The folks over at Journyx Project Management blog referred me to some excellent information on metrics via Max Wideman's article managing project metrics. Wideman provides a solid definition of the term metrics - ""Metrics" are nothing more than "A theory or system of measurement" and isn't that what we are supposed to have been doing on projects all along?"- and discusses how often in project management we need more info and get lost in what to look for. Wideman suggests we track things  such as

• Scope containment
• Quality of deliverables
• Duration
• Cost
• Risks
• Effort
• Productivity
• Stakeholder involvement, including project team performance

And then use your "best judgement" to decide which of the above will provide the best, dependable and useful metric. Here are some additional thoughts from the article:

"Best value requires dependable evidence that is purposeful

• To obtain "best value" you must improve performance
• To improve performance you must act to fulfill a purpose with due care
• To act you must take responsibility
• To accept responsibility you must be able to justify your actions, i.e. be accountable
• To account for your actions you must have good reasons
• Good reasons must be based on evidence that the purpose will be fulfilled
• To assess the evidence you must use judgment
• That judgment must be objective to be convincing
• To make a convincing judgment, you must measure
• For a measurement to be a justification for action, it must be dependable.

Read more here: http://www.maxwideman.com/musings/metrics.htm

This article is well worth the read for those who are looking for info on what to track and how to get more value from your metrics. Also - I love Max Wideman's site and this particular piece is just one of many valuable project management resources available. Other tools, sections and resources include: PM Glossary, Max's Musings & Short Articles,  Papers & Books about Project Management, Guest Articles, and new content is added each month so, if interested, check out MaxWideman.com for the latest and greatest f-r-e-e project management goodness.

Related reading:

• Tips for utilizing metrics on your project
  Identifying, gathering, and leveraging the right mix of metrics is a way to gain better control of your large project. The value can be quantified in a number of areas, including:
  • Improved performance of the overall project fulfillment and delivery process
  • Improved estimating for future projects
  • Validation of duration, cost, effort and quality objectives for the project
  • Identification and communication of best practices
  • Improved client satisfaction
• Metrics: Tips and Pitfalls
  When you talk about metrics, everyone shakes his head and says, “Yes, metrics are important,” and then immediately wants to talk about something else. Many people think they don’t understand metrics, and therefore they fear them—but in reality we all use metrics every day: The alarm goes off at a predetermined time, indicating that it is time to get out of bed (a metric that signals an action is called a meter); We check the thermometer to see how warmly to dress; We keep an eye on the speedometer to avoid getting a traffic ticket; and on and on.
  
• The IT Metrics and Productivity Institute - Better IT Management
• How Project Metrics Can Keep You from Flying Blind

Posted by Raven Young at Raven's Brain under Project Management
Technorati tags: Project Management, Project Metrics, Metrics, Project Management Blog

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