Measures represent a standard way of measuring the results or effects of a Benefit.
A value, whose change in the desired direction would help to confirm that the related benefit is being realised.
Measures can include a target of what is needed, a forecast of what is expected and the performance of what has been achieved.
They are used to set overall targets, forecasts and capture actual performance, and to do this also for specific Initiatives.
In Wovex, Measure values can be entered directly, calculated from freestyle formulas and also using business rules by selecting a Calculation Approach. Text can also be used to describe a changed state, where numbers or scales are not appropriate.
In the Wovex Platform in the cloud there are two important types of Measure.
- Standard Measure: These have the standard definitions and settings on them and are related to Benefits. They are used to create Tracking Measures.
- Tracking Measure: These are for measuring the results or effects for a specific Initiative.
For example, a Standard Measure for 'Resilience' at the organisational level can have different targets, forecasts and actual performance for each Initiative.
Using the Standard Measure in relation to a specific Initiative, you can create a Tracking Measure to capture and report on this information at a more granular level e.g. for specific Contracts, Operations, Projects, Work packages and Phases of work.
Standard measures can be used across programmes or portfolios.
Initially, you will always be creating Standard measures, then you use these to create your tracking measures.
This allows for the greatest flexibility of use over time and across programmes and portfolios.
You need to enable different forecasts and actual tracking data to be captured to see the impact from the different Programmes, Work streams, Capabilities etc. on benefits.
To do this you need to create different Tracking Measures to hold this unique data against. They are separate to the Standard Measure, but related. Each Tracking Measure has its own values over time fore forecasts, actuals etc. Each Tracking Measure has its own different timeseries data, to hold its specific forecasts etc.