Personal Performance Indices
Preface
In standard project management practice there are four constraints to be taken care of, namely, Scope, Cost, Quality, and Schedule for the successful completion of a project. These constraints are interrelated as such that modifying one component will affect at least one or all the three other constraints. In research and development projects, however, Scope is practically not considered highly defined or restricted like general projects. Therefore in research and development projects the three practical constraints are Cost, Quality and Schedule, and satisfying of these three constraints are essential for the success of such type of project.
MyManager™ has considered these three constraints for measuring the efficiency of a responsible person for a research and development project, and/or for a project in real-time based on project related actual activities or assignments (experiments).
Cost Performance Index (CPI)
Cost is the most critical factor for the success of a project. Cost Performance Index represents how much percentage of spent money is producing effective results or advancing the project forward. If any assignment (experiment) is failed, whatever is the reason, then the cost involved in that particular assignment (expense) is wasted-cost related to that project and responsible person. Since funding for research and development projects became very tight and competitive therefore knowing, monitoring, maintaining, and improving CPI is extremely helpful to keep the project within the approved budget, to get the forecast of budget overrun as soon as any cost (spent money) is wasted, to take necessary action to recover the weaknesses related to the wasted cost, and to improve the cost efficiency of the project and lab. MyManager™ will calculate, record, and display CPI values for an individual and a project in real-time as soon as an assignment (experiment) is done to improve cost efficiency of your lab.
Quality Performance Index (QPI)
Meeting quality is extremely critical for project success. Quality Performance Index represents what percentage of attempted assignments (experiments) are successful for a project or for a responsible person involved in project execution. Acceptance to the quality does not mean that the results essentially need to be positive result, instead any result that is advancing the project forward to be considered as ‘quality met’. On the contrary, unreadable or indecipherable or illegible or obscure or scribble results for any assignment (experiment) to be considered as unacceptable result leading to unacceptable or failed assignment. QPI values directly help identifying the rate of failed assignments (experiments) for an individual researcher in real-time so that Principal Investigator can immediately take necessary steps to improve the weaknesses of the relevant person to improve the efficiency of lab.
The most practical and efficient method to evaluate the quality of a product/output of research and development project, generated through assignment/s (experiment/s), is to apply expert judgement. Principal Investigator or the assigned expert will check the results of an assignment (experiment) and using expert judgement will evaluate whether the results are acceptable to the quality or not. Relevant information to be updated in specific forms of your MyManager™ account, and MyManager™ will automatically calculate and represents the QPI value for an individual as well as for a project in real-time.
Schedule Performance Index (SPI)
Schedule or time management is the third critical factor for the success of a project. Schedule Performance Index represents how efficiently one person is finishing his/her assignment (experiment) within the approved time limit. MyManager™ implemented a unique effective matrix to calculate the SPI values of a team member or a project in real-time. If any assignment (experiment) is done within the approved schedule then the SPI value will be 100% but if it is delayed or completed after the scheduled period of time then the SPI value will be reduced as per MyManager™ logic matrix. R&D- MyManager™ prefers you set schedule for your assignment (experiment) within 1-day to 7-day period; shorter period of schedule is better for planning, estimation, executing, monitoring, and evaluation of any assignment (experiment).
MyManager™ will calculate, record, monitor, and display the SPI values for individual team member or project so that you can take necessary action to correct if any person or project is dragging lab’s progress.
Overall Performance Index (OPI)
Overall Performance Index is the summary point view of the performance indices related to a person or a project. It is the average of CPI, QPI, and SPI values for an individual or for a project. Since CPI, QPI, and SPI values are calculated in real-time based on the progress or failure of an assignment (experiment) therefore OPI value is also a real-time parameter. In standard project management practice CPI, QPI, and SPI are known as triple constraints for a project and has been considered equally important for the success of a project therefore during the calculation of OPI value all these three constraints have given equal weight. MyManager™ will calculate, record, and display OPI values of team members and projects so that one can get a quick view of comparative average performance efficiencies among the lab members or projects. This is extremely helpful for quickly identifying who is to promote or who is to correct, and which projects are progressing acceptably and which are not.
Significance
Currently, hardly any lab is practicing proper project management standards mainly due to unavailability of suitable project management software that can perfectly satisfy the specific requirements of research and development projects. MyManager™ is developed by experienced scientists-cum-accredited professional project manager so always you feel the heart of a researcher as well as the components of professional project management during your using of MyManager™. These unique performance indices and the productivity indices of MyManager™ will categorically provide you significant advantages to excel your research success.
