Measure ongoing progress based on methodology

In order to achieve success in any project, it is essential to measure ongoing progress routinely. This practice aids in the tracking of development, allows for timely adjustments, and enhances the overall project management process. For aspirants of the Project Management Professional (PMP) examination, understanding this concept can significantly enhance their competence in project management.

Importance of Measuring Ongoing Progress

To highlight the importance of measuring ongoing progress, consider the following points:

• Tracking and Controlling: It helps the Project Manager track and control the project’s progress towards the scheduled timeline and allotted budget.
• Early Identification of Risks: Detecting problems early on can mitigate potential risks before they escalate, causing significant loss in cost or time.
• Improving Efficiency: Measuring ongoing progress can enhance team efficiency by identifying areas where productivity can be improved.

Measuring Ongoing Progress Based on Methodology

There are several methodologies one can employ to measure ongoing progress in project management. Here are a few commonly used in Project Management:

1. Earned Value Management (EVM): EVM is a widely recognized project management method. In this technique, you calculate the difference between the project’s planned progress and its actual progress.
   • Planned Value (PV): This is the estimated budget for all the planned tasks at any given point.
   • Earned Value (EV): This reflects the budget for tasks that have been completed at a specific point.
   • Actual Cost (AC): This is the exact amount spent on attaining the project’s current position at any given point.

   With these three key indicators, we can derive two significant measures:

   • Cost Variance (CV)= EV – AC. It reflects whether the project is under budget (positive) or over budget (negative).
   • Schedule Variance (SV) = EV – PV. It indicates whether the project is ahead of schedule (positive) or behind it (negative).
2. Key Performance Indicators (KPIs): These are predetermined metrics set to measure the effectiveness and progress of specific project goals.
   • Lead Time: This KPI measures the time it takes to complete a task from start to finish.
   • Cost Performance: This measures how well the project is adhering to its budget.
3. Balanced Scorecard (BSC): This method looks at the project from four perspectives: Financial, Customer, Process, and Learning & Growth, allowing for a comprehensive analysis of progress.

Remember, what you measure and how you measure it depends greatly on the specific project at hand, its objectives, and stakeholders’ expectations.

Comparing Methodologies

Examples

Let’s take an educational project that involves creating a new curriculum for a school. Here is how different methods might be used:

• Using EVM, the Project Manager calculates the PV, EV, and AC to get insights into the financial status and timeline of the project.
• Employing KPIs, the Project Manager might track the lead time it took to develop specific modules in the curriculum and how the project’s cost compares to its budget.
• Utilizing the BSC, the Project Manager may evaluate the financial cost of the project, the educators’ satisfaction (Customer), the efficiency of the curriculum development process (Process), and how well the team learned and grew from this project (Learning & Growth).

In conclusion, measuring ongoing progress based on methodology is a critical skill for every aspiring PMP professional. This skill not only allows for effective tracking and control but also enables strategic decision-making, essential in ensuring project success.