What are performance indicators used for in project management?

Performance indicators play a crucial role in project management by serving as measurable values that assess how effectively a project meets its predefined objectives. These indicators provide a framework for evaluating performance in various aspects of the project, such as time management, cost efficiency, quality of deliverables, and stakeholder satisfaction. By using performance indicators, project managers can track progress, identify areas that require improvement, and ensure that the project is aligned with its strategic goals. They facilitate informed decision-making and can help adjust project plans based on real-time data, ensuring successful project completion.

In contrast, while funding assessment, cost calculation, and identifying team strengths are important aspects of project management, they do not directly relate to the measurement of performance against established objectives, which is the primary focus of performance indicators.