© 2019 by THinK Best Practice

Metrics

At THinK we utilize comprehensive program metrics that includes measureable metrics and incorporates project management best practices to ensure quality control is monitored:

Scope management

This is one of the key pillars that must be established before a project is established and/or kicked off. However, as a project progresses, it is likely to be more clearly defined i.e. the parties involved will start to develop a better understanding of what is required of them and what they can deliver (instead of what was ideally proposed at conception of the project). This means that the project's scope is likely to increase and/or change. As such, project management involves anticipating the scope of a project and then being able to stay within its accepted contingency boundaries. It is equally important to also bear in mind that although the quality of the outcomes should never be compromised, there may be times when it is necessary to constrain the reach of the project. Provision should be made for unexpected changes when defining the expected scope of a project.

Cost management

Where a project is limited by budget, the project manager needs to find a way to ensure that the work is done as efficiently as possible. This usually involves carrying out cost estimation beforehand and being able to clearly identify how big (scope) - and therefore how costly - the project will be. Relying on a fixed price before a project begins can present difficulties at a later stage, which is why most project managers often have to work with what they have at the time. It is therefore important to be able to draw from past experiences when forecasting how much a project is likely to cost.

 

Time management

Time is money. Ensuring a project does not exceed deadline is an important outcome of effective project management. One technique that can be used is contingency time planning. With knowledge of the scope of the project, and a good understanding of the workings of the organization (including concurrent projects), the project manager will be able to determine how much time can realistically be allocated. Furthermore, to avoid having to ask for extensions and inadvertently having to pay more money, the project manager must make efficient use of available resources by ensuring that the most competent and most productive workers are hired as part of the project team. Sub-dividing a project into key phases and assigning different aspects to reliable resources is one effective technique to keeping a project on track.