2 Types Of Data Analysis Techniques For Projects
In this article, I will be looking at how you can make use of data analysis techniques to determine the duration of your project. I have said in many of my articles, that if you have projects that you have done something similar before and you now have to repeat such projects, you can actually look at previous documents that you have. This can allow you to determine how long it will take to complete your project.
What-If Scenario Analysis
What-If Scenerio analysis is the process of evaluating scenarios in order to predict their effect, positive or negative. This is an analysis of the question, ” What if the situation represented by scenario X happens?”
A schedule network analysis is performed using the schedule to compute the different scenarios, such as delaying a major component delivery, extending specific engineering durations, or introducing external factors, such as a strike or a change in the permit process.
The outcome of what-if scenario analysis can be used to access the feasibility of the project schedule under different conditions, and in preparing schedule reserves and response plan to address the impact of unexpected situations.
Simulation models the combined effect of individual project risks and other sources of uncertainty to evaluate their potential impact on achieving project objectives. The most common simulation technique is Monte Carlo analysis in which risks and other sources of uncertainty are used to calculate the possible schedule outcome for the total project.
Simulation involves calculating multiple work package durations with different sets of activity assumptions, constraints, risks, issues, or scenarios using probability distributions and other representations of uncertainty.
Now your take on this argument.
We would also like to hear what you feel about the topic we discussed today. Your feedback is very important to us. Feel free to drop your comments and recommendations. If you have a contrary opinion, you can drop that too.
You can also join our Facebook Page CRMNigeria for more updates. You can do that by clicking on the link or searching for our page on Facebook.
You can also join our WhatsApp Group Here.
Enter your email address to get updates when we post our next article. you have to click on the link in the email sent to you to confirm your subscription. If you have been receiving our email updates and it is no longer active, please subscribe again.:
Delivered by FeedBurner
15 total views, 3 views today