Project analysis: How to evaluate your business and determine your progress

When you want to work out if a project was successful or not, what do you do? You only analyze it. The Progress that was achieved, the time it took, the obstacles that you faced, the number of things that needed to be evaluated at the same time and so on. Everything requires an analysis to figure out if the time spent thereon was worthy or not.

Projects are time-limited efforts aimed toward accomplishing specific goals. Project managers have the task of completing the project at a specific time, on a predefined budget and with the specified functionality. Before the project work starts, and at regular intervals, the project team should analyze the project to work out progress. This analysis relies on techniques aimed toward verifying what costs the project has incurred, whether project team members have experienced problems with equipment or functions and what activities are finished. If the analysis shows any discrepancies, the team can take corrective action.

So, What is project analysis?

Project analysis is the process of examining the progress of a project in detail. This is mainly to ascertain thereto that the project runs as planned and is also within the predefined budget and prespecified time.

What is the Importance of Project Analysis?

When you conduct regular analysis, you make certain that problems are solved before they turn too costly for the business. A study by Harvard Business Review determines that the failure of IT projects costs the U.S. economy $50-150 billion every year.

Types of The Project Analysis

There are various types of project analysis.

1. Process Analysis:

You have to keep checking whether the tasks are being completed within the specified time or not. If they’re being delayed, you will need to find out the reasons as well.

In any project, there will always be a group of critical tasks. Those which will majorly define your project success. These are the ones you will need to focus on during the analysis. Process analysis if conducted properly will allow you to even expect delays and make an action plan for correcting them.

2. Risk Analysis:

Any project manager hopes for the best. But from experience, you know things don’t always work out the way you would like them to.

By conducting a risk analysis, you make sure the project doesn’t undergo any major changes and you have emergency plans ready.

3. Client Requirements Analysis:

These are requirements that the client places a high value on. While a client may give up a minor defect in low-value requirements or the extra features you set in, an error in the high-value requirement can mean sour relations and backlashes from the client. In this type of analysis, you furthermore may see if the client approvals are being taken regularly and if the client’s requirements are being fulfilled at each stage of your project.

4. Budget Analysis:

The purpose of the budget analysis is to figure out how money is being spent and managed, and whether the budget meets the group’s goals.

Conclusion

Although project analysis might take time and effort, if done properly the benefits that come out of it are manifold.

How to get started?

Just tell Shift-Pro. Allow them to help you achieve your business goal by Analyzing your project to evaluate your Business Results.