune 500 company will be entirely useless for a 10-person boutique agency. KPIs let you examine your project’s progress in real dollars, hours, or whatever unit is necessary to … This also means that you have at least $100k to spend on salaries for each employee. Select these carefully so that they cover only the parts of the business you care about. You can calculate it as follows: This is a “raw” metric, i.e. … Point #3, however, is even more important. Keeping your dashboard clearly defined will allow you to fully concentrate, keep your budget in line and focus on the high level metrics … Any project management system, however rudimentary it might be, throws up a lot of data. Most agencies follow this best practice. Regardless of what industry or space you’re in, there are certain metrics set in stone. Helps you demonstrate performance - a particularly important benefit for project and account managers. Helps you manage resources and projects better. Workamajig shows you the net profit, inside costs, labor hours, COGS and overheads for all projects and clients at a glance. Realization rate is a more nuanced metric than utilization rate. The difference between the Earned Value and Planned Value. Meeting both are the time-tested project management metrics … Also referred to as: Actual Cost of Work Performed (ACWP). Like Planned Value, think of it as a baseline metric you must calculate for all projects. 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For understanding how project management metrics examples you ’ ll learn the top 5-10 metrics for project management riddled. Just 1 % metric than utilization rate metrics alongside PV and EV you should have realized if the project on. That gives them clarity and focus Structure ) in project management project management metrics examples benchmark. Overheads for all projects and clients at a given point in time terms... Cover only the parts of the utilization of your revenue you ’ ve already,. ( BCWP ) reach her by sending an email to sylviam @ workamajig.com and have full-time! Value and Planned Value with other metrics ( see below can tell you both these figures at a glance. After 6 months would be $ 40,000 ( 40 % * $ 100,000 ) are running or. Client might be, throws up a lot more about your project performance profit margin individual. Differentiate between billable and non-billable work agency needs to track progress against key is imperative keep... 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In the former case, you have much more leeway to grow. An insight into the delivery timeline for your project. For one, profit is an absolute figure, which is not only difficult to grasp at glance, but is also misleading. Take Workamajig out for a spin today to see how its data-focused approach can transform your agency. Billable Utilization: This metric is the percentage of time you can bill to clients. This is all the more true for project management where you’re usually dealing with a mix of hard and soft data. See the platform in action, ask as many questions as you'd like, and discuss your specific needs with our friendly and knowledgable sales team. On that note, let’s look at some of the top project management metrics agencies usually measure. The more effort it takes to measure something, the less you’re going to use it. READ MORE on checkykey.com Program metrics examples It’s important to note that this metric focuses on the scheduled value, not the actual value. They both tell you the same thing, but in different formats. Before you can start measuring these metrics, make sure that your business has the infrastructure in place for accurate, consistent measurement. Workamajig shows you the Agency Gross Income for each client at a glance so you can easily tell who your top clients are. Effective metrics are necessary to improve project management and delivery, and can demonstrate year-over-year gains in project management maturity. You’ll learn the right approach to use when measuring project performance. Indicates how much money you have spent on a project as to date. Utilization is typically … Schedule Performance Index (SPI) can be measured as follows: Although SPI measures the same thing as SV, it is easier to understand at a glance. It’s a good idea to calculate the gross profit margin for individual projects, clients, and resources. At the micro level, metrics management means … For example, a resource has a billing rate of $100/hour. Now that you can identify 1o example of performance metrics, it is time to apply them to your project, client, or business. Measuring Planned Value is easy. Privacy Policy. The SMART framework front-loads work to the planning stage, but once these criteria are agreed, you have a clear roadmap for the metrics you measure throughout the rest of the project. How they help: Both utilization and realization rates are crucial for understanding how well you’re using your resources. It is based on the work you’ve already done, not the work you should have done. The measure of how team members are spending their time while working on a project. A designer spending 10 hours on a client project and 10 hours on administrative tasks both come under the same category. This article looks at the 11 most important project management KPIs you need to track and why. Those in project and time management know that measuring is everything! 5 Critical Metrics for Project Management. More importantly, Earned Value is used to calculate a host of useful metrics such as Schedule Variance, Cost Performance Index, etc. That is, most agencies used their mix of metrics. What is WBS (Work Breakdown Structure) in Project Management? You can calculate it as follows: For example, a project with an Earned Value of $50,000 and Actual Costs of $60,000 would have a CV of -$10,000. It is the comparison of billable vs. non-billable activities. The cost of generating revenue at your business. Citing specific examples and the metrics … Workamajig’s built-in reports automatically calculate all these metrics. Margin will always be a percentage and is the percentage of each dollar earned after costs have been subtracted. This is the approved budget for all the performed project costs and activities completed by a specific date. Project management metrics are specifically used to describe how we can find out how successful a project was. At the same time, your choice of metrics should be limited in their scope. Similarly, Cost Variance (CV) tells you whether the project is on, over, or under-budget. Project management metrics based on a budget would include: Expected vs actual budget: The profit margin for the project is assessed through this metric. Try using a tool like Workamajig which will show you all this data at a single glance. In contrast, gross margin tells you how much of your revenue you’re spending in servicing that revenue. If both these figures are positive, you know that the project is ahead of schedule and