Reference no: EM1340616
In this document we will identify three performance measures that are pertinent to the success of project managers. Project managers must be held accountable for the overall operations of the organization. High-performance is a prerequisite for maintaining a competitive advantage over the competition. Below is a plethora of information discovered through various resources, which identify the fundamental responsibilities of a project manager as well as the performance measures that must be taken into consideration. Project managers must integrate competitive strategy with organizational performance monitoring in order to achieve greater success.
According to the NYS Management Guidebook (2010) "Performance measures are both qualitative and quantitative ways to characterize and define performance. They provide tools for organizations to manage progress towards achieving predetermined goals, defining key indicators of organizational performance and customer satisfaction."
"Project managers are ultimately responsible for making sure projects are completed on time, within budget allotment and with the features and functionality specified by the project's stakeholders." (Levinson, 2008). "Performance management is used to track an organization's progress against its strategic plan and specific performance goals. While Performance measures may be applied to individual projects to ensure that deadlines are met and costs are controlled, etc., it is essential for the Project Manager to understand how the project itself supports the organization's strategy, and how the project will impact or influence the organization's key Performance Measures (NYS Management Guidebook, 2010).
"There are many different measurement frameworks, including
the balanced scorecard,
activity based costing,
competitive benchmarking
Each of the aforementioned measurements provides a unique and different perspective through an organization's performance.
A Balanced Scorecard- "The balanced scorecard integrates four sets of measurements, complementing traditional financial measures with those driving future performance (NYS Management Guidebook, 2010). An organization using this framework is encouraged to develop metrics that facilitate collection and analysis of information from the following perspectives:
_ Financial
_ Customer
_ Learning and Growth
_ Internal Business Processes"