StansburyAngelia PJM535 Portfolio Project

docx

School

Colorado State University, Global Campus *

*We aren’t endorsed by this school

Course

535

Subject

Information Systems

Date

Dec 6, 2023

Type

docx

Pages

Uploaded by angelastansbury

Option #1: Develop Applications Relative to Course Objectives Angelia Stansbury Colorado State University Global PJM535: Project Metrics, Monitoring, and Control Dr. Jayaram Madireddy November 5, 2023 1

2 Develop Applications Relative to Course Objectives The motive of this portfolio project is to merge the knowledge obtained in class with the knowledge obtained from analyzing and researching data. The metrics of a project are essential in observing and managing procedures which allow tracking the performance of projects and applying the required modifications when required, as they are all crucial to successful projects. Throughout this class, numerous topics covering metrics like selecting and justifying metrics, using critical success factors (CSFs) as metrics, key performance indicators (KPIs), procedures in project management, and communicating information have been covered. This essay will provide useful information on project management metrics and how to monitor and control such metrics. This will be done by exploring and utilizing the information on realistic scenarios which are affiliated with the goals of this course. The following are the course objectives that will be covered in this essay: 1. Demonstrating why metrics are required in project management. 2. Establishing why metrics are crucial in effectively managing time, cost, and scope. 3. Applying the understanding of project metrics to identifying the primary characteristics of properly defined metrics. 4. Characterizing Key Performance Indicators (KPIs) as they are applied in project management driven by metrics. 5. Applying project management metrics based on value as essential in choosing the correct metrics. 6. Exploring project performance dashboards including designs, use, and limitations.

3 7. Exploring the use of visual project management tools, including project performance dashboards. 8. Creating appropriate performance indicators for application in project management driven by metrics. A Familiar Project Utilizing Metrics This essay will focus on the complex project for Henry Mayo Newhall Hospital. The project consisted of finding a way for an increased outpatient surgical center performance (myComply, 2022). It focused on finding a way to remain on schedule for each in-patient and out-patient surgery. Remaining on schedule is crucial for successfully meeting the needs of every patient. Every medical center appears to always start the day off in a rush. Being on schedule for the very first in-patient or out-patient surgery has a domino effect on the surgeries to follow. Following the schedule tends to repeatedly be a challenge for every hospital. Covid-19 produced a larger number of difficulties, such as keeping the necessary supplies and medical equipment readily available, staying up to date with medical notes, and making sure the right members of the medical staff are accessible for covering the needs of each patient. Jay Arcilla, Director of the Performance Excellence Office, oversaw conducting research and altering the tasks and procedures to reach the expected results, meet the needs of patients more suitably, and guarantee excellence. Arcilla aspired to increase the number of surgeries starting on schedule to 70 percent (myComply, 2022). Following careful analysis of every guiding factor, Arcilla executed various implementations. A few examples are as follows:

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 - Electronic Signage: notably located in the Outpatient Surgery Center (OPSC) and additional applicable places, the recently developed easy to modify signs ensures it is effortless for personnel to locate their patient. - Executed sizeable bed bay sign boards on walls, floors, pre-operation (Pre-Op) and post-anesthesia care unit (PACU) location to effortlessly locate their patient on July 21, 2021. - Electronic Boards in the OPSC executed in pre-operation and recovery Nurses station, close to personnel and doctor’s lunchroom, and the main hall in January 2022. The Henry Mayo Newhall Hospital project was a success due to the metrics that were chosen by the project manager (PM), Jay Arcilla. Due to the type of changes the project wished to implement, it was considered an information technology (IT) project. Selecting the right metrics is crucial to having a successful project. Stakeholder meetings, the proper tools, and communication must be a part of every project (Klimaitiene et. al., 2020). In addition, developing key performance metrics (KPIs) that measure up to crucial projects being successful is a must. KPIs are utilized to decide if adequate implementations are achieved. There were several steps that were taken by the PM and stakeholders that made this project a success (myComply, 2020). The first was holding meetings with everyone involved in the project including the key workers and other stakeholders. These meetings helped them evaluate the source of falling behind schedule on surgeries and establish a harmonious and integrative team. The next step was utilizing dynamic dashboards. The dynamic dashboards provided executive, functional, and project specific visuals. These striking visual layouts symbolized the

