Stakeholder Analysis and Evaluation Goals Matrix
Running Head: PERFORMANCE EVALUATION IN PROJECT MANAGEMENT 1
PERFORMANCE EVALUATION IN PROJECT MANAGEMENT 2
Performance Evaluation in Project Management
PJM 6125 Yishuang Huang
Professor. Todd Loeb
Abstract
Organizations run on project management. Projects are often orchestrated to meet specific needs of customers. Thus, a majority of organizations are project-based. For the success of any organization, it is imperative that the organization creates temporary systems around each project in order to monitor the progress of tasks. Once an organization settles for monitoring a task, measures need to be put against which these tasks are evaluated. Performance evaluation provides such a platform. At every stage of a project's life-cycle, an organization sets a standard minimum viable product. If the product of service fails to meet the set expectations, better strategies are implemented or more time is allocated to the product’s completion timeline.
Introduction
Organizations sign up for projects with the primary aim of improving their market position and meetings their customer’s needs. Project management demands a lot of financial investments after which an organization expects to get a value for its money. However, project owners and managers often disregard the benefits of performance monitoring and evaluation. These concepts are equally important. However, performance evaluation is grounded on a project's objectivity. Once an organization settles for a project, there is a need to figure out its relevance, effectiveness, and sustainability. Based on these fundamentals, the role of performance evaluation can be identified, a reliable perspective on evaluation can be agreed upon, and employees can benefit from valuable feedback.
Role of Performance Evaluation in Project Management
Performance in an organization refers to the process through which employees use their knowledge and skills to effectively reach a predetermined objective. Performance evaluation allows for finalization of communication between set periods of time within which employees and their managers have a one on one on the progress of their deliverables. Performance evaluation gives an organization an opportunity to create assessment standards (Viglioni et al. 2016). This strategy allows for both employees and their managers to determine if a task is successful or unsuccessful. For instance, if Apple inc wanted to change its operating systems, the organization would first need to map out its needs. The project manager would then come up with a timeline within which evaluations can be made. For an evaluation requires that an organization develops standard measures of success. These measures are determined by the quality expected by the organization within a certain level and the product it intends to provide to its customers. Depending on the results of the evaluation, an organization can effectively determine whether the product moves into the next stage of the project lifecycle. Conclusively, the role of performance evaluation is to set standards against which a task is deemed successful or unsuccessful.
Different Perspectives of Approaching Performance Evaluation
Balanced Scorecard
The Balance Scorecard (BSC) is a performance measurement tool that offers managers a comprehensive view of their projects. BSC is governed by an organization’s mission, objective, and stipulated strategies. Once a project is created, it is governed by a time frame, objectivity, and systemic methodologies used to reach set objectives (Zwikael & Meredith, 2019). BSC provides a platform within which project managers can monitor the progress of the stated fundamentals. If a strategy fails to work as expected, a new one is developed. If an objective fails to be met, more time is allocated to a project or more employees are recruited into the project.
Analytical Hierarchy Process Tool (AHP)
AHP is a performance evaluation tool that is based on problem statements and solutions allocated to a problem. Depending on these grounding fundamentals, an organization is in a position to make informed decisions. Traditionally, this tool has been used for both financial and nonfinancial adjustments to a project (Zwikael & Meredith, 2019). Project deliverables are constrained within time frames. These deliverables are meant to give a solution to an existing project. Depending on the effectiveness of the solution within a given time frame, an organization can assess the type of changes that require to be made in a project. The changes could mean more finances, more employees, or an extended timeframe.
Feedback Provided through Performance Evaluation
The feedback provided during performance evaluation could focus on improvement, change of initial plans, or congratulatory. Once employee performance is evaluated, managers give feedback on both weaknesses and strengths of the working process. For this reason, managers can give feedback on areas that need improvement. Managers can also recognize good work and encourage their employees to continue with the same trend. Lastly, based on the objectivity of the project, certain approaches could require revision. Employees could be advised to settle for a different solution for their problem statement.
Conclusion
In conclusion, performance evaluation is a critical aspect of project management. It allows managers to monitor the progress of projects while offering feedback on areas that need improvement. Feedback provided during performance evaluation is provided based on predetermined measures. These measures could vary depending on available benchmarking tools and the objective of an organization.
References
Viglioni, T. G., Cunha, J. A. O., & Moura, H. P. (2016). A performance evaluation model for project management office based on a multicriteria approach. Procedia Computer Science, 100, 955-962. https://www.researchgate.net/publication/310319604_A_Performance_Evaluation_Model_for_Project_Management_Office_Based_on_a_Multicriteria_Approach
Zwikael, O., & Meredith, J. (2019). Evaluating the success of a project and the performance of its leaders. IEEE Transactions on Engineering Management. https://www.researchgate.net/publication/334685883_Evaluating_the_Success_of_a_Project_and_the_Performance_of_Its_Leaders