Project Dashboards
Contents |
Abstract
Since the advent of the computer, the world has steadily become more and more data driven. Today, data is a business key asset to any organization that takes advantage of its potential. Data has also become increasingly valuable within the field of project, program, and portfolio management, since advancements in software and tools have made project data collection and management significantly more seamless - leading to an ever-increasing amount of project data being collected throughout the course of a project. This vast amount of project data holds a great value potential if properly utilized.
Monitoring and controlling is one of the main pillars of a successfully conducted project (PMBOK, p.23). If the project-work and its progression is not monitored then any deviations from the plan will not be detected, meaning that project control and corrective actions become near impossible to manage. Imaging driving a car without a dashboard; without the critical information at a glance – like speed, fuel level, motor temperature, etc. – it becomes very difficult to operate the vehicle. The scenario is similar in a project management context; without critical project-related information at a glance, it can become difficult for the project manager to drive/control the project optimally. For this reason, it is of critical importance that project managers ensure effective project monitoring, and a great way to do this is by adopting project dashboards as a tool [1].
This article will explain what dashboards are, their purpose, and why they can be extremely valuable to a project manager. Furthermore, the article will explain practical and technical application of dashboards in project management. Lastly, the pitfalls and limitations of project dashboards will be presented.
The Big Idea
- Defining the time-phased budget
- Monitoring time and costs
- Analyzing deviations and defining relevant indices
- Forecasting
