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Feb 20, 2024

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roject performance metrics best resource: The PMBOK guide was a valuable resource to attaining a better understanding of project performance metrics. I find that I do better with an explanation of material rather than using formulas, numbers or graphical visualizations. Although metrics must incorporate analysis of numerical values, having a descriptive summary is very helpful for me to gain more clarity on a topic. “Establishing metrics includes setting the thresholds that indicate whether work performance is as expected, trending positively or negatively away from expected performance, or unacceptable. Deciding what to measure and how often is best informed by the phrase “only measure what matters” (PMI, 2021, PGS2:66). If I can interpret the purpose and goal of the activity, then I can gather the data needed to arrive with an outcome using the formula prescribed. Having a better understanding on determining performance metrics has also increased my competence in project management in my current role as a Business Analyst while working on projects and for my future endeavors as a PM to avoid surprises that could easily be identified if the analysis is performed as guided. Interpret project performance using earned value analysis best resource: The PMBOK guide again was a highly valuable resource to gaining knowledge in interpreting project performance using earned value analysis. The description used to explain the process is highly effective and not difficult to interpret. “Earned value analysis is a method that utilizes a set of measures associated with scope, schedule, and cost to determine the cost and schedule performance of a project” (PMI, 2021, PGS4:176). The PMBOK guide also goes into graphical representations of the formula for earned value analysis to extend a visualization of cost and performance variances which is very helpful when analyzing a project’s performance. There are also many types of variances outlined that compare the planned or estimated versus actuals which is critical data that must be considered on a project’s performance evaluation. These elements can help determine the cost benefits and overall value that the project can potentially deliver. Being exposed to this learning will definitely benefit me in my current role as a Business Analyst while working on a system upgrade project and for future roles where I am involved in projects. Identifying and analyzing performance metrics is key to a successful project outcome. “Without good metrics, you make seat-of-the-pants decisions that are just guesses rather than decisions based upon evidence and facts” (Kerzner, 2022, p. 417). References:

Kerzner, H. (2022). Project Management: A Systems Approach to Planning, Scheduling, and Controlling . Wiley. Project Management Institute. (2021). A Guide to the Project Management Body of Knowledge (PMBOK Guide) (7th ed.). PMI Publications

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