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How Important Is Analysis In Project Management?

Big Data Technology for Business Finance Analytic Concept. Modern graphic interface shows massive information of business sale report, profit chart and stock market trends analysis on screen monitor.

Ever since people could interpret information, we have found increasingly various ways to analyse this data and make it work to our advantage. But as technology increasingly picks up pace, the more the need for analysis presents itself. Or does it?

Is it helpful?

When we employ analytics, we aim to gain something meaningful out of the process, so it is important that the information collated and then used, is indeed, meaningful and helpful. At its best, analytics can lead to bold discoveries and big opportunities but at its worst, results in wasted time and overdependence on figures that may be misleading.

Do no harm

The skill required by project managers is one of discernment so that they can fine tune the analytical process to truly meet their client’s objectives. Presenting data is all very well but unless it can be transformed into positive and measurable results, an exercise in analytics alone can be a futile one that only makes for interesting (or not as the case may be) reading.

Interpreting and using information needs to be carried out wisely as it can hold immense sway in altering the future course a company decides to take. In fact, many IT professionals are now taking courses in project management skills to ensure that they are being ethical and diligent when using data while working alongside project managers.

Project management analysis skills

If someone were to ask what is project management, the answer would be that it involves overseeing the whole of a project from start to finish; even if that project involves specialities outside of the manager’s remit. The ability to analyse information is what a project manager naturally does – it is already part of their skill set and this is apparent in how they interact with their team.

When you consider the need to manage team dynamics, communications, goal setting, understanding business owners and governing ethics and legislation, it becomes apparent just how important analysis really is. And that’s without considering a project that is specifically based on “analytics!”

If a PM is undertaking an analytical focused project, then considering employing the roles of data organiser, data validator, data scientists, programmers and other key people within your team will be instrumental in getting the project off on the right foot and seeing it through to a winning end. A team moderator can also be further employed to ensure the project manager gets on with their innate task of “managing.”

The necessary crossover between analysists and project managers

Analysis, therefore, is very important as long as it is applied correctly in the proper time and place and for the right reasons. Data scientists are considered the leaders of analysis but they often lack something that good project managers naturally possess or develop through Parallel Project Management Training. That is the intuition to take a set of figures and use them in such a way as to make a project successful.

Published: October 7, 2020

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