Project KPIs or Project OKRs?

PMP OS Launch: June 17, JourneyLab, Skills, 1-2-1 Productivity

Jun 08, 2024

Read on LinkedIn / Read time: 5 minutes

Welcome to The Agie Admiral weekly newsletter where I provide actionable ideas to help you build a high-performing Project Management career

Today at a Glance:

📣 Announcement - PMP Operating System - Launch on June 17th

📚 Learning - Understanding Project KPIs and OKRs

📂 Skills - Top 10 Proven Categories of Deliverables a PM Must Explore

🧨 Productivity - How to manage your own time effectively as a Program Manager

📐 Tool of the week - JourneyLab

✍️ Community - Weekly CAPM & PMP Study Group Schedule

☝️ PMP Operating System - Launch on June 17th

Learn How To Pass PMP Exam from filling Application, defining the 8 weeks study plan, Exam Strategy and Understand PMI Mindset.

Launch on June 17th → for more details email me here: contact@projectcertifications.com

Understanding Project KPIs and OKRs

Both KPIs (Key Performance Indicators) and OKRs (Objectives and Key Results) are essential tools in project management, but they serve different purposes and have distinct characteristics. Here’s a detailed explanation of each, along with their differences:

Key Performance Indicators (KPIs)

Definition: KPIs are quantifiable measures that evaluate the success of an organization, project, or activity in meeting its objectives for performance.

Characteristics:
- Quantitative: KPIs are usually numerical and based on data.
- Specific: They focus on specific areas of performance.
- Measurable: There are clear criteria for measuring progress.
- Time-bound: They are tracked over a specific period.
- Actionable: They provide information that can lead to actionable insights.

Examples of Project KPIs:
✅ Project Completion Time: Time taken to complete a project compared to the planned schedule.
✅ Budget Variance: Difference between the budgeted and actual project costs.
✅ Resource Utilization: Efficiency of resource use (e.g., labor, materials).
✅ Quality Metrics: Number of defects or issues found during the project.
✅ Customer Satisfaction: Feedback scores from clients or stakeholders.

Objectives and Key Results (OKRs)

Definition: OKRs are a goal-setting framework that defines objectives and tracks the outcomes needed to achieve them.

Characteristics:
- Qualitative and Quantitative: Objectives are qualitative, while key results are quantitative.
- Ambitious: Objectives are often aspirational, pushing teams to achieve more.
- Transparent: OKRs are typically shared openly within an organization.
- Aligned: They align individual and team efforts with broader organizational goals.
- Flexible: OKRs can be adjusted more frequently, usually quarterly.

Components of OKRs:

Objective: A clearly defined goal, which is usually qualitative.
✅ Example: “Improve project delivery efficiency.”

Key Results: Specific, measurable outcomes that indicate progress toward the objective.
✅ Example 1: “Reduce average project delivery time by 20%.”
✅ Example 2: “Increase on-time project delivery rate to 95%.”
✅ Example 3: “Achieve a project quality score of 90% or higher based on post-project reviews.”

Choosing Between KPIs and OKRs

When to Use KPIs:

When you need to monitor ongoing performance and ensure that operational targets are being met.
When you have established processes and want to measure their efficiency and effectiveness.

When to Use OKRs:

When you want to drive growth, innovation, or significant improvements.
When you need to align teams around strategic goals and ensure everyone is working towards the same objectives.

Conclusion: KPIs and OKRs are complementary tools in project management. KPIs help maintain performance standards, while OKRs drive progress towards ambitious goals. Understanding the differences and applying them appropriately can enhance your project's success and organizational alignment.

Top 10 Proven Categories of Deliverables a PM Must Explore

Have you ever felt like your project requires more and more work?

Have you ever felt you needed to create yet another thing you didn’t anticipate initially?

This is the result of scope creep.

It means you failed to identify all deliverables at the start of the project.

Throughout dozens of successful projects, I identified the TOP 10 sources of deliverables you must explore.

#1: Project Charter and Scope Statement.

If you follow a structured project management process, you’ll analyze the project charter and project scope statement. These documents must describe the main deliverables.

In practice, most IT projects don’t have those documents.

#2: Typical Project Life Cycle

For example, the software development life cycle describes a lot of typical deliverables. You must decide whether to make one of them for your project.

UI designs, technical architecture documentation, and regression testing reports are examples of deliverables SDLC recommends as the best practices. You can make them internal for your own use.

Continue reading here: Article

How to manage your own time effectively as a Program Manager

I use a 1-2-1 framework.

Program managers wear many hats, but neglecting your own time management is a recipe for burnout.

Here's my 1-2-1 framework to stay focused and productive:

𝟭 𝗛𝗼𝘂𝗿: 𝗗𝗲𝗲𝗽 𝗪𝗼𝗿𝗸: Block out a dedicated hour each day for focused work on your most important tasks. Silence notifications, find a quiet space, and tackle those high-impact projects.

𝟮 𝗛𝗼𝘂𝗿𝘀: 𝗧𝗲𝗮𝗺 𝗦𝘂𝗽𝗽𝗼𝗿𝘁: Dedicate two hours to supporting your team. This could be one-on-one meetings, team huddles, or addressing roadblocks.

𝟭 𝗛𝗼𝘂𝗿: 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 & 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Allocate an hour for planning and communication. This includes reviewing strategy documents, roadmaps, program risks, dependencies, etc.

Continue reading here: Post

Tool of the Week: JourneyLab

JourneyLab is a modern project portfolio management tool designed for growing organisations by a team based in Sydney, Australia. It's anchored on connecting strategy with delivery to assure projects have purpose and create value. Unlike other platforms, JourneyLab is specifically designed so that even non-technical users can implement good practice, with a user-friendly interface and in-built guidance and resources.

You can try it out yourself with a no-commitment 14 day trial, or reach out to the team for a demo.

Link: https://journeylabapp.com/signup/admiral