Metrics in Portfolio management: Difference between revisions
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==Abstract== | ==Abstract== | ||
According to the Project Management Institute (PMI), a metric is a description of a project or product attribute and how to measure it. It is, indeed, a quantitative measure of performance or outcome that provides a basis for comparison, evaluation, or improvement. <ref name=PMBOOKProject>Project Management: A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition and The Standard for Project Management</ref>. | |||
Advances in project metrics have been rapid, but advances in portfolio metrics have been slow because not all companies maintain a project management office (PMO) dedicated to portfolio management activities. This can lead to changes in the role of the project manager, the metrics used, and the dashboard displays <ref name=Kerzner>Harold, Kerzner, Project Management Metrics, KPIs, and Dashboards, 2017, Wiley & Sons</ref>. | Advances in project metrics have been rapid, but advances in portfolio metrics have been slow because not all companies maintain a project management office (PMO) dedicated to portfolio management activities. This can lead to changes in the role of the project manager, the metrics used, and the dashboard displays <ref name=Kerzner>Harold, Kerzner, Project Management Metrics, KPIs, and Dashboards, 2017, Wiley & Sons</ref>. | ||
The purpose of this article is to outline | The purpose of this article is to describe the type of metrics needed to evaluate Portfolio performance and outline their differences from the well-known metrics to measure Project performance. | ||
Defining success on a project has never been an easy task. The focus has always been the triple constraints (see Iron triangle-link). Today, it is acknowledged that there are four cornerstones for success, where success is defined in terms of value that is expected. | Defining success on a project has never been an easy task. The focus has always been the triple constraints (see Iron triangle-link). Today, it is acknowledged that there are four cornerstones for success, where success is defined in terms of value that is expected. | ||
Revision as of 09:54, 11 February 2023
Abstract
According to the Project Management Institute (PMI), a metric is a description of a project or product attribute and how to measure it. It is, indeed, a quantitative measure of performance or outcome that provides a basis for comparison, evaluation, or improvement. [1].
Advances in project metrics have been rapid, but advances in portfolio metrics have been slow because not all companies maintain a project management office (PMO) dedicated to portfolio management activities. This can lead to changes in the role of the project manager, the metrics used, and the dashboard displays [2].
The purpose of this article is to describe the type of metrics needed to evaluate Portfolio performance and outline their differences from the well-known metrics to measure Project performance.
Defining success on a project has never been an easy task. The focus has always been the triple constraints (see Iron triangle-link). Today, it is acknowledged that there are four cornerstones for success, where success is defined in terms of value that is expected.