MTA (Milestone trend analysis)

Revision as of 17:35, 19 February 2022

created by Luisa Buchta

Abstract

Within project, program and portfolio management, the Milestone Trend Analysis (MTA) can be found under the section Uncertainty. It is a tool for Monitoring that is mainly used for Project Controlling. According to ISO 21502 Project Controlling covers monitoring and measuring performance against an agreed plan of projects, including phases and work packages. This also includes authorized changes. ^{[1] [2]}

The MTA is an effective tool to visualize the milestones within a project. It helps controlling the project by showing which milestone is ahead of, on, or behind schedule. The MTA uses different timelines: the reporting dates and the milestone dates. ^{[2] [3] [4]} The curves express the projects‘ performance. A horizontal line means that the milestone is on time, an increasing line reflects that the milestone is later than planned and the decreasing line shows that it is earlier than planned. ^[2]

The MTA supports the project managers in that sense that it provides simple trend analysis charts with an overview of bottlenecks, already in the early stages. It also allows a realistic forecast of the progression of the project. ^[4] It therefore is a combination of history and forecast since it shows time-related discrepancies. It assesses the project’s health by allowing insights into the schedule. This can be seen as one of the MTA’s biggest advantages. ^{[5] [6]}

Those advantages are only applicable when regular reporting dates are set as well as the milestones for the subcategories of the project. Here it is important that the milestones as well as the dates are well defined. ^[6] The method has its drawbacks in the lack of objectiveness that requires the projects participants trust towards each other. ^{[7] [8]}

Main Concept

Definition of Milestone and Trend analysis

Since the term MTA itself consists of different aspects that form crucial parts for a MTA, it is necessary to briefly explain the term milestone and milestone schedule as well as trend analysis before giving more insights on the MTA. Milestone: A Milestone is defined as a significant point or event in a project, program or portfolio, that marks the completion of key activities. ^{[9] [10]} Those key activities can be from different natures like completing a work package, a delivery step or a management stage. ^[11] In addition a milestone must be defined, understood, measurable and quantifiable. ^[12]

Milestone Schedule: A milestone schedule is described as a type of schedule that presents milestones with planned dates. ^[9] The milestone schedule is sometimes also referred to as a milestone plan. Information to be included is the project start date, project end date, other major milestones and data items like deliverables or reports. ^[13] Trend Analysis: Trend Analysis makes use of mathematical models to forecast future outcomes based on historical results. ^[9], ^[14] The main advantage of trend analysis is its key function of being an early warning system and therefore allowing managers to take preventive measures.^[13] Hence it is based on the idea that what has happened in the past will continue happening in the future.^[14]

Description of MTA

Importance and relevance of performing MTA

Application

Graphical Background and Functionality

Application possiblities

Discussion

Advantages

Limitations

Annotated Bibliography

References

1. ↑ International Organization for Standardization, "ISO 21502:2020 Project, programme and portfolio management — Guidance on project management", 2020
2. ↑ ^{2.0 2.1 2.2} M. D. Alam and U. F. Gühl, “Project Phases,” in Project-Management in Practice, Springer Berlin Heidelberg, 2016, pp. 55–121. doi: 10.1007/978-3-662-52944-7_3.
3. ↑ P. Stoemmer, “Milestone Trend Analysis.” https://www.project-management-knowhow.com/milestone_trend_analysis.html (accessed Feb. 10, 2022).
4. ↑ ^{4.0 4.1} S. Reister, “Milestone Trend Analysis - Free Tool for MS Project.” https://www.theprojectgroup.com/blog/en/milestone-trend-analysis-ms-project/ (accessed Feb. 10, 2022).
5. ↑ M. Waida, “What is a Milestone Trend Analysis?,” Jul. 17, 2020. https://www.wrike.com/blog/what-milestone-trend-analysis/ (accessed Feb. 10, 2022).
6. ↑ ^{6.0 6.1} J. Kuster et al., Project Management Handbook. Springer-Verlag, 2015. [Online]. Available: http://www.springer.com/series/10101
7. ↑ E. S. Andersen, K. v. Grude, and Tor. Haug, Goal directed project management: effective techniques and strategies. Kogan Page Ltd, 2009.
8. ↑ R. Fiedler, Controlling von Projekten - Mit konkreten Beispielen aus der Unternehmenspraxis - Alle Aspekte der Projektplanung, Projektsteuerung und Projektkontrolle, 7th ed. Würzburg: Springer Vieweg, 2016.
9. ↑ ^{9.0 9.1 9.2} Project Management Institute, The Standard for Project Management and A Guide to the Project Management Body of Knowledge (PMBOK guide), 7th ed. 2021..
10. ↑ Nicholas, John M, Steyn, and Herman, Project Management for Engineering, Business and Technology, 6th ed. New York: Routledge, 2021.
11. ↑ AXELOS, Managing Successful Projects with PRINCE2 2017 Edition, 2017th ed. TSO, 2018.
12. ↑ R. K. Wysocki, Project Management Process Improvement. 2004.
13. ↑ ^{13.0 13.1} H. Kerzner, Project Management - A Systems Approach to Planning, Scheduling and Controlling, 12th ed. Wiley, 2017.
14. ↑ ^{14.0 14.1} A. Hayes, “Trend Analysis,” Investopedia, Sep. 05, 2021. https://www.investopedia.com/terms/t/trendanalysis.asp (accessed Feb. 11, 2022).