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Schedule Metrics refer to a set of verifiable measurement standards by which efficiency, performance, state or quality of a schedule can be identified and assessed. They are used to measure schedules against their baselines to determine any variance and discrepancy. They are measured in quantitative or qualitative terms.
A system of schedule metrics is a great way to monitor and control schedule change. Such a system allows managers to track variance while capturing schedule performance, making comparisons to baseline measures, and supporting schedule improvement.
A system of verifiable metrics can be applied to a schedule if this schedule is:
- Measurable so the schedule content can be gauged.
- Relevant to preset goals and expectations.
- Controllable to capture and track the content.
There are four basic indicators that characterize a schedule and its state:
- Variance, a measure of a schedule’s variability from an average (e.g. average duration, average cost).
- Performance, a qualitative indicator that proves how well a given schedule is performed against the expected performance level.
- Quality, a metric that examines schedule conformance to a range of preset values, such as cost and time.
- Efficiency, a general indicator that confirms whether scheduled items are performed in the right way.
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