There are a multitude of ways to create and maintain valuable KPIs in your organization. This post by Suba Lakshminarasimhan sheds some light on the KPIs that collect data on business resources, quantitative data and project outcomes, and process results, among others:
The data in numbers or the quantitative metrics are the essential factors used as KPIs in project management. The number of employees in a team, computers, hardware supplies, software licenses required for a project and the revenue it is going to generate are used as the most important KPIs to measure project performance. These quantitative metrics help the project managers to gain insight on where the project stands. You can also understand how effective the processes are to achieve a successful project outcome.
The must know Six Sigma metrics like mean time between failures, mean time to repair and the quantitative metrics such as inventory, procurement, supplies, new customers acquired, customer attrition and workforce attrition are the well-known quantitative KPIs used in project management to assess the end results.
Lakshminarasimhan also provides this tip: if using certain KPIs seems “expensive”, try combining them with other key performance indicators to measure the overall performance of the project.