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Project Management Metrics - pm_tools

The tool calculates the most popular metrics in traditional/predictive project management (aka "Waterfall"). All you need to do is to run it and after that call "Metrics()" with the respective inputs: planned percent complete (float), budget (int), actual percent complete (float), actual cost (int).

Contents

The repository contains the installation package and a jupyter file for those who want to avoid "pip install".

Installation

pip install pm-tools

How to use the tool

  1. Import the libraries

from pm_tools import Metrics

  1. Create a variable with the respective inputs (planned percent complete, budget, actual percent complete, actual cost), the input order is important!

milestone_1 = Metrics(0.5, 100000, 0.4, 20000)

  1. Call the available metrics:

milestone_1.planned_value()

milestone_1.earned_value()

milestone_1.schedule_variance()

milestone_1.cost_variance()

milestone_1.schedule_perf_index()

milestone_1.cost_perf_index()

A few hints how to read the metrics/results:

  • Planned Value - a measure of the estimated cost of planned activities at any given time.
  • Earned Value - gives the actual value. It is based on the work already done, not the work you should have done in the project. Comparing Earned Value with Planned Value gives a quick estimate of whether you’re behind or ahead of schedule.
  • Actual Cost - a measure of the actual expenses incurred in completing all of the work done to date. Actual Cost gives a broad understanding of project expenses.
  • Schedule Variance - tells if the project is ahead or behind schedule. If SV > 0, it means that more value than planned is earned (ahead of schedule). If SV < 0, it means the project is behind schedule, and if it is 0, it means that project is on time.
  • Cost Variance - tells whether the project is on budget(CV = 0), over (CV < 0), or under-budget (CV > 0).
  • Schedule Performance Index - related to Schedule Variance. Whether the project is following its schedule but expressed as a ratio, not as an absolute figure. SPI > 1 (ahead of scheudle), SPI < 1 (behind schedule), SPI = 1 (on time).
  • Cost Performance Index - related to Cost Variance. Whether the project is on budget but expressed as a ratio, not as an absolute figure. CPI > 1 (under budget), CPI < 1 (over budget), CPI = 1 (on budget).

Acknowledgements

  • The creation of the metrics was based on PMI's approach
  • It covers only basic project management metrics, that in general show project performance
  • It's Project Manager's job to track project's health