What tools can project managers use to evaluate project performance?

This is all great but fundamentally, who defines success? Who defines the right KPIs for the project? At most organizations PMO sets the rules and enforces the use of KPIs. But if I go with the definition of the project which is "we deliver something unique(service or product), which cannot be replicated, I consider every KPI should be different. Now, the next step. What would we like to measure? Almost all the time, we measure project success against baselines or measurements we agreed on. But, what about project managers? How can we define the KPI against the project manager? This is a "shaky" ground. Why? Because of the paradox. What? As per PMI 70% of the projects FAIL but almost all Project Managers are Successful. This is interesting.

I believe KPI should be specific to each case. As not every project has the same workload (including every aspect of load, cost, time, satisfaction etc.). Most organizations only focus on the outcome where KPI is being measured accordingly. However, the procedure itself must be part of the system.

Project managers assess project performance using tools like KPIs, measuring budget/schedule variances, quality metrics, and stakeholder satisfaction. Earned Value Management integrates scope, schedule, and resources for evaluation. Gantt Charts track tasks and timelines visually. Risk matrices identify and prioritize risks. Balanced Scorecards align activities with organizational strategy. Dashboard reporting presents key metrics visually. Project management software like Asana or Trello aids in tracking tasks, milestones, and resource allocation, offering a comprehensive view to guide decision-making.

I believe that KPIs are critical in measuring project performance. But what should be noted is since the KPI parameters are many in no. It is difficult to qualify a project with all those parameters. Therefore its better to prioritize the parameters in order until the company or project reaches at a level where all parameters can be qualified in a balanced way.

Project managers can use tools like Gantt charts for visual timelines, Kanban boards for task management, and project management software such as Trello or Asana. Additionally, performance metrics like earned value analysis and key performance indicators (KPIs) help measure progress. Regular status meetings and communication tools facilitate team collaboration and feedback. These tools collectively provide insights into timelines, task completion, resource allocation, and overall project health.

In my experience, EVM promotes effective project control, allows for proactive decision-making, and enhances communication and transparency within the project team and with stakeholders.

🛠Selecting the right combination of PM tools based on the specific needs of your project can significantly contribute to effective project performance evaluation. 🛠Platforms like Jira, Trello, or Asana provide features for tracking tasks, milestones, and overall project progress. They often include reporting and analytics functionalities. 🛠Tools like Microsoft Project or Gantt Charts help visualize project timelines, dependencies, and progress. 🛠Others PM tools available are (but not limited to) EVM, KPI, Risk management tools, communication tools- MS team; Slack etc.

EVM is a robust method integrating scope, schedule, and cost for project assessment. It compares planned value (PV), actual work completed (EV), and actual cost (AC). SV (Schedule Variance) is EV minus PV, CV (Cost Variance) is EV minus AC, SPI (Schedule Performance Index) is EV divided by PV, and CPI (Cost Performance Index) is EV divided by AC. EVM pinpoints deviations from the plan, forecasts future performance, and calculates Estimate at Completion (EAC) and Estimate to Complete (ETC). This method aids in proactive management b

A useful tool to visualize EVM is the S-Curve. In this type of graphic, we can contrast the planned advance of the project with the real results, determining deviations, and creating tendencies and pronostics. It's said that this curve has a sigmoid shape due to, generally, a project is hard to develop at the beginning, evidencing slow growth; but later, in the next stages, project advances are fast, due to more stakeholder engagement that produces states of heavy work. Finally, the curve reaches the last point of inflection, that is the upper part of the “s”, where the project reaches its phase of maturity. There are several software for Project Management that include this visual tool or grant the capacity to install it as an add-in.

The Balanced Scorecard (BSC) is a strategic management tool aligning project goals with the organizational vision and mission. It utilizes four perspectives—financial, customer, internal process, and learning/growth. For each perspective, defining objectives, measures, targets, and initiatives reflects project performance and value. BSC balances short-term and long-term project aspects, aids in stakeholder strategy communication, and monitors and enhances results. It's a comprehensive framework ensuring alignment and effective

SWOT analysis is a great tool to utilize. This tool can be used for a variety things in Project Management. For example, SWOT analysis can help in identifying both positive and negative risks for a project. Strengths for a project are positive risks and must be enhanced. Weaknesses for a project are negative risks that should be avoided or mitigated. Opportunities for a project are a positive risks and should be shared across the project team. Threats are negative risks and should be transferred or avoided. Utilizing SWOT analysis for risk identification can be beneficial for a project and project success.

A SWOT analysis could be utilized to assess a project's performance, but I typically utilize a SWOT analysis in the planning stages to understand the strength of the initial scope as well as the challenges to be faced. From there, plans can be made or adjusted to take advantage of the strengths and opportunities and mitigate the weaknesses and threats.

SWOT analysis is a versatile tool assessing a project's internal strengths and weaknesses, and external opportunities and threats. It delves into internal factors like resources, skills, and risks, and external factors such as market trends, competition, regulations, and stakeholders. SWOT analysis aids in identifying competitive advantages, addressing challenges, seizing opportunities, and mitigating potential threats. It's a comprehensive method assisting in strategic planning and risk management within a project's context.

Feedback surveys are incredibly valuable in that you get information from the full spectrum of stakeholders. Keeping the sponsor and customer happy are obvious goals, but understanding the thoughts of team members and suppliers is also valuable in order to keep projects moving. This information is not only valuable to the current project, but can be utilized to tweak plans and processes in future projects as well.

➡️⬅️Feedback is an important tool not only project managers should use. It leads to your Growth mentality and seeing your blind spots with that. 💡Pro tip: For your team feedback use retrospectives in your safe zone.In Miro, or any other whiteboard tool.

Feedback survey helps to identify the negative and positive that may missed during the exceution of the works ...it will help to identify and improve the quality and standard and the unseen factors which may missed while achieving a timeline ..

I find seeking active feedback and making it accessible to customers and stakeholders crucial for project success. Feedback channels are key to bring customers into charge of the product or service that is delivered and gives insight into whether customers are getting the value aligned with their expectations or not. Successful web applications are a great example of how to collect feedbacks actively. They implement a feedback channel visible and accessible on every page and feature to let visitors share their experience and report issues on the spot.

Project managers can leverage advanced tools such as AI-integrated work management systems to evaluate project performance in 2024. These tools provide predictive analysis, offering insights into potential issues and trends. However, the key lies in combining this technology with the expertise of seasoned project professionals. A thorough understanding of the project, industry, dependencies, stakeholders, and the current project stage is crucial. This holistic approach ensures accurate assessments, identifies critical delays, and guides strategic measures tailored to the project's specific needs at any given moment.

Feedback surveys are instrumental in gathering stakeholder opinions across various project stages. They involve stakeholders like customers, sponsors, team members, or suppliers, covering topics like satisfaction, expectations, requirements, quality, and benefits. Conducted at different project phases, these surveys aid in understanding stakeholder needs, improving project performance and quality, and bolstering project reputation and relationships. They offer invaluable insights for refining strategies and ensuring alignment with stakeholder expectations throughout the project lifecycle.

I think it’s important to haVe a good requirements management system in place, like DOORS or Sigma. They help you make sure all the contract requirements have been met rather than having to do hasty rework at the last stages.