As Nobel laureate and father of atomic theory Niels Bohr remarked, “Prediction is very difficult – especially if it’s about the future.” Like atomic physicists, project management professionals have working knowledge of the challenges of prediction, particularly when dealing with an abundance of data. With current tools for tracking time, budget, and resource management, there is no shortage of data – what’s needed is greater insight.
That’s where Management Solutions’ predictive analytics comes in. “Predictive analytics offers insights by taking a quantitative look at where your project’s been, where it is now, and where it’s going,” says Management Solutions Senior Project Controls Specialist Stuart McAllister, “If you don’t know where you’ve been, you won’t know where you’re going to end up.”
Management Solutions offers predictive analytics services to make data-driven assessments, allowing organizations to detect potentially adverse developments in real-time and course-correct at an early stage. “We don’t just look for trends, we look for root causes to identify potential pitfalls before they become huge problems. ‘Just in time’ could shut down your line,” says Paul Darling, PMP, a Management Solutions Senior Project Manager.
Our expert project management/project controls specialists are trusted partners with our clients, using industry-leading best practices to develop tailor-made data analytics tools that provide actionable improvement strategies to optimize operations concerning risks, budget, scheduling, and timelines. We offer:
Trend analysis: We offer comprehensive Earned Value Management (EVM) solutions to maximize project success and analyze trends over a wide range of variables.This yields a broad view of the future direction of project Key Performance Indicators (KPIs.) According to McAllister, who works with a Department of Defense agency on a multi-billion-dollar project, “Trend analysis helps inform decision making. We can strategize to change execution plans if needed to prolong a positive trend.”
Forecasting: Management Solutions provides forecasting tools to help guide decision making on spending, scheduling, and resource allocation. Better forecasting directly translates into better opportunities to achieve milestones, meet deadlines, and stay within budget. Management Solutions Project Manager and Consultant Matt Burghardt, who works with a large manufacturer in the materials industry, notes that “Part of the beauty of our forecasting is that we can game out ‘what if’ scenarios and look at the potential impact of changing different variables. We work with clients to make the most advantageous changes based on the needs of the situation.”
Prescriptive analytics: In the past, project management was confined to descriptive analytics – understanding what went well and what went wrong in the project. While descriptive analytics looked at what happened and why, current prescriptive analytics methods focus on formulating corrections to minimize forthcoming risk. Using prescriptive analytics, Management Solutions can pinpoint problems and provide guidance on implementing execution plans to make the needed corrections. “In addition to our EVM expertise, we use Lean/Six Sigma principles to isolate faults and develop mitigation strategies. We implement solutions and train organizations to perform better,” adds Darling.
We look forward to the possibility of supporting your organization’s goals with a data-driven project management strategy and execution plan. Contact us to learn more.