Chief Product Team 
Get to know more about the top 5 best Project Management KPIs. Let’s take a look at this article. So, read on to learn more.
Project Management KPIs – Overview
Project management KPIs are a collection of specialized measuring tools used to determine how successful teams are in reaching specified targets. Also, KPIs for project management are typically agreed upon early in the project. They reflect the project’s central concept throughout the organization and establish project responsibility across administrative divisions.
Project Management KPIs are often categorized into 5 types:
Financial
They are used to measure the financial performance of a project. Also, the most common financial KPI is Earned Value Management (EVM).
Technical
They are used to measure the technical performance of a project. The most common technical KPI is the Product Performance Index (PPI).
Schedule
They are used to measure the schedule performance of a project. The most common schedule performance KPI is the Schedule Performance Index (SPI).
Quality
They are used to measure the product quality of a project. Also, the most common quality KPI is Defect Detection Percentage (DDP).
Human Resources
They are also used to measure the human resources performance of a project. The most common human resources KPI is the Effort Performance Index (EPI).
Top 5 Best Project Management KPIs
There are hundreds of project management KPIs. So, in this article, we will introduce you to my top 5 project management KPIs:
1. Cost Performance Index (CPI)
The Cost Performance Index (CPI) is the ratio of actual costs to planned costs expressed as a percentage. CPI is also calculated by dividing the total budgeted cost by the actual cost and multiplying it by 100. The CPI is also used to compare actual cost and planned cost by determining the extent to which performance exceeds or falls short of the plan.
2. Schedule Performance Index (SPI)
The Schedule Performance Index (SPI) is the ratio of actual time to planned time expressed as a percentage. SPI is also calculated by dividing the actual time by the planned time and multiplying by 100. The SPI is also used to compare actual performance and planned performance.
3. Earned Value Management (EVM)
Earned Value Management (EVM) is a project management tool. This also helps you plan and control project performance. You use EVM to determine whether your project is meeting its schedule and budget targets. EVM is based on the concept that works performed to plan should be valued equally to work performed over or under the plan. By doing so, you can see where your project stands as compared to its plan.
4. Defect Detection Percentage (DDP) for Quality
DDP is also used to measure the product quality of a project. It is determined by dividing the number of defects found by the total number of defects that could have been found and multiplying by 100. The DDP is also used to compare product quality by determining the extent to which performance exceeds or falls short of plan.
5. Effort Performance Index (EPI) for Human Resources
The Effort Performance Index (EPI) is used to measure the human resources performance of a project. EPI is also determined by dividing the actual effort by the standard effort and multiplying it by 100. The EPI is also used to compare human resources performance by determining the extent to which performance exceeds or falls short of plan.
Conclusion
Project Management KPIs are critical and can make or break a project. It is important for the project manager to know what to look for, and how to use the various types of KPIs. Knowing which KPI measures will help you make better decisions during your projects. The best way to learn about project management KPIs is by using them. So, perform your first project using these KPIs and see how it goes.