In standard project management practice there are four constraints to be taken care of, namely, Scope, Cost, Quality, and Schedule for the successful completion of a project. These constraints are interrelated as such that modifying one component will affect at least one or all the three other constraints. In research and development projects, however, Scope is practically not considered highly defined or restricted like general projects. Therefore in research and development projects the three practical constraints are Cost, Quality and Schedule, and satisfying of these three constraints are essential for the success of such type of project.
MyManager™ has considered these three constraints for measuring the efficiency of a responsible person for a research and development project, and/or for a project in real-time based on project related actual activities or assignments (experiments).
Cost Performance Index (CPI)
Cost is the most critical factor for the success of a project. Cost Performance Index represents how much percentage of spent money is producing effective results or advancing the project forward. If any assignment (experiment) is failed, whatever is the reason, then the cost involved in that particular assignment (expense) is wasted-cost related to that project and responsible person. Since funding for research and development projects became very tight and competitive therefore knowing, monitoring, maintaining, and improving CPI is extremely helpful to keep the project within the approved budget, to get the forecast of budget overrun as soon as any cost (spent money) is wasted, to take necessary action to recover the weaknesses related to the wasted cost, and to improve the cost efficiency of the project and lab. MyManager™ will calculate, record, and display CPI values for an individual and a project in real-time as soon as an assignment (experiment) is done to improve cost efficiency of your lab.
Quality Performance Index (QPI)
Meeting quality is extremely critical for project success. Quality Performance Index represents what percentage of attempted assignments (experiments) are successful for a project or for a responsible person involved in project execution. Acceptance to the quality does not mean that the results essentially need to be positive result, instead any result that is advancing the project forward to be considered as ‘quality met’. On the contrary, unreadable or indecipherable or illegible or obscure or scribble results for any assignment (experiment) to be considered as unacceptable result leading to unacceptable or failed assignment. QPI values directly help identifying the rate of failed assignments (experiments) for an individual researcher in real-time so that Principal Investigator can immediately take necessary steps to improve the weaknesses of the relevant person to improve the efficiency of lab.
The most practical and efficient method to evaluate the quality of a product/output of research and development project, generated through assignment/s (experiment/s), is to apply expert judgement. Principal Investigator or the assigned expert will check the results of an assignment (experiment) and using expert judgement will evaluate whether the results are acceptable to the quality or not. Relevant information to be updated in specific forms of your MyManager™ account, and MyManager™ will automatically calculate and represents the QPI value for an individual as well as for a project in real-time.
Schedule Performance Index (SPI)
Schedule or time management is the third critical factor for the success of a project. Schedule Performance Index represents how efficiently one person is finishing his/her assignment (experiment) within the approved time limit. MyManager™ implemented a unique effective matrix to calculate the SPI values of a team member or a project in real-time. If any assignment (experiment) is done within the approved schedule then the SPI value will be 100% but if it is delayed or completed after the scheduled period of time then the SPI value will be reduced as per MyManager™ logic matrix. R&D- MyManager™ prefers you set schedule for your assignment (experiment) within 1-day to 7-day period; shorter period of schedule is better for planning, estimation, executing, monitoring, and evaluation of any assignment (experiment).
MyManager™ will calculate, record, monitor, and display the SPI values for individual team member or project so that you can take necessary action to correct if any person or project is dragging lab’s progress.
Overall Performance Index (OPI)
Overall Performance Index is the summary point view of the performance indices related to a person or a project. It is the average of CPI, QPI, and SPI values for an individual or for a project. Since CPI, QPI, and SPI values are calculated in real-time based on the progress or failure of an assignment (experiment) therefore OPI value is also a real-time parameter. In standard project management practice CPI, QPI, and SPI are known as triple constraints for a project and has been considered equally important for the success of a project therefore during the calculation of OPI value all these three constraints have given equal weight. MyManager™ will calculate, record, and display OPI values of team members and projects so that one can get a quick view of comparative average performance efficiencies among the lab members or projects. This is extremely helpful for quickly identifying who is to promote or who is to correct, and which projects are progressing acceptably and which are not.
Significance
Currently, hardly any lab is practicing proper project management standards mainly due to unavailability of suitable project management software that can perfectly satisfy the specific requirements of research and development projects. MyManager™ is developed by experienced scientists-cum-accredited professional project manager so always you feel the heart of a researcher as well as the components of professional project management during your using of MyManager™. These unique performance indices and the productivity indices of MyManager™ will categorically provide you significant advantages to excel your research success.