Measuring Project Performance

Evaluating Success: Measuring Project Performance

Measuring Project Performance Evaluating Success: Measuring Project Performance Performance measurement is essential to evaluating the success or failure of any project and the difference in these measurements can vary depending on the type of project and the constraints. Three types of measurable are speed, accuracy and volume. Though separate, they combine to make the overall evaluation more measurable over a specific period of time. Speed and Time

Speed is a measurement of project performance that represents the rate of movement of the
production process or final product made during the project (V. 2007). This measurement can be seen in the rate of time that it takes to go from a concept or ides, to a mock up or model, to a an assembly process and so on. Speed is a factor determined by things such as the communication process, the amount of manpower committed to the project and others. Communication can slow down or speed up a project depending on its effectiveness. A lack of communication will bring the project to a halt, while constant communication will go long way in making the project process run smoothly. Man power, conversely, has the same effect. A lack of proper manpower for the specific tasks can cause production times to increase and effect the overall project time.

Crossing the Ts and Dotting the Is Accuracy by its very definition is being true or exact, without error. Therefore, this measurement does not leave much room for interpretation. Accuracy represents how well the
system that the project put together actually functions (V. 2007). In any project the accuracy of the data collected is vital to the project start. The clients expectation and requirements must be followed to the letter or the project is a failure. The accuracy of the product produced must also be without question. A project that calls for a design incorporating an apple cannot be successful if the final design includes a banana. Accuracy in production is important. Also, accuracy plays a part in procurement or ordering procedures. Mistakes in quantities ordered can result in either a shortage in materials or a surplus leading to overspending and waste. Accuracy can be affected by speed. Often times a rushed process can result in a decrease in accuracy. Faster is not always better in business.

Measuring Project Performance A game of numbers

Volume is another measurable part of a project in the sense that any project that produces a physical tangible product is doing so in a measurable number. Whether its one car, or a thousand postcards, the volume is measurement is probably the most visible aspect of a project. The volume of a project can be met even if the speed or accuracy measurements fall short. (V.
2007). A project produce 1000 red phones in 30 days is a failure if it takes 60 days and the

phones are blue, but if there are 1000 blue phones, the volume measurement has been met. This would not work in a real world environment but is mentioned to illustrate the point. Volume is also the one thing that can sink a project. It does not matter how quickly or how accurately a project is delivered, if the volume is not met then the other two factors are meaningless. An order for 50 cars is just that, an order for fifty cars. If there are only 30 delivered, the color will be of no consequence to the client. How they stack up? In reference to how these factors are measured and their importance it is necessary to point out that they each play off of and draw from one another. Speed affects accuracy as accuracy affects volume. As stated before speed can increase or decrease accuracy and accuracy can determine the final volume of product produced. To compare and contrast theses measurable one must look at them in reference to their value, real or perceived, in the success of the project. Some may place a higher value on speed, while others on accuracy. Speed can be measured at specific intervals, while accuracy is measured from the beginning of the project to its completion. Volume is measured at the end of the production process only. The similarity shared between the three is the fact that each is dependent on proper planning and management to be implemented, and therefore measured, properly.

Measuring Project Performance What does it mean? The practice of measuring aspects of a project vary from project to project and can change based on the product to be delivered. Speed, accuracy and volume are three such measurables that can be use tracked. They have individual importance but work together as a whole to measure the success or failure of a project. They differ in respect to the timeline at which they are measured but share the same importance to the overall project.

Measuring Project Performance References V., M. (2007, September 26). Performance measurements in project management. Retrieved February 27, 2013, from Yahoo Contributor Network website: http://voices.yahoo.com/ performance-measurements-project-management-551975.html?cat=3