Quiz 3 Measurement PD Flashcards
Activities and functions associated with assessing project performance and taking appropriate actions to maintain acceptable performance.
Measurement Performance Domain
Measurement Performance Domain Outcomes (RATA)
1) Reliable understanding of the status of the project
2) Actionable data to facilitate decision making
3) Timely and appropriate actions to keep project performance on track
4) Achieving targets and generating business value by making informed and timely decisions based on reliable forecasts and evaluations
Description of a project or product attribute and how to measure it
Metric
The approved version of a work product used as a basis for comparison to actual results
Baseline
A set of charts and graphs showing progress or performance against important measures of the project
Dashboard
7 Reasons to use measures (CTDIEGE)
1) Compare performance against the plan
2) Track resources, work progress, and budget usage
3) Demonstrate accountability
4) Inform Stakeholders
5) Ensure project deliverables align with planned benefits
6) Guide discussions on trade-offs, risks, opportunities, and options
7) Ensure
4 Effective Measures Characteristics (ETIE)
1) Ensure the right things are measured
2) Tracking, Evaluating, and Reporting
3) Improve project performance and prevent deterioration
4) Enable decision making and action
SMART Measures and alternative words for each letter
S - Specific
M - Meaningful (Measurable)
A - Achievable (Agreed To)
R - Relevant (Reasonable / Realistic)
T - Timely (Time-Bound)
7 Common Categories of Metrics (DDBRBSF)
1) Deliverable Metrics
2) Delivery
3) Baseline Performance
4) Resources
5) Business value
6) Stakeholders
7) Forecasts
3 Key Deliverable Metrics (IMT)
1) Information on Error or Defects
2) Measures or Performance
3) Technical Performance Measures
6 Key Delivery Metrics (These focus on WIP and Process Efficiency)
(WLCQBP)
1) Work in Progress (WIP)
2) Lead Time
3) Cycle Time
4) Queue Size
5) Batch Size
6) Process Efficiency
2 Areas that Baseline Performance Tracks
1) Schedule Performance Metrics
2) Cost Performance Metrics
5 Schedule Performance Metrics (SSSEF)
1) Schedule Variance (SV)
SV = EV - PV
2) Schedule Performance Index (SPI)
SPI = EV / PV
3) Start and Finish Dates
4) Effort and Duration
5) Feature Completion Rates
4 Cost Performance Metrics (ACCB)
1) Actual Cost vs. Planned Cost (Burn Rate)
2) Cost Variance (CV)
CV = EV - AC
3) Cost Performance Index (CPI)
CPI = EV / AC
4) Budget at Completion (BAC)
4 Business Value Metrics (CPRN)
1) Cost-Benefit Ratio = Total Benefits / Total Costs
2) Planned vs Actual Benefits Delivery
3) Return on Investment (ROI)
ROI = Net Profit / Cost of Investment (100)
4) Net Present Value (NPV)
6 Key Quantitative Forecasting Metrics (EEVTRT)
1) Estimate to Complete (ETC)
2) Estimate at Completion (EAC)
3) Variance at Completion (VAC)
4) To-Complete Performance Index (TCPI)
5) Regression Analysis
6) Throughput Analysis
4 Common Dashboard Visuals (SBPC)
1) Stoplight Charts (RAG Charts)
2) Bar Charts
3) Pie Charts
4) Control Charts
4 Examples of Information Radiators (BBCR)
1) Burndown Chart
2) Burnup Chart
3) Combined Burn Chart
4) Risk Log
3 Key Types of Visual Controls
1) Task Boards
2) Burn Charts
- Burnup Chart
- Burndown Chart
3) Other Visual Charts
- Impediment Lists
- Workflow Diagrams
6 Measurement Pitfalls (HVDMCC)
1) Hawthorne Effect
2) Vanity Metrics
3) Demoralization
4) Misusing Metrics
5) Confirmation Bias
6) Correlation vs. Causation
5 Things to optimize performance and efficiency (AFIHP)
1) Allows the project team to learn
2) Facilitates a decision
3) Improves some aspect of the product or project performance
4) Helps avoid an issue
5) Prevents performance deterioration
