Evaluating Projects on the fly

Utilizing the weighted scorecard method gives the Project manager the ability to weigh out the specifics of the project or evaluate how the project is doing. There are different kinds of evaluations, such as employee evaluations, scheduling and cost control evaluation, which are all effective monitoring tools for a project manager. I believe that an affective way to evaluate products is to monitor their efficiency. Whether it is the efficiency of how they work, how well they work, how much they help or hurt the project, etc. Numbers and statistical evaluations are the easiest way to do this efficiently. There are limitations to evaluating the technical efficiency of the project (Shaw)
Some of the disadvantages are that the data doesn’t specify the criteria to narrow down the variables. They are limited by the narrow selection of inputs & outputs as well as performance indicators. The assumption of gathering and analyzing the data are when the data is analyzed and it has an efficient outcome, the projects achieve technical efficiency and they improve organizational project performance. The advantages are that the inputs & outputs selected provide an indicator of changes in the projects technical efficiency. However, the performance indicators provide an accurate indication of performance and determined how the projects objectives process could be improved to achieve the specified tasks (Kerzner).
Consequently, projects that don’t have an evaluation system or monitor their risks fail. Nearly 40% of all IT projects fail. This is caused by not having good project evaluation practices and a break down in the communication structure (Wang). Measuring performance on unfamiliar projects can be difficult to assess how well budgeting and scheduling goals are being met. If there is no prior project with similar objectives and goals, there can be a breakdown in the monitoring and evaluation process due to not monitoring and evaluating the right aspect of the project to ensure it’s success. Software tools can quickly produce real-time measurements that evaluate progress, determine actual cost and make accurate forecast about those projects (Shaw).
The similarities between the weighted scorecard and the statistical efficiency method are that they both rely on numbers, an equation and more specifically, correct data to be applied to each of the equations. Without these items, the outcome of each analysis will be construed and will not give an accurate reading. The differences are that one is a specific analysis and the other is more of a broad analysis. The weighted scorecard systematically analyzes the project by gathering information on specific phases, specific risks and specific evaluations. The statistical efficiency evaluation is more of a broad analysis that shows the efficiency of the project over a period of time, which is then compared to another project or another phase of similar characteristics. This will give the difference between the Mean Inefficiency in comparison to the standard deviation. This will portray how efficient or inefficient the project is doing during each phase or at the end of each scheduling pattern

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