Project management includes developing project goals and teams, as well as setting core tasks and priorities. An additional key component of project management for any new service, product, technology or system is evaluation. The data obtained from project evaluations can impact the project's long term development and change future resource allocations and other core components of a business enterprise's project management methodologies.
Goals and Objectives
Revisit the organization's broad mission for the project and develop reporting processes that measure whether it has been met. A project with a financial goal is the most easily measurable, while broader impact-related goals may be more difficult to evaluate. You may evaluate broader impact goals by gathering statistical data or other types of quantitative information related to the project's initiative. Use them to calculate pre-project and post-project status changes.
Project management strategies relate to the detailed actions project participants use to reach project objectives. An examination of the effectiveness of individual tasks and assignments, as measured by their ultimate outcome, provides insight on the effectiveness of a project's strategies.
Evaluate the original timetable for a project against the actual time required to achieve a project's objectives. This evaluation includes the overall project timetable, as well as timetables established for incremental project activities. Closely evaluate tasks and activities that participants did not complete in a timely manner. This may be a result of unrealistic timetables. It may also be related to human resource delivery problems that can be specifically identified, evaluated and addressed for future projects.
Reaction and Satisfaction
Administer a questionnaire or survey to a project's targeted parties, as well as the staff and volunteers who carried it out, to develop project evaluation tools for measuring satisfaction with a project. Collected data will provide feedback that you can use to determine the ultimate success of the project, as well as identify specific project issues.
Return of Investment, ROI, is another project evaluation consideration. According to Investopedia, ROI is “[a] performance measure used to evaluate the efficiency of an investment.” Calculating and interpreting ROI within a project include measuring the ultimate cost of the project against the projected and actual returns. You can divide a project's quantifiable benefits by its costs and express it as a ratio or percentage for purposes of evaluation. Keep in mind that you cannot always measure a project's profitability to an enterprise and transfer it into financial terms.
Vanessa Cross has practiced law in Tennessee and lectured as an adjunct professor on law and business topics. She has also contributed as a business writer to news publications such as the "Chicago Tribune" and published in peer-reviewed academic journals. Cross holds a B.A. in journalism, a Juris Doctor and an LL.M. in international business law.