Project
managers often wonder if they are measuring the right things on a project. It’s
difficult to know how much time to spend evaluating past performance and how
much time to spend on keeping the work moving forward.
Of course there are many indicators of project success, but what
do you need to be measuring while the project is in motion?
At various points during the project you want to evaluate
five points: schedule, quality, cost, stakeholder satisfaction and
performance against the
business case. You should be doing
this informally anyway. A formal project evaluation is of use during the end of
a phase or stage as it can give you a clear indication of how the project is
performing against the original estimates. This information can then be used to
grant (or withhold) approval from moving on with the next chunk of work.
Let’s look at the five items you should be evaluating.
1. Schedule
Project management success is often determined by whether or not
you kept to the original timeline. Experienced project managers know how hard
that is, but it’s a little bit easier if you continually evaluate your progress
as you go.
You’ll update your project schedule regularly
– I recommend at least weekly. The schedule evaluation is something you can do
more formally at the end of the stage or phase, or as part of a monthly report
to your senior stakeholder group or Project Board.
Look at your major milestones and
check if they still fall on the same dates as you originally agreed. Work out
the slippage, if any, and how much of an impact this will have on your overall
project timescales.
2. Quality
The end of a project phase is a good time for a quality review.
You can check both the quality of your project management practices – are you
following the change
management process every time and so
on – and also the deliverables.
A quality review can evaluate whether what you are doing meets
the standards set out in your quality plans. Best find out now before the
project goes too far, as it might be too late to do anything about it then.
3. Cost
Many executives would rate cost management as one of their
highest priorities on a project, so evaluating how you the project is
performing financially is crucial. Compare your current actual spend to what you had budgeted at this point. If there are variances, look to
explain them.
You’ll also want to look forward and re-forecast the budget to
the end of the project. Compare that to your original estimate too and make
sure it is close enough for your management team to feel that the work is on
track. If your forecasts go up too much it is a sign that your spending will be
out of control by the end of the project – again, something it is better to
know about now.
4. Stakeholder Satisfaction
Your wider team – your stakeholders – are essential in getting
much of the work done, so it’s worth checking in with them. Find out how they
are feeling about the project right now and what you could be doing
differently.
This is a difficult measure to document statistically, although
there’s nothing to stop you asking them for a rating out of 10. Even if you are
evaluating their satisfaction subjectively, it is still a useful exercise. If
you notice that stakeholders are not fully supportive, you can put plans in
place to engage them thoroughly to try to influence their behavior.
5. Performance to Business Case
Finally, you’ll want to go back to the business case and see
what you originally agreed. How is your project shaping up? Check that the
benefits are still realistic and that the business problem this project was
designed to solve does still exist. It happens – project teams work on
initiatives that sound great but by the time they are finished the business
environment has moved on and the project is redundant. No one bothered to check
the business case during the project’s life cycle and so no one realized that
the work was no longer needed.
Don’t work on something that nobody wants! Check the business
case regularly and evaluate it in light of the current business objectives.
You can add other items to this list. In fact, it should reflect
what is important to you and your team – you should be evaluating things that
matter, so feel free to add extra elements or ditch some of the ones that you
are less worried about. If you need help working out what’s important,
this article about how to set up project tracking will help.
When your project is over you’ll want to carry out a full and
final evaluation. This could be as part of a lessons learned review, but
typically it is different. A lessons learned review is where all the project
stakeholders comment on what worked and what didn’t. You take away key messages
and tasks to improve how projects are delivered in the future. It’s an
essential part of project
closure, but it isn’t a formal
evaluation. You get a lot of feedback, anecdotes and stories but even the most
structured lessons learned workshop generally gives you narrative rather than
statistics.
A project evaluation is about figures. The stories form part of
it too, but a smaller part. During a project evaluation you look at:
·
Schedule
·
Quality
·
Cost
·
Stakeholder satisfaction
·
Performance to business case
Sound familiar? Yes, it’s the same list of topics that you
evaluate as you go through the project. Anything that you are going to be
evaluating at the end should also be assessed during the project’s life cycle,
or you risk not hitting the targets you have set for yourself.
You can include your final end-of-project evaluation in your
Project Closure Document (get
a template here). Note down how close you were to your original timescales,
budget and quality targets. Add a few sentences to describe whether your
evaluations showed that stakeholders were satisfied with the end result and
also if the project met the needs described in the business case.
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