How to make a correct measurement of projects?

Published on 19/04/2024

How to make a correct measurement of projects?

Published on 19/04/2024
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How to make a correct measurement of projects?

No project should be paused or encounter obstacles due to remote work; instead, companies should leverage digital transformation to adequately track and measure project, defining indicators and promoting the communication of important information among the responsible team. To carry out proper measurement and tracking, it’s important to follow the fundamental requirements that we’ll explain below.

With the advancement of technology, companies are beginning to identify those tools that are indispensable for their business. One of these is specialized software for management projects and measurement, useful for monitoring the progress of different work activities in an organized and objective manner. Thanks to these tools, billing processes and cost management are more accurate and faster.

What is measurement project ?

Measurement project shows the status of the project at a certain point in its execution, providing objective data that allows quantifying its development, identifying faults, and defining improvements. Therefore, it adds great value to the billing process and facilitates payment and cost management.

Generally, the exercise of project measurement is carried out by the billing manager of a company, whether it’s a supplier seeking payment or a company needing to bill a client. However, this process must be approved by both responsible parties.

5 fundamental requirements for proper mesurement project 

The correct exercise of measuring business projects is fundamentally based on project planning, taking into account the following key requirements:

  • Define task sets linked to the project

Task sets are an essential part of the project scope and are very useful for controlling its progress. All task sets or objectives must be measurable to identify their evolution and growth.

  • Define measurement indicators

The goal of measuring projects is to quantify the status of each task. Therefore, it’s important to define the indicator or criterion for measuring its status, identifying the units related to the final result of the task. For example, the time invested in each task if it has a delivery deadline, or the quantity of deliveries within a certain time frame, or the number of visits or customers on a website, etc. All this is aimed at measuring results, not costs or consumption, as these are affected by the performance and management of each linked professional.

  • Task valuation

Measuring the established criteria generates an economic valuation of the work carried out by the linked responsible parties, so it’s essential to have an economic estimate of the cost of each task. When it comes to projects for third parties, the sales cost is also taken into account, depending on the objectives of the valuations.

  • Define the frequency of project measurement

To determine how often project measurement reports should be carried out, criteria such as billing and payment frequency, client and investor requests should be considered, all based on the different established objectives, whether for self-tracking or billing to third parties.

  • Define project responsibilities

It may seem like an obvious and superfluous topic, but it’s important to highlight it because tracking project measurement reports requires significant dedication to have a clear vision at both a specific and global level of task execution. This person, in addition to measuring certain project or projects, is also responsible, along with the project director, for approving the objectives of task sets.

Tools for proper project measurement

In times of remote work and digital transformation, the market offers numerous systems, or Project Measurement and Cost Control Software, that facilitate the automatic acquisition of objective data for proper measurement of the different established criteria, generating reports with real results of the defined set of tasks’ development.

Likewise, there are different templates in editable formats to manually organize the information of measurement indicators, according to the needs of each project. However, they require more time and dedication from the responsible party.

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