More than 30 project key performance indicators (KPIs)

It is crucial to track key performance indicators (KPIs) and measurements during a project. With them, it is easier to track your progress toward your objectives. But how can you determine what to measure for each project? The project will not be successful if your team is inundated with data, but providing the proper data at the right moment will keep the project on track.

While we cannot provide an exhaustive list of key performance indicators for project management, we can highlight some areas of significance that are often useful to monitor. Below are nearly 30 examples of KPIs for project management that point you in the right way.

What are Project Key Performance Indicators?

Back in the day, a project was deemed successful if it was completed on schedule and under budget. No longer is this the case. Although time and cost are still deemed essential, they are not the main determinants of worth. You can also determine whether the project helped you reach the planned objectives and whether the amount and types of resources you devoted to it were sufficient or even ideal.

Today's project managers use several key performance indicators that mainly fall into four categories:

Timeliness: This refers to ensuring that your project is completed on time. If it's not, it's essential to monitor where it's deviating from the target so that you always have a projected completion date.

Budget: Will you remain within the allotted budget, or is the project exceeding costs?

How far along has the project progressed? Are those working on it or receiving its benefits content?

Effectiveness: Are you spending your time and money effectively, or could the project be managed more efficiently?

Note that not all projects will necessitate measurements in each of these categories. Before beginning work, the strategic management board and the project management office need to examine the elements that will determine a project's success and, by extension, the measures that will be most significant.

1. Effectively Creating and Applying Project Key Performance Indicators
2. Make your key performance indicators explicit and targeted.
3. KPI templates for project management can be helpful, but KPIs must be S.M.A.R.T.: specified, measurable, attainable, relevant, and time-bound.

Suppose, for instance, that one of the strategic goals of a local government is to provide quality, diverse housing options that make city living affordable for various groups and income levels. A suitable KPI for your local government could be to expand the affordable housing units, with an annual goal of renovating 1,000 existing structures to meet public demand. This key performance indicator is SMART because it is specific, measurable, achievable, relevant, and timely (measured annually).

Select your measures with intent.

Too many firms track things just because they have always done so, resulting more than problematic KPIs. We'd like to keep track of only a few key metrics that are most relevant to your objectives. If you cannot explain why a particular KPI is significant, you should eliminate it. Consider that the more KPIs are, the greater the effort required to report on them. (Additionally, you will be overwhelmed with information, making it more challenging to evaluate what is significant and what is not.)

Always include an objective.

Sometimes, organizations just beginning to use KPIs believe they need more historical data to set an accurate target. But working without a goal adds subjectivity to the measurement; how do you know if you're succeeding or failing? We advise selecting KPIs for which you may make an educated prediction about the target based on industry research or past data.

Understand when to abandon a KPI

If you do not use a key performance indicator (KPI) while making choices for your business or holding strategy meetings, this may indicate that it is not worthwhile to track. You may need to spend more time tracking something that does not provide value.

More than 30 Project Management KPIs

Below are four categories comprising 30 project management KPI examples. You will only need some of these methods, but hopefully, they will encourage you to think about better project management strategies. These key performance indicators apply to any project management technique. Remember that all parties should agree upon your KPIs before commencing a project, and then tracked and monitored as a decision-making tool during the project.

Timeliness KPIs

1. Cycle Time: The time required to do a specific action or activity. This is useful for repetitive project chores.
2. Percentage of assignments or tasks completed by the specified due date.
3. Time Spent: The total amount of time spent on the project by all team members or, if you want, by each team member.
4. Several Schedule Adjustments: The number of times your team has made changes to the overall completion date of the project.
5. FTE Days vs Calendar Days: The time your team spends on a project as measured in calendar days, hours, and full-time equivalent workdays.
6. Planned Hours vs Time Spent: The amount of time you estimated a project would require versus the actual number of hours used. If the amount of time spent differs from the amount predicted, it indicates that the resource allocation or budget was miscalculated, which may impact the timetable.
7. Resource Capacity: The number of people working on a project multiplied by the percentage of their available time. This project KPI facilitates the allocation of resources (and the identification of any hiring needs) and the establishment of an accurate project completion schedule.

They are comparing the number of projects with resource conflicts from one year to the next (YOY). More resources to complete tasks or assigning personnel to many projects might reduce productivity. Comparing these KPIs will reveal whether the disagreement is a recurring issue or an isolated incident that needs to be addressed.

