Time, cost and quality: three variables that any successful project must keep in check. To ensure the success of our ventures, we must measure each variable precisely and consistently. Our metrics for measuring time, cost and quality are designed to provide an accurate assessment of our progress and identify areas in need of improvement.
For measuring time, we use throughput and cycle time metrics. Throughput measures the rate at which our efforts yield results, whilst cycle time measures how much time lapses between the beginning and end of a project. To measure cost, we use total expenditure, labor intensity, resources utilization, and ROI metrics. These help us pinpoint areas in which we can save costs and identify sources of inefficiency.
Finally, to measure quality we use conformance to requirements metric. We analyze our projects to determine if they meet their specified requirements and adjust accordingly to ensure that our projects reach the desired outcome. By combining each metric, we have tailored a reliable system for analyzing and monitoring our projects and ensure every one is completed efficiently, with time and cost kept under control.
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Do you have quantitative evidence of Time, Cost and Quality?