Monitoring and Reporting Project Performance
When you’re managing a project—and perhaps a team of outsource partners—it’s vital to monitor and measure performance through reporting.
With a large-scale, long-term project, it’s vital to have metrics that indicate success along the way, so you avoid any nasty surprises at the end.
Good lines and systems of reporting will save you headaches, and keep your project on track. But there are a few steps you need to take to ensure successful reporting that effectively and efficiently measures success along the way.
Here’s how to monitor reporting and measure success in your project performance.
What Does Success Look Like to You?
What will be the best possible outcome of your project? Before you start measuring success, you need to define exactly what success is.
Does success in your project solve a problem, serve a community, keep customers happy, or drive your profit margin?
Workshopping and brainstorming at the outset is an excellent way to engage your team, consult stakeholders, and determine a clear and focussed outcome of your project.
Keep Stakeholders Happy
When stakeholders are directly affected by your project, or funding it, they need to be informed of progress along the way.
Reporting is as much about engaging and connecting with stakeholders as it is about providing information and transparency—and every stakeholder is different. Sometimes they simply want to be connected or know what’s going on; other times, they’ll seek a full report each month.
If they’ve put up cash to fuel the project, they need to know how it’s being spent. Timelines depend on the context of your project, but scheduling a weekly, fortnightly or monthly meeting means that they’ll always know what to expect.
Metrics to Success
Once you’ve determined what success looks like to you and your stakeholders, you can break it down further by using metrics to measure your progress.
There are many different metrics that may suit your project, from Customer Satisfaction to Return on Investment to Cost Performance. See here a list of 10 Metrics to Propel Performance.
Reflect, Analyse and Make Changes for Improvement
With metrics to measure your team’s performance, you’ve got valuable data at your fingertips. Ensure you use that data widely, and implement it into your reflection and analysis.
Simply taking performance measurements isn’t enough—it’s the way those metrics implement improved changes that really counts.
If your Return on Investment is way off from where you expected it would be, it’s time to take a good hard look at the numbers and predicted budget changes over the timeline of your project. Is your Customer Satisfaction through the roof? Well, good news—you’re doing something right.
Whatever your metrics, keep them active to inform your constant planning until the project is successfully delivered.
Neil Anderson is the founder of MarketingSearch.com.au, a privately owned and operated Australian platform enabling businesses to transform their marketing impact and profitability through better agency search and selection, talent sourcing and project optimisation services.