Please reply to both POST1: and POST2: in at least 200 words each

Original discussion post:

Explainthe process of using data analysis during the Plan Project Managementprocess (please note that data gathering and data analysis are two ofthe tools and techniques that the PMBOK® Guide identifies for PlanProcurement Management. See Part 1, Section 12.1.2 to find out more).

• What are some of the positive and negative outcomes if data analysis is not conducted properly during the Plan Project Management process?

POST1:

Thesignificance of data analysis for a project manager should never beunderestimated for the collection and analyzing of industry data servesmany purposes, such as supporting informed decision making, certifyingcompliance with business policies, confirmation of proper function ofexisting controls, reconciliation of statistics across contrastingsystems, and quick utilization of system solutions (Kim, & Ki-SeokChoi, 2018). There are two data analysis techniques used when creatingthe project procurement management plan. The make-or-buy analysis thatinvolves comparing the internal costs of providing a product with thecost of outsourcing; and source selection which is a set of featuresdesired by the buyer which a seller is required to meet or exceed to beselected for a qualifying vendor contract (Baily, Farmer, Crocker,Jessop, & Jones, 2015).

The impact from this data is critical to any project’s planningfunctions therefore analysis must be well directed. The initial approachto analyzing data in project management is collecting information fromvarious sources and converting it into a presentable format fordemonstrating and making estimates. This involves collecting andrecording data from business processes, including quantitative data suchas time sequences, occurrence rates, and extent of deviations ofprocesses from the standard mean; and qualitative data such as customercomplaints, incidence reports, daily status reports, and more. Then nextstep includes examining the collected data to correct errors, removediscrepancies, and eliminate unnecessary and unrelated data. The actualdata analysis is either an exploratory approach that discoverssomething new, such as trends or probabilities; or a confirmatoryapproach that validates assumptions and establishes controls (Kim, &Ki-Seok Choi, 2018).

The performances of the analysis are decided by the finishingresults. If the results achieve the reduction of expenditures or costs,improve product and service quality then the analysis was conductedwell and successfully. If data analysis results damage the project dueto missing scheduled deadlines and overage on budget, or poor qualityperformance or overall failure then the analysis was conducted poorly(PMI, 2017).

Reference

Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.). Newton Square, PA: PMI Publications

Baily, P., Farmer, D., Crocker, B., Jessop, D., & Jones, D.(2015). Procurement, Principles & Management (11th ed). UnitedKingdom: Pearson (Intl) Inc

Kim, Jong Won, Young Jun Yoon, Minwoo Park, and Ki-Seok Choi. 2018.“Analysis of Privacy Protection for Joint Use of National R&DProject Evaluation History Data.” Indian Journal of Public Health Research & Development 9 (8): 1005–9. http://search.ebscohost.com/login.aspx?direct=true&db=edsijc&AN=diva.ijphrd.9.8.168&site=eds-live.

POST2:

Good Morning Class,

Data Analysis during the Plan Project Management Process

During the planning phase of project management, data analysis mustbe done to fully understand the next steps. This process is often calledmake-or-buy analysis which is exactly what it sounds like. PMI states, Amake-or-buy analysis is used to determine whether work or deliverablescan best be accomplished by the project team or should be purchased fromoutside sources (2017). In a previous company, I worked with wemanufactured and sold many different types of food. As the company grewwe acquired a few different plants where we could manufacture ourproducts, as well as giving other companies the option to co-pack or payus to pack products. In one facility we manufactured all of oursandwiches and what we called Anytimers, which are just Lunchables thatmeet USDA nutritional guidelines for K-12 Schools. During the operationof this plant, we were approached by Walmart and we co-packed theirLunchable style options for them. This all being said both our companyalong with Walmart needed to employ the analysis of make-or-buy to seewhat would be more profitable for each perspective company.

Some positives would be: Reduction of cost, creating efficiencies,enhanced and quicker decisions. All of these would create a perceivedincrease in customer satisfaction (Alexander, 2017). Alternatively, somenegative outcomes could be added cost, struggling to meet deadlines,both could result in not meeting project requirements that would damagethe reputation of the company (Six,2019)

References:

Alexander, M. (2017, March 20). How to use data analytics to improveproject outcomes. Retrieved February 17, 2020, fromhttps://www.cio.com/article/3182352/how-to-use-dat…

Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.). Newton Square, PA: PMI Publications

Six, T. (2019, February 13). 7 Impacts of Poor Risk Management (AndWhat You Can Do About Them). Retrieved February 17, 2020, fromhttps://tensix.com/2017/03/7-impacts-of-poor-risk-…