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A Project Scorecard can be used to assess the risk and complexity of a project. A scorecard also indicates how efficient and successful the project is based on various criteria like return on investment or cost containment. Additionally, a Project Scorecard can be used to determine whether the project meets the needs of the customer, stakeholder, or organization. Broadly, the project scorecard is an indicator of the current project’s status, project ultimate success or failure.
Description of Project Scorecard
Information obtained from a Project Scorecard can be used to determine how much effort needs to be invested into the project, how many details need to be thought through and what decisions need to be made. Depending on the data contained in the scorecard, an organization may choose to invest additional resource or even stop the project.
There are five steps to creating a Project Scorecard:
Step 1: Determine what metrics to track. The elements of the project that the team chooses to keep track of should be both obtainable and relevant throughout the entire lifecycle of the project. That way, the team will be able to track progress. Some examples of commonly used metrics are project benefits, what the team has achieved relative to their milestones, customer or employee satisfaction, how much profit has been accrued or the amount of the budget that has been spent, where resources are being allocated, etc. These metrics should be consistently updated to reflect progress.
Step 2: Establish targets to ensure that all team members know what good a score on a metric looks like. Think carefully with the team about what goals you are striving to achieve and what it will need to be done to accomplish them. Additionally, take note of how the metrics and final scores will be calculated.
Step 3: Fill out the measures. Collect data on the predetermined measures in order to figure out where the project currently stands and where it will go. Make sure that all of this information is being retained and measurement scores are being recorded.
Step 4: Communicate the measurement scores to all relevant stakeholders. This can include project sponsors or stakeholders, organizational employees, or customers. Additionally, be receptive to any feedback that these individuals provide about the metrics the team is using or the way final scores are being tabulated. Then, come up with a plan that addresses their concerns but still is in line with the vision that the team has for the project scorecard and the project itself. Everyone invested in the project should be satisfied with the result.
Step 5: Plot the data that has been collected and look for any trends. More specifically, compare the data collected from month to month (or whatever timeline has been agreed upon for frequency of data collection and reassessment) to see how things have changed (i.e., whether the project is showing signs of improvement or getting worse as it develops). Preferably, the team should see improvement. If the team is seeing decreasing scores on certain metrics, use the information collected from the project scorecard to determine what needs to be done to address the problem and improve the score.
Praxie's Online Project Scorecard Tools & Templates
The Project Scorecard is similar to the Balanced Scorecard. Additionally, because the Project Scorecard requires data collection and storage, paper and pencil or online surveys can be distributed containing the measures. Data is typically be input and stored in database software or in tools like Excel. Get started with our Project Scorecard template.
How to use it:
- List your projects and respective leads.
- Complete the scorecard and add notes, if needed.
- Create an action plan for improvements.
Unlike most traditional Project Scorecard techniques, Praxie’s online Project Scorecard collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.