Project planning is critical as is monitoring it and measuring its success. Project success can be measured during the task in motion using several indicators. At different points project managers can evaluate the five features –
The success of your project management gets defined whether the original timeline as planned gets fulfilled or not. It is hard but project managers ensure to make it a little smooth by consistently evaluating the ongoing progress.
The project schedule gets regularly updated [weekly]. Schedule assessment is something that can be done formally after every phase. Monthly reports can be dispatched to the project board or senior stakeholders.
Online Gantt chart software is useful to update data schedules. Tasks’ status and deadlines are visible to everyone involved with the project. The project manager can check whether their major milestones fall on the same dates as scheduled. They identify any obstacles and get an idea of how much resolving it can have on the deliverable timeline.
It is critical to monitor projects financial performance. After each phase compare the current project spend against your planned budget. If there are differences then identify the reason. Use the Kanban board to get an idea of actual material and labor costs in real-time.
Management teams working on the project feel liable and motivated to not overrunning the budget. They stay alert and ensure that the work is progressing as expected and planned in terms of finance and productivity. If the budget increases even by 10%, then your spending will be uncontrollable towards the end [it can reach 40%].
Due to this, there can be a delay due to a lack of material as there were no funds available to buy it. Therefore, it is necessary to be on top of your finances and within budget. Evaluating every phase helps to identify any finance overrun when it is low and addresses it. This makes a huge difference in your overall project cost at the end.
Quality needs to be reviewed after a phase along with project management practices. Are you flexible with the management process like making adjustments? The quality review helps to evaluate whether the task that is done fulfills the standards configured in the quality plans. It is better to know it at an early phase rather than at the end when no changes can be made.
- Stakeholders satisfaction
Getting stakeholder’s real-time feedback is critical for project managers, so they get an idea of what is getting done differently. Scrum board can help because it keeps the stakeholders and team in a loop.
- Check whether the project is useful NOW
The project was intended to resolve a business issue but by the time it finished there have been developments and the project has turned redundant. No one took efforts to check project realistic benefits during its lifecycle, so the work was pursued on something that is no longer needed. Therefore, regularly check and evaluate whether the goal of the project aligns with current business objectives.