Importance of Metrices in Project Management - Desklib

This article discusses the importance of metrices in project management and how reporting on too few or too many metrices can harm the project. It also provides an efficient methodology for collecting data for metrices and categorizes different types of metrices. The article concludes with the application of supply metrices in innovation management. Subject: Project Management, Course Code: PMGT, College/University: Not mentioned

Running head: METRICES
METRICES
Name of the Student
Name of the University
Author note

METRICES
Table of Contents
Introduction................................................................................................................................3
Reporting on too few metrices...................................................................................................3
Reporting on too many metrices................................................................................................4
Efficient methodology that must be implemented in order to collect data inn metrices............6
Categorization of the metrices...................................................................................................7
Supply Metrices application.......................................................................................................7
References..................................................................................................................................9

METRICES
Introduction
Metrices are used by the directing team in order to take decisions regarding the
functioning of the business management. With the creation of the metrices the data that are
generated helps in managing the entire system and this is the main reason that projection of
the business management gets managed in an efficient manner with the inclusion of metrices.
With the implementation of the metrices the main advantage that is received from the
business management end is that decision making gets easier.
Environment and economics can be considered to be one of the main reasons that the
projection of the economic understanding can be made with the help of the metrices that is to
be developed in a better manner. This is the main reason that for intrusion of building a mega
project an understanding of economic as well as the potential elements are used in processing
of the economics helps in better understanding of the cost overrun that will be present in the
processing of the management of the entire project. Developing budgeting and scope helps in
better estimation of the output of the project.
Reporting on too few metrices
Then total number of metrices that will be used is also one of the aspects that will
provide a better understand regarding the management of the project. Both a very high
number of metrices as well as the very a smaller number of metrices harms the functioning of
the entire project. This is one of the main reason production of an average number pf metrices
is very important. In case the number of metrices that is used is very low and is beneath the
required number of matrices, the main disadvantage that will be faced leads to the fact that
the team leaders will not be well informed regarding the functioning of the project. In case
the team leaders are not well informed regarding the functioning of the project the project
might fail in a drastic manner.

METRICES
Again, if the total number of metrices that are present are very low the main issue that
will affect the management of the project is that the critical information that are urgent for
commencing of the project might get missed. In case the critical information regarding the
project management is missed it is very obvious that the project management will not be
efficient in the commencing of the project. This is the main reason that the project
commencement will have an inaccurate data generation. In case the data that are generated
are inaccurate in nature the entire project might fail and this will affect the business
organization in a negative manner. Decision making gets difficult in case the project
management is not supported with enough number of data metrices. Another major instance
that must be taken into consideration is that the metrices that are used must provide the data
that are relevant in nature. It is seen that the data that are generated in the metrices are often
irrelevant and this affects the functioning of the entire project. In case the data that are
irrelevant in nature is taken inti consideration, the main issue that is observed includes failure
of the project. This is the sole reason that the commencement of the project will fail as per the
functioning of the project management.
Reporting on too many metrices
In case the number of the metrices are more than the required number of metrices the
main disadvantage that is present is that the team leaders who are in charge of completion of
the project might get confused and this leads to the fact that the management of the project
gets hampered and these issues might lead to cancellation of the project. This increase in
unnecessary information will lead to the fact that the management of the project that is to be
complete by the business management. With the data that are irrelevant but are present in the
metrices shifts the attention of the team leaders from the required data to the data that are not
essential in the commencement of the project (Wilsdon 2017). In case the project
management is to be performed in a better manner concise and precise data management is

METRICES
needed to be performed by the team. With excess data that are irrelevant conflict might arise
and this will lead to inefficient management of the project. In case conflict in between the
management of the system is produced the main disadvantage that will be present includes
completion of the project in an inaccurate manner.
The time that is conducted in the prosecution of the project the main disadvantage that
is present includes the fact that the commencement of the project will get performed in an
inefficient manner. In case the project management gets performed in a prospect that includes
a fact that the project completion will be performed with the help of data management of the
project (Strother 2016). The data analysis of the metrices are one of the main reasons that the
project management gets familiarized with the data that are present in the metrices. With the
inclusion of data that are present in the commencing of the project includes the fact that the
relief part must be present with the help of the performance management of the project. With
an increase unwanted clutters of the project which are irrelevant the relevant project
management gets hampered and this is the main reason that the project management of the
business management will get performed in a negative manner. Another issue that is present
in includes the fact that the data that are relevant in nature might get overseen by the team
leaders in case they are present with the cluster of data that are irrelevant in nature.
Priority management of data is also treated as one of the main reasons that affects the
management of the project. In case too much data is present in the metrices priority setting
gets difficult. In case the priority that is set is not up to the mark the main issue that will arise
is that the sequence of work that is to be performed is not properly managed. This will ensure
the fact that the management of the project will be performed with the help of better
commencing of project fails as the responding to the issues that are present as per the
management of the project. In case the response that is required for the proper maintenance as

