I just created a Project Balanced Scorecard that reports metrics in four categories (slightly adjusted from Kaplan and Norton). One question I have been asked twice by my peers is, "So what is the overall projects status? As a whole, is the project red, yellow, or green?" Doesn't that defeat the purpose of a Balanced Scorecard?
Should I create a "bottom line score?" What would that even be? There's a reason we have something called a triple constraint.
Each of the four categories has 4-6 specific metrics. I could create some kind of algorithm that says if a category has one yellow that grouping is still green overall, one red or two yellows is overall yellow, and anything worse is overall red - or something similar. Seems a bit labored.
Is there anyone who has used Balanced Scorecard for measuring project metrics and successfully created a single line answer: red, yellow, or green for the overall health of the project? What did you do? How did you do it?