5 project that was established taking the patients into account. Communicating the data and motivating discussions with stakeholders in the meetings was also a factor in the success of this project. Accountability was established and mandatory because of the project, as well. Surgery room upper management established and imposed an escalated process called the Outpatient Surgery Center First Case On-Time Start (OPSC FCOTS). This process held every employee liable for being present to OPSC FCOTS (myComply, 2020). Developing key performance metrics (KPIs) that measure up to crucial projects being successful is a must. KPIs are utilized to decide if adequate implementation is achieved (Kerzner, 2017). Numerous options exist to determine the success of most IT projects. These options include corresponding its advantages with the project’s initial goals, completing a rate on investment (ROI) examination, and having a survey with personnel regarding the changes. Additional metrics that were utilized for measuring the success of this project are as follows: 1. cost efficiency - costs versus budget 2. status of project - amount of work completed, achievable objectives achieved, or amount of time spent on the project thus far 3. monetary gain - return on investment (ROI) 4. quality metrics - how satisfied was the client on the results 5. stakeholders’ satisfaction - surveys completed by customers or worker satisfaction index

6 Successfully utilizing KPIs in the Henry Mayo Newhall Hospital Project is vital for its overall success. Not only do they enable effective monitoring and control during implementation but also promote accountability among team members while fostering a culture of continuous improvement. Moreover, they provide an objective measure of success upon completion that can inform future endeavors. Therefore, it is imperative that KPIs are integrated into the project management framework to ensure their smooth execution and achievement of desired outcomes. Current Thinking on Time, Cost and Scope Management Using Metrics As demonstrated, the use of metrics continues further than uncomplicated measurements and could be used for informed decisions on projects (Ibraigheeth & Fadzli, 2019). In addition, metrics can be utilized for project progress or comparing to the standards when monitoring and controlling projects and symbolize the procedures needed for tracking and regulating the progression and production, pinpoint required revisions to design, and begin necessary revisions (PMI, 2017). Project management triple constraints are time, cost, and scope. These constraints are a significant section where PMs look to utilize metrics to enhance the results because they seem to be the focal point on almost all projects because of inadequate work on such projects which cease to successfully carry out the majority of what is expected (Rugenyi & Bwisa, 2016). Time Gauging time is among the triple constraints of project management. Managing the schedules of projects concentrates on the timeliness of finishing projects in the timeline goal. Earned Value Analysis (EVA) is a widely accepted method used in project management to measure the progress and performance of a project. It provides valuable insights into the project's

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

7 schedule and cost performance, allowing managers to make informed decisions and take necessary actions to ensure successful completion (PMI, 2017). A primary advantage of EVA is its ability to integrate time, cost, and scope metrics into a single measurement system. By comparing planned values with actual values, EVA helps identify any deviations from the original plan, enabling managers to proactively address issues before they escalate. In addition, EVA provides a clear picture of the project's health by calculating metrics such as Schedule Performance Index (SPI) and Cost Performance Index (CPI). These metrics indicate whether the project is on track or facing delays or cost overruns. Armed with this information, managers can allocate resources effectively, adjust timelines if needed, and ensure that projects are completed within budget. Along with its practical benefits, EVA also promotes accountability among team members. By measuring individual contributions against planned targets, it encourages employees to take ownership of their work and strive for excellence (Kerzner, 2017). Cost Regarding cost, criteria can be used to this constraint just like time. In this instance, one crucial metric from EVA that is applied to cost on projects is the Cost Performance Index (CPI). The CPI measures the efficiency of cost utilization on a project by comparing the budgeted cost of work performed with the actual cost incurred (PMI, 2017). According to Kerzner (2017), a CPI value greater than 1 indicates that costs are being managed effectively, while a value less than 1 suggests that costs are exceeding expectations. This metric enables project managers to identify potential cost overruns early on and take appropriate measures to control them.

