PRINCE2 in 2023 – Measures of Success
The traditional approach to measuring time, cost and quality may still have its place, but it does not necessarily tell the whole story. The best way to summarize the project status at a point in time is to identify key performance indicators (KPI’s)
When designing KPI’s, a balance should be struck between qualitative and quantitative measures, leading and lacking indicators, and project inputs and outputs.
The number of KPI’s should be balanced to create only information that is necessary and sufficient.
Objectives are what the project needs to achieve, whereas KPI’s are the measures that indicate whether or not progress is being made towards achieving those objectives.
Lagging indicators
These measure performance that follows events, and allow management to track how well actual performance matches that which was expected. An example could be the number of unexpected errors reported off to a particular software release.
Leading indicators
These measure progress towards events, and allow management to track whether it is on course to achieve the expected performance. An example would be the persistent failure of a supplier to meet quality requirements early in the project.
The KPI’s should be aligned with the quality expectations and acceptance criteria defined in the project product description , and the project progress is through a project dashboard that uses graphical representations such as pie charts and histograms to display the status and trends of performance indicators.
These can show the status for quantitative KPI’s and are easy to understand by relevant stakeholders at all levels.
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