What makes a good KPI for Project Management?
Key performance indicators consist of the most important performance goals across all aspects of team involvement in a project. Effective KPIs should be:
- Agreed upon by all parties before the project begins
- Meaningful to the intended audience
- Quantifiable measurements that can be shared and analyzed across organizational divisions at any time
- Regularly measured
- Directed toward the benefits the project seeks to deliver
- A basis for critical decision-making throughout the project
- Aligned with objectives
- Realistic, cost-effective and tailored to the organization’s culture, constraints and time frame
- Unified with organizational efforts
- Reflective of an organization’s success factors
- Specific to the organization and the particular project
Collectively, KPIs are a powerful management tool to bring about organization-wide success. Keeping track of accurate metrics from varying teams can identify where more direction is needed or where incentives, plans and other resources, such as training, should be allocated.