As people have stated the professor mentioned this in the lecture. In my case, during our weekly meetings we go over the weekly metrics. Overall, I believe project management metrics, can help teams especially project managers keep track and have better control over the project, so it can succeed. It can show the project manager's where the team is lacking and where it needs to improve. It can assist a team by implementing a clear guideline for the upcoming weeks or months. The goal is to have a clear point of where the team stands and where it needs to improve.
Metrics permit organizations to measure its performance against industry sectors to determine how well the company is doing. Metrics help transform the vague requirements that a customer gives into a series of numbers that can be used to accurately map the process for its efficiency. Metrics tell us whether a process is good enough to meet the customers requirements or whether it needs to be better.
There must be a clear vision of the nature of the goals upon which the project was launched, with the need to have the necessary knowledge to measure the extent of success or the reality of failure, at every stage of the work. All of this may depend on whether the vision is clear or not for the leaders and the entrepreneurs themselves.
If you do not follow several performance metrics during its implementation, you will not be able to detect problems with your project.
In agreement with hc255, metrics are important to showing progress on any project and revealing important trends in data within the project that would normally go unseen. Metrics inform management of how the project is doing as a whole and which critical points need to be targeted in order for any hiccups in the project management to be smoothed over. The metrics I am responsible for are time sensitive and inform upper management of how a very important project is progressing on a day-to-day basis. If there is a stall/delay, they can escalate as needed to improve efficiency and get the project back on the set timeline.
As the posts above have stated, metrics are crucial in order to obtain the quantitative status of a project. Because of this, knowledge of software that can be used to track metrics is a useful skill for a project manager to have. Microsoft Excel can actually be a very powerful tool for metrics tracking by taking advantage of formulas and pivot tables to analyze data within the workbook. Microsoft Project can also be used to measure metrics, specifically how much progress has been made in completing each task. By using programs like these it's easier for the project manager, the team, and any stakeholders to get an idea of how efficiently the project is moving along.
Metrics is one the most important things to keep a company afloat as it they are measurements of anything a company does. Nowadays companies can access a ton more metrics than say 10 years ago because everything online can be tracked so well. Further, CRMs like Salesforce are used to not only store data for a company but also track progress over time. It is important for a company to gather as many metrics as they can because they will use these metrics to decide their next steps. Metrics can tell a company they aren't selling as much in X region, so they can put more effort there as there's an untapped market. Or they can tell a company they are spending too much money keeping this one product in stock when really no one buys this thing and it's a waste of resources. If a company doesn't use all the metrics at their disposal they will make decisions that seem to be good ones but actually be seeing a totally false story, misleading themselves, and driving their business into the ground.
Metrics are calculations that let you measure things, during the monitoring and controlling phase. It is important to have metrics in order to observe the differences in what is being observed (control and test). Having certain measurements will help keep the project under control, define proper success rates and thresholds, as well as evaluate the projects overall findings.
After learning about Monitoring and Controlling phase we learnt about metrics. My question is how is this metrics important in project?
I believe to run a successful project, it all starts with putting metrics for the project and measuring up to it. Of course, no metrics are set in stone, but it can be modified to improve the project quality/process. Metrics are essential because it says goals and pushes progress to certain criteria. Metrics would essentially ensure your project would be executed with certain standards that were set in the initiation process and monitored throughout.
The purpose of metrics is to calculate how to measure things, such as productivity, cost, scope, etc. during a project. Metrics are beneficial for management so they can see if goals are met in terms of cost, productivity, and whatever else they need to maintain the company. Metrics are not solely for management either; project managers working on different projects that follow the same set up as a previous project can draw ideas of timelines during their planning phase so it reflects accurately earlier on in the project, rather than figuring things out along the way the hard way.
After learning about Monitoring and Controlling phase we learnt about metrics. My question is how is this metrics important in project?
Metrics is important to a project because it provides feedback on questions like what, when, how much during the execution phase. This help to discern if resources like planned time and planned investment budgets are being met. As the project evolves this serves as feedback to indicate if project plans needs to be adjusted regarding time, budget or scope of deliverables. The metrics are the main information content that decision makers like the core team or management would consume at status meeting.
Regardless of industry or project size, metrics are essential for successful product development for a number of reasons. Metrics can be used to assess and improve productivity in a project or process. Measurements are taken in a variety of aspects and analyzed in order to track and monitor progress, set goals, and assess current issues within a process or project. Without metrics, any decisions made for process improvement are not backed with hard evidence.
Metrics are important because they can help assess the productivity and process of a project for the duration of said project or for future projects. Metrics measure different aspects of the project like time it takes to complete each task/ the entire project, cost, sales, etc. Usually the marketing, project managers, and other individuals during a planning meeting would have metrics to see if the project is feasible with their resources. The lack of metrics shows that there is no concrete evidence of a project's success and for each aspect of it.
After learning about Monitoring and Controlling phase we learnt about metrics. My question is how is this metrics important in project?
As said in the lectures metrics are calculations that let you measure things. This is important to the whole project because as stated in previous posts it can help show progress of the project. This can help with seeing how far the project has come. If the project has fallen short what is causing it to fall short. What tasks are not being completed and how can the team fix it. Metrics can show what track a project should be on.
I agree with the previous posts on the importance of metrics in the success of a project and would like to add that it not only gives upper management or project managers a better idea of how the project is going along, but it also helps the project team members greatly as well. By seeing the scores on various metrics, project team members are better able to assess their progress and if they are clearly slacking, then the metric serves as a reminder to pick up their slack. Due to the quantitative nature of a metric, it is more easily grasped by the team members, since a project being "almost due" is different from it being "due in 1 day". Therefore, it provides more specificity to the project tasks and increases productivity that way.
Also, the quantitative nature of metrics allows for predictive modelling for future tasks or projects. For example, given the data that a certain project team is most productive in the months A, B, and C, it can be predicted that in the future, the project team could possibly get the most done in those months. Another example may be modelling the schedule variance of the project per month and a trend can be seen such that certain months are more prone to large increases in schedule variance. Therefore, metrics also provide us with the ability to predict likely occurrences in future projects.
I agree. In my case, we have a biweekly team meeting that is hosted by the upper management/ Directors of the department. Having clear stated metrics for a team is very essential so the team can have their "eyes on the prize". Working on a clinical study, having the same routine testing every day, makes the team distracted from looking at the big picture. Therefore, having a meeting to show the overall progress of the team, what they achieved and what needs improvements provide more instruction and motivates the team to improve on what needs improvements.
