PSPC Performance Monitoring and Reporting Standard
A performance monitoring and reporting standard is used to quantify the efficiency and effectiveness of an organization's actions. An effective standard acquires, sorts, analyzes, interprets and disseminates significant data to enable management to make informed decisions and take necessary actions. A standard includes sufficient processes, measures and infrastructure to enable a project to produce the right data and disseminate it to those with a need to know.
A project or an organization with a “value” mindset starts by defining the Key Performance Indicators (KPIs) which they require. KPIs represent a set of measures focusing on those aspects of project performance that are the most critical for current and future success. KPIs encompass the various drivers that link the project business case objectives to accountabilities within the project and to the outcomes that are expected.
The value of an effective performance monitoring and reporting standard is that it enables the project to obtain senior management buy-in as the project competes for the financial and human resources required for executing the organization's mandate. KPIs link the original project business case objectives to measurable and ongoing project value.
The starting point is to focus on a solid business case justification that clearly articulates a plan for delivering project success and therefore project business value. A successful business case will be the determining factor for getting the project approved and obtaining the required funding, resources, and time commitment from the appropriate governance body. The project needs to identify and execute against business value drivers to show which financial drivers, business processes, and operational metrics will be used to drive the project results. From the point of identifying the project value drivers, key project performance metrics are established as a foundation for measuring project results.
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