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Project Management Analytics Mscda 715: T. Masamha

The document outlines the importance of analytics in project management, emphasizing its role in monitoring uncertainty, predicting outcomes, and making data-driven decisions. It distinguishes between analytics and analysis, detailing typical activities associated with each, and highlights key applications of analytics in managing projects effectively. Additionally, it discusses how project managers can utilize analytics for feasibility assessment, data management, stakeholder engagement, risk management, and process improvement.

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9 views19 pages

Project Management Analytics Mscda 715: T. Masamha

The document outlines the importance of analytics in project management, emphasizing its role in monitoring uncertainty, predicting outcomes, and making data-driven decisions. It distinguishes between analytics and analysis, detailing typical activities associated with each, and highlights key applications of analytics in managing projects effectively. Additionally, it discusses how project managers can utilize analytics for feasibility assessment, data management, stakeholder engagement, risk management, and process improvement.

Uploaded by

salome
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PROJECT

MANAGEMENT
ANALYTICS MSCDA
715
T. MASAMHA
Basis for the course

Our basis in project management analytics is an understanding of:


 Definition of analysis
 Difference between analytics and analysis
 Reason for using analytics in project management
 Applications of analytics in project management
 Statistical approach to project management analytics
 The Analytic Hierarchy Process to project management analytics.
Background

 Definition of project
 Every project is surrounded by uncertainty.
 Project managers need to apply analytical techniques to monitor
and control uncertainty and to estimate project cost and schedule
accurately with analytics-driven prediction.
 Analytics-based project metrics are used to measure, observe
and analyse project performance objectively and making rational
project decisions with analytical certainty.
Meaning of Analytics

 Give your own definition


 Also referred to as data analytics
 Is the systematic quantitative analysis of data or statistics to obtain
meaningful information for making improved decisions.
 Analytics involves collective use of different analytical methodologies
including statistical and operational research methodologies and
programming.
 Analytical software tools use sophisticated algorithms based on
statistical, mathematical and computer science knowledge.
Analytics vs Analysis

 Attempt to give the distinction yourself.


 Analytics can be viewed as a method to use results of analysis to
better predict customer or stakeholder behaviour.
 Analysis is the process of scrutinising past gathered data so that the
current status can be understood.
 Therefore, in analysis we use data to understand the status quo
whilst in analytics the data is used for prediction.
Exampler distinction between
Analysis & Analytics
In analysis we can tell the features of a product that made it competitive
on the market in the past 5 years whilst in analytics we can predict the
features of a product that shall be core to the design of future products.
Analytics use tools such as statistical, mathematical, computer science
& sophisticated predictive analytics software tools whilst in analysis we
use business intelligence tools and structured query language.
Typical Activities in Analytics

 Identifying data patterns.


 Deriving inferences from the data patterns.
 Using the inferences to develop predictive models.
 Using predictive models for making reasonable decisions.
 Run simulations to investigate scenarios.
 Predicting future sales.
Typical Activities in Analysis

 Developing a business case.


 Eliciting requirements.
 Documenting requirements.
 Risk assessment.
 Modelling business processes.
 Developing business architecture.
Project Management vs Project
Management Analytics
 Lets discuss the difference between project management and project
management analytics paving the way to defining project
management analytics as a critical element in the project process. [5
mins]
Why analytics in Project
Management
 Analytics breaks down processes and systems in complex projects to
predict their behaviour and outcomes.
 The predictive information can be used to make better decisions with
projects kept on schedule and on budget.
 Managers can analyse the captured data to understand certain
patterns.
 The understanding can be used to determine how projects or project
portfolios are performing and to map strategic decisions to make
on improving the success rate of the measured/observed
project/portfolio performance.
How Project Managers use Analytics

Class discussion
 Explain the applications of analytics in managing a project. [5 mins]
How Project Managers use Analytics
cont’
 Key applications of analytics in project management include;
1. Assessing feasibility – can assess the feasibility of different
alternatives.
2. Data overload management – managers are usually
overwhelmed with vast amounts of data. Analytics reduces these
mountains of data to sizeable set of patterns.
3. Enhancing data visibility – analytics dash boards can provide a
single view to look at the big picture and determine both how each
project and its project team members are doing.
Continuation

4. Analysing project portfolios – analytics can be used to analyse


project portfolios for project selection and prioritisation.
 Involves evaluating a large amount of project proposals and selecting
the most viable ones within the constraints in the organisation.
Basis for Selecting a Project

 Projects are usually selected on the following basis:


1. Technical, economic, legal, political, capacity and capability
constraints.
2. Cost/Benefit Analysis based on different financial models
including
a. Net Present Value
b. Return on investment
c. Payback period
d. Break even analysis
3. Resource requirements (internal, external or both)
Continuation

4. Project complexity.
5. Training requirements.
How proj Managers use analytics
cont’
5. Improve project stakeholder management
a. Predict stakeholder responses to various project decisions.
b. Stakeholders management is both an art and a science.
i. Science because it is highly data-driven. It enables
prediction of outcomes of the execution of their strategic
plans for stakeholder engagement management. This
also guides their decisions for appropriate corrective
actions if any divergence is found between the planned
and the actual results.
ii. Art because it depends on individual manager skills and
approach.
How proj Managers use analytics
cont’
6. Predict project schedule delays and cost overruns.
 Analytics can tell whether the project is on schedule, under
schedule or over budget.
 It predicts the impact of various completion dates on the project
cost.
7. Manage project risks.
Project risk identification, ranking and prioritisation depends on many
factors that include:
1. Size and complexity of the project.
2. Organisation’s risk tolerance.
3. Risk probability, impact and horizon.
4. Competence of the project or risk manager.
These factors can be analysed using predictive analytics models for
making reasonable decisions to manage risks effectively.
8. Improve project processes:
In project management we have many processes that need to be
managed.
Continuous process improvement is required.
Project improvement typically involve:
 Understanding the current situation.
 Determining the target future situation.
 Perform gap analysis.
 Make improvement decisions to address the gaps.
All these steps can be assisted by analytics.

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