8 By using the CPI, project managers can accurately forecast the final cost of a project based on its current performance. This information is vital for making financial decisions and ensuring that projects stay within budget constraints. Additionally, it helps in evaluating contractors' performance and determining their eligibility for future projects. Applying the Cost Performance Index from Earned Value Analysis to cost on projects allows for effective monitoring and control of expenses throughout the project lifecycle (Khadem et al., 2017). It provides valuable insights into how efficiently costs are being utilized and enables timely corrective actions if needed. By utilizing this metric, project managers can ensure successful completion of projects within budgetary constraints while maintaining high standards of quality and customer satisfaction. Scope Management Scope management is a critical aspect of project management that ensures the project stays on track and meets its objectives. In recent years, there has been a shift in thinking regarding scope management, with an increased emphasis on using metrics to measure and control project scope. Metrics provide objective data that can be used to assess the progress of a project and make informed decisions about scope changes. By tracking metrics such as cost, schedule, and quality, project managers can identify potential scope creep or deviations from the original plan. This allows for timely intervention and corrective actions to be taken before the project veers off course. Using metrics for scope management also promotes transparency and accountability within the project team. When everyone has access to real-time data on key performance

9 indicators, it becomes easier to identify areas of concern and address them proactively (Althiyabi & Qureshi,2021). This fosters a culture of continuous improvement where lessons learned from previous projects can be applied to future ones. Furthermore, metrics enable better communication with stakeholders by providing tangible evidence of progress. Instead of relying on subjective opinions or assumptions, project managers can present concrete data that supports their decisions regarding scope changes. This helps build trust and credibility with stakeholders who are more likely to support necessary adjustments when they see the rationale behind them. Research And Practical Theories on Key Characteristics of Metrics In the world of project management, metrics play a crucial role in measuring the success and progress of a project. However, the key characteristics of properly defined metrics have evolved over time due to advancements in research and practice. It is essential for project managers to stay updated with current thinking in this field to ensure effective project execution (Kerzner, 2017). A characteristic of properly defined metrics is alignment with project objectives. Metrics should be directly linked to the goals and objectives of the project, providing a clear indication of progress towards these targets. This ensures that efforts are focused on what truly matters, enhancing overall project performance. Another important characteristic is measurability. Metrics should be quantifiable and easily measurable, allowing for accurate tracking and comparison over time. This enables project managers to identify trends, patterns, and potential issues early on, facilitating timely decision- making and corrective actions. Metrics should be relevant and meaningful to stakeholders. They should provide valuable insights into various aspects of the project that are important for different stakeholders such as clients, team members, or investors.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

10 Having acceptable metrics must adhere to the long-established phrase SMART which means every metric must be specific, measurable, attainable, realistic, and time bound (Ogbeiwi, 2017). By presenting information that aligns with their interests and concerns, metrics can foster better communication and engagement among all parties involved. Flexibility is also a crucial characteristic in today's dynamic business environment. Properly defined metrics should be adaptable to changing circumstances or evolving project requirements. This allows for continuous improvement throughout the duration of the project by incorporating new insights or adjusting goals as needed. A realistic implementation of an actual project using metrics and the success of such metrics will be displayed in a project from ATEC. ATEC organizations have been constructing first-rate items and structures for Aerospace and Energy for over 70 years (ATEC, 2023). The company has a Global Shop ERP system that assists their central and exterior observing and controlling endeavors all through their projects. They are modifying their Global Shop ERP system to a different system that is not able to support the set configurations that is in the existing design. The objective of the project is to redesign the sets to a different setup and transfer the newly developed framework to the new system and the present tracking system following the creation and verification of the form by marketing and operations (ATEC, 2023). Considering the narrow scope of this project, the metrics that were utilized were research infrastructures (RIs) focused on tasks that were completed. According to ATEC (2023), metrics that were utilized were Form Creation and Marketing Review Competitions, and Sequence Validation completion. The single KPI that was used was Project Completion. It was obtained from the RIs. Because the

