How do you adjust project metrics for different stages?

2 Define the key metrics

The next step is to define the key metrics that will help you track and evaluate your project performance at each stage. Metrics can be categorized into four types: input, output, outcome, and impact. Input metrics measure the resources and efforts invested in the project, such as time, cost, and scope. Output metrics measure the deliverables and results produced by the project, such as quality, quantity, and satisfaction. Outcome metrics measure the benefits and value generated by the project for the stakeholders, such as revenue, retention, and loyalty. Impact metrics measure the long-term effects and changes caused by the project in the broader context, such as social, environmental, and economic factors.

3 Choose the appropriate tools

The third step is to choose the appropriate tools and methods for collecting, analyzing, and reporting your metrics at each stage. Tools can range from simple spreadsheets and charts to sophisticated software and dashboards. The choice of tools depends on the availability, accuracy, and reliability of the data, as well as the ease of use and communication of the information. Some common tools for project metrics are Gantt charts, burndown charts, earned value analysis, balanced scorecard, and key performance indicators.

4 Monitor and adjust the metrics

The final step is to monitor and adjust your metrics as your project progresses through each stage. Monitoring involves regularly gathering and reviewing the data to check if your project is on track, meeting the expectations, and achieving the desired outcomes. Adjusting involves making changes to your metrics or your project plan based on the feedback and insights you get from the data. For example, you may need to revise your scope, schedule, or budget if your input metrics show deviations from the baseline. Or you may need to improve your quality, quantity, or satisfaction if your output metrics show gaps from the targets. Or you may need to modify your strategy, tactics, or activities if your outcome or impact metrics show discrepancies from the vision.

By following these steps, you can adjust your project metrics for different stages and ensure that you have a clear and consistent way of measuring and improving your project performance.

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?