Quantitative Project Management

1. Defining “what” to measure. Measures that provide the maximum insight into the objectives and bear the maximum correlation with the objectives should be used.

2. Define the measurement framework. This involves deciding the tools used, the frequency at which the observations will be pooled, and assigning responsibilities for measurement and presentation.

3. Collection and presentation of data. This is getting down to the brass tacks, where project controllers collect the information and present it to management in an easy to digest format.

4. Analysis of the data and initiating corrective action where necessary.

5. Review the effectiveness of the measurement and corrective actions by comparing “before” and “after” numbers. This is critical to ensure that the measurement is not merely an “overhead” activity.1

Quantitative Project Management practices, unlike Integrated Project Management practices, help you to develop a quantitative understanding of the expected performance of processes or subprocesses.

References:

1. Shouche, S., Borthakur, A., & Mate, N. (2006). Quantitative project management—use of metrics for effective project management. Paper presented at PMI® Global Congress 2006—Asia Pacific, Bangkok, Thailand. Newtown Square, PA: Project Management Institute.