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Tracking the progress of a project is the key to figuring out what’s working, what’s not working, and where you need to focus resources to keep a project on track. One of the most effective ways to track a project is to use a scorecard and update it on a regular basis. For most projects, I recommend doing weekly updates at the same time every week; for slower-moving projects, monthly or quarterly updates are fine. In some cases, things change so fast that you need daily or even hourly updates.

The project scorecard should make it easy for anyone to tell at a glance how a project is doing — whether it’s ahead of schedule and under budget or behind schedule and over budget; whether things are going as planned, or whether unplanned risks are putting the project in jeopardy. Following are the items I like to include in a scorecard and update every week:

 Status of major deliverables: Which deliverables have been completed and whether they were on time, early, or late

 Recent accomplishments: New things that have been completed since the last time the scorecard was updated

 Upcoming tasks: Things that the team will be working on between now and when the scorecard is updated in the future

 Risks and concerns: Unexpected challenges and issues that are causing problems or that could interfere with the project

Having this information at your fingertips in a scorecard makes it much easier to manage well, reward people for their accomplishments, and help them deal with challenges. If you understand what is happening, what should be happening, and what might happen, you can make better decisions faster. Other pieces of information can add value to a scorecard, such as information about budget performance, quality ratings, and employee engagement. To build a good scorecard, understand what information you need to track to keep everyone on the same page and ensure the success of your cross-functional supply chain projects.

Figure 4-6 shows an example scorecard that makes it easy to communicate four essential pieces of information about the status of a project.

FIGURE 4-6: Sample project scorecard.