Methods for Evaluating Project Performance

When the performance is measured, then performance is improved. When the performance is measured or reported back, rate of improvement accelerates. In the field of project management, performances measurements techniques are used for assess the magnitude of divergence from the original project’s plans. As such, they are important an aspect of project’s schedule manages, allowing to the project team and determine the whether schedule variance needs for corrective actions.

Some basic performances measurement techniques are as follows:

Performance re-views

Performance re-views are the meetings organized to assess the project status. Most of the project manager’s schedule weekly and monthly re-views to keeps the management team abreast of the projects status. Through conducting frequent performances re-views, are more easily detected or it can be addressing first which prevents the divergence from a plan.

Trends analysis

Trends analysis includes the examining the project results over many reporting periods to determines, if the performance is improving and deteriorating. Through plotting of the reports outcomes on a graph, managements can determines whether schedule performances is progressing and regressing.

Companies’ uses the trend analysis for long term projects, to compare the status over many periods. A three month, four month, and six month moving average are used to predict the project trends. Trending provides the management with the advance warning of aversive trends, or allows for the corrective actions to be taken to rectify situations. A company also uses trend analysis information’s to plan the future projects that are similar nature.

Earned value analyses

An Earned value analyses is the most generally used method of the performance measurement. It integrates the cost, scope, or schedules measures to assist the management of the team in assessing the project performance. The Earned value analysis compares with amount of the planned work to, what was really accomplished. This includes the calculating of three central values for each activity i.e. performed.

Planned value in a project is approved the estimates of the cost planned to be spent on a process during the given time of period.  The real cost in a project is the total costs included in the completing of work for an activity in a given time of period. Earned value for a project is the value of work in fact completed during the period of the time. These enumeration that allows the project managers to see whether cost or schedule’s performance is proceeding as per planned.

Information’s distribution tools or techniques

Information’s distribution tool’s or a technique that make important information available to project’s stakeholder’s in a timely method. Information’s regarding the project’s performance is the essential to bring about the project success.  Meaning full communication or shared information & distribution methods are basics tool & techniques for ensuring that the important information is distributed.

A communication skill is used to exchange the information’s. Whether communications in the form of oral, written, external, internal, informal, formal, vertical, and horizontal and the sender must be ensures that the information is clear or completes while the receiver’s confirms that it’s properly understood.

Information’s retrieval system allows the information to be shared through project team members or the stakeholder’s. Many systems may involve in project management software’s, electronic databases, or manual filing systems. Information’s distribution method ensures that the important project information’s distributed to the stakeholder’s. Project meetings, electronic mail, voice mail, fax, project intranet, video conferencing, hard copy documentation, or shared databases are all of effective distributions methods.

Performances re-view, earned value analysis, trend analysis, or information distributions tool & technique are vital in estimating the magnitude of the any project’s variation. Use this technique to prescribe whether project performs as the planned will helps you maintains a terse or controlled the project schedules.

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