As businesses continue to grow and evolve, project management is an absolutely essential component of completing tasks effectively and efficiently. And a Project Management Office (PMO) can significantly aid in this endeavor, providing a centralized location for project information and tracking. However, in order to ensure that the PMO is performing in the best way possible, it’s necessary to track key performance indicators (KPIs) that provide insight into its success. And what better way to track your PMO KPIs than using your completely free demo of Hive?
1. Project delivery time
Project delivery time is a crucial KPI to track as it directly impacts your team’s ability to meet deadlines and stay on schedule. This KPI measures the time a project takes on the whole from start to finish. By tracking this KPI, your team can identify areas for improvement in the project management process and ensure that deadlines are delivered on time.
Using Hive, you can easily track project delivery time through a built-in timeline feature. It displays the progress of each task within a project and the overall timeline for the project as a whole. And if you prefer Gantt or Kanban boards, there are integrations available for those as well.
2. Budget variance
Budget variance is another important KPI to track, as it guarantees that projects are completed within their allocated budget. This KPI measures the difference between the actual cost of a project and the budgeted cost. By tracking this KPI, your team can identify areas where costs are exceeding the budget and take corrective action.
To track budget variance in Hive, you can utilize the platform’s budget tracking feature. Without missing a beat, your team can set a budget for each project and track expenses in real-time. You can also set alerts to notify you when expenses are approaching or exceeding the budget.
3. Resource utilization
Resource utilization measures how effectively your team employs its resources to complete projects. This KPI looks at factors such as how many hours team members are spending on tasks and whether they are fully utilized. When you know what resources you’re allocating where your team can identify areas where reserves are being underutilized and make adjustments to ensure optimal productivity.
With Hive, you can easily track resource utilization using their time-tracking feature. Team members can use time tracking to log their time spent on tasks, giving you visibility into how resources are implemented.
4. Customer satisfaction
Customer satisfaction is a critical KPI to track as it measures the success of your team’s efforts in meeting customer needs and expectations. This KPI measures customers’ satisfaction with the project outcomes and their experience working with your team. By tracking this KPI, your team can identify areas where improvements can be made to increase customer satisfaction.
To track customer satisfaction in Hive, you can utilize integrations for numerous customer service apps. Team members can save tons of time on office housework by streamlining their processes like sending surveys to customers to gather feedback.
5. Scope creep
Scope creep is a KPI that measures the amount of change to project scope that occurs during a project. This KPI looks at factors such as new requirements or changes to existing requirements. By tracking this KPI, your team can identify areas where changes to scope are occurring and take corrective action to prevent project delays or budget overruns.
Tracking a scope creep with Hive is incredibly simple – just edit your action cards. Then, team members can submit change requests and provide a centralized location for tracking these requests.
6. Project risk
Project risk, as you would imagine, measures the level of risk associated with a project. By using it to look at factors such as the likelihood of project delays or budget overruns, your team can identify areas where risks are high and take corrective action to mitigate them.
To track project risk in Hive, you can utilize the platform’s risk management feature. This feature allows you to identify potential risks and develop strategies to mitigate them. You can also track the status of each risk and assign ownership to team members for resolution.
7. Project efficiency
Project efficiency is a KPI that measures how reasonably your team completes tasks and achieves project goals. It includes the number of goals completed on time and the quality of project outcomes. Optimizing project outcomes is the primary purpose of this KPI, which you can do easily and fluidly with Hive.
To track project efficiency in Hive, you can check out the productivity analytics feature. It provides insights into team performance, including the number of tasks completed, time spent on tasks, and overall project efficiency.
8. Resource allocation
Lastly, resource allocation examines how effectively your team is allocating its resources to complete projects. As opposed to resource utilization, which examines how well your existing resources are being leveraged, this KPI tracks things like the number of team members assigned to a project and their level of experience.
Hive’s automation tool is the quickest and easiest way to make sure resource allocation is on the right track. When easy tasks are automated, team members have more time for important things, like creativity and innovation.
