Managing Metrics & KPIs in Projects

Introduction

In today’s competitive and results-driven project environment, managing Project Key Performance Indicators (KPIs) and project performance measurement is crucial to ensure that projects are delivered successfully. This course is designed to equip participants with the essential skills needed to design, apply, and effectively use project management metrics and KPIs to measure project performance and drive success. Participants will learn how to identify the driving forces for creating value-based project metrics, as well as how to design and manage project dashboards. The course also focuses on the effective use of Microsoft Project for reporting performance and taking corrective and preventive actions.

Course Objectives

The primary objectives of this course are:

• Understand the driving forces for creating better project metrics.
• Define, select, and apply the most appropriate project management metrics and KPIs.
• Develop and implement project KPIs using Microsoft Project.
• Design impactful project dashboards and use traffic light reports to track project progress.
• Build value-based project metrics that contribute to project success and value measurement.

Course Outlines

Day 1: The Driving Forces for Better Project Metrics

• Executive overview of project management and the role of metrics.
• Different types of project management methodologies and their impact on project metrics.
• Understanding the distinction between framework and methodology.
• How engagement in project management influences the selection of metrics.
• A new perspective on defining project success and the role of project success metrics.
• Managing stakeholder relations in the project lifecycle and the importance of project monitoring and control.
• Conducting project health checks to measure performance and success.

Day 2: Understanding and Selecting Project Metrics

• The evolution of project management metrics: Past versus current perspectives.
• Key concepts in project performance measurement and their practical applications.
• The importance of project management metrics in ensuring project success.
• Identifying the characteristics of project metrics that define their usefulness.
• Categorizing and selecting the right project management metrics for your projects.
• Role of the Project Management Office (PMO) in managing project metrics.

Day 3: Project Key Performance Indicators (KPIs)

• The importance and need for project KPIs.
• Understanding the characteristics of KPIs and their alignment with project goals.
• Categories of KPIs and their application in real-world projects.
• How to select KPIs that align with the project’s objectives.
• Measuring and tracking KPIs to assess project performance.
• The interdependencies of KPIs and how to align them for maximum effectiveness.
• Top project management KPIs and how they can drive project success.

Day 4: Managing Project Metrics and KPIs Using MS Project

• Developing earned value metrics and KPIs using Microsoft Project.
• Reports versus views in MS Project: Understanding the difference.
• How to format and present project data effectively in reports and dashboards.
• Creating custom reports that highlight key performance data.
• Designing and managing project dashboards for better project visibility.
• Using traffic light dashboard reporting for quick performance assessments.
• The benefits and rules for effective dashboard design and using scorecards for performance tracking.

Day 5: Value-Based Project Management Metrics

• Combining success with value by recognizing the need for project value metrics.
• The role of effective measurement techniques in tracking project value.
• Creating and measuring value metrics to determine the true success of your projects.
• The relationship between project management and value creation.
• Advanced techniques for measuring value-based project metrics.

Why Attend This Course: Wins & Losses!

• Master Project Key Performance Indicators (KPIs): This course will teach you the critical role of KPIs in tracking project success and improving project performance measurement.
• Boost Project Performance: Learn how to apply the best project management metrics and design KPIs that will increase the likelihood of project success.
• Drive Project Success: Understanding and utilizing project success metrics will allow you to measure and ensure your project's success.
• Improved Project Monitoring and Control: With the right metrics and KPIs in place, you will be able to effectively engage in project monitoring and control, minimizing risks and identifying opportunities for improvement.
• Advanced Dashboard Design: Learn how to design intuitive project dashboards and use traffic light reports for quick project status assessments.

Conclusion

By the end of this course, you will have the practical knowledge to design and implement effective project management metrics and KPIs, create comprehensive project dashboards, and use Microsoft Project to monitor performance and take corrective actions. These skills will allow you to ensure that your projects meet their objectives, stay on track, and deliver value, ensuring long-term success in any project environment.