Effectively Managing the Project
Managing the project is not just simply capturing the data or has not just limited to strategic value. It is about the interpreting gathered data into reports which tell us the strategic decision. Project management is just effectively managing the project in consideration toward the risk and uncertainties which are happen or happening while doing project. Now-a-days efficient project managers use analytical techniques to monitor and control to estimate the risk involved as well as predicting the future schedule’s and cost. In today’s business scenario, there is huge requirement of the analytical technology in the organisation. The Managers who handling the projects are using various analytics tools such reports, charts for difficult projects to predict the behaviour and outcome. Analytics helps organisation to tackle their data with extensive use of data analytics techniques. These gives organisation high profits, happy customer review and many more. Now the companies/organisations are effectively collaborating the data analytics techniques into project management within the organisation. Due to these clear pictures about the projects, their performances across the organisation.
Project analytics want gather some initial data to create time chart or schedules, budgeting reports. So, that they need to check the progress of the projects handled. The top management executives and project managers must can see the workloads of the existing projects as per that they have to assign the resources on timely manner as per the requirement. The Project managers of the assign projects must use data-driven analytical approach in their project to improve their project outcomes. Because in every project data plays an vital role. Using existing data and analytical techniques, the top executives and project managers can easily gauge if there any leakages in terms of budget, costing and schedules. In most of the cases, we must deep dive insight of the data with help of analytical tools to check whether the resources are utilised are on right or required modification on the same. This can be done through graphical representation of the project or projects taken by the company to check how much work left and what is deadline for the project and as per that.
How it works
Project manager must take necessary action on the same. Sometime it happen with the project managers to take decision on limited or partial amount of data. It is also known as project tunnel vision where the project manager have to push projects without considering the outcome of the tactical decision that are taken by the top executive of the organisation. To Create full-proof performance and developing analytical strategies. The Project manager or the project heads must ask certain questions to themselves. For e.g. 1. How & where data of the project to be accessible? 2. Define how the project to be assessed and what are different ways? 3. Is the Project resource and project driven or not? 4. What is the organisation’s vision and objective? is it lined-up with projects? 5. Has the project manager or the project owner has defined the KPIs of the project? 6. List down the different analytical tools, budgeting and reporting techniques assessing the Projects? Business Performance management (BPM) techniques can help to check whether it is to be turning a project into a strategic asset with the help of analytics. Balance scorecard or activity based costing are few popular techniques in BPM. They are assessing the cost value of the resources which are impacting the project and to their stakeholders. Assistance for strategic decisions which are taken by the organisation for the specific project or all projects with the help of analytics based data gather not on emotional feeling of the project owner or the manager. Time based analytical projections of the projects reveals the quantity and quality of the data we have gathered for the company which gives support to the business objectives. Data Analytics permits project managers and top management to drill down the data to understand if the current projects and upcoming projects are adjusting project based objective to the company’s overall vision and objectives. Project manager must keep in mind that quality deliverance of the project with pre-defined KPI. Managing the current project and upcoming project is very challenging task for the project managers. Because they need to think about parties such as stakeholder, approvers, departments, customers, team within the organisation which relate to the current projects.