In general, a metric is a measure or standard that is used to evaluate, assess, or quantify something. Metrics are used in project management to measure and track project performance and progress, as well as to judge how well the processes and practises of project management work.
Metrics for project management can be put into several groups, such as:
Schedule metrics are used to check if a project is on track to meet its deadlines and to see how far along it is in relation to its schedule. The planned value, the earned value, and the real cost of the project are all examples of schedule metrics.
Cost metrics: These are used to track the costs and expenses of a project and see if it is staying within its budget. The cost variance, the cost performance index, and the estimate at completion are all examples of cost metrics.
Quality metrics: These are used to measure the quality of the project deliverables and see if the project is meeting the required quality standards. Some examples of quality metrics are the number of mistakes, how well mistakes are fixed, and how happy customers are.
Risk metrics: These are used to measure how vulnerable a project is to risks and how well the risk management strategies work. Risk exposure, risk probability, and risk impact are all types of risk metrics.
Resource metrics are used to measure how well the project uses its resources, such as people, tools, and materials. Some examples of resource metrics are the rate of resource use, the number of resources that are available, and how the resources are used.
By measuring and keeping an eye on how well a project is doing with metrics, project managers can find potential problems and places where the project could be improved. They can then take corrective actions to keep the project on track. But it’s important to pick the right metrics and use them in a meaningful way so you don’t end up with more paperwork or confusion than you need.
Usage
It is used in project monitoring and control
