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Home Renovation Project Metrics

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Home Renovation Project Metrics

The success of project management depends on the choice of metrics management.

Choosing the right metrics helps the project management team to track the progress. It also

provides the ability to reveal achievement to the client and other stakeholders. The project

management team chooses metrics for specific purposes. In the past, the project's progress was

measured based on the time duration and budgeted cost. However, the team management

realized the importance of analyzing the quality (Hamzeh, 2019). The quality of the project is as

important as the time duration and cost of the project. It shows the success of the project and the

revenue that it will generate in the future.

This paper will discuss the use of accurate metrics in the development of any project.

Metrics are the measures of quantitative assessment which are used to track or manage the

performance of the project. Metrics can represent the progress of project along with the issues

that the project is facing. This helps in developing strategies for reducing the risk of errors and

problems. In some cases, project managers also uses key performance indicators as metrics in

order to track the development of project. These key performance indicators includes the factors

which have great influence on the project. It is the responsibility of project managers to choose

the right of correct metric for best analysis. Accurate metrics helps in tracking progression,

production, and performance.

Selecting Metrics

One of the biggest challenges that the team of construction projects experiences is the

way to monitor or track it. A home renovation project contains many stakeholders, including the

contractor, the vendor, and the homeowner. Each stakeholder includes its perspective to analyze

things; therefore, it is difficult to satisfy all stakeholders at one point (Hamzeh, 2019). Although
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there are many options for choosing a metric but choosing the right one is important. Selecting

too many metrics or wrong metrics can lead to confusion; this makes it difficult for the team to

monitor the project.

While selecting the right metric, the team should consider one specific purpose that the

metric will service. For selecting a metric for the home renovation project, the team would need

a metric that will cover the project's fiscal, security, production, and value aspects. The purpose

of the metric should be the commitment to cover all the above-discussed factors. All these

factors are vital for the project as they play an important role in the project's development and

progress.

The business-based categories of metrics deal with the financial aspects of the project.

The contractor of the project will analyze the project's profitability by considering the cost of

labor (Hamzeh, 2019). The investors of the project will be concerned with the return on

investment (ROI) to analyze the project's success. The project-based metric category deals with

the time duration, cost, and quality aspects of the project. The quality of the project can be

measured with the help of self-audit procedures which include physical inspection. The project's

safety can be measured by analyzing the safety o protection tools used by the employees.

Monitoring these safety procedures with the help of metrics also helps in ensuring protection. All

these factors are included in success-based metrics; therefore, these metrics should be considered

(Hamzeh, 2019).

The team management can utilize Earned Value Management (EVM) to satisfy all the

vital areas of the project by monitoring them. These areas also include the section of labor and

material as these require huge capital and time. This procedure will monitor time and cost to

achieve the project's purpose (Hamzeh, 2019). For managing the project strategically, the team
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should reduce the number of chosen metrics to seven for quality inspection. These should

include budget, time, ROI, self-quality audits, security tools and measures, and consumer

satisfaction.

Reasons for Selected Metrics

The purpose of metrics is to benefit stakeholders; if they don't satisfy the stakeholders,

that means the value of metrics is zero. Therefore, choosing metrics that include multiple

benefits that can satisfy stakeholders is ideal. For example, a project management team wants to

track the productivity of schedule and cost; through EVM, they can track the progress of both

factors. This means the metric is providing benefit in two ways (Kerzner, 2017). Another way to

select EVM is its ability to provide an earning system that enables the manager to implement

strategies. This keeps progress equilibrium throughout the project.

EVM allows tracking the activities of multiple projects at one time. These categories

include business-based, project-based, and success-based activities. Home renovation requires

expertise and abilities in many specific areas for conducting the work effectively. For using the

time effectively, the team management should allow the plumber or electrician to work at the

same time (Kerzner, 2017). Focusing on the effort of one individual will not help the team track

progress efficiently; therefore, there is a need to track the performance of all individuals. Earned

Value Management allows transparency between the manager and the consumers.

