How can you measure ROI for PM self-assessment tools?

1 Define your objectives

Before you can measure the ROI for PM self-assessment tools, you need to define what you want to achieve with them. What are the specific outcomes and benefits that you expect from using them? How do they align with your organizational strategy and vision? How do they support your PM framework and cycle? You need to have clear and realistic objectives that can be translated into measurable indicators and targets. For example, you may want to use PM self-assessment tools to increase employee satisfaction, retention, and performance; to reduce turnover, absenteeism, and errors; or to enhance skills, competencies, and innovation.

2 Choose your methods

Once you have your objectives, you need to choose the methods that you will use to measure the ROI for PM self-assessment tools. These methods vary depending on the data sources, availability, and reliability. Cost-benefit analysis is one option, which involves comparing the costs of implementing and using the PM self-assessment tools with the benefits they generate in terms of improved performance, quality, and efficiency. You can also use cost-effectiveness analysis to compare the costs of using the tools with the outcomes they produce in terms of achieving objectives. Lastly, impact evaluation evaluates the impact of the PM self-assessment tools on the organization and its stakeholders. This method includes experiments, surveys, case studies, or testimonials to measure the ROI as a narrative or story of changes and effects caused by the tools.

3 Collect and analyze your data

After you have chosen your methods, you need to collect and analyze your data to measure the ROI for PM self-assessment tools. You need to ensure that your data is valid, reliable, and relevant to your objectives and methods. You also need to consider the factors that may influence your data, such as the context, timing, and frequency of the PM self-assessment tools; the characteristics, motivation, and behavior of the users; and the external and internal factors that may affect the performance, quality, and efficiency of the organization. You need to use appropriate tools and techniques to analyze your data, such as statistics, graphs, tables, or charts. You need to interpret your data and draw conclusions and recommendations based on your findings.

4 Communicate and use your results

Finally, you need to communicate and use your results to measure the ROI for PM self-assessment tools. You need to report your results to the relevant stakeholders, such as the senior management, the HR department, the managers, and the employees. You need to use clear, concise, and compelling language and visuals to present your results, such as reports, presentations, or infographics. You need to highlight the key findings, insights, and implications of your results, such as the strengths, weaknesses, opportunities, and threats of the PM self-assessment tools; the best practices, lessons learned, and recommendations for improvement; and the action plans, follow-ups, and next steps to implement the results. You need to use your results to inform, persuade, and influence the decision-making and action-taking of the stakeholders, such as the allocation of resources, the revision of policies, the adjustment of strategies, or the recognition of achievements.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?