Project Management Performance Reporting
Performance monitoring is one of the key aspects of project management to see if the work meets a schedule, or if disciplinary measures are needed to re-track progress.
Execution of plans & monitoring systems is most commonly linked with Project Management Performance Reports. In such documents, some facets of the overall performance of the project are addressed.
In such reports, there are many aspects of overall performance which are discussed. Some of the most prominent are mentioned here:
1. Cost Reports & Budget Forecasts
Cost updates are generally of primary interest for high management stakeholders who are under pressure to minimize expenditure. These reports allow us to determine how effectively the project complies with a given budget.
The cost baseline may have to be raised if the estimated budget seems inadequate. Budget Forecasts offer data on the funding required to complete the remainder of the project work and also help in estimating the required total funds for completing the project.
For stakeholders that need to look at the broader picture, the reporting of performance can fix variances in schedule and cost – as these are usually interrelated.
2. Work Performance
Work Performance Information (WPI) is the information which can be deducted from project activities, which is then collected based on performance results, for instance –
A. Delivery Status
B. Progress Schedule
C. Income & Expenditure
To generate this type of report, timekeeping programs that record hours worked on a project can be useful.
For example, the planned level of human resources (which are measured in hours of work) can be used to achieve project milestones. If the work hours are less than planned, it would be easy to figure out which surprise cost savings are tied to the delay.
Work Performance Information is utilized to produce project activity metrics to evaluate the actual progress compared to the pre-determined progress when it comes to Project Management.
These metrics are as follows –
A. Planned vs. actual cost performance
B. Planned vs. actual schedule performance
C. Planned vs. actual technical performance
3. Quality Control
If the quality of the work of the project is deficient, reports must be produced in stages. Firstly, the initial quality variance is notified. Next is the proposed approach (including the reasons for the decision).
Finally, the results of the correction of the course are reported. Skipping any of these steps may cause the stakeholders to lose trust.
For example, the fact that there is a problem firstly leads others to believe that under the surface there could be even worse problems. Informing stakeholders of a problem of quality but not collaborating with them regarding how to solve it, may leave them wondering if the project management team was unsuccessful.
4. Risk Reporting
Risk reporting in the case of project management is not a common practice, but it should be. The risks tend to change rather than remain static over the course of any large project. Precise evaluations and reports can have a major effect on decision-making.
5. Organizational Process Assets
These assets are utilized during the reporting of different project performance includes, but isn’t limited to –
I. Report Templates
II. Procedures and policies
III. Variance limits defined by the organization
To conclude, performance reports are an absolute necessity in project communication management.
It involves collecting and also disseminating all of the project information, communicating the project progress, usage of resources, and being able to forecast future status and progress to various stakeholders, as decided in the communication management plan. Thus, in every project, it plays an important role.