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How To Select A Project Using Data Analytics

The document discusses the importance of data analytics in project selection and management, emphasizing that projects have a fixed timeframe and require effective decision-making. It highlights the role of data analytics in tracking project milestones, improving efficiency, and facilitating informed decisions beyond traditional financial metrics. Additionally, it outlines the responsibilities of project owners and the risk and compliance team in utilizing analytics for successful project outcomes.

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rpmirashmultimedia
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12 views2 pages

How To Select A Project Using Data Analytics

The document discusses the importance of data analytics in project selection and management, emphasizing that projects have a fixed timeframe and require effective decision-making. It highlights the role of data analytics in tracking project milestones, improving efficiency, and facilitating informed decisions beyond traditional financial metrics. Additionally, it outlines the responsibilities of project owners and the risk and compliance team in utilizing analytics for successful project outcomes.

Uploaded by

rpmirashmultimedia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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NEWSLETTER

Project selection
using Data
Analytics

P
roject are a great way to keep track of strategy and returns.
Projects are different from a business partnership agreement
and contract. Projects have a fixed time frame of giving desired
results. Projects come and go, some are accepted and some are rejected.
Projects haven’t harnessed the technology of data analytics. Choosing
one project over another project needs data analytics. 1Big data analytics
are technologies that have been developed to help organisations make
sense of this vast amount of information. 2No organization can run an
existing business and promote a new expansion project without a suitable
internally mobilized financial base or both i.e internally and externally
mobilized financial base.

Definition

3
Project management is the management of a temporary endeavour —
having a definite beginning and a definite end — undertaken to create
CA.Jency Sara Easow
a unique product or service. Program management is the management
of a group of projects sharing common strategic goals, managed in a
Jency Sara Easow (Jency) is a Chartered
coordinated way so as to realise benefits otherwise not available by
Accountant from ICAI and CELTA qualified. She
managing projects as separate entities. The more complex the strategy,
can be reached through LinkedIn or through Email
the more likely a large number of projects will be required.
([email protected]).

KOTTAYAM BRANCH (SIRC) June 2024


7
NEWSLETTER
Virtual teams using data analytics to to be taken to complete a project Let’s say, project has not crossed the
track their progress makes a project which makes analytics a great tool for agreed milestones and data analytics
interesting to start and complete. efficiency and effectiveness. is being capitalized because it is giving
2 or 3 KPI are good enough to run profound return on of useful information
through data analytics. Can strategy What happens if decision taken to keep the project heading forward.
implementation use data analytics, i.e using analytics do not go in Can project be considered as scrap just
can strategic choices during strategy line with rational thinking of because of a loss monetary figure? The
implementation be weighed using data management? loss is a sign of negative ROI however,
analytics? The answer is Yes. data analytics can find out where the
Avoid bias, choose by majority who are project deviated by running analytics
Project milestone- use of data for a decision (decision taken using data and can bring the project to positive, if
anlaytics analytics or using rational thinking). loss is detected early.
Testing and validation can be done
The tracking of various project using analytics, however analytics do Project analytics, to sum up, cover
milestones using data analytics is what not provide real life outputs all the time decision making beyond ROI and IRR
we are going to discuss in detail. and management may consider that it and Capital Structure along with
must not go by analytics and instead ratio analysis. Analytics help the
Finance is just about numbers, however go by conscious real life strategy for a management to think vertical and
data analytics is about decision making particular part of the project. Analytics horizontal across business. There is no
which includes numbers as well. The don’t put a burden to use it throughout hard and fast rules to analytics. Each
decisions in projects can be run through the project which makes it user friendly person’s assumption are considered as
data analytics for interpretation of data. for project owner to use or not use knowledge based decisions which have
Usually, data analytics makes an impact analytics for tasks in the project. a weight on the conduct and strategy of
when 10% of project is completed. The the business. Data analytics do not give
project scenarios, project decision to Where can data be gathered for a report card of the project, it just helps
move forward, budget, returns and the purpose of streamlining the to facilitate decision to streamline a
many other key performance factors project? project by stating steps at each point
are the overall areas to be covered in analytics is used.
a project using analytics. No analytics Data for analytics are gathered from the
can provide a solution, analytics is data owners who maybe the business Reference
purely to take decisions from top development team or operations team 1 MODULE 2 Understanding the External
management to lower management. and figures from finance team. There Environment Pg 74, CPA Australia
is no one single data owner. Real time 2 FINANCIAL POLICY AND CORPORATE
Who in a project needs to data comes from Customer Service STRATEGY Pg 1.5, Strategic Financial
understand about analytics? Team. Management, CA Final, ICAI
3 MODULE 6 Strategy Implementation Pg
Project owners need to understand the Who is responsible for analytics 389, CPA Australia
process of involving analytics in their of a project?
decision making. Project owner can
be anyone from a program manager The risk and compliance team should
to an operations manager, basically weigh the risk of analytics for projects
the champion of the project. Research instead of using theory methods or
and data analytics are different. Data techniques of risk calculation for
analytics gather data and provides business segments or cost centres.
the next step. This means choice are The risk and compliance team will be
followed by an action. In research, responsible for analytics along with
steps are not calculated or foreseen. project owners.
Project owner can calculate the steps

8 June 2024 KOTTAYAM BRANCH (SIRC)

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