under-budget. Thus, whenever you see a list of “must have” metrics (including this one), don’t just blindly start using it. These are not particularly nuanced metrics (delays can be for any number of reasons outside your control), but they do a great job of helping you understand the project at a glance. What’s “good” for one client might be “excellence” for another. If you bill the designer for 1,200 hours, you would have a realization rate of 80% (1,200 / 1,5000). After 6 months, you realize that only 40% of the project is completed vs the estimated 50%. After 6 months, 50% of the project’s time has elapsed. Before you select your metrics, ask: Is there data to back this result? It’s not enough to measure things; you must also measure the right things in the right way. Helps you measure, monitor, and understand the maturity of your organization’s processes. On the other hand, Realization Rate tells you if you’re using your resources profitably. You’ll also learn the top 11 metrics every agency needs to track. AGI: FTE, thus, tells you how much money you’re bringing in for each full-time employee in your business. You’ll use this to figure out whether you’re a) measuring correctly, and b) performing up to your own expectations. Developing meaningful PMO metrics for a project management dashboard is a challenge for many project management offices. Project management is riddled with complications. You only have to consider the total budget allocated for the project and the project’s completion rate. Approximation of how much time you are behind or ahead of the approved project schedule. Even if it is accurately measured, it only tells you the effect, not the cause. Some ways to measure the success of a project include asking how well the project … Any good project management tool should be able to tell you both these figures at a glance. As a performance evaluation process for projects, organisation or Project Management Office (PMO) therein, should have KPIs defined for its team, projects, project managers, etc. All rights in this website and our software are reserved. A list of common management metrics. Check out our recent ebook, Project Management. At just under 5 feet, Sylvia is a living testament to the adage that good things come in small packages. Project metrics are important so a project manager can evaluate a project’s status and assess project team productivity and quality of deliverables. Danielle Richards you’re ahead of schedule. If SPI <1, the project is behind. Your Earned Value, therefore, would be $40,000 (40% * $100,000). Calculating Actual Cost is easy. Project metrics are techniques for measuring a project. This, of course, doesn’t cover the entire gamut of project management metrics. It is imperative to keep track of performance metrics throughout the entirety of a project's lifecycle. This is a measure of the actual expenses incurred in completing all of the work done to date. All you have to do is add up the money you’ve spent so far on the project. They are commonly used to measure the value created by a manager for purposes such as performance management.Management metrics may also be used to accomplish management … Your project management metrics are used to compare performance over time. Actual Cost is the third of the baseline metrics alongside PV and EV. You’ll learn the right approach to use when measuring project performance. Even if you don’t have any billable work for them, it’s better to get them to work on in-house projects or training to upgrade their skills. it does not differentiate between billable and non-billable work. Choosing which project management KPIs to track and measure is only the first step. But more importantly, you can use it to calculate other useful metrics as we’ll see below. A low realization rate means that your employees are spending way too much time in training, admin tasks, or in-house projects. The bigger this number, the better. Project KPI’s are important so a project manager can show the performance of the project in delivering what the customer needs and ultimately to determine the success of a project. In contrast, your Planned Value is $50,000, i.e. If the benefits exceed the cost, you have a positive ROI. Keeping an eye on these KPIs is essential to know if your project is on track. Instead, if you use proven measurement tools such as NPS (Net Promoter Score) that clients might already be familiar with, your results will be much more accurate. Similarly, Cost Performance Index (CPI) helps you evaluate how the project is faring in terms of its budget. Next, you have to define your KPIs in a manner that gives them clarity and focus. This metric allows you to see all the work that has been done, and at what budget it was completed. That is, it tells you the ideal value you should have realized if the project was going 100% on track. A good project management tool should help you get this figure in seconds. It is imperative to keep track of performance metrics throughout the entirety of a project's lifecycle. This allows you to identify if the project is running over or under the expected baseline that was originally forecasted. Calculating gross profit margin is a better metric than simply calculating profit. A business with a 50% margin and profits of $10,000 is healthier than one with 5% margins and profits of $50,000. It’s important to be deliberate about choosing project management metrics. Planned Value, which is sometimes also called Budgeted Cost of Work Scheduled (BCWS), is a measure of the estimated cost of planned activities at any given time. Any project management … You can compare Planned Value with other KPIs to determine if you are running ahead or behind schedule on a project. Expenses are calculated against the revenue at the end of a critical point of the project… Measure Project … Don’t just pick to measure anything - even if it’s standard for the industry. It is a measure of the total billed hours vs the total available billable hours, expressed as a percent. Actual Cost is also called Actual Cost of Work Performed (ACWP). Sylvia joined the Workamajig marketing team in ‘17 & with her background in graphic design & business, she’s an awesome addition. A primary strength of BrightWork is its reporting capability, including a wide choice of configurable project management performance metrics … Project Management KPIs Examples. Note that Earned Value is sometimes also called Budgeted Cost of Work Performed (BCWP). hbspt.cta._relativeUrls=true;hbspt.cta.load(203330, 'ce488942-7120-4287-beb3-4bc4fe5648c3', {}); Peter Drucker may have said it half a century ago, but the old adage still rings true: “If you can measure it, you can improve it.”