ROI is the metric that helps in improving user satisfaction. Throughout the home

renovation process, certain complications like schedule and cost may impact the whole project.

There is a chance that the homeowner clarifies additional changes that were not identified at the

start. This will cost more time and capital and will influence the project plan. For this purpose,

the project manager will use metrics needed for earned value management (EVM) to adjust
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complications and additional requirements. Managing transparency throughout the project not

only induced better decision-making but also produces user satisfaction. For successful

complications, the team needs to manage the metric regularly. This helps in identifying the

positive and negative aspects of the home renovation project.

Qualitative vs. Quantitative Metrics and Data Collection

Many of the above-discussed metrics are quantitative. The goal or objective of any

project is to fulfill the requirements in a limited budget and time. This means time and cost are

the essential metrics that can impact the project. Both these metrics are quantitative and helps in

understanding the specification of the project. Their scope and progress are measured in

quantitative nature, which shows the quality of the project. The quality of the project is a

qualitative metric (Kerzner, 2017). The metric of cost is based on numbers which means it's

quantitative. This metric is easily collected by adding the cost of the material with the cost of

labor. Like this, the metric of time is calculated by estimating the task need to complete to

accomplish the project. In both cases, the data is calculated quantitatively in the form of

numbers. This data will be used in earned value management for tracking the progress of the

project.

Quality is a qualitative measure, and it is identified by measuring the different aspects of

the project. In this home renovation project, the quality is analyzed by collecting the data with

the help of a self-audit. Self-audit measures the project's success and progress, which is

examined through inspection (Kerzner, 2017). These measures show that if the project is meeting

the necessary standards or not. If the project's quality is good, that means the project is fulfilling

its objective; otherwise, there will be a need to change the strategies of the project. The metric of

safety can be measured by collecting the data in the same way to ensure the project's protection.
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The metric of used satisfaction is measured in quantitative ways under this project. In this

project of home renovation, the satisfaction of the client is based on the quality. Therefore, the

metric of quality and user satisfaction are related to each other. If the metric of quality is

positive, that means that the user satisfaction level will be higher. Involving the homeowners into

the renovation process is a progressive move, as they can modify the renovation process based

on their requirements (Kerzner, 2017). This will also help the management team to analyze the

challenges that occur due to customer preference.

Motivating the employees toward their work by offering breaks and rewards will induce

employee satisfaction towards work. For completing the work successfully, employee

satisfaction is needed (Kerzner, 2017). Analyzing clients' views toward the work or project can

also help the project team modify the project plan according to it. In the end, the only way to

measure the success of the home renovation project is through a review from a customer. If the

customer is satisfied with the project, that means the project is successful. But, if the client is

dissatisfied, that means the whole project was a complete failure and didn't fulfill customers'

expectations.

Conclusion

In most cases, the success of the project depends on the metric the project team selected

for tracking the progress. If the team has chosen the metric correctly, it will allow them to track

the progress and issues of the project on time. Tracking the issues allows the team to develop

strategies and plans for covering the problem. It saves the project from failure and destruction.

These include metrics that are business-based, success-based, and project-based. Effective

metrics help in establishing transparency throughout the project between the project team and

customers.
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References

Hamzeh, F. R., & Samad, G. E. (2019). Advanced Metrics for Construction Planning. Journal of

Construction Engineering and Management, 145(11), 1-16. Retrieved from

https://ascelibrary.org/doi/10.1061/%28ASCE%29CO.1943-7862.0001702

Kerzner, H. (2017, October). Project Management Metrics, KPIs, and Dashboards: A Guide to

Measuring and Monitoring Project Performance, 3rd Edition. 448 Pages. Retrieved from

https://www.wiley.com/en-us/Project+Management+Metrics%2C+KPIs

%2C+and+Dashboards

%3A+A+Guide+to+Measuring+and+Monitoring+Project+Performance

%2C+3rd+Edition-p-9781119427285