What is measured, the parameters, and the measurement method depend on the project objectives, the intended outcomes, and the environment in which the project takes place.
Common categories of metrics include:

• Deliverable metrics,
• Delivery,
• Baseline performance,
• Resources,
• Business value,
• Stakeholders
•  

Measuring takes time and effort, which could otherwise be spent on other productive work; therefore, project teams should only measure what is relevant and should ensure that the metrics are useful. Characteristics of effective metrics (or SMART criteria) include:

• Specific – Measurements are specific as to what to measure. Examples include the number of defects, the defects that have been fixed, or the average time it takes to fix defects.
• Meaningful – Measures should be tied to the business case, baselines, or requirements. It is not efficient to measure product attributes or project performance that do not lead to meeting objectives or improving performance.
• Achievable – The target is achievable given the people, technology, and environment.
• Relevant – Measures should be relevant. The information provided by the measure should provide value and allow for actionable information.
• Timely – Useful measurements are timely. Information that is old is not as useful as fresh information. Forward-looking information, such as emerging trends, can help project teams change direction and make better decisions.

Measuring Deliverable Metrics

Deliverable Metrics, which are used to evaluate the usefulness of products, services, or results delivered in a project.

1. Information on errors or defects – Tracks the number of defects, their sources, how many were found, and how many were fixed.
2. Measures of performance – Looks at how well the system works. This can include things like size, weight, accuracy, speed, reliability, and efficiency.
3. Technical performance measures – Checks if technical parts meet the required standards. Helps show how close the team is to completing the technical goals.

Measuring Delivery Metrics

Delivery metrics are associated with work in progress, these measures are frequently used in project using adaptive approaches.

Measuring baseline performance metrics

The most common baselines are cost and schedule. Projects that track a scope or technical baseline can use information in the deliverable measures: Schedule Baseline:

Measuring delivery Metrics

Delivery measures are associated with work in progress, these measures are used in project using adaptive approch

Resources Measurement

Resource measurements may be a subset of cost measurements since resource variances frequently lead to cost variances. The two measures evaluate price variance and usage variance. Measures include:

• Planned resource utilization compared to actual resource utilization.
• Planned resource cost compared to actual resource cost.

Measuring business value

Business value measurement are used to ensure the project deliverab;e stay aligned to business case and benefits realization plan

Stakeholder measurement

Stakeholder satisfaction can be measure with survey or by infering satisfaction looking at following metrics

Forecast Measurement

Project teams use forecasts to consider what might happen in the future so they can consider and discuss whether to adapt plans and project work accordingly. Forecasts can be qualitative, such as using expert judgment about what the future will hold. They can also be causal when seeking to understand the impact a specific event or condition will have on future events. Quantitative forecasts seek to use past information to estimate what will happen in the future. Quantitative forecasts include: