As Dr. Simon said in his lecture, "Metrics are calculations that let you measure things," during the monitoring and controlling phase. Metrics are needed in order to show variances (difference between the baseline and what you have) in order to keep the project under control, measure success, and evaluate the project.

Adding on to what bnb6 said above, I looked up some metrics that would be beneficial for project management. The first one is productivity, this compares the total effort to the budgeted effort. The second one is cost. The third is quality and satisfaction. Next is gross margin which is the difference between total income achieved and total costs spent on the project. These metrics can change depending on the objective and difficulty of the project.

As the professor discussed, every metric that we utilise must be measurable, actionable, and visually understandable. The last is especially important because we can use dashboards to keep track of them. Keeping track of the metrics that were discussed is especially crucial because essentially, the end goal is always to make sure that the value of the project is worth more than the amount you're investing. These measurable metrics allow the company to ensure that this is indeed true.

I think for all the companies, the capital value is what differentiates one company form the other. Generated revenue is the goal of all profitable companies. It doesn't matter if you have the greats idea that doesn't generate revenue. To owners or upper management, what is define success is the input to the revenue.So, Metrics is one of the important measurement to evaluate the all over of the project.

I recently have found it interesting at my job how different the metrics can be based on what upper management deems a quality project or not. It's pretty self explanatory but I'm working on two projects and one of them has a way lower success rate so the planned value is much lower than the other project. However, the people on this task and much more productive because it is being overseen by one of the bigger heads of departments who is close to the CEO. So different metrics are characterized based on the project itself.

Metrics is what allows the project to be tracked quantitively vs qualitatively. It takes away bias and personal opinions replacing them with numeric values of accomplishment. These allow companies to begin to understand what needs to be done with a project. If a project is returning negative values, they know to look at spending and time management. When working with large budgets, such as the multimillion dollar projects, it is easy to lose track of how much is being spent and where the money is going. When the metrics is showing that a project is running well management can focus its efforts on the projects that are struggling. Most higher-level management positions are dealing with a multitude of projects and metrics helps management know where issues are in order to increase their personal efficiency.

Different project management metrics can be defined based on a project’s objective and complexity. However, the following five typically cover the most important measurements:

Productivity – This metric allows project managers to assess the utilization of resources. It compares the total effort to the budgeted effort, which has a direct impact on the bottom line. Delays in the timeline, underperformance by staff or vendor and unavoidable circumstances can all impact the productivity metric.
The scope of Work – A project’s scope is typically established right up front, but changes and additions can derail even the best project manager’s efforts. Tracking change requests are necessary, to control them and keep the project on time and budget.
Quality and Satisfaction – Quality assurance is a truly customer-focused metric. Assuring low defects throughout the project, as well as a quality deliverable at its end, should be part of every project. Catching defects early can also help prevent the entire project from losing focus and failing.
Cost – Measuring how costs are managed is often critical to a project’s success. Cost management is related to other variables, such as quality, scope, and productivity, so if it varies above or below projections, the project can suffer. Ideally, the cost is closely monitored throughout the project so if costs rise unexpectedly, variables such as scope or time are adjusted and the project can still achieve its objectives.
Gross Margin – Typically, a project’s ultimate goal is to contribute to the organization by increasing profits. The gross margin is the difference between total income achieved and total costs spent on the project. A project should have a target gross margin established in the planning stages, and it should be measured throughout. Project managers who achieve or exceed target gross margins are often extremely valuable.

Metrics offer a way to quantitatively describe the project as it moves along. Metrics can be used to evaluate the success of the project and also compare the project to the original estimates made for the project. Management can use metrics to determine whether a project is worth continuing or not.

I think we all agree there are different evaluations of the numbers and they all come in handy when determining the future of the company and product. As we know, Metrics are needed in order to show variances and thus help us compare to where we need to be. I agree with what ak977 said and what the professor, every metric that we utilised must be measurable, actionable, and visually understandable. I think its a great way to track progress.
One point I found interesting however is psm34’s comment. I had not really considered what and how upper management deems quality or not. I don’t work in the business world, yet, but i had assumed everyone would be on the same page. If the upper management thinks were off track, or could be doing better, when really its just reaching for that “A+” instead of the "A" then that could become a bit aggravating and unnecessary. But if they were to feel that way to better combat our competitors, then maybe its needed to have someone on top with stricter quality demands.

I agree with all the posts above explaining the value of metrics, but I do think there can reach a point where a company can over-track metrics to a point that it becomes burdensome on the project. If having good metrics becomes the main focus of the project, it can hinder the development of the actual product, since the team is so wrapped up in maintaining good metrics and looking good in the eyes of upper management. If used properly, I do agree that metrics can be a good way to measure project health and an easy way to communicate it to management.

Metrics give us very important details on the project. A comparison between True value and projected value gives you insight on budget spent while a comparison between Standard Variance gives you insight on where you stand in terms of timeline and if finally Earned value tells you how good job you did by telling you the value project earned over the time. So they covers almost all the parameters which gives insight on project status.

I agree with your discussion, Along with that it will provide a status of the company in terms of growth. How it will be in coming years .

Metrics can help control costs, enhance quality and distinguish essential industry patterns. Project management metrics enable organizations to decide the accomplishment of a project and help project managers assess the project's status, predict risks and evaluate group efficiency and quality of work.

I agree with the above posts that Metrics are essential to showing progress on any project, action, task, etc. Metrics not only show the status but can reveal critical information about how for example, Quality Systems or KPIs are performing in the company. Management usually holds meetings called monthly metric meetings to discuss said metrics and determine whether goals are being met, what is preventing goals from being met and what can be done to get back on track. Metrics show hidden progress and help guide effective performance.