How do you track and measure the performance and profitability of your quoted projects?

1 Identify the project goals and objectives

The first step in creating a SOW is to identify the project goals and objectives. What are you trying to achieve with this project? What are the desired outcomes and benefits for your client and your business? How will you measure the success of the project? Having a clear and specific vision of the project scope will help you define the scope boundaries, prioritize the tasks, and align your expectations with your client.

2 Break down the project into tasks and deliverables

The next step in creating a SOW is to break down the project into tasks and deliverables. Tasks are the activities that you need to perform to complete the project, while deliverables are the tangible or intangible products or services that you need to deliver to your client. For each task and deliverable, you should provide a description of the requirements and specifications, as well as who is responsible for completing it, how long it will take, and how much it will cost. Establishing these details will help you accurately estimate the time and resources needed for the project, as well as any risks and dependencies involved.

3 Create a project schedule and budget

The third step in creating a SOW is to create a project schedule and budget. A project schedule is a document that shows the start and end dates, milestones, and dependencies of each task and deliverable. A project budget is a document that shows the estimated and actual costs of each task and deliverable, as well as the total project cost. Creating a project schedule and budget will help you plan and manage the project execution, as well as track and control the project performance and profitability.

4 Define the project quality and communication standards

The fourth step in creating a SOW is to define the project quality and communication standards. Quality standards are the criteria that you use to measure the quality of your work and deliverables, such as accuracy, completeness, functionality, usability, and customer satisfaction. Communication standards are the methods, frequency, and channels that you use to communicate with your client and your team, such as email, phone, video conferencing, reports, and meetings. Defining the project quality and communication standards will help you ensure that you meet or exceed your client's expectations and that you keep them informed and engaged throughout the project.

5 Review and finalize the SOW with your client

The final step in creating a SOW is to review and finalize the SOW with your client. You should present the SOW to your client and ask for their feedback, questions, and approval. You should also discuss any changes, contingencies, or issues that may arise during the project and how you will handle them. Reviewing and finalizing the SOW with your client will help you establish a mutual understanding and agreement on the project scope, deliverables, timeline, budget, quality, and communication.