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Example Project Budget Template

Project Scorecard Template
1
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1. Identify criteria for success: Review the objectives and deliverables in the Project
Definition, as well as any other existing information that is relevant to the project. Based on
this existing documentation, define what information is needed to show that the project was
successful. This can be from two perspectives:
Internal — These characteristics indicate that the project was managed and executed
effectively and efficiently. This might include having deliverables approved with no more
than two review iterations, hitting major internal milestone dates on time, and having a
minimum number of errors uncovered in user acceptance testing.
External — These characteristics indicate that your project objectives were completed
successfully. Examples here include completing the project within approved budget and
timeline, ensuring your deliverables meet approved quality criteria, and positive feedback
on customer satisfaction surveys.
2. Assign potential metrics: Identify potential metrics for each success criteria that provide an
indication whether or not the criteria are being achieved. These can be direct, quantifiable
metrics, or indirect metrics that give a sense for the success criteria. For each metric, briefly
determine how you would collect the information, what the effort and cost of collection
would be, and what value would be obtained.
3. Look for a balance: The potential list of metrics should be placed into categories to make
sure that they provide a balanced view of the project. For instance, you do not want to end up
with only a set of financial metrics, even though they might be easiest to obtain. In general,
look for metrics that provide information in the areas such as
Cost
Effort
Duration
Productivity
Quality of deliverables
Customer satisfaction with the deliverables produced
Project team performance
Business value delivered
4. Prioritize the balanced list of metrics: Depending on how many metrics you have
identified, prioritize the list to include only those that have the least cost to collect and
provide the most value to the project. There can certainly be as many metrics collected as
make sense for the project, but there may end up being no more than one or two per category.
In general, look to provide the most information with the least amount of work.
5. Set targets: The raw metric may be of some interest, but the measure of success comes from
comparing your actuals against a predefined target. The target may be a single value you are
trying to achieve, or it may be a range. For instance, you may need to complete your project
by a certain fixed date, but your actual cost might need to be +/– 10% of approved budget.
6. Add workplan detail: For each metric that remains, determine the specific information
necessary to add the appropriate activities to the project workplan. This will include
Example Project Budget Template Page 1
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