performance measurment paper

Essay by wjudge22 November 2014

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Performance Measurement Paper 5

Performance Measurement Paper

William Judge


September 16, 2014

Joe Cheng

Performance Measurement Paper

In order to earn a return on their investments, successful companies often invest time, money, and resources in their projects. The project manager is charged with the task of keeping their projects on schedule and within the designated budget. Performance management gives the project manager the tools and visibility to make sure that they are operating within the approved time and cost restrictions and that the project is measuring up according to the plan.

The performance of the project is measured to allow the project manager to be able to identify the schedule and cost issues and to make quick decisions to correct them. Measuring project performance is also an advantage to the organization because it provides a picture of the health of the project and it can assist with establishing initiatives for improvement.

Triple constraints of budget, time, and performance prove to be important measures when managing a project. Controlling the resources in accordance to the project's financial plan manages the budget. Time makes the team stay on schedule and facilitates the meeting of deadlines. The stakeholders' goals, scope and objectives create the standards of which the performance is measured by (Schied, 2010).

Measurements differ from project to project, however there are three measurements that may be utilized to measure the project's performance. These measurement include speed, accuracy, and volume.

Speed provides the rate at which the production process is moving or the rate of speed made during the project at its finale. It also shows at what pace the final product functions. Time shows the measure of the overall schedule of the project. The performance measure of accuracy shows how well the project functions at its completion. The measurement looks...