Vincent Suryajaya Guntoro

392662
Individual Assigment 6 (MIS)

Project managers often wonder if they measure the right things on a project.

It's hard to know how much time is spent evaluating past performance and how much
time is spent keeping work going forward. Of course there are many indicators of
project success, but what do you need to measure when the project is running? At
various points during the project you want to evaluate five points: schedule, quality,
cost, stakeholder satisfaction and performance on business cases. You still have to
do this informally. Formal project evaluation is useful during the end of the phase or
stage because it can give you a clear indication of project performance against the
initial estimates. This information can then be used to give (or hold) approval not to
continue the next work. Let's look at five things that you must evaluate.

1. Schedule
The success of project management is often determined by whether you remain on
the original timeline or not. Experienced project managers know how difficult it is, but
it's a little easier if you continually evaluate your progress. You will update your project
schedule regularly I recommend at least every week. Schedule evaluation is
something you can do more formally at the end of the phase or phase, or as part of a
monthly report to your senior stakeholder group or the Project Board. Look at your
main milestones and check if they still fall on the same date as you originally agreed.
Complete slippage, if any, and how much impact it has on the overall scale of your
project.

2. Quality
The end of the project phase is a good time for quality review. You can check the
quality of your project management practices whether you follow the change
management process at any time and beyond and also the work results. Quality
reviews can evaluate whether what you are doing meets the standards set out in your
quality plan. It's best to find out now before the project goes too far, because it might
be too late to do anything.

3. Costs
Many executives will value cost management as one of their highest priorities on a
project, so evaluating the performance of your project is very important. Compare your
current actual expenses with what you have budgeted at this time. If there are variants,
try to explain. You also want to look ahead and predict the budget until the end of the
project. Compare that with your initial estimates too and make sure it's close enough
for your management team to feel that the job is according to plan. If your estimates
go up too much, that is a sign that your expenses will be out of control at the end of
the project again, something better to know now.

4. Stakeholder Satisfaction
Your broader team your stakeholders is very important in completing many jobs, so
it's good to check them out. Find out how they feel about the current project and what
you can do differently. This is an action that is difficult to document statistically,
although nothing stops you from asking them to get a rating of 10. Even if you evaluate
their satisfaction subjectively, it is still a useful exercise. If you see that stakeholders
are not fully supportive, you can put in place a plan to involve them thoroughly to try
to influence their behavior.

5. Performance for Business Cases

Finally, you want to go back to the business case and see what you originally agreed
to. How is your project? Make sure the benefits are still realistic and business problems
designed to be completed by this project still exist. That happened - the project team
worked on an initiative that sounded great but by the time they were finished the
business environment was moving and the project was overkill. No one cared to
examine business cases during the project life cycle and so no one realized that the
work was no longer needed.

The lesson learned is where all project stakeholders comment on what works and what
doesn't. You take the message and the main task to improve how the project is
delivered in the future. This is an important part of project closure, but this is not a
formal evaluation. You get lots of feedback, anecdotes, and stories but even the most
structured learning workshops generally give you narration rather than statistics.

 What Are the Steps to Identifying Critical Success Factors?

1. Unite to agree on project goals there must be consensus, among stakeholders,

clients and the project team.
2. The next step is to cross check your project's individual goals; the purpose of
this is to enable you to identify what goals are really important for the project
and which ones carry out the "supporting" role.
3. Trim the nominated target list to be very critical 5
4. Decide how metrics to measure progress are critical goals and how they will be
monitored.
5. Be sure to communicate this with all members and project stakeholders to
ensure that everyone is on the same page and knows what tasks are prioritized
over others.
6. Finally, the determinants of success for each are recorded and documented so
that they can be referred to in the next similar project. This will help the
successor project manager to easily identify the CFS in the current project
project.

Reference :

https://project-management.com/6-ways-of-measuring-project-success/