How is project performance typically measured?

Project performance is typically measured in terms of scope, schedule, and cost because these three parameters are fundamental to the success of any project. Scope refers to the specific goals and deliverables that the project is expected to achieve, setting clear boundaries on what is included and what is not. Schedule addresses the timeline for completing various tasks and milestones, ensuring that the project progresses as planned. Cost involves managing the budget and resources efficiently, providing a financial framework within which the project must operate.

When measuring performance, project managers often use these key performance indicators to evaluate how well the project is adhering to its objectives. By focusing on these three aspects, project managers can identify any variances from the plan and make necessary adjustments to keep the project on track. This approach allows for a quantitative assessment of progress and helps in making informed decisions that can lead to project success.