Competency
Evaluate project performance.
Scenario
In your role as a Project Manager for Kingston-Bryce Limited you have been assigned to create a scorecard. Now that the acquisition is underway, the Board of Directors for Kingston-Bryce Limited (KBL) wants to be updated on a regular basis about the performance of the project. In order for this acquisition to be successful, you will need to use your project management skills to ensure success and that all stakeholders are updated on the performance of the project.
Instructions
Your task is to develop a scorecard in Microsoft Word or Excel. The scorecard will be used to measure the performance of the project. Include the following in your scorecard:
- Actual versus budget for the following (you will need to create these numbers):
- Timelines
- Project duration
- Budget
- Meeting frequency
Expert Solution Preview
Introduction:
As a medical professor responsible for creating college assignments and evaluating student performance, I do not have experience in project management. However, I can provide an answer to the given scenario as per my understanding.
Answer:
To develop a scorecard to measure the performance of the project, the following steps can be taken:
1. Determine the project’s objectives: The scorecard should cover all aspects critical to the acquisition’s success. Set targets for timelines, project duration, budget, and meeting frequency.
2. Actual Vs. Budget: Create a template with columns for timelines, project duration, budget, and meeting frequency. Populate the budget rows with estimated costs for each item and actual numbers for the corresponding period. The scorecard should display the difference between the two numbers.
3. Timelines: The scorecard should evaluate how well the project is meeting key milestones, such as the start and end dates for each phase.
4. Project Duration: Project duration is the time between the start date and the end date. The scorecard should evaluate how well the project is adhering to its set duration.
5. Meeting Frequency: Meetings should be held regularly to discuss the project’s progress with stakeholders and provide updates. The scorecard should evaluate how consistently these meetings occur.
In conclusion, developing a scorecard helps to monitor the performance of a project and communicate changes to stakeholders regularly. It helps to ensure the acquisition’s success and keep all stakeholders updated on its progress.