11 project is simple, a good way to keep track of how the project was performing was completeness. Completeness was revised when necessary or intermittently in the meetings held every week on the project’s progression. Keeping track of RIs are done by itself to reveal the potential delays which can possibly be displayed in the key performance indicator whilst the KPI is able to be compared to time. Although large scope projects typically need metrics that are advanced, in this instance the metrics were accurately determined relative to the project. Key Performance Indicators In any project, measuring progress and success is crucial. Key Performance Indicators (KPIs) play a vital role in this process. They provide valuable insights into the project's performance, helping stakeholders make informed decisions and take corrective actions when necessary (Kerzner, 2017). KPI is one form of metrics comprised of result indicators (RIs), performance indicators (PIs), key result indicators (KRIs), and key performance indicators (KPIs). The previously mentioned metrics identify with what was accomplished previously, steps to complete to advance, the accomplishments corresponding to critical success factors (CSFs), and the things that must be completed to extremely and appropriately advance efficiency (Parmenter, 2015). However, not all KPIs are created equal, and selecting the right ones is paramount for project success. The same as exceptional metrics, following the SMART technique ensures KPIs are more powerful. It is essential to understand that different types of projects require different KPIs. For instance, a software development project may focus on metrics like code quality or customer satisfaction, while a construction project may prioritize safety records or completion time. Therefore, identifying the specific goals and objectives of the project is crucial in determining

12 which KPIs to select. Some benefits of using KPIs in projects are improved accountability, help identify potential issues early on, and they facilitate effective communication within the team as well as with stakeholders (Klimaitienė et al., 2020). KPIs should be measurable and relevant to the project's success criteria (Parmenter, 2015). They should provide actionable information that can drive improvements and help achieve desired outcomes. For example, if cost control is critical for a project, tracking metrics like budget variance or cost per unit produced would be more effective than measuring employee attendance. Moreover, it is important to consider the availability of data when selecting KPIs (PMI, 2017). It is pointless to choose indicators that cannot be accurately measured due to lack of data or technological limitations. Therefore, assessing data availability and involving key stakeholders in the selection process ensures buy-in and promotes accountability throughout the project lifecycle. Collaborative decision-making allows for diverse perspectives and ensures that selected KPIs align with organizational objectives. Applying A Value-Based Model Earned Value Analysis (EVA) is a crucial tool in project management that allows organizations to measure the progress and performance of their projects (Kerzner, 2017). It provides a comprehensive understanding of the project's health, enabling managers to make informed decisions and take corrective actions if necessary. One of the key benefits of EVA is its ability to integrate cost, schedule, and scope into a single metric (Neumeyer, 2021). By comparing the planned value (PV), actual cost (AC), and earned value (EV) at any given point in time, project managers can determine if they are on track or falling behind (Kerzner, 2017, p.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

13 174). This analysis helps identify potential risks and deviations from the original plan, allowing for timely adjustments. EVA provides valuable insights into project efficiency and effectiveness. By calculating metrics such as cost variance (CV) and schedule variance (SV), managers can assess whether they are utilizing resources optimally or if there are any inefficiencies that need to be addressed. This information enables them to allocate resources more effectively, reducing costs and improving overall project performance. According to Neumeyer (2021), by comparing the planned value (PV), actual cost (AC), and earned value (EV), team members can determine if they are ahead or behind schedule and identify any potential issues early on. This information helps them make informed decisions, allocate resources efficiently, and take corrective actions promptly. In addition, EVA provides a comprehensive overview of a project's financial health. It allows management to assess whether the project is generating value for the investment made. By analyzing cost variances, such as cost performance index (CPI) and schedule variances like schedule performance index (SPI), managers can evaluate the efficiency of resource utilization and identify areas where improvements can be made (Anbari, 2003). One example of a large-scale construction project is the new stadium being built for the Buffalo Bills, an NFL football team, located in Buffalo, New York. According to myComply (2022), the estimated cost of the project is $2.1 billion dollars. In 2022, it was in the planning and preparation phase. The Buffalo Bills have been playing their games in an out-of-date stadium while other teams are building or have already built new stadiums. The project consists of constructing a new stadium which will include retail outlets, places to eat such as restaurants and cafes, parking garages, and several places for lodging. This project with a budget of $2.1 billion

