The large, diverse sets of information that grow at ever-increasing rates is commonly referred to as Big Data.
Big Data includes the volume of information, the velocity or speed at which it is created and collected, and the variety or scope of the data points being covered. It quite often comes from several sources and arrives in multiple formats.
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Big Data for project management can play a very important role. For example, Big Data helps you look back at past projects and forward at project projections for more efficiency and accuracy.
Big Data especially matters in business. Whatever your objective is for a project, you can find data to influence its outcome. Through business intelligence, you can analyze past and real-time data and use them to come to your own conclusions. Through analytics, you can use past data to model the probability of a certain outcome for a project.
The volume, value, variety, veracity and velocity (commonly known as 5 Vs of Big Data) with which multi-layered data about different aspects of business and human lives are being collected on an ongoing basis offer significant opportunities for making use of data for the benefit of businesses and societies.
Projects live and breathe within a context, be it business or non-business, therefore as part of the context a large amount of data about projects and management of projects is being collected on an ongoing basis too.
What it means is that the Big Data collection for project management purposes can be utilized in at least two ways. First, the data can be used to develop new science and protocols for improved planning, control and delivery of projects. Secondly, the data can be analyzed to shape the future of overall project ecosystem.
Want to learn more? Tonex offers Big Data for Project and Program Managers Training, a 3-day course that cover all the methods, cautions, and concerns of big data analytics in project management. You will learn about the issues and opportunities of big data from the project management point of view.
Other Training categories include:
- Executive Leadership
- Business Intelligence and Business Writing
- Operations Management Training and Change Management
- People Management and Performance Management
- Product and Project Management Training
- Project Management Certification
- Entrepreneurship and Leadership Training
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