Forward-thinking PMOs recognize the need for project decisions to be supported by data. Here’s what you need to know to become more data savvy in driving better project outcomes.
With project failure rates remaining troublesome, many project managers are turning to data for help. Proper use of data can take the guesswork out of decision-making and provide tangible support project managers can use to guide their teams. Data can also prove value in helping project managers schedule work, allocate resources, increase efficiency, reduce costs, and more effectively manage risks.
The key means by which project managers leverage data is through use of business intelligence and business analytics. Business intelligence (BI) is a combination of software and process used to gather, store, and analyze big data from various sources and to convert that data into useful information. BI is considered a descriptive form of data analytics, in that it focuses leverages past and present data to glean insights into what has happened or what is currently happening in a particular process. BI gives companies and project management offices (PMOs) access to real-time metrics to support better and faster decision-making, and to achieve increased visibility into projects, processes, and their outcomes.
