Bus402 Project Management : About Assessment Answers

A Right Set of Performance Metrics

Provide a minimum of a four-page narrative that discusses the following concerning the selection of the right performance metrics:

Identify the factors that need to be taken into account when selecting performance metrics. Explain your reasoning.

Explain who defines project reporting needs in projects, and why.

Discuss the role of stakeholders in project monitoring and control, and evaluate the ways metrics need to be used to address their reporting needs.

Identify and explain the signs of using well-defined metrics in projects. Develop cause-and-effect relationships to justify your answer.

Discuss the signs of using poorly defined metrics in projects. Develop cause-and-effect relationships to justify your answer.

Introduction

The performance measurements and the target setting is important for the growth process where the small business can run without formal measurements or setting the target. It includes the different areas of the business with performing the valuable information with own right and good measurement system (Kerzner, 2017). The challenges are set to select the quantifiable factors that are mainly linked to the drivers of success with business success or failure on the quality of customer service. The performance measurements work on rights to involve the identification of the business areas with the sense to focus on deciding and working over the powerful management tool.

Identify the factors for selecting performance metrics.

The performance dashboards are important for the used management tool with progress to monitor the target audiences and the design of metrics. The compass analysis is about the different ease and speed of implementation that is set for the structure, process and the outcome measures. the dependency is on the goals with the health system for proper evaluation. The focus is also on simplicity and manageability with the sustainable leadership (Yun et al., 2016). A proper set of the metrics and the executive report is important for understanding the business challenges and involving the initiatives for the security and the high-level sponsorship. for the performance metrics, the focus is on on-time delivery, competitive pricing, consistent quality and the brand name recognition. Here, the statistical designing and the quality control works over the design of experiments which brings a change in the organisation for the specific period for the return on investments.  

Explain who defines project reporting needs in projects, and why.

The project manager defines the needs in the project as he has a clear idea of the project and can allocate the resources and the work according to the liabilities and the possession of the individual. Here, the focus is on the overall responsibility for controlling, monitoring, execution, designing and proper planning. (Rui et al., 2017) The focus is also on the monitoring of the overall progress with the use of resources, initiating and working over the configuration management processes. the conducting of the project evaluation programs is to review and assess the projects that could be followed in a proper based actions and recommendations.  

Discuss the role of stakeholders in project monitoring 

The stakeholders work on controlling the project requirements with the focus on meeting the stakeholder expectations at the time of initiation, planning and executing the stages for the project. This includes the forms of the functional management standards which includes the participation in the project or is mainly impacted by the same. The contribution is made by the different people for the identifying of the stakeholders. the focus is on the consistent reinforcement of the terminology with the handling of the metrics in the program that will gain agreement on the programs and the projects. Here, the clear charter, scope and the roles are important for measurement of the project success with the government processes working over the defined project metrics.

Identify and explain the signs of using well-defined metrics in projects. Develop cause-and-effect relationships.

For the well-defined metrics, there is a need of the project management metrics, indicators of the project success and the business success. This includes the estimation accuracy, stakeholder satisfaction and the ROI. The forms are related to management of the identification and the tracking of the strategic objectives which works over the different forms of the common tactical measures where the people look for the updates (Hanna, 2016). The metrics are defined to collect through the observation like the days, software detection and the metrics that could be from the observable quantities like the defects per thousand lines of the code or the cost performance index. The cause and effect linkages are related to the measurement of the integrated customer file with aligning the employee personal goals and the incentives to motivate the people for the process objectives. With this, the focus is on the approach where the quantification is on how the tangible assets add the value to the organisation (Van Cleve et al., 2016).

Discuss the signs of using poorly defined metrics in projects. Develop cause-and-effect relationships.

The return on investments should be handled in a proper manner with the focus on benefits of realization and the business stakeholder feedback. This is important for the customer satisfaction with the changing process efficiency. Here, the standards are set with the end user adoption and the business change where the customer challenges and the risks are important to measure the series of the management strategy (Tseng et al., 2017).

Recommendations

There is a need to work over the defined reporting approach where the responsibilities are mainly to collect, compile and then validate the data. Here, the reporting needs, training and frequency is based on defining the clearly set goals with the focus on the project issues and the risks management factors. It also includes the timely feedback on the metrics analysis to understand about tailor measures, applying and implementing the processes and the stakeholder needs. this works over tracking the progress to take the corrective actions and detect variance from the plans.

Conclusion

For the right set of the project metrics, there is a need to define the success with delivering the project in time and meeting the quality trends as well. This includes the proper measurement of the metrics that works towards defining the goals and all the other important products which helps in measuring the cost variance (Diallo et al., 2016). It is also able to track the different between the planned and the actual expenditure where the resource utilisation works over the calculation with over-estimated task that work faster than the planned schedule.

References

Diallo, S. Y., Gore, R. J., Barraco, A., Padilla, J. J., & Lynch, C. (2016). Quantitative performance metrics for evaluation and comparison of middleware interoperability products. The Journal of Defense Modeling and Simulation, 13(2), 161-169.

Hanna, A. S. (2016). Benchmark Performance Metrics for Integrated Project Delivery. Journal of Construction Engineering and Management, 142(9), 04016040.

Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.

Rui, Z., Li, C., Peng, F., Ling, K., Chen, G., Zhou, X., & Chang, H. (2017). Development of industry performance metrics for offshore oil and gas project. Journal of Natural Gas Science and Engineering, 39, 44-53.

Tseng, F. T., Burns, L., Simpson, J. T., & Berkowitz, D. (2017). INCREASING ARMY SUPPLY CHAIN PERFORMANCE Using an Integrated End-to-End METRICS SYSTEM. Defense Acquisition Research Journal: A Publication of the Defense Acquisition University, 24(1).

Van Cleve, J. E., Howell, S. B., Smith, J. C., Clarke, B. D., Thompson, S. E., Bryson, S. T., ... & Chaplin, W. J. (2016). That?s How We Roll: The NASA K2 Mission Science Products and Their Performance Metrics. Publications of the Astronomical Society of the Pacific, 128(075002), 16pp.

Yun, S., Choi, J., de Oliveira, D. P., & Mulva, S. P. (2016). Development of performance metrics for phase-based capital project benchmarking. International Journal of Project Management, 34(3), 389-402.