14 will be one of the largest projects worldwide (myComply, 2022). This size project requires extensive monitoring of costs and schedules. Performance Dashboards: Design, Uses, And Limitations A project management dashboard provides a visual representation of key project metrics and performance indicators. Dashboards were established to be representative of monetary initiatives understandable to everyone (Kerzner, 2017, p. 253). It offers a comprehensive overview of the project's progress, allowing stakeholders to make informed decisions and take necessary actions. In today's fast-paced business environment, where time is of the essence, having real-time access to critical project information is crucial for success. There are three types of performance dashboards. They are operational, tactical, and strategic. The purpose of dashboards is to provide a clear and concise overview of the project's progress, performance, and key metrics (Kerzner, 2017). Dashboards enable project managers to make informed decisions, identify potential issues, and communicate effectively with stakeholders. Each type of dashboard serves a specific purpose and has a different scope. Understanding the differences between these dashboards is crucial for organizations to effectively manage their operations, make informed decisions, and achieve their long-term goals. Performance dashboards provide real-time data and metrics, allowing project managers to monitor progress, identify bottlenecks, and make informed decisions (Kerzner, 2017). With the ability to track key performance indicators (KPIs) such as budget utilization, task completion rates, and resource allocation, project managers can proactively address issues before they escalate (Klimaitiene, 2020). Furthermore, performance dashboards enable effective

15 communication among team members by providing a centralized platform for sharing information and updates. By utilizing performance dashboards in project management, organizations can streamline processes, improve efficiency, and ultimately achieve their goals more effectively. Performance dashboards provide real-time data and insights to track progress and make informed decisions. However, it is important to acknowledge their limitations. Firstly, dashboards often rely on quantitative metrics, neglecting qualitative aspects of project performance (Kerzner, 2017). This can lead to a narrow view of success and hinder the identification of potential risks or issues. Additionally, dashboards may not capture the complexity and interdependencies of projects accurately, limiting their effectiveness in managing complex initiatives. Therefore, while performance dashboards are valuable tools, project managers must recognize their limitations and supplement them with other methods for comprehensive project oversight. Visual project management tools, including project management dashboards, have revolutionized the way projects are planned, executed, and monitored. These tools provide a visual representation of project progress and key performance indicators, making it easier for teams to collaborate and make informed decisions. According to Kerzner (2017), one of the main advantages of visual project management tools is their ability to enhance communication and collaboration among team members. With a dashboard that displays real-time updates on tasks, deadlines, and milestones, everyone involved in the project can stay on the same page. This not only reduces misunderstandings but also fosters a sense of accountability among team members.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

16 Additionally, visual project management tools enable stakeholders to have a holistic view of the entire project briefly. By providing clear visuals such as Gantt charts or Kanban boards, these tools allow managers to identify bottlenecks or potential risks easily (Kerzner, 2017). This helps in making timely adjustments to ensure that projects stay on track and meet their objectives. These tools also offer data-driven insights that can drive better decision-making. Project managers can analyze trends and patterns from past projects using historical data available in dashboards (Kerzner, 2017). This information can help them identify areas for improvement or allocate resources more effectively. Visual project management tools are essential for efficient project planning and execution. They facilitate communication among team members while providing a comprehensive overview of the entire project's progress. By adopting these tools, organizations can improve collaboration within teams and make data-driven decisions that lead to successful outcomes. Creating a Performance Indicator With reference to the ATEC project focusing on the reliability of forecasts, the project can be improved by including more metrics surpassing the ones already utilized that were keeping track of order detail data and forecast reliability (ATEC, 2023). The present project scope seems to be brief accounting for the extremely focused metrics. Nonetheless, the reliability of the forecasts influences many aspects of the company. To illustrate, although forecast reliability is the primary concern, there seems to be no vision in the expenditures of the company for every forecasting error. Regarding the number of forecasting errors, an excessive amount of or not enough of supplies were purchased for each month. Not forecasting enough is able to be lessened