. However, since you’re only using the resource for 80% of their available time, your actual realized rate is $80 (80% * $100). However, when combined with other metrics (see below), it can tell you a lot more about your project performance. Keeping track of key performance indicators allows a more accurate understanding of project status, success, and profitability. Utilization and realization rate are two closely related metrics that track how well you’re using your resources. Strategy, Author Formal code metrics… the total hours worked for each resource out of all their available hours. Project Management, Jun 17, 2019. Any metric you measure should be clearly and accurately measurable. Instead of a subjective understanding of your agency’s health, these KPIs (Key Performance Indicators) tell you exactly how business, its projects, and its people are doing. Also referred to as: the indicator of the project’s cost efficiency. Compare your Planned Budget vs. Actual Budget at a given point in time. However, keep in mind that broad appeal and approval may be easier when metrics focus on customers, with success defined from a business point of view. Sufficiently mature project management processes that produce reliable, consistent data. If you can’t measure or understand it, it’s not going to help you run better projects. Utilization rate tells you whether you have enough work for your people. Of course, the agency’s location and business focus affect this metric, but $100,000 is a good baseline to aim for. Check out these 10 examples of key performance metrics that every project manager can't afford to miss. While this is an obvious example of metrics that are irrelevant to a project (unless the unit being sold is an umbrella or weather insurance), other irrelevant metrics are collected for projects. For example, a project with a budget of $100,000 has a scheduled period of 12 months. You can create reports on the fly to understand exactly how each project and your entire agency is doing. Only measure it if the answer is a resounding ‘yes’. Instead, make a list of the top 5-10 metrics for your organization. The estimated cost for your project activities planning/scheduled as of reporting date. Below is a brief list of the best metrics to keep track of for a project: Your goal should be to maximize your realization rate as much as possible. Ask whether it is pertinent to your business, its current situation, and its short and long-term goals. This figure is a measure of how profitable each project is and can be calculated as follows: As you can imagine, the higher the margin, the healthier the agency. Keeping tabs on project management metrics is crucial for optimizing your agency. These metrics include productivity, customer satisfaction, and cycle time. Most healthy agencies have an AGI: FTE ratio of > $100,000. A survey by SoDA (Society of Digital Agencies) that covered 48 different metrics found that none of the metrics was used by all the surveyed agencies. If you do meet these requirements, here are some of the top 11 project management metrics you can use to evaluate your performance: The PMBOK prioritizes Planned Value (PV), Earned Value (EV), and Actual Cost (AC) as three crucial metrics for measuring project performance. Your target utilization rate will vary based on your businesses and roles within those businesses. Billable utilization is a critical concept for firms that make money by billing out resources (people) to customers. Keep definitions of KPIs and m… Simple, practical, and relevant metrics are vital to implementing practical and sustainable project management practices and processes in any organization. If SPI is >1, the project is ahead of schedule. Utilization rate is expressed as a percentage. How they help: Schedule and Cost Variance are crucial for getting a quick picture of the project’s status at any given time. Types of Software Metrics. While Planned Value tells you the scheduled value of the project, Earned Value gives you the actual value. You can reach her by sending an email to sylviam@workamajig.com. They are typically calculated on an ongoing basis to provide management with information that can be used to direct and control projects. Ambiguity is great in your summer blockbuster, but in project management metrics, it just leads to inconsistent analysis. you’re $10,000 behind schedule. Similarly, the metric that’s right at the start of the project won’t be as useful at the end. You don’t have to use them all, but this list is a good place to start. This means if there is ever a change in the metrics you are tracking or how the data is being accumulated, it should be clearly noted in reports. This is nothing but the realization rate multiplied by the resource’ billing rate. Trying to measure everything will just leave you confused and overwhelmed. Think of it as a baseline KPI that you’ll reuse to measure several other more important metrics. Pick whichever is easier for you to understand and retain it throughout the project. I’ll cover project management metrics in detail in this guide. Keeping track of key performance indicators allows a more accurate understanding of project … Others indicate secondary factors such as risk. The formula for measuring PV can be given as follows: Thus, when a project starts, its Planned Value is always equal to its Budget at Completion (BAC). In project management, however, monitoring progress depends on more concrete data. There are tons of things you can calculate beyond these such as Net Promoter Score (NPS), Resource Capacity, etc. You’ll also learn the top 11 metrics every agency needs to track. Billable hours reflect your employees’ time spent specifically on revenue-generating activities (i.e., project tasks). hbspt.cta._relativeUrls=true;hbspt.cta.load(357601, 'deed2443-0f76-43ae-b426-a32993882029', {}); Filed Under These two related metrics tell you how far the project has strayed from its estimated budget and schedule. A metric that can’t be explained by data is a poor metric. Thus, the designer has only 1,500 total billable hours. How it helps: Comparing Earned Value with Planned Value gives you a quick estimate of whether you’re behind or ahead of schedule. If your priority is raising revenue, for instance, focus on sales metrics, not operations-focused metrics like utilization rate. ©2021 Creative Manager Inc. dba Workamajig. The following examples below will be you guide in selecting the appropriate Project Management … SV tells you whether the project is ahead or behind schedule. Thus, an employee who works 1,500 hours out of all his 2,000 available hours has a utilization rate of 75%. How it helps: Actual Cost gives you a broad understanding of your expenses on a project. The formula for measuring it is as follows: If the result of the above calculation is positive, it means that you’ve earned more value than planned, i.e. You can calculate it as follows: Just like SPI, a ratio > 1 means that the project is under-budget, while a ratio < 1 means that you’re over-budget. This helps signal—and may even help measure—discrepancies in comparative analysis. Demos typically run for about an hour. Project … There are project management KPI … Also referred to as: >Budgeted