Project Analytics embraces any methodology that allows the project managers to define the project health, objectively motivate their decisions, and anticipate any future problems. It includes:
- Making a project to be spoken about as a comprehensive system of numbers;
- Measuring and characterizing project performance matters objectively;
- Identifying ideal, desirable, acceptable and minimal levels of project performance;
- Objective examination and purposeful discussion of the project results;
- Modeling project trends, problems, and consequences of certain decisions;
Project analytics is a part of project management that practically supports making motivated, well-evaluated, developed and deliberated decisions. The project analytics is what enables us to say if the project is currently running on the right track – it is used by all project managers to track how well their projects are executed in terms of their budgets, schedules, scopes and quality plans.
There are hundreds of KPIs and project characteristics, calculation and benchmarking methods, and specific tools to analyze a project down to its particular aspects – they all enable project owners and managers not only to learn health of each particular project in terms of related project plan, but also to employ a cross-project, cross-company or cross-industrial project performance benchmarking, as well as other statistical/analytical sophistications.