2. Define project performance criteria

Establishing effective criteria ensures that the right things are measured and communicated to stakeholders. Effective metrics enable the project team to monitor, evaluate and communicate progress, improve performance and reduce the likelihood of performance deterioration. These measures enable the project team to use the information to make timely decisions and take effective action.

Project KPIs are quantifiable measures used to evaluate the success of a project. There are two types of KPI: leading indicators and lagging indicators.

• Leading indicators predict changes or trends in the project. If the change or trend is unfavorable, the project team assesses the root cause of the leading indicator measurement and takes action to reverse the trend. Used in this way, leading indicators can reduce a project's performance...