Measuring recurring work like processing transactions or manufacturing parts is different than measuring projects where each one is somewhat different. Sometimes, everything an organization does would be classified as a project. Because each project is slightly different, some organizations have developed a Project Management Index that includes the following submeasures: budget/cost performance, schedule/milestones met, quality/performance and innovation. At the start of each project, the four factors are given a percentage weight. At the end of the project, or as each phase is completed, performance on the four factors is rated on a zero to 100 scale and multiplied by the percentage weight to get an overall grade for project performance. Individual projects are also given a weight depending on the dollar size, labor hours or criticality. By combining all of the factors into one index, it prevents bosses from having to look at individual project performance each month.
Source: “9 Magic Metrics Your Organization Needs to Adopt”
Original Publication: Business Finance
Subject: Project Management