2 Types Of Data Analysis Techniques For Projects

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.

2 Types Of Data Analysis Techniques For Projects 3

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?” 

 

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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. 

 

#2 Simulation

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. 

 

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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.

 

 

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Adeniyi Salau

Adeniyi Salau Scrum Master Certified , CCNA R&S , BeingCert and Scrum Certified Digital Marketing Professional, CEP, MOS, MCP, CSCU (Project 2016), Microsoft Certified Security and Networking Associate is a Google and Beingcert Certified Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.

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