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Project Management Questions

How Does One Know if One has Selected the Right Metrics?

Metrics are the parameters by which the progress of any project will be measured. They play several roles in helping an organization achieve its goals.. Metrics help management to decide if it is worth investing in a particular project. They also help to show how a project will fit in to the portfolio of projects in a company. Finally, they are used to determine whether or not the project is coming along successfully.

A manager can be confident that he has chosen the best metrics for a particular project if they act as incentives to the employees under him. Also, since metrics are subjective, it is important to compare metrics with other successful projects of the same type to assure compatibility.

However, in all cases, good metrics provide a means for computing the value added by projects. Good metrics are observables. And, they are sensitive to project decisions so that they may be used to differentiate the value of alternative project portfoliosà

àAlso, different organizations create value in different ways. An electric utility, for example, creates value differently compared to, say, a ballet school. Some organizations will seek to maximize shareholder value, while others will want to value impacts to other stakeholders as well. Thus, each organization will have a different model for how its projects create value and, therefore, will want to use different metrics. (Merkhofer, http://www.maxwideman.com/guests/portfolio/organization.htm)

An interim project audit that occurs to assure that the project manager is keeping on budget and on schedule can be more than a waste of time. If it involves halting the project for inspection, it could actually ruin the project, or at least delay it enough to become a self-fulfilling prophecy. Oversight of a project is better done by effective communication and regula

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Project Management Questions. (1969, December 31). In LotsofEssays.com. Retrieved 07:34, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1709990.html