Milestone trend analysis
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''Created by Ann Sofie Grube Kjeldsen, February 2022'' | ''Created by Ann Sofie Grube Kjeldsen, February 2022'' | ||
| − | One of the most | + | One of the most crucial elements of successful projects and project management is to have clear project goals <ref name="Project Management"> https://project-management.com/the-5-most-important-elements-of-successful-project-management/, Retrieved February 11, 2022</ref>. A critical path in reaching project goals is by defining project milestones. Milestones are a specific period in the project that showcases what has been accomplished and allows the project manager to see the progress of a project. Milestones portray an essential decision or point in a project lifecycle when the project team is supposed to deliver deliveries before the final execution <ref name="Milestone trends analysis"> https://www.wrike.com/blog/what-milestone-trend-analysis/#:~:text=A%20milestone%20trend%20analysis%2C%20or,or%20scope%20for%20future%20initiatives, Retrieved February 11, 2022</ref>. |
| − | + | Milestones monitor the progress of any project and help the project manager classify different tasks, thereby identifying critical paths. It is a practical way to easily share the progress and health of the project with stakeholders and the project team <ref name="Using milestones in project plan"> https://www.greytrix.com/blogs/sagecrm/2017/04/26/benefit-of-using-milestones-in-project-plan/, Retrieved February 10, 2022</ref>. To monitor and compare the progress of each milestone with the planned schedule, a simple method, '''M'''ilestone '''T'''rend '''A'''nalysis ('''MTA'''), can be used to navigate through uncertainties and limited information. It allows project managers to recognize deviations and trends from the planned schedule. The graphics of the chart can compare the scheduled date of the milestones and the various point in time <ref name="Milestone Trend Analysis (MTA)"> https://help.sap.com/doc/cad8b65334e6b54ce10000000a174cb4/2.6/en-US/63f9bb53707db44ce10000000a174cb4.html, Retrieved February 10, 2022</ref>. | |
== Introduction == | == Introduction == | ||
| − | According to | + | According to ISO 21502 and PRINCE2, milestones and "gates" or decision points based on the project life cycle, combined with a detailed project plan of the phases, should prepare the initial phase of any project. The project plan provides a statement of the time, cost, quality, and scope performance. The project plan identifies management stages and milestones as a baseline to monitor progress management <ref name="Successful PM"> AXELOS Limited 2017, ''Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017)'',</ref> <ref name="ISO21052"> Danish Standard Association, ''Project Management: ISO 21502 (2021 Edition)'',</ref>. Each phase in the project plan should have a defined start and end and a specific milestone derived from decisions, key deliveries, outputs, or outcomes. These decisions are often referred to as "gates" and are an important part of project management. The project manager should collect and analyze performance and progress data to access project progress concerning the agreed project plan, including e.g., completed work, milestones achieved, and costs incurred <ref name="ISO21052"> Danish Standard Association, ''Project Management: ISO 21502 (2021 Edition)'',</ref>. |
== Milestones and Trend Analysis == | == Milestones and Trend Analysis == | ||
===Milestones=== | ===Milestones=== | ||
| − | According to | + | According to PRINCE2, the definition of a milestone is “Milestones are significant events in the project, which divides the project into manageable parts” <ref name="Successful PM">,</ref>. A project milestone is a project management tool that represents significant events and a specific future point in the project. Milestones depict prioritized tasks, key deliveries, approved stakeholders, et. They focus on highlights of the work rather than going into details. They describe more precisely when one wants to achieve an event that moves one closer to the end of a project <ref name="Successful PM">,</ref>. |
| − | + | The following questions can help the project team to develop milestones <ref name="PCM"> Technical University of Denmark - ProjectLab, ''Project Canvas - The tool for doing projects'',</ref>: | |
| − | + | # When does the project start? | |
| − | + | # When is the deadline for the project? | |
| − | + | # When do the key milestones occur? | |
| − | + | # How is the achievement of a milestone measured? | |
| − | A milestone can have several functions in project management. For example. they can be used to show Stakeholders the project’s progress | + | A milestone can have several functions in project management. For example. they can be used to show Stakeholders the project’s progress <ref name="MA"> https://flylib.com/books/en/1.356.1.73/1/, Retrieved February 20, 2022 </ref> <ref name="What are milestone"> https://www.projectmanager.com/blog/milestones-project-management, Retrieved February 20, 2022 </ref>. Some of the most common milestones are listed below <ref name="PCM">, </ref> <ref name="Startup Guide"> https://www.ionos.co.uk/startupguide/productivity/project-management-methodologies/, Retrieved February 20, 2022 </ref>: |
| − | + | # Approval from all stakeholders | |
| − | + | # Reporting completed deliverables to the client | |
| − | + | # Completing critical tasks | |
| − | + | # End of project | |
| − | Since milestones are a portrait of an event that has taken place, they are ideal for staying on track with project deliverables. Milestones do not have a specific duration; therefore, they can easily | + | |
| + | Since milestones are a portrait of an event that has taken place, they are ideal for staying on track with project deliverables. Milestones do not have a specific duration; therefore, they can easily divide the plan into sections associated with the milestones to monitor activities and improve efficiency. Generally, the correct number of milestones and their duration is not determined. However, with too many, they lose their value. That being said there should be enough milestones to measure the progress of a project <ref name="Successful PM">,</ref>. | ||