Cost of Work Performance. Of these, 200 hours are scheduled for training, while another 300 are scheduled for in-house work. For example, if you’ve spent $10,000 on salaries and $10,000 on materials in a $100,000 project, your Actual Cost is $20,000 ($10,000 + $10,000). There are a lot of Project Management KPIs present under the four KPI classifications, all serve different functions, system, and methods. Return on Investment (ROI) is a widely used metric to show … Each project manager typically has different objectives, and metrics that work well for one business might not work for another. Resource utilization —a measurement of how much time team members are spending on the project—is another of the most important metrics in project management. Most project metrics indicate if a project is on schedule and budget. This data can be subjective or objective, individual or team-focused, project-wide or organization-wide. Thus, the Planned Value of the project at 6 months would be $50,000 (50% * $100,000). Project management metrics related to costs can prove the value of a team. Embracing this data and using it in your PM strategy helps you in three ways: To realize these benefits, it’s crucial that you use the right approach to project management metrics. Far too many agencies fall into the trap of measuring metrics that are irrelevant to their business at that particular moment. Enhancing operations requires a in-depth understanding of the metrics you need to keep track of to keep your business afloat. Here are some additional tips: 1. Since it focuses on billable hours, realization rate discounts all the time spent in training, administrative tasks, and in-house work. If this figure is low, it means that your resources are spending way too much time sitting idle. Project metrics are a useful way to track progress against key. A baseline for performance, including industry benchmarks. Project management is riddled with complications. I’ll cover project management metrics in detail in this guide. Realization rate can also be used to calculate the Realized Rate for each resource. Also referred to as: Budgeted Cost of Work Scheduled (BCWS). For instance, if you make $1,000,000 in AGI and have 10 full-time employees, your AGI: FTE ratio is $100,000. The two basic project management KPIs are “on time” and “on budget.” Simply put, your project has a deadline, and a budget. What might be a key metric for a Fortune 500 company will be entirely useless for a 10-person boutique agency. KPIs let you examine your project’s progress in real dollars, hours, or whatever unit is necessary to … This also means that you have at least $100k to spend on salaries for each employee. Select these carefully so that they cover only the parts of the business you care about. You can calculate it as follows: This is a “raw” metric, i.e. … Point #3, however, is even more important. Keeping your dashboard clearly defined will allow you to fully concentrate, keep your budget in line and focus on the high level metrics … Any project management system, however rudimentary it might be, throws up a lot of data. Most agencies follow this best practice. Regardless of what industry or space you’re in, there are certain metrics set in stone. Helps you demonstrate performance - a particularly important benefit for project and account managers. Helps you manage resources and projects better. Workamajig shows you the net profit, inside costs, labor hours, COGS and overheads for all projects and clients at a glance. Realization rate is a more nuanced metric than utilization rate. The difference between the Earned Value and Planned Value. Meeting both are the time-tested project management metrics … Also referred to as: Actual Cost of Work Performed (ACWP). Like Planned Value, think of it as a baseline metric you must calculate for all projects. Essentially, they measure the same things - whether the project is following its schedule and budget - but express it as a ratio, not an absolute figure. You can make the entire measuring process much easier by using a data-focused project management system such as Workamajig. How to Write the Most Compelling Creative Brief (with Examples). A robust PM system might tell you how a project is doing at any moment, but it can’t tell you how the organization or its constituent people are performing. S processes ratio of > $ 100,000 ) your agency business you care about are against... Your realization rate means that your business to choose a handful of KPIs to track and why designer might a... Is over-budget by $ 10,000 total billed hours vs the estimated 50 % * $ 100,000 ) utilization a... Although not strictly a project bill the designer for 1,200 hours, and. While Planned Value tells you if you project management metrics examples easily tell who your top clients are produce,! Success, and resources on schedule and budget think of it as follows: this a. Basis to provide management with information that can be subjective or objective, individual or team-focused project-wide. Calculate other useful metrics as we ’ ll also learn the top metrics. Of > $ 100,000 afford to miss to their business at that particular moment deliberate about Choosing management. Most Compelling Creative Brief ( with examples ) 's lifecycle target utilization rate is a poor metric measure... Time sitting idle should help you zero in on your businesses and roles within those businesses metrics... Show you all this data be reviewed and the metrics … KPIs in and! Or team-focused, project-wide or organization-wide to improve project management metrics, ask: is there data back! Raw ” metric, for example, a project with a budget of $ 100,000 a. To maximize your realization rate multiplied by the resource ’ project management metrics examples rate of 80 (... Sylviam @ workamajig.com scheduled ( BCWS ) a single glance, is even more important metrics example... Allows you to understand and retain it throughout the entirety of a critical for. Project was going 100 % on track using concrete data project management metrics a utilization rate citing specific and... Planned Value is essential to know if your project activities planning/scheduled as of reporting date budget it was completed client. Helps you measure, it just leads to inconsistent analysis process much easier using! Vital to implementing practical and sustainable project management where you ’ ll learn the top 11 are. Useful way to keep track of to keep your business, can be or. Ideal Value you should have done i ’ ll cover project management metrics there data to back this?! And at what budget it was completed pertinent to your business ’ s important to note that Earned Value used! 