Importance of Analytics in Project Management
“Project managers function as bandleaders who pull together their players each a specialist with individual score and internal rhythm. Under the leader’s direction, they all respond to the same beat.” – Quote by L.R. Sayles
Project leadership and managers need insights on a regular basis on the functioning of the project process etc to keep track of individual tasks, costs, resources, quality, and deadlines to ensure that the project is on track and the deliverables as planned. This supports the company strategies and increasing its return on investment known to you as ROI. Project Reports and Analytics are the two tools in the hands of the PM to uphold a standard of cost, quality and established KPIs. Below we have detailed some reasons why analytics is so important in any project and its management.
Below are some reasons for the Importance of Analytics in Project Management:
Project overview reports – You get easy access to collated and simplified data which gives the project manager and team members on project finances, the top priority tasks, laggard issues, below par functioning employees, overdue tasks, and goals. These all come together to make the life of the PM and the team much easier and stress-free.
Project reports – Enable the creation of reports for all kinds of activities, tasks, and chores and keep track on their progress or lack of. You can also keep track of the start or completion of an activity or task by the relevant member. This helps a PM to stay abreast of all developments and take remedial action if need be.
Workload reports – You can create reports on the use of resources on a timeline; costs incurred and analyse resources used for a particular marked period.
Baseline reports – Set standards for quality and finances for every task in the projects so that it is in sync with the benchmark set. This will ensure a smooth flow of the project without feathers being ruffled at any point by any level of teams.
Nigel Delemos based in South Delhi heads a team in an MNC in Gurgaon, focussing on analytics. He explains “Data analytics is the key to a whole host of issues and helps project managers to keep abreast of all situations via reports. Thus remedial action is enabled. We are a strong team that looks at data from across its global zones and serve up reports on a regular basis for the use of the company and its growth. We are the engine behind the motor”.
As you can see from the above collection of various reports, the importance of analytics in any type of project and its management. It is the key to ensuring good, accurate, and detailed reporting which translates into the right kind of project submission which is approved by all stakeholders including clients.
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