Some key things to keep in mind when developing metrics for a project include ensuring they are Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). The metrics should provide objective measures that track progress towards the project goals and allow for assessment of whether the objectives are being met according to the project timeline and budget.
For this particular project, based on the information provided about developing a new software application to assist users in tracking expenses and finances, some important metrics to track may include:
Functional Requirements Completion – One of the main goals of any software project is to develop all required functionality according to specifications. Tracking completion of individual requirements and signed-off acceptance by the key stakeholders on an ongoing basis will help ensure the project remains on track to deliver all promised features. This could be measured as a percentage of total requirements completed each sprint or monthly based on priority/importance.
Bug Reports – All new software introduces bugs, so tracking the number of bug reports, identifying them as critical/high/medium/low priority, and ensuring timely resolution according to the severity level is important. Metrics like open vs closed bugs, average response/resolution time for different priorities, number of repeat bugs would help evaluate quality. Targets for reducing overall bugs over time should be set.
User Onboarding/Registration – For a new software product, the number of new users registering and successfully onboarded is a key metric of customer acquisition and success. Tracking registration numbers daily/weekly at initial launch and comparing to targeted benchmarks will indicate customer interest and how well the onboarding process works. Additional metrics around registration drop-offs can help identify pain points.
Customer Retention – While new user signups are important, measuring how well customers continue using the product over time and retain active engagement is even more critical to long term success. Tracking metrics like monthly/weekly active users, average session times, return visitor numbers can indicate retention and satisfaction. Targets for reducing dropout rates month-over-month should be set.
Revenue Generation – Especially for a SaaS product, tracking key revenue metrics like monthly recurring revenue (MRR), average revenue per paying customer (ARPU), cost of acquisition (COA), churn rates are important to evaluate financial viability and growth. Benchmarks for these should be set according to projections. Other metrics like conversion rates from free trials to paid plans would also help optimize monetization.
Customer Support Response Times – Good customer experience and support is essential for satisfaction and retention. Tracking average response times for support tickets, identifying priorities and ensuring SLAs are met provides insights into quality of support. Targets to reduce response times month-over-month helps drive efficiency.
Uptime/System Availability – For any software, especially one handling financial data, high uptime/availability of the system is imperative to maintain credibility and trust. Tracking detailed uptime stats with breakdowns by individual services/components, geographic regions, historical trends helps identify issues and ensures service level commitments are fulfilled. Targets for 99.9%+ uptime annually should be set.
In addition to tracking technical and financial metrics, qualitative metrics from user feedback and reviews are also important. Conducting post-onboarding surveys, Net Promoter Scores (NPS), qualitative feedback analysis can provide insights into what is working well and areas for improvement from an end-user perspective. Some quantified targets could include maintaining an average user ratings score above 4/5 and improving NPS+% scores over time.
regular reporting on progress against these metrics to stakeholders is important. As targets are achieved, new aspiring targets should be set to continuously improve and optimize performance. The success of the project should be evaluated not just on completion of development milestones but more importantly on whether desired business outcomes and value were delivered as planned according to the measured metrics. After an initial launch period, longer term metrics capturing lifetime value and contribution of customers acquired would need to tracked to truly assess success.
Developing a comprehensive set of relevant and measurable key performance indicators (KPIs) and tracking them against defined targets throughout the project lifecycle will help ensure objectives are met according to schedule and budget. The metrics proposed cover important aspects around features, quality, customers, financials and operations to provide a well-rounded perspective on how effectively the project is delivering on its goals. Regular reporting on these metrics also enhances transparency and accountability crucial to making informed decisions. With the right metrics in place, success of the project can be reliably evaluated.