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You're a project manager who needs to impress your stakeholders. What metrics should you be tracking?

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As a project manager, you know that your stakeholders are the key to your project's success. They have the power to approve, support, or derail your efforts. That's why you need to communicate with them effectively and demonstrate your value and progress. One of the best ways to do that is to track and report on the right metrics. Metrics are measurable indicators that show how well your project is performing against its objectives, scope, budget, schedule, quality, and risks. But not all metrics are created equal. Some are more relevant, meaningful, and actionable than others. In this article, we'll show you what metrics you should be tracking to impress your stakeholders and how to present them in a clear and compelling way.

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1 Project objectives

The first and most important metric you should track is how well your project is meeting its objectives. Objectives are the specific, measurable, achievable, relevant, and time-bound outcomes that your project aims to deliver. They are the reason why your project exists and what your stakeholders care about the most. To track your project objectives, you need to define them clearly at the start of your project and align them with your stakeholders' expectations and priorities. Then, you need to identify the key performance indicators (KPIs) that measure your progress towards each objective. For example, if your objective is to increase customer satisfaction by 10%, your KPI could be the net promoter score (NPS) of your customers. You should monitor your KPIs regularly and report on them in terms of percentage, variance, and trend.

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Luis Fabricio Garbato

Top Negotiation Voice | Strategic Sourcing Manager at Meta
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I'm triggered by the way the question was asked here, as "impress" can have personal interpretations and generate bias. People can be differently impressed by the same thing and that's dangerous in a corporate insert. As a Project Manager myself, I'd stick to the following: 1. Timeline approved vs Timeline delivered. 2. Budget approved versus budget utilized. 3. Quality of each milestone. 4. Quality of the final outcome/output. 5. Satisfaction of the project team while under my leadership. (I'd do pulse surveys during the project) And exceeding expectations in each component, for instance: use less budget & deliver before agreed time without burning-out the team. That's how you impress and remove biases.

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Laila Nushrat

Tech Lead Engineer at WellDev Bangladesh Ltd
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As a project manager aiming to impress stakeholders, tracking key metrics related to project objectives is crucial. These metrics could include milestones achieved, deliverables completed on time, budget adherence, and quality of deliverables. By diligently monitoring these metrics, I ensure transparency and accountability, fostering stakeholder confidence in the project's progress and success. Additionally, I prioritize effective communication to convey how these metrics align with overarching project goals, demonstrating my commitment to delivering value and meeting stakeholders' expectations.

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??Charles Wilson, MBA

Process Engineer at Amazon / Futurist
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The most important metrics to measure will change with each project. However, I make a clear delineation between input metrics and output metrics. First, you must define project success (whether that's “impressing” stakeholders or increasing bottom-line revenue). Then, you need to work backwards to your controllable input metrics and have the highest impact on your success criteria. This framework is a great starting point for any project.

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2 Project scope

The next metric you should track is how well your project is managing its scope. Scope is the sum of all the work, deliverables, and features that your project produces. It defines what your project will and will not do. Scope is often the source of many changes, conflicts, and issues in a project, so you need to control it carefully and avoid scope creep. To track your project scope, you need to establish a baseline scope statement and a work breakdown structure (WBS) that detail the scope of your project and its components. Then, you need to track any changes to the scope and their impact on the project. You should report on the scope changes in terms of number, reason, approval, and effect.

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Laila Nushrat

Tech Lead Engineer at WellDev Bangladesh Ltd
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Tracking project scope is essential for ensuring that the project stays on track and delivers the intended outcomes. Metrics to monitor include scope creep, deviations from the original scope, and the effectiveness of change management processes. By closely monitoring scope, project managers can identify and address any potential issues early on, ensuring that the project stays within budget and schedule while meeting stakeholder expectations. Additionally, tracking scope metrics demonstrates transparency and accountability to stakeholders, building trust and confidence in the project's management.

