Qualitative to Quantitative - Data
In the last post we defined some KPIs that will help you determine all the ways your project management is impacting your client’s projects. The next step is to gather data throughout the project lifecycle to accurately measure that impact. Dedicated project management software (mentioned here) has built in tools to help you capture key data points over a project’s lifespan. While this makes it easier to track progress & gather information about a project, it isn’t a necessary tool. A simple spreadsheet where you can record date-stamped information can show the same thing.
Data Tracking & Collection
Concrete data will not only determine if you’ve met specific KPIs, but will help you identify areas of improvement for the next project. Commonly utilized tracking & collection methods include:
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Tools that track budgets, schedules, and resources. Project management software/apps are immensely powerful & can make project management a breeze in some aspects. In addition to collecting & organizing KPI data, they can drastically improve communication & productivity.
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Documents that summarize project expenses and revenue. Again, this data may require the aforementioned client transparency, but you should have access to some amount of budgetary numbers during the course of your project. Use this data to identify where you’re making an impact & document the results.
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Records employee, contractor, & team member labor costs. Project labor & associated costs are one of the easiest things to track. Accurate, daily time tracking systems can help you capture time spent on each task to determine labor rates. Time saved is a very good indicator of project success & great data to bring to your current & future clients.
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Processes for monitoring and managing expenses. Budget management is of utmost importance. Cost control measures such as expense reports, periodic budget audits, & cost to complete reviews help keep the entire project team aware of how things are progressing, & predict potential problems or large margins in the future.
Using tools like these will help you manage your projects better & truly recognize how you’re saving your client time & money. However, all the data in the world won’t help if you can’t find a way to covey those results to you client in a way they can understand. In the next segment we’ll talk about how to analyze the data you collect.