Project Management

The Money Files

by
A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts. Written by Elizabeth Harrin from RebelsGuideToPM.com.

About this Blog

RSS

Recent Posts

The Evolving Landscape of Benefits Realisation

5 Challenges of Integrating Sustainability into Project Plans

Challenges that arise from implementing alternative metrics

Stakeholders: how to improve engagement

How to reduce your project’s carbon footprint

Categories

accounting, agile, ai, appraisals, audit, Benchmarking, benefits, Benefits Management, Benefits Realization, books, budget, business case, carnival, case study, Change Management, checklist, collaboration tools, communication, competition, complex projects, config management, consultancy, contingency, contracts, corporate finance, Cost, cost, cost management, credit crunch, CRM, data, debate, delegating, digite, earned value, Energy and Utilities, Estimating, events, FAQ, financial management, forecasting, future, GDPR, general, green, Human Resources PM, insurance, interviews, it, IT Strategy, Leadership, measuring performance, merger, methods, metrics, multiple projects, negotiating, news, Olympics, organization, outsourcing, personal finance, pmi, PMO, portfolio management, presentations, process, procurement, productivity, Program Management, project closure, project data, project delivery, project testing, prototyping, qualifications, quality, records, recruitment, reports, requirements, research, resilience, resources, risk, ROI, salaries, Scheduling, scope, small projects, social media, software, Stakeholder, stakeholders, success factors, supplier management, team, Teams, timesheets, tips, training, transparency, trends, value management, vendors, video, virtual teams, workflow

Date

Managing data maturity risks

Categories: data, risk

How mature is your organization’s approach to managing data? Today, all projects use a lot of data and generate a lot of data – and how that is looked after is subject to legislation, best practice, policy and ethics.

AI doesn’t make it easier either: AI engines trawl through our data while also creating new data of their own. With all the analytics on offer today, how we manage our data, interact with it and understand it is essential.

Therefore, a data management strategy on your project is important. OK, if ‘strategy’ is too formal a word, perhaps you want a data management approach, or plan. What that looks like is going to depend on your project and the kind of work you do overall. Perhaps you already have an IT team that focuses on data management. Surely you’ll have an Information Governance team or Information Security who will have something to say on the topic.

The risks of not having a joined up approach to managing data on your project are clear to me, and I’m sure you’ll recognise the ones I’ve highlighted below in your own organization.

Data leakage

Or, to put it more bluntly: poor data security makes it easy for people to take your data and use it in ways that you were not expecting.

That doesn’t just mean hackers. If your systems are not locked down internally, you could find members of staff accessing customer records when they shouldn’t have permission to see the data.

Data leakage also encompasses being able to extract the data from one system and use it in another. For example, copy/pasting from a data presentation tool and then manipulating the data in a spreadsheet. When data is at risk of ending up where it shouldn’t be, it can’t be controlled and that can leave the organisation open to financial and legal penalties.

Efficiency losses

Data makes us faster… or at least, being able to find the data we need without spending ages searching for it does.

A project data management plan could lay out where data is being stored, what it is for, how to access it, who has access, what reports are produced and when, and lots more. Hopefully that should offset some of the frustration of trying to access something that isn’t available (to you, at least) and also save time and duplication of effort.

You can schedule meetings around when data is available so the team is looking at hours-old results instead of something that was produce a month ago.

Poor decision-making

If you don’t have the data, you can’t make data-driven decisions. The risk to your project of not having the correct, reliable data, can be huge. On one project, I had to create metrics and report on them regularly, but the underlying assumptions for how those metrics were calculated changed, and then I wasn’t comparing like with like. That messes up your ability to track and report reliably, and also made it look like I didn’t have a clue what I was doing!

Work out what data the project needs to inform decision making at every step and then factor in ways to get it. The more this can be automated, the better, because then it is more likely that the calculations will be based on the same formulae and assumptions each time.

Do you have data risks on your risk log? If not, why not? Or are there more you can think of? Let us know in the comments so we can all benefit from taking a smart approach. Thanks!

Posted on: March 08, 2023 08:00 AM | Permalink | Comments (1)
ADVERTISEMENTS

"The best way to cheer yourself up is to try to cheer somebody else up."

- Mark Twain

ADVERTISEMENT

Sponsors