To implement sustainable and practical project management processes and practices in an organization, it is essential that we have accurate and reliable project management metrics. These metrics can help us improve our understanding and remove uncertainty to make informed decisions. Jorge Zuñiga Blanco, a long-time entrepreneur and business expert from Costa Rica, provides insight into the metrics required to measure the success of different practices in different companies.
Metrics are crucial to improve the management and delivery of projects. These metrics can be used to estimate costs and complete schedules with greater accuracy.
They offer many benefits. “Project management metrics allow us to measure, calculate and understand the organization’s maturity. They make it easier to manage resources and projects more efficiently,” explains Zuñiga.
These documents are essential in demonstrating year-over-year improvements in project management maturity. Zuñiga asserts that they are useful in providing information over time about how the product and process are developing.
Every company and organization has unique metrics that align with their goals and add value. Zuñiga has outlined the steps involved in choosing these metrics correctly.
Zuñiga advises that it is important to understand and comprehend the purpose, objective or goal of the work project. He adds, “Third, identify and determine the key factors that must be met to achieve the goal. The final step is to identify the key factors and to determine the best way to measure the completion of the program project.”
Modern process management can be assisted by many metrics today. A few key metrics are vital for all software projects. These metrics can be divided into two groups: quality metrics and management metrics.
These metrics have two dimensions. One is a static value, which is used to set a goal, and the other is a dynamic trend, which is used for managing the main achievement of that target. These metrics are based on field experience and common sense. Metrics that are usually cost-related simply show the value of the team.
There are three types of management indicators. The first is those that measure progress and work. This is the amount of work that has been done in a certain period. Planning over iteration is the process of determining and discussing the plan for the next phase, cycle, or iteration.
There are also budgeted expenses and costs. These are the costs incurred over a period of time. Financial knowledge is the ability to understand the consequences of financial decisions made today. The dynamics of the staffing group are also important: changes in staffing occur over a certain time. Finally, resource planning is the ability to allocate and use resources efficiently.
Zuñiga says that quality indicators are key performance indicators (KPIs), which are critical for project delivery. These indicators should be closely monitored to ensure that the team is performing the correct tasks.
The first item in its subcategory is the change in traffic or stability over a period of time. Iteration planning refers to determining and discussing the plan for the next phase, cycle, or iteration.
They also use the term convergence schedule to signify convergence points. This is used to describe the dependencies of the succeeding activity and indicate the convergence points in the schedule.
It also includes the time between failure and maturity. This is the period in which the furnaces are defective at a given rate. This is used to determine the quality of software and test coverage, as well as to calculate the number of tests performed by a test suite.