Guide - SEction 2.7 (Deck#2) - Measurement Performance Flashcards
KPIs, Effective Metrics
What helps to ensure the right things are measured and reported to stakeholders?
(eem)
Establishing effective measures
What allow for tracking, evaluating, and reporting information that can communicate project status, help improve project performance, and reduce the likelihood of performance deterioration?
Effective measures
What allow the project team to use information to make timely decisions and take effective actions?
Effective measures
What are quantifiable measures used to evaluate the success of a project?
Key performance indicators (KPIs)
What are 2 types of KPIs?
leading indicators and lagging indicators
What predict changes or trends in the project?
Leading indicators
What does the project team do if the leading indicator is unfavorable?
The project team evaluates the root cause of the leading indicator measurement and takes actions to reverse the trend.
What can help identify potential performance variances before they cross the tolerance threshold?
leading indicators
What is the high level desired result of using leading indicators?
Reduce performance risk
What are some examples of non-quantifiable leading indicators that indicate project performance may be at risk?
The lack of a risk management process,
stakeholders who are not available or engaged,
or poorly defined project success criteria
What measure project deliverables or events?
lagging indicators
They provide information after the fact, they reflect past performance or conditions
What can also be used to find correlations between outcomes and environmental variables?
lagging indicators
For example, a lagging indicator that shows a schedule variance may show a correlation with project team member dissatisfaction. This correlation can assist the project team in addressing a root cause that may not have been obvious if the only measure was schedule status.
What are 5 characteristics of effective metrics (or SMART criteria)?
- Specific
- Meaningful (measurable)
- Achievable (agreed)
- Relevant (realistic or reasonable)
- Timely (time bound)
What characteristic to metrics is defined by - Measures should be tied to the business case, baselines, or requirements. It is not efficient to measure product attributes or project performance that do not lead to meeting objectives or improving performance?
Meaningful
What characteristic to metrics is defined by - the people, technology, and environment.
Achievable
