Many businesses have processes on how to prioritize their projects. These processes rely on levers like Return on Investment (ROI) to determine where time and resources will be spent. When initiating a project, it is common for a business to estimate their ROI. How do you know if that estimation is accurate? How can ROI be measured as the project progresses? Once a project is completed, is it important to continue to track its ROI? Successful businesses input metrics into their portfolios to track ROI even after a project is closed.
Although business metrics help measure success, most project plans do not include metrics. Most projects are considered successful when they are closed. Completing a project on time and on budget is great, but the value to the business is just starting. Continued tracking of metrics will allow a business to measure project success.
Within portfolios, businesses should have plans to not only get the project done, but also keep track of their metrics. Effective planning will lead to future success. A business needs to establish metrics in their project plans that are both measurable and meaningful. Ideally, tracking can be automated. If not the project manager needs to make sure the measurements are completed. Periodically, the project manager should report on the metrics post-closure to track ROI. J&M can help define and measure value of your projects. Understanding that each project is unique, Our Method explains more about how we approach helping you measure successful projects. Please visit our Testimonials page to see what our customers say about us.
When a project is completed, it does not mark the end of its life. Companies should continue to use ROI in prioritization as it is a key factor in lasting success. At J&M we deliver on our promises. By including ROI in project estimation, you are making a promise to the business. Delivering on that promise includes measuring of and reporting on metrics.