In general, the project performance index would be a validation of Business performance, Project Performance, and Team Performance. Tangible criteria that can be evaluated early and often is recommended however this does not preclude using less tangible criteria such as customer satisfaction or instituting change.
Business Performance: Meeting or exceeding the projects value proposition and the sustainment effort required to position the end product for success into its life cycle.
Project Performance: Meeting or exceeding time, cost, and technical performance objectives (ie: delivery of a product or milestone on or before the time it's required, at or below cost, and within the range of design or performance specifications).
Team Performance: Meeting or exceeding the behaviours that ensure the team functions as a unit and not single entities. Collaboration, sharing of idea's, respecting one another, and contributing to a common goal.
I want to close off this entry at this point but before I do I'll leave you with two thoughts;
- Despite best practices; organizational culture will influence what measures are accepted.
- I quote a section out of the book titled:
The Complete Project Management Office Handbook
by Gerard M. Hill (ed)
Auerbach Publications © 2004
From Chapter 3: Standards and Metrics
The "standards and metrics" function enables the PMO to:
- Identify accepted concepts and practices for use within the project management environment
- Establish consistent oversight and control for cost, schedule, and resource utilization
- Manage project, technical, and business process performance to desired standards
- Achieve compliance with industry standards, regulatory mandates, and business policies
- Conduct benchmarking related to competency, capability, and maturity goals
These are great points. The next step is to explain what they mean using a language that the people who sponsor and lead projects understand.
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