Project Management Dashboard Templates, KPIs and Metrics Examples
One of the main reasons why certain projects fail is simply because of poor project management. Sometimes the project details were communicated poorly among the team. As a result of that the team members start to get confused on what they must do.
Unmotivated team members who are not passionate about a project will not give out their highest performance and this will cause project to fail at some point or done poorly. There are so many things that can affect a project and cause it to head south. But usually when you are taking on a project you are always going to take on a certain amount of risk.
A simple tool or strategy you can use in your organization to try and take out some of the risk of project management is to use a dashboard with key performance indicators. When you use key performance indicators it will help you to put metrics in place.
That will help you to track the different processes that you think is necessary for your team to track. Additionally it will help you to track the metrics that are going to have the greatest impact on your project. Project managers have found this technique to be quite useful. It has helped them to make the different operations in their project perform more efficiently. While taking out inefficient processes which will help in cutting cost.
Below you can see a list of key performance indicator metrics you can use in your dashboard to help your project perform better.
• Reduce the cost of the next half of our project by 10% in 12 months
• Reduce our equipment downtime by 3% in 7 months
• Number of suggestions implemented
• Improve the rate of communication in our project in the next 5 months
• Reduce the rate of our resource usage by 4% in order to save some back cash for the 3rd quarter
• Try and reduce the number of cancellations per project phase by at least 5% in 6 months
• Increase the rate of our output per person on the production line by 7% in 12 months
• Reduce the cost per each activity by 2% in 10 months in order to keep our project within forecasted budget limits
• Improve our quality testing process to try and reduce our defect rate by 6% in 12 months
• Decrease the rate of number of quarterly project milestone missed by 3% up until final project deadline
• Reduce the number of process changes per quarter in our projects in order to save cost
These are just some of the metrics you can set in your organization to help keep your project under control. All those examples above are just to give you an example of what kind of metrics you are going to set in your project.
You must ensure that your key performance indicators are also aligned with your project’s goal. You don’t want to waste your valuable time on unnecessary ones that’s not going to give your project any value. The job of a project manager can be really hectic.
Using key performance indicators to help and track certain processes and keep them under control will save you a lot of money in the long term.