Utility of a Project Dashboard for Management and a Case Study of Acme Home Improvements
671 Words3 Pages
Q1. Discussion of the utility of a project dashboard for management of this project, to include a judgment of its cost effectiveness
When a project is undertaken, typically a client and project manager will identify the specific constraints, and metrics and Key Performance Indicators (KPIs) that must be measured by a project dashboard to track the success of a project. These variables may include project "time, cost, quality, risk mitigation, safety, aesthetic value, etc" (Kersner 2011). "Throughout the life of the project, metrics may become KPIs and vice versa," such as when the need to meet benchmarks regarding the time of specific project components become critical to the financial viability of the project (Kersner 2011). Not meeting deadlines is one of the main reasons that projects run over-budget. A project dashboard facilitates accountability and keeps the participants focused on the long and short-term goals of the project. It allows them to edit aspects of the project when costs run the risk of spiraling out-of-control due to changes in the external environment.
In this specific instance, the expenditures on such factors as cost, resource utilization, quality, scope and other items must justify the joint venture in Mexico. Project dashboards are useful because they provide constant tracking of such variables, but also allow for a certain amount of flexibility of re-definition, as the project changes, grows, and evolves. It is already specified that the project