Big data is being used in various areas of modern life from health care to crime prevention. Predictive algorithms are most widely established in stock market systems. They are also maturing quickly in weather forecasting and other fields.
PMO using Data
Can PMOs use the tools, techniques and methods found in big data. Used well this approach improves project delivery and enhances the effectiveness of portfolios?
The data set collected needs to be of sufficient size to allow effective modelling of projects within your business setting. The PMO can collect data to increase the accuracy of project plans. Improving quality from both a resourcing and financial basis. This in turn will allow increased early warning of common problems.
The issue most portfolio management offices have is the time it takes to get more meaningful data samples. The short term solution would be to share raw data in a form that is helpful for project forecasting. But structuring the data shared in such a way as to not disclose commercially sensitive information. However, there are few service offerings that allow the collection and sharing of information.
The use of predictive analytics for projects of all sizes is useful for many organisations. Project management specific tools are being developed. Over the coming decade these applications are likely to allow significant differences in the way projects are selected and initiated. They will make risk management more proactive; driven by underlining knowledge not just the experience of the project management team. This approach will allow better estimating and increased certainty of delivery timescales.
Embracing such an approach early will help project and change managers get ahead of the current game. If your PMO were able to start data collection across projects, you can begin to establish a foundation for improvements.
We have the basic tools set to help you begin to use this approach. If you are interested in learning more of how you might apply this to your PMO click here