A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts.
Written by Elizabeth Harrin from RebelsGuideToPM.com.
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Many companies use a balanced scorecard to monitor progress against a number of key business strategies or objectives. Areas on a balanced scorecard are typically things like shareholder value or growth measures, quality of service and engagement measures for both staff and customers. The scorecard could look something like this:
Each month the key measures will be rated so that the company’s performance can be measured month by month. A popular way to do this is with the red/amber/green colour coding.
Could you adapt the principle of a balanced scorecard for your project? You can change the quadrants to match the things that are important on your project, for example your key success criteria. Your project scorecard could look something like this:
The idea is to have metrics that you can measure monthly for your project. Choose metrics that you can measure easily and that won’t take you too much time to gather – you don’t want to be spending all month pulling together statistics. Ideally they metrics should mean something to the project team and your sponsor as well. The balanced scorecard layout is just an alternative way to display the information graphically.
Metrics help you manage. What metrics do you use to keep your project on track?
Posted on: August 12, 2012 03:21 PM |
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