Top 3 KPIs for Project Managers

[Music] today we're talking about the top three KPIs for project managers so what is a KPI so KPI is a key performance indicator think of say like your dashboard on your car to help you determine are you going too fast are you going too slow think of a GPS system when you're driving somewhere that helps you know different routes maybe it can give you some alternative routes on your project but these KPIs they're specific measures and they consist of the most important goals on your project so say for projects we think of the triple constraint

where we're constantly looking at the time the cost the scope and the quality of the project so the KPIs are very important measures that help us determine at a quick glance where we are it helps us instantly discern the status and it's merely a rough guide so we constantly look at these measures to help us as a guidepost to know how we need to navigate on our project some of the best practices in selecting the KPIs for your project are that you develop these KPIs jointly with the people who are involved you also get the

stakeholders to agree on these KPIs you also need to make sure that they're relevant to the project if you're measuring things that aren't relative to the project then you're going to be spending time with no results also again you want them specific and measurable so when we look at the project lifecycle we look at a couple things one these are the phases of the project where you start the project you plan the project then you complete all the work and then you close it out and then you have your project management outputs so as time

goes on in the project the cost and the staffing levels in the project they increase and then the decrease and through the course of time we want to be tracking those variables because that's where we can get into the traps so the top three KPIs that we found as project managers to help us gauge our performance or these first of all we look at the project schedule we want to know are we on schedule are we behind schedule if we're behind schedule what are the things that we need to do to get it back on

schedule we also look at the resource allocation throughout the project we want to know do we have resources that are over utilized or underutilized if you have resources that are over utilized that's going to increase your cost if you have them underutilized you may need to look at number one are those resources resources that you can use to help the others who may be over utilized if they're underutilized you need to look closer to make sure are they actually completing their work they may need some more training or support to get their work done and

the third one is labour cost you want to keep a close eye on your labour cost to see are you over budget or you under budget and what are the things you need to do to get it back on track if you're over budget but if you need a tool that can help you manage your KPIs then sign up for our software now at projectmanager.com