17 with buffer inventory, however there are times when not forecasting enough can lead to forgotten inventory. Forecasting too many turns available resources into inconvertible resources like supplies, that illustrates indirect implied costs. Addressing both problems, performance indicators can be established encompassing opportunity costs of missed cases and monetary value of overspending on supplies. Although the monetary value can vary, supply targets are effortlessly calculated by utilizing average total costs fixed on outstanding purchase orders and production overhead, opportunity costs of missed cases can be difficult (ATEC, 2013). The easiest path for quantifying these metrics is to calculate the case value average of product types, class, and method and utilizing case history to make an estimate of the cost of missed cases. Conclusion Complicated and multi-dimensional types of projects typically do not have a quick fix. Alternatively, outcomes are displayed eventually. The Henry Mayo Newhall Hospital project increased the monthly attainment over the 70 percent goal to 89 percent by April 2022 (in a seven-month timeframe). Metrics are a crucial part of project management as instruments to follow and control growth and is able to supply vital worth to projects if they are included in project applications and executed in accordance with industry standards. Relating to metrics, adhering to models for pertinent and SMART metrics like KPIs supply improved project summary. On the contrary, to much information and inadequate control endeavors are probable. Additionally, by adhering to the ideas talked about in this essay, potential problems with projects can possibly be eluded.

18 References Althiyabi, T., & Qureshi, R. (2021). Predefined Project Scope Changes and its Causes for Project Success. International Journal of Software Engineering & Applications , 12 (3), 45–56. Researchgate. Anbari, F. T. (2003). Earned Value Project Management Method and Extensions. Project Management Journal , 34 (4), 12–23. ATEC, Inc. (2023). Project Management . Atec Inc. https://www.atec.com/field-services- overview/project-management/ Ibraigheeth, M., & Fadzli, S. A. (2019). Core Factors for Software Projects Success. JOIV: International Journal on Informatics Visualization , 3 (1). Kerzner, H. (2017). Project management metrics, KPIs, and dashboards : a guide to measuring and monitoring project performance (3rd ed.). John Wiley & Sons, Inc. Khadem, M. M. R. K., Piya, S., & Shamsuzzoha, A. (2017). Quantitative risk management in gas injection project: a case study from Oman oil and gas industry. Journal of Industrial Engineering International , 14 (3), 637–654. Klimaitienė, R., Derengovska, E., & Rudzioniene, K. (2020). Application of key performance indicators to improve the efficiency of monitoring of the organisation’s activities: 15 Theoretical approach. Public Security and Public Order , 25 , 218–233.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

19 mycomply. (2022, March 7). 10 of the World’s Biggest Construction Projects of 2022 . MyComply. https://mycomply.net/info/blog/10-of-the-worlds-biggest-construction- projects-of-2022/ Neumeyer, A. (2021). Earned Value Analysis: An Explanation That Finally Makes Sense . Tactical Project Manager. https://www.tacticalprojectmanager.com/earned-value-analysis/ Ogbeiwi, O. (2017). Why written objectives need to be really SMART. British Journal of Healthcare Management , 23 (7), 324–336. ResearchGate. Parmenter, D. (2015). Key performance indicators : developing, implementing, and using winning KPIs (2nd ed.). John Wiley & Sons. Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK guide). (6th ed.). Project Management Institute. Rugenyi, F., & Bwisa, H. M. (2016). EFFECTS OF TRIPLE CONSTRAINTS ON THE MANAGEMENT OF PROJECTS IN NAIROBI: THE PROJECT MANAGERS’ PERSPECTIVE. Strategic Journal of Business & Change Management , 3 (2). Shane, J., Strong, K., Gransberg, D., Strategic Highway Research Program, Strategic Highway Research Program Renewal Focus Area, Transportation Research Board, & National Academies of Sciences, Engineering, and Medicine. (2013). Guide to Project Management Strategies for Complex Projects. In National Academies Press . Transportation Research Board. https://nap.nationalacademies.org/catalog/22755/guide- to-project-management-strategies-for-complex-projects Toivonen, E., Partner, M., Advisor, S., CGEIT, CISA, CRISC, & LJK. (2016, November 15). How Do You Select the Right KPIs for Your Project? - Thinking Portfolio –

20 Salkunhallinnan pilvipalvelu . Thinking Portfolio. https://thinkingportfolio.com/en/how- do-you-select-the-right-kpis-for-your-project/

StansburyAngelia PJM535 Portfolio Project

Related Documents