Quality metrics are used in project management to assess how well a project achieves its objectives. There are several quality measures that can be applied, and the particular objectives of the project will determine which statistic is best. Customer satisfaction, cycle time, failure rate, quality control, defect density, and so forth are examples of standard quality measures.
Quality Metrics
A vital aspect of project management is the use of quality metrics. By monitoring and measuring the quality of your project, you will be able to realize any problems and risks and take the appropriate steps to reduce them. This will help cut the possibility of expensive mistakes or delays by a considerable margin.
5 Quality Metrics to Take Into Account for Your Upcoming Project
No single quality metric works flawlessly for every project. Although the ideal measure will vary depending on the project, PM-Training has compiled five of them along with an example to help you understand what they are and how to utilize them.
1. Timetable of Performance
The Schedule Performance Index (SPI) is a project performance technique that measures a project’s progress against its schedule. The SPI is calculated by taking the earned value (EV) of a project and dividing it by the planned value (PV). This is then expressed as a percentage by multiplying by 100.
Main uses: The SPI can assess the project’s health and identify potential problems. While a high SPI implies that a project is ahead of schedule, a low SPI shows that a project is lagging behind. The development of various projects can also be compared using the SPI.
For instance, SPI is computed by dividing the earned value of a project—that is, the value of the work that has been finished—by the planned value, or the value of the work that was supposed to be finished.
2. Measures of Productivity
The efficiency with which resources are employed to generate a desired output is measured by productivity. Productivity is frequently used in project management to assess a project’s advancement or evaluate the effectiveness of various project management techniques.
Applications: The most widely used productivity metric is production per unit of time, while there are other options as well. This statistic, which is commonly determined by time tracking systems like Controlio, contrasts the quantity of work completed in a specific time frame (usually an hour) with the quantity of time spent working.
For instance, a worker’s productivity would be two units per hour if they produced two labor units in an hour.
3. Surveys of customer satisfaction
What is it? Customer Satisfaction surveys are a prevalent method used to evaluate how well a project meets the needs of its customer’s population.
When to use: Customer Satisfaction can be applied to project management to determine if a project fulfills the needs of its customers. A bad score may suggest that the project needs to be developed since it is not meeting customer expectations. A high Customer Satisfaction score, in contrast, suggests the project is going to be successful and meets customer needs. In example, it can be evaluated by asking customers to rate their level of satisfaction from a scale of 1 to 5, with 1 being completely dissatisfied and 5 being completely satisfied.
4. Time of Cycle
What is it? In agile project management, cycle time is a metric that quantifies how long a task takes to finish. Agile teams utilize this statistic to increase productivity and streamline processes.
When to apply: Cycle time calculates how long a sprint or certain task takes to finish. It is frequently employed to pinpoint areas where the project management procedure needs to be improved. Compute its cycle time by determining the number of days involved in completing a work from start to finish.
For example, if a business would like to improve their customer satisfaction, they may have a process that identifies cycle times for every step of the customer journey including the time involved to receive a complaint from the customer, investigate the complaint, take action to resolve, and ultimately contact the customer again.
5. Measures to Control Costs
The cost control metric is useful for tracking and managing project expenses and maintaining project timeliness.
When to apply: This can be carried out on a weekly or monthly basis. You can rapidly determine whether the project is on pace to remain within its budget by monitoring the cost management statistic.
For instance: Making a budget, keeping an eye on project expenditures, and applying earned value management strategies are a few examples of cost control in project management. Project managers may assist guarantee that their projects remain within budget and on schedule by implementing these and other cost management strategies.
