Hi fellow PMs, I have been assigned to create a plan to earn a bonus fee depending of the performance and delivery of projects , can somebody give some tips and examples to create those KPIs ? Saving Changes...
It really depends on the nature of the project. In some cases, bonus payments might be tied to early achievement of a key milestone. In other cases it might be related to completing the work below a certain cost point. And in others, it might relate to achieving or surpassing a quality requirement.
Kiron
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2 replies by Juan Carlos Escobar Herrera and Kwiyuh Michael Wepngong
Apr 08, 2021 11:43 AM
Juan Carlos Escobar Herrera
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Hi Kiron,
thanks for the reply, I'll start by identifying those attributes to create the KPIs
Apr 09, 2021 8:58 AM
Kwiyuh Michael Wepngong
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Kiron's response is such a fine foundation for proceeding with such an assignment
It really depends on the nature of the project. In some cases, bonus payments might be tied to early achievement of a key milestone. In other cases it might be related to completing the work below a certain cost point. And in others, it might relate to achieving or surpassing a quality requirement.
Kiron
Hi Kiron,
thanks for the reply, I'll start by identifying those attributes to create the KPIs Saving Changes...
I agree with Kiron, and also be careful of making one of the biggest mistakes when choosing indicators: choosing vanity indicators, that is, numbers that do not represent any concrete result, but that make the marketing team happy Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
In my personal case all bonus measures related to project/program management are tied to corporate strategy and are created in cascade mode from top of the organizational pyramid to the bottom. For example, my actual work place is totally compromised to keep the environment safe then all our projects/programs contains some components related to that and some of our objectives are related to that created in SMART mode. Saving Changes...
1. Understand the SOW well: well defined requirements, Key process with or without custom, Duration, proper resources. Specific Area of the project miles stone plan with contingency time and resource (for example: if one process requires certain resources, and time. Let us say 80 hours, and three resources. Ensure, data, people process are aligned. Daily status, b/c it a small project. Project a plan: test, acceptance, deliverable for 55 - 60 hrs in case). good luck. always encourage the team. Saving Changes...
Financial Management Specialist | US Peace CorpsYaounde, Centre, Cameroon
Apr 08, 2021 11:31 AM
Replying to Kiron Bondale
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Juan Carlos -
It really depends on the nature of the project. In some cases, bonus payments might be tied to early achievement of a key milestone. In other cases it might be related to completing the work below a certain cost point. And in others, it might relate to achieving or surpassing a quality requirement.
Kiron
Kiron's response is such a fine foundation for proceeding with such an assignment Saving Changes...
Marek RudnickiPMO, Program Management, Project Management, Business Development| FreelancerPoland
Juan Carlos,
Does your question relate to the bonus fee for the supplier (aka success fee) or project team members as an individual or team performance award? Saving Changes...
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