How can project performance measurement improve project scheduling?

1 Define clear and realistic project objectives

One of the first steps in project performance measurement is to define clear and realistic project objectives that align with the project's scope, budget, and quality standards. Project objectives are SMART outcomes that provide the basis for measuring the project's success. By defining these objectives, project managers can create a work breakdown structure (WBS) that breaks down the project into manageable tasks and subtasks. Additionally, they can estimate the duration, resources, and costs of each task and subtask based on the project objectives and assumptions. Furthermore, a project schedule can be developed to show the sequence, dependencies, and deadlines of each task and subtask, as well as the critical path and float time. Finally, it’s important to communicate the project objectives and schedule to the team and stakeholders, gaining their buy-in and commitment.

2 Monitor and track project progress and performance

Monitoring and tracking the project's progress and performance against the project objectives and schedule is another step in project performance measurement. This involves collecting and recording data on the actual completion, duration, resources, and costs of each task and subtask, as well as the quality and satisfaction of the project deliverables. By doing so, project managers can identify any deviations, delays, or issues that may affect the project schedule and take corrective actions to bring it back on track. They can also update the project schedule to reflect the current status and forecast of the project, communicating any changes or risks to the team and stakeholders. Furthermore, they can evaluate the performance of the project team and provide feedback, recognition, or coaching to improve their productivity and motivation. Finally, they should review the project objectives and schedule periodically, making adjustments or revisions if necessary to accommodate any changes in the project scope, requirements, or expectations.

3 Use project performance indicators and metrics

A third step in project performance measurement is to use project performance indicators and metrics to measure and report the project's progress and performance. These indicators and metrics are quantitative or qualitative measures that reflect the extent to which the project is achieving its objectives and meeting its quality standards, classified into four categories: input, output, outcome, and impact. By using them, project managers can improve project scheduling by selecting relevant metrics that align with the project objectives and schedule, establishing baseline values and target values for each indicator, reporting the project's performance to the team and stakeholders using visuals, and using the indicators to identify strengths, weaknesses, opportunities, and threats.

4 Apply project performance evaluation and review techniques

A fourth step in project performance measurement is to apply project performance evaluation and review techniques to analyze and improve the project's performance and scheduling. Earned value management (EVM) integrates the project scope, schedule, and cost, and calculates the variance and performance index of the project. Critical chain project management (CCPM) focuses on the resource availability and constraints, and applies buffers and prioritization to the project schedule. Agile project management emphasizes flexibility, collaboration, and customer feedback, while post-project evaluation involves conducting a formal or informal assessment of the project's performance and results. Capturing and sharing lessons learned and best practices is also essential for successful project performance evaluation.