647 W6D Project metrics - Essay Example

Project Metrics Project Metrics Effective project management depends on the use of proper measurement techniques so that risks can be mitigated. Project metrics are essential for managing risks in different projects (Kendrick, 2003). Moreover, strict management of metrics enable the project managers to keep the project on track ensuring that project’s goals are achieved in the desired duration (PMI, 2010). Project metrics provide early warning signals to the project managers and allow them to take proactive measures (Scarlat et. al. n.d). Research states that there are three types of project metrics which can be used to manage risks: Predictive Metrics, Diagnostic Metrics, Retrospective Metrics (Kendrick, 2003).

The two most effect project metrics are retrospective metrics and diagnostics metrics.1. Diagnostic Metrics: These are drawn from the existing information to analyse the current situation of the project. Using this metric, project managers may detect anomalies or forecast risks that might surface in the future (Kendrick, 2003).2. Retrospective Metrics: These metrics are useful in tracking trends in the process of the project. These are often used after the project has ended to check the overall health of the project.

Diagnostic and retrospective metrics are used when the project is running and can be used to solve issues there and then. Diagnostic metrics alert the project managers regarding risks that are emerging during the course of the project. Retrospective metrics provide conclusions to the project reports and tell the managers if there are any risks expected in the future. Both types of metrics make the processes more efficient and risk free.ReferencesKendrick. T, 2003, ‘Identifying and Managing Project Risk,’ Library of Congress Cataloging –in-Publication, USA.

PMI, 2010, ‘The Value of Project Management,’ White Paper, Accessed online, Scarlat. E. et. al, n.d, ‘Indicators And Metrics Used In The Enterprise Risk Management (ERM),’ Department of Informatics and Economic Cybernetics, Acessed online, < http://www.ecocyb.ase.ro/20124pdf/Emil%20Scarlat%20%28T%29.pdf >