1. Identify five project performance KPIs for effective monitoring and control of the portfolio of projects.
2. What five KPIs would you choose and why? Also, describe your project control strategies for areas that may have blind spots (areas that are not within the coverage of your KPIs).
Answers:
In every project, it is critical to track the key performance indicators. When it comes to project portfolio management, it can not be done separately. There must be available tools to enhance the understanding of project performance by the set strategic objectives. They help to monitor and keep a record on how the project is progressing. KPIs ensure a project is completed on the stipulated time and as per the budget set. In measuring the employee productivity in Oklahoma Department of Human Services.
Here are the five-project management KPIs employed to ensure effective monitoring and control of projects in Oklahoma organization.
Timeliness key performance indicators
This ensures that a project is carried out on time. This involves ensuring that the set time for employees to complete a certain task is adhered to. Time is crucial in that; employees set the schedule in which they will take to complete a particular project (Marr, 2014). It involves setting out on the number of adjustments to be made on the schedule to ensure every minute is productive. To ensure, effective monitoring of a project, on-time completion percentage is a crucial time factor, which helps the team of employees to complete a project by a given deadline.
Effectiveness key performance indicators.
Managing money and time appropriately when carrying out a project is important. This involves assessing if the employees in Oklahoma, on whether the parts of the project are being completed as stipulated in the schedule. If the milestones of the project are approved by the buyer, then employee productivity is high. According to Parmenter, (2015), training and researching for the team carrying out the research are very crucial. This involves assessing the available resources set aside to get the project in progress. Another step to consider is to track the number of returns in the parts of the project. This measures the employee's capability in their planning and implementation process.
Budget key project indicators
This a key indicator in any project portfolio. Assessing the actual budget with the projected budget and being able to adjust accordingly. A well-set budget helps to increase the morale of the employees thus productivity goes high. Lining the items in the budget helps every team member to keep a record of the daily expenditures.
Quality key project indicators
This involves assessing the number of errors in a project in Oklahoma organization. Having to redo a part of the project affects the schedule and budget revisions. To maintain a high employee productivity, the project must be carried out with fewer errors. Achieving goals help in maintaining a positive project momentum within employees.
Current resource allocation KPIs
While monitoring a project in Oklahoma department of human services, the current resource allocation was a crucial indicator in ensuring that employees are productive. When resources are well allocated, each employee can unleash their full potential in their commitment to the project (Shalaby and Al-Shammari, 2015).
The above key project indicators are used as a motivational tool to keep pushing the project momentum forward. When employees come together to strategize on a common goal, their contributions always outshine. This key project indicator can help lead to stronger teams with higher standards and achievement of greater goals (Zwetsloot, 2014).
In the blind areas of the project not covered under the key project indicators, planning and execution strategies are to be applied. These strategies ensure that employee performance does not fall short of what is expected. However, in the case that they fall short, these processes help to decide the cause of action to be taken as soon. The management and the employees should work hand in hand to realize this potential. They both raise standards in the planning and execution processes. The strategies enable to spot gaps in the project early enough and help prevent the shortfall of employees’ performance in the project.
Key project indicators are not always to measure, but they go a long way in ensuring the powerful performance of employees in a project. They largely help to figure how well teams are achieving the set goals in a project. Understanding the importance of the KPIs in every project will help build team synergy and provide a strong foundation for the performance and completion of the project.
Conclusion
KPIs are one of the project management tools used to ensure that the proposed project is completed within the stipulated timeline and within the set budget. In the case of Oklahoma organization, just like Mir& Pinnington, 2014, in their peer reviewed journal indicates, a five project management KPIs are used in monitoring and controlling projects. These include; timeliness key performance indicators, effective key performance indicators, budget key project indicators, quality key project indicators and current resource allocation KPIs.
References
Marr, B. (2014). 25 need-to-know key performance indicators. Cambridge publishers.
Parmenter, D. (2015). Key performance indicators: Developing, implementing, and using winning KPIs. Hoboken, New Jersey: John Wiley & Sons, Inc.
Mir, F. A., & Pinnington, A. H. (February 2014). Exploring the value of project management: Linking Project Management Performance and Project Success. International Journal of Project Management, 32(2), 202-217. Retrieved October 07, 2017.
Shalaby, E., & Al-Shammari, Z. (2015). Key Performance Indicators Definition-Patterns- Importance. Saarbru?cken: LAP LAMBERT Academic Publishing.
Zwetsloot, G. I. J. M. (2014). Key performance indicators. Hoofddorp: TNO.