===Trend Analysis=== | ===Trend Analysis=== | ||
| − | A trend is a series of data over time. | + | A trend is a series of data over time. A trend can be positive or negative depending on how and what data is analyzed. In project management, a trend can analyze historical data, and thus make forecasts for the future. The underlying trend forecast helps a project manager to manage and make decisions. |
| + | |||
| + | Trend analysis analyzes trends and points in turn within the project. In project management, trend analysis is a mathematical technique predicting future events based on the recently observed trends. Trend analysis is build-on the idea; of what happened in the past, creates an idea of what could happen in the future. It is a tool used to collect information and spot a specific pattern within the planned schedule. | ||
| − | Trend analysis | + | Trend analysis can predict future events and also estimate uncertainties in a project. Tracking costs and whether activities are on schedule limits possibilities and estimates uncertainties. Trend analysis can be referred to as a project manager's quality control of the project [7]. |
| − | Trend analysis is used to predict future performance based on past results. It warns the project manager, that problems may occur later in the schedule if trends continue. If information is available in the early phases of the project team can analyze and prevent any irregularities. | + | Trend analysis can be used to predict future performance based on past results. It warns the project manager, that problems may occur later in the schedule if trends continue. If information is available in the early phases of the project team can analyze and prevent any irregularities [7]. Trend analysis is used to predict future performance based on past results. It warns the project manager, that problems may occur later in the schedule if trends continue. If information is available in the early phases of the project team can analyze and prevent any irregularities. [7] |
== Schedule Management == | == Schedule Management == | ||
Revision as of 17:22, 20 February 2022
Created by Ann Sofie Grube Kjeldsen, February 2022
One of the most crucial elements of successful projects and project management is to have clear project goals [1]. A critical path in reaching project goals is by defining project milestones. Milestones are a specific period in the project that showcases what has been accomplished and allows the project manager to see the progress of a project. Milestones portray an essential decision or point in a project lifecycle when the project team is supposed to deliver deliveries before the final execution [2].
Milestones monitor the progress of any project and help the project manager classify different tasks, thereby identifying critical paths. It is a practical way to easily share the progress and health of the project with stakeholders and the project team [3]. To monitor and compare the progress of each milestone with the planned schedule, a simple method, Milestone Trend Analysis (MTA), can be used to navigate through uncertainties and limited information. It allows project managers to recognize deviations and trends from the planned schedule. The graphics of the chart can compare the scheduled date of the milestones and the various point in time [4].
Contents |
Introduction
According to ISO 21502 and PRINCE2, milestones and "gates" or decision points based on the project life cycle, combined with a detailed project plan of the phases, should prepare the initial phase of any project. The project plan provides a statement of the time, cost, quality, and scope performance. The project plan identifies management stages and milestones as a baseline to monitor progress management [5] [6]. Each phase in the project plan should have a defined start and end and a specific milestone derived from decisions, key deliveries, outputs, or outcomes. These decisions are often referred to as "gates" and are an important part of project management. The project manager should collect and analyze performance and progress data to access project progress concerning the agreed project plan, including e.g., completed work, milestones achieved, and costs incurred [6].
Milestones and Trend Analysis
Milestones
According to PRINCE2, the definition of a milestone is “Milestones are significant events in the project, which divides the project into manageable parts” [5]. A project milestone is a project management tool that represents significant events and a specific future point in the project. Milestones depict prioritized tasks, key deliveries, approved stakeholders, et. They focus on highlights of the work rather than going into details. They describe more precisely when one wants to achieve an event that moves one closer to the end of a project [5].
The following questions can help the project team to develop milestones [7]:
- When does the project start?
- When is the deadline for the project?
- When do the key milestones occur?
- How is the achievement of a milestone measured?
A milestone can have several functions in project management. For example. they can be used to show Stakeholders the project’s progress [8] [9]. Some of the most common milestones are listed below [7] [10]:
- Approval from all stakeholders
- Reporting completed deliverables to the client
- Completing critical tasks
- End of project
Since milestones are a portrait of an event that has taken place, they are ideal for staying on track with project deliverables. Milestones do not have a specific duration; therefore, they can easily divide the plan into sections associated with the milestones to monitor activities and improve efficiency. Generally, the correct number of milestones and their duration is not determined. However, with too many, they lose their value. That being said there should be enough milestones to measure the progress of a project [5].
