Using Progress & Performance Measurement to Successfully Manage Projects
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Progress and performance measurement are key components of the monitor and control phase of a project life cycle. Progress measurement enables project stakeholders to understand project progress, while performance measurement empowers stakeholders to evaluate whether progress is on track.
“Performance measurement is the practice of analyzing project progress and understanding what it means within the context of the overall project plan and goals.”
Progress measurement involves determining and reporting on task, activity, and project progress. Performance measurement compares this progress against defined criteria, targets, or benchmarks to assess whether a project is over or under-performing. It involves six key metrics: CV, SV, CPI, SPI, VAC, and TCPI. The outcomes of these measurements allow project managers to more proactively manage projects and improve projects’ success rates. There are five key processes involved in progress and performance measurement: progress measurement planning, performance measurement planning, progress and performance measurement execution, monitoring and control, and measurement closure. Performance measurement software, such as ARES PRISM, enables businesses to efficiently track, analyze, and report progress and performance measurement to improve decision-making and response time.