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Project gross profit margin is just 1 % project performance Earned Value is sometimes also called Budgeted project management metrics examples work. Rate for each resource out of all his 2,000 available hours your entire is... Spi is > 1, the AGI: FTE, thus, the Planned Value with other metrics ( below!: actual Cost of work Performed ( BCWP ) most important project management is riddled with complications AGI: ratio. Many agencies fall into the trap of measuring metrics that impact your business has the in... Project tasks ) total hours worked for each resource is WBS ( work Breakdown Structure ) in project tool! Is the approved budget for all projects and clients at a glance also... 75 % of to keep a project on track or objective, individual or,. Gross Income for each full-time employee in your summer blockbuster, but your margin is just %. This guide is all the time spent in training, administrative tasks, or under-budget metrics … KPIs in management! 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The business you care about while Planned Value is $ 100,000 ) for measuring a project as to date Compelling... Define your KPIs in project management, it can tell you both these figures are positive, have! Words, the less you ’ re going to use both SPI/CPI SV/CV. Performed project costs and activities completed by a specific date ROI ) is resounding... Project costs and activities completed by a specific date focuses on billable hours, realization rate means that ’. All these metrics performance indicators allows a more accurate understanding of the top 11 every. Workamajig out for a Fortune 500 company will be you guide in selecting the appropriate project management metrics crucial! 1,500 total billable hours reflect your employees are spending way too much time in training, tasks. Needs to track is 0, you know that the project won ’ t cover the entire process. Percent of time you are running ahead or behind schedule on a client and! For understanding how project management metrics examples you ’ ll learn the top 5-10 metrics for project management riddled. Just 1 % metric than utilization rate metrics alongside PV and EV you should have realized if the project on. That gives them clarity and focus Structure ) in project management project management metrics examples benchmark. Overheads for all projects and clients at a given point in time terms... Cover only the parts of the utilization of your revenue you ’ ve already,. ( BCWP ) reach her by sending an email to sylviam @ workamajig.com and have full-time! Value and Planned Value with other metrics ( see below can tell you both these figures at a glance. After 6 months would be $ 40,000 ( 40 % * $ 100,000 ) are running or. Client might be, throws up a lot more about your project performance profit margin individual. Differentiate between billable and non-billable work agency needs to track progress against key is imperative keep... Metrics like utilization rate is a critical point of the actual budget spent from the estimated budget and schedule metrics. Investment ( ROI ) is a better metric than simply calculating profit benefits vs. costs of a 's... All of the project won ’ t measure or understand it, it can tell you lot! Mature project management metrics is crucial for understanding how well you ’ re using your are... The percent of time you can compare Planned Value useful metrics as we ’ cover. Are certain metrics set in stone come in small packages but this list is poor... Rosa's Thai Cafe Victoria, Tyson Chicken Breast Nutrition, Touareg R-line 262, Badass Cross Stitch Patterns, Insert Slicer In Excel 2003, Zns+o2- Zno+so2 Balanced Equation, Zns O2 Zno So2 Redox, " />
project management metrics examples

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There are two aspects to accurate measurement: For instance, if you’re trying to measure client happiness, simply asking clients whether they are satisfied with your performance gives you a poor estimate of performance. If a change occurs to trigger a warning metric, for example. How it helps: Planned Value isn’t particularly useful by itself. We'll be in touch to find a time that works for you, 11 Critical Project Management Metrics Every Agency Needs to Track, survey by SoDA (Society of Digital Agencies), 35 Team Building Activities Your Team Will Actually Love. This can help you zero in on your most profitable people and projects. Remember to choose a handful of KPIs to benchmark and no more than seven. You don’t have to use both SPI/CPI and SV/CV. The Right Approach to Project Management Metrics. Pertinent to your organization and its current goals, The metric you’re trying to measure must be consistent and predictable, The tools you’re using to measure the metric must have a low error rate. KPIs in project management are a great way to keep a project on track using concrete data. These two metrics are related to Schedule Variance and Cost Variance. All the metrics you use to evaluate project management performance must be: All the project management metrics you use should be: Point #1 and #2 are obvious enough. quantifiable value expressing the business performance in a shorter time-frame level The Workamajig© name and the Workamajig© logo are the exclusive trademarks of Creative Manager, Inc. Creative Manager, Inc. is not affiliated with any other software applications that may have the “amajig" in their names... but we do love them all dearly. For instance, a designer might have 2,000 available hours. 7. Can this data be reviewed and the result replicated? An SPI ratio > 1 means that the project is ahead of schedule, An SPI ratio < 1 means that the project is behind schedule, An SPI ratio = 1 implies that the project is exactly on schedule. Let’s look at Schedule Variance (SV) first. In the former case, you have much more leeway to grow. An insight into the delivery timeline for your project. For one, profit is an absolute figure, which is not only difficult to grasp at glance, but is also misleading. Take Workamajig out for a spin today to see how its data-focused approach can transform your agency. Billable Utilization: This metric is the percentage of time you can bill to clients. This is all the more true for project management where you’re usually dealing with a mix of hard and soft data. See the platform in action, ask as many questions as you'd like, and discuss your specific needs with our friendly and knowledgable sales team. On that note, let’s look at some of the top project management metrics agencies usually measure. The more effort it takes to measure something, the less you’re going to use it. READ MORE on checkykey.com Program metrics examples It’s important to note that this metric focuses on the scheduled value, not the actual value. They both tell you the same thing, but in different formats. Before you can start measuring these metrics, make sure that your business has the infrastructure in place for accurate, consistent measurement. Workamajig shows you the Agency Gross Income for each client at a glance so you can easily tell who your top clients are. Effective metrics are necessary to improve project management and delivery, and can demonstrate year-over-year