METRICES
per the order of occurrence is not provided it is very obvious that the project will fail to
generate efficient results that are desired from the project.
Time consumed for the management of many metrices will harm the management of
the project. In case the project management gets hampered as per the time that is provided for
completion of a task due to excess data present in the metrices acts as a disadvantage.
Understanding the importance of the data that are provided also acts as an issue (Dong, Ota
and Liu 2016). The stakeholders who are present in the project might fail to understand the
importance of data that are provided to them as per the data that are generated from the
metrices. In case the data that are to be critically used for the completion of the project is
missed success of the entire project will be questionable.
Efficient methodology that must be implemented in order to collect data
inn metrices
Efficient methodology that must be implemented in order to collect data inn metrices are
as follows: -
 Collection of data that are deserving in nature
 Nature of data that are being collected and the location of its usage
 Collection of data that will act to be informative to the society
 Proper Training must be provided to the employees in order to analyze the generated
data
 Rechecking of the data that are being used
Setting of project goals are one of the main purposes of the project management team.
This process is performed with the help of data that are generated from the metrices. With the
data that are generated from the metrices the main information is collected which helps in
better commencement of the project (Wilsdon 2017). In case the project management is to be

METRICES
performed with the help of the metrices proper management of the data that are generated
from the metrices must be performed. I8nn case the number of metrices are low the major
issue that will be present is that the data that are necessary might get missed by the project
management team as the data might not be preen taming the metrices results. Performing of
critical decision making also gets difficult in case the project management will get performed
in an inefficient manner.
Hence performance of a project is completely dependent om the metrices result that
are collected as per the required data set of the project.
Categorization of the metrices
 Quantitative metrices: Work practices are calculated as per the budget that is initially
set and the planned baseline
 Practical metrices: Quality of the project that is assigned against the promised quality
 Directional metrices: Understanding of the complexity factors
 Actionable metrices: Understanding the critical data analysis
 Financial metrices: no operation margin
 Milestone metrices: Resource management is one of the most important aspect of the
project management
 End Result Metrices: Provides satisfaction to the clients
Supply Metrices application
Management of innovation without the help if metrices implementation is not
possible. In case innovation is to be implemented the main aspect that needs to be
implemented includes better management of the project commencing. IN case the project
management gets performed with the help of the better understanding of the required data the
main advantage that will be enjoyed includes better accessing of the requirements.

METRICES
Understanding the requirement of the stakeholders of the business organization is also
one pf the main advantage of this process. Understanding the concept of internal as well as
the external stakeholder is also an issue for better management of the process. In case the
management of the process is performed with the help of the metrices data collection method
the requirement of the stakeholders can be jotted down and understood in a better manner and
this will help in improvisation in the products.
Stakeholder challenges are also calculated with the help of the data that are generated
by the metrices. In case the challenges that are faced by the stakeholders are well estimated
the main advantage that will be present includes retaining the employees.

METRICES
References
Artaza, H., Hancock, J.M., Jimenez, R.C. and Corpas, M., 2017. PIsCO: A Performance
indicators framework for collection of bioinformatics resource metrics (No. e3112v1). PeerJ
Preprints.
Dong, M., Ota, K. and Liu, A., 2016. RMER: Reliable and energy-efficient data collection
for large-scale wireless sensor networks. IEEE Internet of Things Journal, 3(4), pp.511-519.
Strother, S., 2016. Metrics for evaluating functional neuroimaging processing pipelines.
Wilsdon, J., 2017. Responsible metrics. Higher Education Strategy and Planning: A
Professional Guide, p.247.