The basic tool for project managers to use data is the use of Business Intelligence (BI) and Business Analytics.
BI is a combination of software and processes used to collect, store, analyze, and convert large data from multiple sources into useful information. BI is considered a form of detailed data analysis because it focuses on using past and present data to gain insights into the past or present of a particular process. BI provides businesses and project management offices (PMOs) with access to real-time metrics to make better and faster decision making and increase visibility in projects, processes and performance.
On the other hand, Business Analytics (BA) ic is considered to be the focus because it focuses on the ‘why’ that helps to give more information about the future. In the case of a BA, the data can be better evaluated and tailored to provide better performance.
Progressive-Thinking PMOs should support project decisions and actions through strong fact-based data. To be a true data-based project manager, you need to improve performance in all aspects of project planning and implementation, especially managing and allocating rare but critical resources.
See how incorporating data analysis into project management activities contributes to project performance.
Compare, allocate and reserve resources
Resource management is a tricky area for project managers. Because resources are often scarce and always variable, it can be difficult to plan and allocate resources for a specific project, even if multiple projects compete for resources.
Data is crucial for making effective decisions around resource availability and allocation. The success of a project depends on the ability to match skills, allocate the best resources, and plan available resources.
With access to data from past and present projects, project managers can better allocate resources to current projects and better plan for future projects. By collecting and analyzing data in one place, project managers can see which resources are being used more or less, so they can move resources where they are needed and plan accordingly.
Companies that use personal excel sheets are more likely to be negative than BI tools that are integrated into the project management suite. In addition to reducing human resource utilization, integrated BI tools can help you achieve realistic project plan deadlines, identifying risk factors that are barriers to achieving these deadlines. Project managers can use data to develop resource management KPIs such as resource conflict indicators or on-time task completion.
BI helps to discover and improve complex and slow workflows or technology-based capabilities to inform project managers about changes needed to improve the way stakeholders and project teams connect, collaborate and communicate. By finding and resolving inefficiencies, the project team can focus on work with high values and complete the project more quickly.
Project managers should be able to collect data about inefficient processes and other inefficiencies. BI can isolate less effective or less efficient processes and increase overall decision making ability. It also helps to develop KPIs such as actual time spent on work and planning, human error and number of change requests.
Different types of accidents arise internally and externally, which can have minor or significant effects on the project, the entire program, or the portfolio. Rather than using BI tools to respond in advance to potential risks, most companies adhere to the way they respond in terms of risk and compliance.
In fact, risk and compliance management are important areas where BI can play an important role in problem identification. By using data, project managers cannot respond to risks by identifying specific information that can distinguish different types of risks from past and present projects.
Using BI and BA tools
Determining the type of data you need to make the main decision is about getting actionable insights. It is important to carefully assess the characteristics of BI and BA tools to provide PMOs with real-time insights related to supporting the organization’s project and portfolio goals. The main features to note are as follows.
Rather than building or integrating too many BI and BA capabilities into the project management tool, priority should be given to having the appropriate capabilities, namely:
Data import and update function at the click of the Import button
Plan An integrated ‘Assumption Law’ analysis on resource planning and management
Modeling and prediction function
All-in-one dashboard with real-time customization
Role secure character-based access
Clear visual visual maps and graphics
Drag Simple drag & drop interface
Detailed detailed functions are easy to understand
Applications seamless integration with other applications
Secure mobile access to Tele telecommuters
User Easy and fast self-service options for all user roles
St Ability to easily share information with other shareholders
BI capabilities and capabilities can vary from project to project, but project managers should see to it that their data strategy highlights the capabilities needed to improve specific project performance. Thus, business intelligence can be used effectively to gain operational insights into resource management, risk assessment and more efficient process and communication establishment.
* Moira Alexander ‘Lead or Log: Linking Strategic Project Management & Thought Leadership’ Author and Founder of ‘Lead-Her-Ship Group’. firstname.lastname@example.org