Introduction to Project Analytics

Flashcards covering the definitions, applications, and methodologies of project analytics, as well as the differences between traditional and non-traditional project management.

How is analytics (or data analytics) defined in the context of project management?

The systematic quantitative analysis of data or statistics to obtain meaningful information for better decision-making.

According to the Merriam-Webster dictionary, what is the definition of 'analysis'?

The separation of a whole into its component parts to learn about those parts.

What is the primary difference in the time period focus between analytics and analysis?

Analytics look forward to project the future or predict an outcome based on past performance, while analysis presents a historical view of project performance as of the time of analysis.

Name the seven Cs of stakeholder management according to Dr. Ramakrishnan.

Concern, Communicate, Contribute, Connect, Complete, Co-Create, and Compound.

In the statistical approach to project management analytics, which five distributions are typically used?

Normal distribution, Poisson distribution, Uniform distribution, Triangular distribution, and Beta distribution.

What are the five phases of the Lean Six Sigma DMAIC cycle?

Define, Measure, Analyze, Improve, and Control.

What does the PDSA cycle stand for in the context of eliminating defects and waste?

Plan, Do, Study, Act.

How is the Analytic Hierarchy Process ($AHP$) defined?

A popular and effective approach to multi-criteria-driven decision-making that considers both tangible and intangible factors.

What are five key skills required to be a good project analyst?

Strong analytical skills, excellent communication skills (verbal and written), great interpersonal skills, good problem solving skills, and strong time management skills.

Contrast the typical time duration for traditional projects versus non-traditional projects.

Traditional projects typically last $6-18\,\text{months}$, while non-traditional projects can last several years, sometimes $10\,\text{years}$ or longer.

How do technology expectations differ between traditional and non-traditional projects?

In traditional projects, technology is known and will not change; in non-traditional projects, technology will most certainly change over the project's duration.

Define the difference in sponsorship structure between traditional and non-traditional projects.

Traditional projects usually have single-person sponsorship, whereas non-traditional projects involve governance by committee.

Compare how success is defined for traditional versus non-traditional projects.

Success in traditional projects is defined by the triple constraints, while in non-traditional projects, it is defined by competing constraints, value, and other factors.

What is the source of metrics and KPIs in traditional project management compared to non-traditional?

In traditional projects, metrics are derived from the earned value measurement system; in non-traditional projects, metrics and KPIs may be unique to the particular project and even to a particular stakeholder.

Why is there an increased demand for new approaches like project analytics in modern project management?

To assess the health and reliability of projects and better equip project managers to deal with large and complex projects as project failures, cost, and time overruns persist.