Trend Analysis
A trend is a series of data over time. A trend can be positive or negative depending on how and what data is analyzed. In project management, a trend can analyze historical data, and thus make forecasts for the future. The underlying trend forecast helps a project manager to manage and make decisions.
Trend analysis analyzes trends and points in turn within the project. In project management, trend analysis is a mathematical technique predicting future events based on the recently observed trends. Trend analysis is build-on the idea; of what happened in the past, creates an idea of what could happen in the future. It is a tool used to collect information and spot a specific pattern within the planned schedule.
Trend analysis can predict future events and also estimate uncertainties in a project. Tracking costs and whether activities are on schedule limits possibilities and estimates uncertainties. Trend analysis can be referred to as a project manager's quality control of the project [7]. Trend analysis can be used to predict future performance based on past results. It warns the project manager, that problems may occur later in the schedule if trends continue. If information is available in the early phases of the project team can analyze and prevent any irregularities [7]. Trend analysis is used to predict future performance based on past results. It warns the project manager, that problems may occur later in the schedule if trends continue. If information is available in the early phases of the project team can analyze and prevent any irregularities. [7]
Schedule Management
For any project team, it is only possible to implement goals in a plan if each activity is defined in a schedule that defines when they are to be performed. There are many approaches to how to plan a project - it can be a manual schedule or a control tool [6].
The purpose of schedule management is to reduce unexpected changes in the schedule as best as possible. This requires that activities in the plan be carried out on time. Any schedule must have described dependencies to determine any critical paths or identify alternative approaches [11]. A project manager is tasked with keeping an eye on the project's progress towards the original schedule, to check that the project scope is delivered on time within the original project constraints [11]. Control of the schedule involves i.e., phase monitoring, project-related activities, but also the management of schedule changes and milestones [11]. Techniques such as earned value management and milestone trend analysis can be used to monitor the process and predict future performance.
Using Milestones in project scheduling
Milestones can help add value to project planning. For added value, one can combine them with methodologies such as Program Evaluation and Review Technique (PERT), Critical Path Method (CPM), or Milestone Trend Analysis. These tools can provide an overview of whether the project is on time. By narrowing down the dates associated with the set milestones, the critical path can be determined.
Status of the project progress provides regular monitoring of the project - exactly whether the schedule is met. If the project plan is carefully deduced and evaluated, the chances of the project succeeding are high if the plan is also followed. As milestones are versatile, they are an important element of the project plan. They can calculate slack in the project timeline, check and track progress [13].
Milestone Trend Analysis
Milestone's Trends Analysis is from the perspective of "Uncertainty". In this perspective, the lack of knowledge, uncertainties, and how to minimize these throughout the project's lifetime are looked at. Part of the uncertainty is about being able to anticipate these uncertainties and plan how to respond to new opportunities and risks. https://www.doing-projects.org/perspectives When the project manager is considering whether to use Milestone Trend Analysis (MTA), the following questions can be considered: Can the schedule be met? Should certain deadlines be postponed or can delays be compensated for by quick action? Milestone Trend Analysis can be used to advantage to manage time processes and answer the listed questions.
Graphical application
Benefits and limitations
Benefits
Limitations
Annotated Bibliography
References
- ↑ https://project-management.com/the-5-most-important-elements-of-successful-project-management/, Retrieved February 11, 2022
- ↑ https://www.wrike.com/blog/what-milestone-trend-analysis/#:~:text=A%20milestone%20trend%20analysis%2C%20or,or%20scope%20for%20future%20initiatives, Retrieved February 11, 2022
- ↑ https://www.greytrix.com/blogs/sagecrm/2017/04/26/benefit-of-using-milestones-in-project-plan/, Retrieved February 10, 2022
- ↑ https://help.sap.com/doc/cad8b65334e6b54ce10000000a174cb4/2.6/en-US/63f9bb53707db44ce10000000a174cb4.html, Retrieved February 10, 2022
- ↑ 5.0 5.1 5.2 5.3 AXELOS Limited 2017, Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017),
- ↑ 6.0 6.1 Danish Standard Association, Project Management: ISO 21502 (2021 Edition),
- ↑ 7.0 7.1 Technical University of Denmark - ProjectLab, Project Canvas - The tool for doing projects,
- ↑ https://flylib.com/books/en/1.356.1.73/1/, Retrieved February 20, 2022
- ↑ https://www.projectmanager.com/blog/milestones-project-management, Retrieved February 20, 2022
- ↑ https://www.ionos.co.uk/startupguide/productivity/project-management-methodologies/, Retrieved February 20, 2022
