Objective Comparison of Project Complexity and Performance of Project Managers in the Banking Environment
One of the biggest challenges for every project management office (PMO) manager, sponsor, CEO, or human resource (HR) specialist is the appropriate evaluation of the project manager after the completion of a project, usually used for his or her bonus calculation during the yearly performance review. A common criterion used to evaluate if the project manager was successful is the fulfillment of the “project management triangle,” which refers to the scope, time, and budget accompanied by a subjective evaluation of project management skills by the project sponsor.
The challenge, however, lies in the consideration of the project’s difficulty when evaluating the project manager. In our organization, for example, a huge and difficult project with a slight delay might be considered a great success when compared with a small and easy project delivered in time.
What are Subjective and Objective Criteria?
The current system for the evaluation of a project manager’s performance involves some typical steps, which are applied practically in all organizations, not only in banks:
- revision of reported scope-time-budget performance of projects managed during the past year;
- feedback from sponsor, colleagues, and team members, including evaluation of subjective factors, such as the project manager’s managerial qualities, communication
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"If at first you don't succeed, try, try again. Then quit. There's no use being a damned fool about it."
- W. C. Fields