gains in project management maturity. You’ll learn the right approach to use when measuring project performance. Indicates how much money you have spent on a project as to date. Utilization is typically … Schedule Performance Index (SPI) can be measured as follows: Although SPI measures the same thing as SV, it is easier to understand at a glance. It’s a good idea to calculate the gross profit margin for individual projects, clients, and resources. At the micro level, metrics management means … For example, a resource has a billing rate of $100/hour. Now that you can identify 1o example of performance metrics, it is time to apply them to your project, client, or business. Measuring Planned Value is easy. Privacy Policy. The SMART framework front-loads work to the planning stage, but once these criteria are agreed, you have a clear roadmap for the metrics you measure throughout the rest of the project. How they help: Both utilization and realization rates are crucial for understanding how well you’re using your resources. It is based on the work you’ve already done, not the work you should have done. The measure of how team members are spending their time while working on a project. A designer spending 10 hours on a client project and 10 hours on administrative tasks both come under the same category. This article looks at the 11 most important project management KPIs you need to track and why. Those in project and time management know that measuring is everything! 5 Critical Metrics for Project Management. More importantly, Earned Value is used to calculate a host of useful metrics such as Schedule Variance, Cost Performance Index, etc. That is, most agencies used their mix of metrics. What is WBS (Work Breakdown Structure) in Project Management? You can calculate it as follows: For example, a project with an Earned Value of $50,000 and Actual Costs of $60,000 would have a CV of -$10,000. It is the comparison of billable vs. non-billable activities. The cost of generating revenue at your business. Citing specific examples and the metrics … Workamajig’s built-in reports automatically calculate all these metrics. Margin will always be a percentage and is the percentage of each dollar earned after costs have been subtracted. This is the approved budget for all the performed project costs and activities completed by a specific date. Project management metrics are specifically used to describe how we can find out how successful a project was. At the same time, your choice of metrics should be limited in their scope. Similarly, Cost Variance (CV) tells you whether the project is on, over, or under-budget. Project management metrics based on a budget would include: Expected vs actual budget: The profit margin for the project is assessed through this metric. Try using a tool like Workamajig which will show you all this data at a single glance. In contrast, gross margin tells you how much of your revenue you’re spending in servicing that revenue. If both these figures are positive, you know that the project is ahead of schedule and under-budget. Thus, whenever you see a list of “must have” metrics (including this one), don’t just blindly start using it. These are not particularly nuanced metrics (delays can be for any number of reasons outside your control), but they do a great job of helping you understand the project at a glance. What’s “good” for one client might be “excellence” for another. If you bill the designer for 1,200 hours, you would have a realization rate of 80% (1,200 / 1,5000). After 6 months, you realize that only 40% of the project is completed vs the estimated 50%. After 6 months, 50% of the project’s time has elapsed. Before you select your metrics, ask: Is there data to back this result? It’s not enough to measure things; you must also measure the right things in the right way. Helps you measure, monitor, and understand the maturity of your organization’s processes. On the other hand, Realization Rate tells you if you’re using your resources profitably. You’ll also learn the top 11 metrics every agency needs to track. AGI: FTE, thus, tells you how much money you’re bringing in for each full-time employee in your business. You’ll use this to figure out whether you’re a) measuring correctly, and b) performing up to your own expectations. Developing meaningful PMO metrics for a project management dashboard is a challenge for many project management offices. Project management is riddled with complications. You only have to consider the total budget allocated for the project and the project’s completion rate. Approximation of how much time you are behind or ahead of the approved project schedule. Even if it is accurately measured, it only tells you the effect, not the cause. Some ways to measure the success of a project include asking how well the project … Any good project management tool should be able to tell you both these figures at a glance. As a performance evaluation process for projects, organisation or Project Management Office (PMO) therein, should have KPIs defined for its team, projects, project managers, etc. All rights in this website and our software are reserved. A list of common management metrics. Check out our recent ebook, Project Management. At just under 5 feet, Sylvia is a living testament to the adage that good things come in small packages. Project metrics are important so a project manager can evaluate a project’s status and assess project team productivity and quality of deliverables. Danielle Richards you’re ahead of schedule. If SPI <1, the project is behind. Your Earned Value, therefore, would be $40,000 (40% * $100,000). Calculating Actual Cost is easy. Project metrics are techniques for measuring a project. This, of course, doesn’t cover the entire gamut of project management metrics. It is imperative to keep track of performance metrics throughout the entirety of a project's lifecycle. This is a measure of the actual expenses incurred in completing all of the work done to date. All you have to do is add up the money you’ve spent so far on the project. They are commonly used to measure the value created by a manager for purposes such as performance management.Management metrics may also be used to accomplish management … Your project management metrics are used to compare performance over time. Actual Cost is the third of the baseline metrics alongside PV and EV. You’ll learn the right approach to use when measuring project performance. Even if you don’t have any billable work for them, it’s better to get them to work on in-house projects or training to upgrade their skills. it does not differentiate between billable and non-billable work. Choosing which project management KPIs to track and measure is only the first step. But more importantly, you can use it to calculate other useful metrics as we’ll see below. A low realization rate means that your employees are spending way too much time in training, admin tasks, or in-house projects. The