My PMO is trying to determine how to measure weekly status reports vs monthly status reports. We currently have each PM report on overall status, budget, schedule, resources but we don't know how it should be measured on RYG for a weekly basis and monthly basis. Has anyone out there experienced something like this and how did you manage to fix it? Saving Changes...
Actually it is easier said than done. This is the standard operating procedure.
The following are the things you are supposed to do prior arriving at your KPI
1. Identify the critical success factors for the project(s)
2. Run a stakeholder analysis to understand what every stakeholder is expecting from the project
3. Arrive at the scorecard that would enable tracking your CSFs. Do you get this?
4. Later, derive the KPI's with a threshold or the tolerance level based on the contract for each of the RAG indicators
Establishing and baselining the document is the first step.
The next step is to start capturing the data planned vs actual. The variance should spell out where you stand against the tolerance level.
I'd suggest the goal is to set up a framework that is dynamic whereas a 'status' is available at any time through a centralized dashboard.
Alternatively, if using MSP, for example, with all captured data points, use the built-in reporting tools to showcase status in multiple views, easy to export to PPT, etc. The important piece here is ensuring quality, baselined, maintained data. Saving Changes...
I'd try to move away from RYG as this is too subjective even when attempts are made to put some guardrails around it.
As Andrew has recommended, use EVM or some other combination of objective metrics which covers key PMBOK knowledge areas.
The question you need to ask is what information is likely to change dramatically enough to require weekly reporting given the nature of your projects. For some projects, a week might be too long and near real time reporting might be required whereas for others, you'd barely see any change in a week...