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Selecting Metrics for a Home Renovation Project

August 24, 2020

MODULE 3 SELECTING METRICS 2

 Number of metrics to utilize, why it’s an optimal number

 What metrics are selected and why

Number of Metrics

Tracking and thoroughly interpreting a collection of key performance indicators (KPIs), is an intentional exercise, which allows a construction company in building long-term strength, meeting financial objective, and having satisfied stakeholders. KPIs can be thought of “vital signs”, showing without a shadow of doubt a project is progressing according to plan.

Suppose an analogy can be connected between a construction project and automobile engine, analysis of an engine is not just based off of gas mileage. While most construction project metrics focus on cost and time. However, those are not the only metrics required to measure (Ellis, 2018). While some metrics are normally quantitative data presenting a clear snapshot of the project conditions for a particular time. Qualitative data are also critical for a construction project, however will be thoroughly explained in a subsequent section. Metrics utilized for this project falls under four broad categories safety, quality, performance, and employees.

Safety

 Injury/incident rate

 Misses/near miss rate

mitigate any changes, modifications, and revisions. Such as, having a grip on quality measures

maintaining the predetermined schedule and budget (Ellis, 2018). The important construction

 Ratio between total inspections and passed inspections

 Customer satisfaction, overall

project objectives and requirements by the deadlines, while within budgetary constraints, is more

likely (Ellis, 2018). Important construction KPIs for quality include but not limited to:

 Percent of down equipment

 Downtime of labor percent

 Attrition rate
Quantitative vs Qualitative Metrics

First, to differentiate between the two terms one must understand what they mean.

Data Collection

A frequency for measuring KPIs is dependent with the variables, such things like how are information is collected or changes (Anderson, 2017). Dashboard software displays results that are based on the schedule agreed upon during the initial phase of the project by both the client and company, frequency measurements depends greatly on assigned values and availability of data. For instance, project expenditures must be updated continuously, high priority; whereas percent of task completion data should be updated daily, high-medium priority.

MODULE 3 SELECTING METRICS 7

SPI indicates a project is staying on schedule, which helps in understanding pace of work.

 How satisfied with our company, overall?

 How satisfied with the company’s work overall?

Being able to engage stakeholders and selecting the right metrics, utilizing a correct amount of metrics, and understand what metrics are selected and why. Utilizing both
quantitative and qualitative metrics and both parties agreeing with a schedule for collecting data.

Identify mistakes early on to rectify or mitigate them before running into major problems, and measure and gage happiness of the client. Utilizing all these metrics this renovation project is poised for great success.

Ellis, G. (2018, July 5). Essential Construction KPIs to Improve Profits and Productivity.

Retrieved from https://blog.plangrid.com/2018/07/essential-construction-kpis-to-improve-profits-and-productivity/