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Project Management 101 – 4 Tips to Make Data Analytics Work for You

Project managers can use data analytics to make more informed decisions. They can make use of data analytics to handle complex projects. The activity helps project managers go beyond just collecting data and monitoring tasks. They can use the information gathered through data analytics to find out whether the tasks align with overall project objectives.

Data analytics provide managers with the ability to make important decisions and increase project success. In this post, you will learn how project managers can use data analytics to make important decisions relating to projects.

1. Project Planning and Delivery

Project managers can use data analytics tools to make an improved decision regarding planning and delivery. They will gain insights that can help them in scheduling tasks using work management software. Data analytics results will help managers know how to optimize project scheduling for better project outcome.

2. Assessment of Risk

Using data analysis software, project managers can perform a risk assessment. They can find out the optimum budget that can lead to timely completion of projects. Project managers will know about the exact time and resources required to complete tasks.

With data analytics tools, project managers can compare the performance of past projects. They can see what factors prevented timely completion of projects. This information will prove helpful with it comes to risk assessment of the project. They can better evaluate risks and take measures that can help in timely completion of projects.

3. Enhancing Productivity  

Project managers can speed up the production process by making a decision based on data analytics. They can ramp up the production and at the same time ensure high quality work through effective strategies based on data analytics results.

In addition, project managers can use the data analytics results to reduce wastages. They can use data analytics results to assess the optimum process that can result in timely completion of projects. The insight gained from data analytics will be used to ensure maximum efficiency and production. They can find out the area of high error rates through segmentation.

The information gathered from data analytics can be used to find out asset availability, equipment failure, inventory shortages, maintenance and production costs and other vital project related information. As a result, they can plan the project that results in increased production and improved profitability.

4. Project Progress

Lastly, project managers can use data analytics to measure project progress. They can view data charts to find out the progress made by the team. Detailed analytics will provide a holistic picture of project progress. This information can help project managers to make appropriate and timely actions to ensure that the project comes to a successful end.

Data analytics can help project managers to greatly improve product planning and strategy. With efficient data analytics, project managers will be able to manage projects efficiently, resulting in high chances of project success.