I found this two interesting articles that were written by Deloitte Consulting firm about Predictive Project Analytics. Predictive Project Analytics (PPA) refers to the quantitative tools and techniques organizations can use to help properly manage project risk and realize the highest value return from large and complex projects. It uses a qualitative, data driven approach to assess projects instead of an intuitive or benchmarking approach. PPA predicts the likely success of a project through predictive analysis of key project and organizational attributes. PPA can help to identify a floundering project and to avoid the costs of a late or poorly delivered project or an outright failure.
To break it down in simple terms PPA is an analytical, data driven way an organization can assess a project, weigh all the risk and determine if the project should continue, if the project needs to be modified or if the project should be terminated. Having a process to determine risk of a project is critical in today’s business environment because recent research shows that 63% of companies have experienced a recent project failure. Research also shows that projects that do reach completion, nearly half of the projects fail to meet time, budget and scheduling goals.
After reading both articles, PPA seems like it is designed for and it is very beneficial for large scale, multimillion-dollar projects. This makes sense because PPA was developed by Deloitte and Deloitte is a consulting group that works on large-scale projects. When I was reading I was thinking how PPA could be applied to small-scale projects that most of us work on? The backbone of PPA is data collections and analysis to determine how to better execute a project or if a project should be terminated. But with small projects that are a one-time thing, how do you collect data and how can you justify the cost of collecting the data that might never be used again. With my experience working for a small company I think data can be used with limited value on a project but people’s experiences is the best resource for projects and project management. Use what has been learned and has been successful in the past and modify and apply to future projects.