Milestone trend analysis
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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. | 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 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 <ref name="TA"> Haralayya, B. (2018), ''A STUDY ON TREND ANALYSIS AT KESHAV ENTERPRISES VASANTH 3LA17MBA20'',</ref>. |
| − | 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 | + | 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 <ref name="TA">,</ref>. |
| − | 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 | + | 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. 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 <ref name="TA">,</ref>. |
== Schedule Management == | == Schedule Management == | ||
| − | For any project team, it is only possible to implement goals in a plan if | + | For any project team, it is only possible to implement goals in a plan if it contains defined activities in a schedule that defines when to be executed. There are many approaches towards planning a project - it can be a manual schedule or a computer-based control tool <ref name="Successful PM">,</ref>. |
| − | The purpose of schedule management is to reduce unexpected changes in the schedule as best as possible. | + | The purpose of schedule management is to reduce unexpected changes in the schedule as best as possible. It requires that activities in the plan are on time or ahead of time. To determine a critical path or identify alternative methods planned schedules must have described dependencies <ref name="ISO21052">,</ref>. A project manager's task is to check that the project scope is delivered on time within the original project constraints. It is done by monitoring progress and comparing the current project status with the planned schedule. Control of the schedule involves phase monitoring, project-related activities, etc., also the management of schedule changes and milestones <ref name="ISO21052">,</ref>. Implementation of techniques, such as Earned Value Management and Milestone Trend Analysis, can help monitor the process and predict future performance methods. |
| − | === | + | === 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. | + | 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. 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 <ref name="PCM">,</ref>. |
| − | + | An important part to remember when using milestones is to use them for something other than planning. They are also for celebrating project results. A milestone reached means that the project team has done something right, such as accomplishing important delivery. When a project manager actively uses milestones to recognize the project team's performance, it breeds a positive relationship with the team and creates trust between the manager and the employees. Overall, this contributes to a productive project<ref name="PJ milestones"> https://www.saviom.com/blog/what-are-project-milestones-and-why-is-it-important/#:~:text=Monitor%20Project%20Progress%20and%20Deadlines&text=Project%20milestones%20help%20managers%20keep,according%20to%20the%20initial%20plan | |
| + | , Retrieved February 11, 2022</ref>. | ||
==Milestone Trend Analysis == | ==Milestone Trend Analysis == | ||
| + | Milestone Trends Analysis is from the perspective of "Uncertainty". In this perspective, the lack of knowledge, uncertainties, and how to minimize these throughout the lifetime of a project. A part of uncertainties is to be able to anticipate these uncertainties and plan how to respond to new opportunities and risks<ref name="Four Perspectives"> https://www.doing-projects.org/perspectives, Retrieved February 11, 2022</ref>. | ||
| − | + | When the project manager considers whether to use Milestone Trend Analysis (MTA), the following questions can be considered: Can the schedule be met? Should indisputable deadlines be postponed, or can delays be compensated efficiently? Milestone Trend Analysis can manage time processes and answer the above questions. Milestone Trend Analysis requires defined milestones in the project. Each milestone needs a defined deadline for when it should be completed. However, it also often happens that milestones are not completed either on time or just completed in general, for example, incorrect delivery of essential materials. The many responsibilities that build on each other contribute individually to the risk of incorrect deliveries, which can endanger the health of the project. | |
| + | Milestone Trend Analysis is primarily used to assess and control the high risk of project delays is. Therefore, when preparing tasks and schedules, buffers for disruptive factors should be included. The analysis enables the team to identify bottlenecks in advantages and initiate measures to ensure that tasks are completed before the deadline. If the project team is incapable of correcting the delays/bottlenecks, the tool will be able to help inform any stakeholders about delays in advantages. MTA is also suitable for the overall evaluation of the project as the project manager can check where the error in the planning is and thereby learn from it for future projects <ref name="Startup Guide"> </ref>. | ||
===Graphical application=== | ===Graphical application=== | ||
Revision as of 16:37, 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 [11].
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 [11]. 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. 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 [11].
Schedule Management
For any project team, it is only possible to implement goals in a plan if it contains defined activities in a schedule that defines when to be executed. There are many approaches towards planning a project - it can be a manual schedule or a computer-based control tool [5].
The purpose of schedule management is to reduce unexpected changes in the schedule as best as possible. It requires that activities in the plan are on time or ahead of time. To determine a critical path or identify alternative methods planned schedules must have described dependencies [6]. A project manager's task is to check that the project scope is delivered on time within the original project constraints. It is done by monitoring progress and comparing the current project status with the planned schedule. Control of the schedule involves phase monitoring, project-related activities, etc., also the management of schedule changes and milestones [6]. Implementation of techniques, such as Earned Value Management and Milestone Trend Analysis, can help monitor the process and predict future performance methods.
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. 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 [7].
An important part to remember when using milestones is to use them for something other than planning. They are also for celebrating project results. A milestone reached means that the project team has done something right, such as accomplishing important delivery. When a project manager actively uses milestones to recognize the project team's performance, it breeds a positive relationship with the team and creates trust between the manager and the employees. Overall, this contributes to a productive project[12].
Milestone Trend Analysis
Milestone Trends Analysis is from the perspective of "Uncertainty". In this perspective, the lack of knowledge, uncertainties, and how to minimize these throughout the lifetime of a project. A part of uncertainties is to be able to anticipate these uncertainties and plan how to respond to new opportunities and risks[13].
When the project manager considers whether to use Milestone Trend Analysis (MTA), the following questions can be considered: Can the schedule be met? Should indisputable deadlines be postponed, or can delays be compensated efficiently? Milestone Trend Analysis can manage time processes and answer the above questions. Milestone Trend Analysis requires defined milestones in the project. Each milestone needs a defined deadline for when it should be completed. However, it also often happens that milestones are not completed either on time or just completed in general, for example, incorrect delivery of essential materials. The many responsibilities that build on each other contribute individually to the risk of incorrect deliveries, which can endanger the health of the project.
Milestone Trend Analysis is primarily used to assess and control the high risk of project delays is. Therefore, when preparing tasks and schedules, buffers for disruptive factors should be included. The analysis enables the team to identify bottlenecks in advantages and initiate measures to ensure that tasks are completed before the deadline. If the project team is incapable of correcting the delays/bottlenecks, the tool will be able to help inform any stakeholders about delays in advantages. MTA is also suitable for the overall evaluation of the project as the project manager can check where the error in the planning is and thereby learn from it for future projects [10].
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 5.4 AXELOS Limited 2017, Project Management: "Managing Successful Projects with PRINCE2" 6th Edition (2017),
- ↑ 6.0 6.1 6.2 6.3 Danish Standard Association, Project Management: ISO 21502 (2021 Edition),
- ↑ 7.0 7.1 7.2 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
- ↑ 10.0 10.1 https://www.ionos.co.uk/startupguide/productivity/project-management-methodologies/, Retrieved February 20, 2022
- ↑ 11.0 11.1 11.2 Haralayya, B. (2018), A STUDY ON TREND ANALYSIS AT KESHAV ENTERPRISES VASANTH 3LA17MBA20,
- ↑ https://www.saviom.com/blog/what-are-project-milestones-and-why-is-it-important/#:~:text=Monitor%20Project%20Progress%20and%20Deadlines&text=Project%20milestones%20help%20managers%20keep,according%20to%20the%20initial%20plan , Retrieved February 11, 2022
- ↑ https://www.doing-projects.org/perspectives, Retrieved February 11, 2022
