Project Management Metrics is often based nowadays on the EVM system, which stands for earned value measurement. The metrics themselves that fall under EVM are: schedule performance index, schedule variance, estimate at completion, cost performance index, and cost variance.
This does not mean that Project Management Metrics are limited to those listed above – actually, metrics may surpass the list given because Project Management initiators need to answer certain basic questions about the project in order to determine what metrics to measure it against.
The questions could be: Is customer satisfaction monitoring at a mature level in the internal organizational system, to allow metrics for this to be used? Can product requirements be traced in the system, even if they are quite complex and numerous? Does the organization need to acquire special test equipment for this purpose? Is support infrastructure necessary as well? How are the environments where the product will be employed be thoroughly defined? Are the product design requirement parameters stable or unstable? Have the system and sub-system tests been enumerated completely? Have decision makers been able to create a thorough issue tracking and failure evaluation system? Does the project face any risks, and if so, has the Risk Management system been upgraded over time?
When adequate Project Management Metrics have been listed down, there should also be an effort to determine the indicators that will alert the Project Manager when he/she should initiate corrective action. It is believed that with the right information gleaned in a timely fashion from the metrics, the project team should find Project Implementation to be successful.