Project Management KPI Dashboard Template in Excel is helpful during the execution phase of the project. It provides the quickest overview of all project performance indicators. Project managers rely on this information for the successful delivery of the project.
Key Performance Indicator (KPI) Dashboard
This project dashboard shows a graphical illustration of the project facts and figures, statistical data which is based on project performance and current project status. Top management, project stakeholders, clients, and managers can get a complete and brief report on a single glace on dashboard gauges, graphs, and other indicators.
These indications and data help project managers check day by day performance of their working staff, taking reight decisions to boost up performance and to identify or evaluations of risk, issue tracking before these issues become a problem for project excavation or execution.
The key performance indicators are the measurable quantitative values of the project that indicates the completion or success of any activity.
However, the key performance indicators are different for different projects. It varies from project to project. Therefore, it’s the project manager’s duty to define the KPIs for their project.
Every activity of the project has KPIs. Regardless of the activity length and resources assigned to it.
Therefore, the project KPI template isn’t just helpful to project managers. But this template can be used by any team member of the project to visualize the progress and performance of activities assigned to them.
However, it’s really important for the stakeholders to define and update the KPIs for assignments.
Project KPI Dashboard Template in Excel
Project KPIs are used for the assessment, tracking, comparison, and controlling of the project. What are the key performance indicators of the project? It depends on the management system adopted for the management of the project in the execution phase.
Most of the projects use Earned value management system and Earned value analysis for the management of project cost and schedule. Therefore, KPIs for such projects are calculated based on planned value (PV), actual cost (AC), and earned value (EV).
Moreover, the key performance indicator in earned value management system are cost variance (CV), scheduled variance (SV), cost performance index, schedule performance index, estimated cost to completion (ETC), estimated cost at completion (EAC), return on investment, and gross profit margin.
There are several forms of project KPI dashboards. Simple KPI dashboards include tracking indicators such as health, timeline, costs, resources, tasks, schedule, issues, and progress.
While the activities section of the project contains information as completed, in-progress, and not-started yet activities.
The issue tracker dashboard and project progress dashboards are also commonly used by project managers.
How to create a KPI Dashboard Template in Excel
THE project KPI dashboard doesn’t stay static over the period of project execution. The information it must present keeps on rotating as project activities changes and project proceed towards completion.
Therefore, project managers use a “SMART” strategy for the successful identification of project KPIs. Specific, measurable, agreed upon, realistic, and time-based is defined as a SMART strategy.
The SMART strategy helps in the identification of project KPIs to create a project KPI template in Excel;
- Understand project objectives
- Decide project success metrics
- Identify the key stakeholders
- Select an approach for tracking and monitoring the performance
In conclusion, the project KPI dashboard template is like a vision board for project managers to get a quick overview of the project parameters. KPI of the project is defined and displayed as per the choice of project managers that change with time as the project progress.
Excel KPI Dashboard Format
Here are a few elements that must be included in this excel dashboard;
These all elements are very helpful in evaluating a project’s performance on the scale of its timeline.
KPI dashboard Operations
A project KPI dashboard is mostly used by project managers or top management of a company because they can watch and understand the whole picture of a project at a glance.
Some important Operations of KPI:
- Aligned: Project strategic goals and objectives that we want to achieve, must be aligned.
- Attainable: All the data we put in the datasheet must be attainable for every indicator that we choose.
- Acute: It is important to keep users intact on the page and lead them in the correct direction.
- Accurate: It is necessary to keep data accurate in the data flow KPI chart.
- Actionable: KPI data flow results must be actionable.
- Alive: Our KPI Chart must be responsive if our business growth variates the indicator must show variation.
- It is recommended to show critical tasks and other outstandings on this sheet when a user is inspecting the database.
- Before we use any color or other graphical illustration for presentation, we have to set parameters first.
- Language font, bullets, style is effective to highlight critical Stats.
- Usage of buttons and links is the best presentation practice.