Key Project Management Metrices

Project KPIs are measurable indicators that help to track a project’s performance.
To ensure that projects get completed on time, project managers need to monitor and understand their team’s work process and lead the project towards long-term goals. The quickest way to get a complete overview of your project performance is to use a project KPI dashboard.

1. PLANNED VALUE (PV) PROJECT KPI

This metric is also referred to as Budgeted Cost of Work Scheduled (BCWS).
The planned value is the estimated cost for your project activities planned/scheduled as of reporting date.
Compare the Planned Value with other project KPIs to see whether you’re running ahead of schedule or have already spent a bigger slice of your budget than scheduled to date.

2. ACTUAL COST (AC) PROJECT KPI

The Actual Cost KPI is also referred to as Actual Cost of Work Performed (ACWP).
It indicates how much money you have spent on a project as to date. There’s no formula for calculating the project’s actual cost, you just have to add up all the project-related expenses you’ve used to date.
A project budget is calculated considering all the hours planned for the project, so use the time spent on tasks to calculate the Actual Cost spent on salaries, resources etc.

3. EARNED VALUE (EV) PROJECT KPI

This KPI is also referred to as >Budgeted Cost of Work Performed (BCWP).
This project KPI shows the approved budget for all the performed project activities by a specified date. It shows how much planned work you have actually accomplished and what’s the budget for these accomplishments.

4. RETURN ON INVESTMENT (ROI)

Project’s ROI reflects on its profitability and shows whether the benefits of the project exceed its cost.
Not all projects are destined to have a positive ROI in the first place. Sometimes, the ROI should be considered long term as some projects take more time to grow profitable.
ROI metrics on the project KPI dashboard should be derived from measurable components like the project’s Actual Cost and Earned Value.

5. COST VARIANCE (CV) (PLANNED BUDGET VS ACTUAL BUDGET)

Project’s cost variance reflects on the project expenses.
It indicates whether the estimated cost of your project is below or above the planned baseline. To calculate the Cost Variance, compare the Planned Budget to Actual budget at a given time.
When measuring the Cost Variance, you can easily notice whether you’re beyond or above your approved budget.

6. COST PERFORMANCE INDEX (CPI)

This project KPI helps you approximate how much time you’re behind or ahead of the approved project schedule. CPI is the ratio of the planned budget to what you’ve actually spent to accomplish these tasks.
As The Cost Performance Index suggests the relative value of work done, it can be seen as the indicator of the project’s cost efficiency.

Source : http://www.saasanalogy.com/key-project-management-metrices/

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