Budget KPIs

1. Budget Variation: The difference between the actual and expected budgets. To monitor this KPI, assess how closely the baseline amount of expenses or revenue corresponds to the predicted value.
2. Budget Creation (Or Revision) Cycle Time: The time required to create a budget for an organization. This comprises the time required for research, planning, and concluding.
3. Line Items In Budget: Line items help owners and managers track specific expenditures and provide a more comprehensive view of how the budget was spent.
4. The number of budget versions created before their final approval. A more significant number of budget revisions requires more budget planning and completion time.
5. Planned Value: The value of what remains incomplete in a project or the planned expense of what remains incomplete. For instance, if you have a $20,000 budget and 30 percent of the project remains, the remaining work is estimated to be worth $6,000. Compare this project’s KPI to the actual cost and adjust the budget as necessary.
6. Cost Performance Index: Compares the budgeted cost of the completed work to the actual cost incurred. This ratio measures the expense effectiveness of a project by dividing the earned value by actual costs.

Excellence KPIs

1. Customer Satisfaction/Loyalty: Whether or not a customer is pleased and would return. This can be appropriately measured via a survey. This is more relevant when the project directly involves a client or customer.
2. Net Promoter Score (NPS): Comparable to customer satisfaction and brand loyalty, NPS (or Net Promoter Score) is a user satisfaction KPI measured by a single-question survey to determine brand loyalty.
3. Number Of Errors: The frequency with which tasks must be redone during the project. This is the number of times something must be redone or reworked, which impacts budget and schedule adjustments.
4. Client Complaints: Remember that the "customer" of a project could be an internal stakeholder; does someone inside your business complain that someone else is not completing tasks?
5. Employee Turnover Rate: The number or percentage of employees who have departed an organization. If your project teams have a high turnover rate, you may need to enhance your management and work environment. In the long run, turnover slows initiatives and increases the company's expenses.

Effectiveness Key Performance Indicators

This metric measures the effort required to finish a project, such as personnel salary, perks, office space, and equipment. Keeping track of this average and comparing it to project outcomes enables you to establish whether or not your employees' time was utilized efficiently.

1. Calculating resource profitability allows you to determine if your team members' time is being utilized efficiently. This calculation requires Average Cost Per Hour and billing rates.
2. A number Of Project Milestones Completed On Time And Approved There are numerous components to a project; are they completed on time? In addition, were the milestones accomplished and accepted by the owner or purchaser?
3. Number Of Returns: If you have a capital project that involves numerous parts, you may monitor the return rate of those parts; this allows you to determine if you did a good job planning or altering the project's execution.
4. Required Training/Research For Project: This may be recorded in terms of hours, a number of courses, or anything like that. If you need to do much of this, your project may start later than we planned. Another way to look at this is to ask, "What percentage of resources did you have at the start of the project that was qualified to begin working immediately?"
5. A number Of Cancelled Projects: Keeping track of the number of projects that have been suspended or terminated. A high number of cancelled projects may suggest a lack of preparation, misalignment of goals, or incapacity to undertake new projects.
6. Quantity Of Change Requests: The number and frequency of alterations a client requests to a defined job scope. Too many adjustments can hurt budgets, resources, deadlines, and quality as a whole.
7. Utilization of billable project hours that can be billed to the client. Billable hours pertain to revenue-generating, project-related work, whereas non-billable hours are often administrative in nature, such as proposal development and negotiation.

Bonus Project Management KPI

Return On Investment (ROI): ROI calculations quantify the financial value of a project relative to its cost, incorporating the preceding four KPI categories. Will the project provide a profit for the business or client? What is its financial potential or value? Do alternative projects or investments exist with a higher return on investment? This KPI is frequently employed when deciding whether to launch a project or comparing the worth of two initiatives. It can also be used as a key performance indicator for program management to assess the impact of a portfolio of initiatives.

In summation

Regardless of the project management style (such as waterfall or agile), a project has numerous moving pieces. Measuring the project's timing, budget, quality, and effectiveness is essential. Because resources are limited, you must ensure that you can execute these tasks efficiently with a limited budget. (If you had infinite riches, you would likely conduct yourself differently!)

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Used sources for this article:

www.pmi.org

https://kpiinstitute.org

www.clearpointstrategy.com