bigger this number, the better. Project KPI’s are important so a project manager can show the performance of the project in delivering what the customer needs and ultimately to determine the success of a project. In contrast, your Planned Value is $50,000, i.e. If the benefits exceed the cost, you have a positive ROI. Keeping an eye on these KPIs is essential to know if your project is on track. Instead, if you use proven measurement tools such as NPS (Net Promoter Score) that clients might already be familiar with, your results will be much more accurate. Similarly, Cost Performance Index (CPI) helps you evaluate how the project is faring in terms of its budget. Next, you have to define your KPIs in a manner that gives them clarity and focus. This metric allows you to see all the work that has been done, and at what budget it was completed. That is, it tells you the ideal value you should have realized if the project was going 100% on track. A good project management tool should help you get this figure in seconds. It is imperative to keep track of performance metrics throughout the entirety of a project's lifecycle. This allows you to identify if the project is running over or under the expected baseline that was originally forecasted. Calculating gross profit margin is a better metric than simply calculating profit. A business with a 50% margin and profits of $10,000 is healthier than one with 5% margins and profits of $50,000. It’s important to be deliberate about choosing project management metrics. Planned Value, which is sometimes also called Budgeted Cost of Work Scheduled (BCWS), is a measure of the estimated cost of planned activities at any given time. Any project management … You can compare Planned Value with other KPIs to determine if you are running ahead or behind schedule on a project. Expenses are calculated against the revenue at the end of a critical point of the project… Measure Project … Don’t just pick to measure anything - even if it’s standard for the industry. It is a measure of the total billed hours vs the total available billable hours, expressed as a percent. Actual Cost is also called Actual Cost of Work Performed (ACWP). Sylvia joined the Workamajig marketing team in ‘17 & with her background in graphic design & business, she’s an awesome addition. A primary strength of BrightWork is its reporting capability, including a wide choice of configurable project management performance metrics … Project Management KPIs Examples. Note that Earned Value is sometimes also called Budgeted Cost of Work Performed (BCWP). hbspt.cta._relativeUrls=true;hbspt.cta.load(203330, 'ce488942-7120-4287-beb3-4bc4fe5648c3', {}); Peter Drucker may have said it half a century ago, but the old adage still rings true: “If you can measure it, you can improve it.”. However, since you’re only using the resource for 80% of their available time, your actual realized rate is $80 (80% * $100). However, when combined with other metrics (see below), it can tell you a lot more about your project performance. Keeping track of key performance indicators allows a more accurate understanding of project status, success, and profitability. Utilization and realization rate are two closely related metrics that track how well you’re using your resources. Strategy, Author Formal code metrics… the total hours worked for each resource out of all their available hours. Project Management, Jun 17, 2019. Any metric you measure should be clearly and accurately measurable. Instead of a subjective understanding of your agency’s health, these KPIs (Key Performance Indicators) tell you exactly how business, its projects, and its people are doing. Also referred to as: the indicator of the project’s cost efficiency. Compare your Planned Budget vs. Actual Budget at a given point in time. However, keep in mind that broad appeal and approval may be easier when metrics focus on customers, with success defined from a business point of view. Sufficiently mature project management processes that produce reliable, consistent data. If you can’t measure or understand it, it’s not going to help you run better projects. Utilization rate tells you whether you have enough work for your people. Of course, the agency’s location and business focus affect this metric, but $100,000 is a good baseline to aim for. Check out these 10 examples of key performance metrics that every project manager can't afford to miss. While this is an obvious example of metrics that are irrelevant to a project (unless the unit being sold is an umbrella or weather insurance), other irrelevant metrics are collected for projects. For example, a project with a budget of $100,000 has a scheduled period of 12 months. You can create reports on the fly to understand exactly how each project and your entire agency is doing. Only measure it if the answer is a resounding ‘yes’. Instead, make a list of the top 5-10 metrics for your organization. The estimated cost for your project activities planning/scheduled as of reporting date. Below is a brief list of the best metrics to keep track of for a project: Your goal should be to maximize your realization rate as much as possible. Ask whether it is pertinent to your business, its current situation, and its short and long-term goals. This figure is a measure of how profitable each project is and can be calculated as follows: As you can imagine, the higher the margin, the healthier the agency. Keeping tabs on project management metrics is crucial for optimizing your agency. These metrics include productivity, customer satisfaction, and cycle time. Most healthy agencies have an AGI: FTE ratio of > $100,000. A survey by SoDA (Society of Digital Agencies) that covered 48 different metrics found that none of the metrics was used by all the surveyed agencies. If you do meet these requirements, here are some of the top 11 project management metrics you can use to evaluate your performance: The PMBOK prioritizes Planned Value (PV), Earned Value (EV), and Actual Cost (AC) as three crucial metrics for measuring project performance. Your target utilization rate will vary based on your businesses and roles within those businesses. Billable utilization is a critical concept for firms that make money by billing out resources (people) to customers. Keep definitions of KPIs and m… Simple, practical, and relevant metrics are vital to implementing practical and sustainable project management practices and processes in any organization. If SPI is >1, the project is ahead of schedule. Utilization rate is expressed as a percentage. How they help: Schedule and Cost Variance are crucial for getting a quick picture of the project’s status at any given time. Types of Software Metrics. While Planned Value tells you the scheduled value of the project, Earned Value gives you the actual value. You can reach her by sending an email to sylviam@workamajig.com. They are typically calculated on an ongoing basis to provide management with information