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3 Project budget

The third metric you should track is how well your project is managing its budget. Budget is the amount of money allocated and spent for your project. It reflects the cost of your project's resources, activities, and deliverables. Budget is one of the most critical and sensitive metrics for your stakeholders, as it directly affects their return on investment (ROI) and profitability. To track your project budget, you need to estimate the cost of your project and its components and create a budget plan that shows how the money will be distributed and spent. Then, you need to track the actual cost of your project and compare it with the planned cost. You should report on the budget variance in terms of amount, percentage, and cause.

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Laila Nushrat

Tech Lead Engineer at WellDev Bangladesh Ltd
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As a project manager aiming to impress stakeholders, tracking project budget is paramount. It showcases fiscal responsibility and efficiency. Metrics such as planned versus actual expenditure, cost variances, and cost performance index are crucial. Demonstrating adherence to budget constraints assures stakeholders of financial stewardship, fostering trust and confidence in project management capabilities. Effective budget management ensures resource allocation aligns with strategic goals, enhancing project outcomes and stakeholder satisfaction.

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4 Project schedule

The fourth metric you should track is how well your project is managing its schedule. Schedule is the timeline of your project's milestones, tasks, and dependencies. It shows when your project will start, finish, and deliver its results. Schedule is another crucial and visible metric for your stakeholders, as it affects their expectations, deadlines, and opportunities. To track your project schedule, you need to create a realistic and detailed schedule plan that shows the duration, sequence, and dependencies of your project's activities and deliverables. Then, you need to track the actual progress of your project and compare it with the planned progress. You should report on the schedule variance in terms of days, percentage, and impact.

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Laila Nushrat

Tech Lead Engineer at WellDev Bangladesh Ltd
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As a project manager aiming to impress stakeholders, tracking project schedule metrics is paramount. This involves monitoring milestones, task completion rates, and overall timeline adherence. By demonstrating a keen eye on schedule management, I showcase efficiency, foresight, and commitment to timely delivery. Clear visibility into project progress instills confidence in stakeholders, fostering trust and ensuring alignment with expectations. Additionally, it enables proactive problem-solving and adjustment of resources, enhancing project outcomes and stakeholder satisfaction.

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5 Project quality

The fifth metric you should track is how well your project is ensuring its quality. Quality is the degree to which your project's deliverables meet the standards, requirements, and expectations of your stakeholders and customers. Quality is a key factor for your project's reputation, satisfaction, and value. To track your project quality, you need to define the quality criteria and metrics that your project's deliverables must comply with and measure their performance against them. Then, you need to track the quality issues and defects that your project encounters and how they are resolved. You should report on the quality performance in terms of number, severity, and resolution.

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6 Project risks

The sixth and final metric you should track is how well your project is managing its risks. Risks are the uncertain events or conditions that can affect your project positively or negatively. Risks are inevitable and unavoidable in any project, so you need to identify, assess, prioritize, and mitigate them proactively and effectively. To track your project risks, you need to create a risk register that lists all the potential risks that your project faces and their probability, impact, and response strategies. Then, you need to track the actual occurrence and outcome of the risks and how they are handled. You should report on the risk status in terms of number, category, and action.

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7 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?

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??Charles Wilson, MBA

Process Engineer at Amazon / Futurist
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The article provides a good framework if you don't have a familiar framework to follow. But what's important is that whatever framework you use, you ensure the targets are realistic for the time frame you've set.

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You're a project manager who needs to impress your stakeholders. What metrics should you be tracking?

1

2

3

4

5

6

7

1 Project objectives

2 Project scope

3 Project budget

4 Project schedule

5 Project quality

6 Project risks

7 Here’s what else to consider

Management

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You're a project manager who needs to impress your stakeholders. What metrics should you be tracking?

1

2

3

4

5

6

7

1 Project objectives

2 Project scope

3 Project budget

4 Project schedule

5 Project quality

6 Project risks

7 Here’s what else to consider

Management

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