2 Types Of Data Analysis For Projects
in my previous articles, I have talked about some of the tools and techniques that can be used to estimate activity durations. One of the tools and techniques that I mentioned in that article eas data analysis and I promised that I am going to throw more light on the use of data analysis for activity duration estimates. That is what I am planning to do in this article. Note that Data analysis involves an analysis of all the data that you have from Subject Matter Experts and contractors in order to have an idea of the total duration for the project.
Data analysis techniques that can be used include:
#1 Alternatives Analysis
Alternatives Analysis is used to compare various levels of resource capability or skills, schedule compression techniques; different tools and make, rent or buy decisions regarding the resources. This allows the team to weigh resource costs and duration variables to determine an optimal approach for accomplishing project work. The alternative analysis allows you to compare all the options that you have and decide on the best approach for the project execution.
#2 Resource Analysis
Reserve Analysis is used to determine the amount of contingency and management reserve needed for the project. Duration estimates may include contingency reserves, sometimes referred to as schedule reserves, to account for schedule uncertainty.
Contingency reserves are the estimated duration within the schedule baseline, which is allocated unknowns for identified risks that are accepted. Contingency reserves are associated with the knowns-unknowns which may be estimated to account for the unknown amount of rework.
The contingency reserve may be a percentage of the estimated activity duration or a fixed number of work periods. Contingency reserves may be separated from the individual activities and aggregated. As more precise information about the projects become more feasible, the contingency reserve may be used, reduced, or eliminated. It should be clearly defined in the schedule documentation.
Estimates may also be produced for the amount of management reserve of schedule for the project management reserves are a specified amount of the project budget withheld for management control purposes and are reserved for unforeseen work that is within the scope of the project.
Management reserves are intended to address unknown-unknowns that can affect the project, Management reserves are not included in the schedule baseline, but it is the part of the overall project duration requirements. Depending on contract terms, the use of management reserves may require a change to the schedule baseline.
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