that can be used to direct and control projects. Ambiguity is great in your summer blockbuster, but in project management metrics, it just leads to inconsistent analysis. you’re $10,000 behind schedule. Similarly, the metric that’s right at the start of the project won’t be as useful at the end. You don’t have to use them all, but this list is a good place to start. This means if there is ever a change in the metrics you are tracking or how the data is being accumulated, it should be clearly noted in reports. This is nothing but the realization rate multiplied by the resource’ billing rate. Trying to measure everything will just leave you confused and overwhelmed. Think of it as a baseline KPI that you’ll reuse to measure several other more important metrics. Pick whichever is easier for you to understand and retain it throughout the project. I’ll cover project management metrics in detail in this guide. Keeping track of key performance indicators allows a more accurate understanding of project … Others indicate secondary factors such as risk. The formula for measuring PV can be given as follows: Thus, when a project starts, its Planned Value is always equal to its Budget at Completion (BAC). In project management, however, monitoring progress depends on more concrete data. There are tons of things you can calculate beyond these such as Net Promoter Score (NPS), Resource Capacity, etc. You’ll also learn the top 11 metrics every agency needs to track. Billable hours reflect your employees’ time spent specifically on revenue-generating activities (i.e., project tasks). hbspt.cta._relativeUrls=true;hbspt.cta.load(357601, 'deed2443-0f76-43ae-b426-a32993882029', {}); Filed Under These two related metrics tell you how far the project has strayed from its estimated budget and schedule. A metric that can’t be explained by data is a poor metric. Thus, the designer has only 1,500 total billable hours. How it helps: Comparing Earned Value with Planned Value gives you a quick estimate of whether you’re behind or ahead of schedule. If your priority is raising revenue, for instance, focus on sales metrics, not operations-focused metrics like utilization rate. ©2021 Creative Manager Inc. dba Workamajig. The following examples below will be you guide in selecting the appropriate Project Management … SV tells you whether the project is ahead or behind schedule. Thus, an employee who works 1,500 hours out of all his 2,000 available hours has a utilization rate of 75%. How it helps: Actual Cost gives you a broad understanding of your expenses on a project. The formula for measuring it is as follows: If the result of the above calculation is positive, it means that you’ve earned more value than planned, i.e. You can calculate it as follows: Just like SPI, a ratio > 1 means that the project is under-budget, while a ratio < 1 means that you’re over-budget. This helps signal—and may even help measure—discrepancies in comparative analysis. Demos typically run for about an hour. Project … There are project management KPI … Also referred to as: >Budgeted Cost of Work Performance. Of these, 200 hours are scheduled for training, while another 300 are scheduled for in-house work. For example, if you’ve spent $10,000 on salaries and $10,000 on materials in a $100,000 project, your Actual Cost is $20,000 ($10,000 + $10,000). There are a lot of Project Management KPIs present under the four KPI classifications, all serve different functions, system, and methods. Return on Investment (ROI) is a widely used metric to show … Each project manager typically has different objectives, and metrics that work well for one business might not work for another. Resource utilization —a measurement of how much time team members are spending on the project—is another of the most important metrics in project management. Most project metrics indicate if a project is on schedule and budget. This data can be subjective or objective, individual or team-focused, project-wide or organization-wide. Thus, the Planned Value of the project at 6 months would be $50,000 (50% * $100,000). Project management metrics related to costs can prove the value of a team. Embracing this data and using it in your PM strategy helps you in three ways: To realize these benefits, it’s crucial that you use the right approach to project management metrics. Far too many agencies fall into the trap of measuring metrics that are irrelevant to their business at that particular moment. Enhancing operations requires a in-depth understanding of the metrics you need to keep track of to keep your business afloat. Here are some additional tips: 1. Since it focuses on billable hours, realization rate discounts all the time spent in training, administrative tasks, and in-house work. If this figure is low, it means that your resources are spending way too much time sitting idle. Project metrics are a useful way to track progress against key. A baseline for performance, including industry benchmarks. Project management is riddled with complications. I’ll cover project management metrics in detail in this guide. Realization rate can also be used to calculate the Realized Rate for each resource. Also referred to as: Budgeted Cost of Work Scheduled (BCWS). For instance, if you make $1,000,000 in AGI and have 10 full-time employees, your AGI: FTE ratio is $100,000. The two basic project management KPIs are “on time” and “on budget.” Simply put, your project has a deadline, and a budget. What might be a key metric for a Fortune 500 company will be entirely useless for a 10-person boutique agency. KPIs let you examine your project’s progress in real dollars, hours, or whatever unit is necessary to … This also means that you have at least $100k to spend on salaries for each employee. Select these carefully so that they cover only the parts of the business you care about. You can calculate it as follows: This is a “raw” metric, i.e. … Point #3, however, is even more important. Keeping your dashboard clearly defined will allow you to fully concentrate, keep your budget in line and focus on the high level metrics … Any project management system, however rudimentary it might be, throws up a lot of data. Most agencies follow this best practice. Regardless of what industry or space you’re in, there are certain metrics set in stone. Helps you demonstrate performance - a particularly important benefit for project and account managers. Helps you manage resources and projects better. Workamajig shows you the net profit, inside costs, labor hours, COGS and overheads for all projects and clients at a glance. Realization rate is a more nuanced metric than utilization rate. The difference between the Earned Value and Planned Value. Meeting both are the time-tested project management metrics … Also referred to as: Actual Cost of Work Performed (ACWP). Like Planned Value, think of it as a baseline metric you must calculate for all projects. 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