How can you use analytical tools to update stakeholders on project progress?
As a project coordinator, you need to communicate effectively with your stakeholders about the status, progress, and risks of your projects. However, relying on verbal or textual reports alone may not be enough to convey complex or dynamic information. That's why you should use analytical tools to create visual and interactive dashboards, charts, and graphs that can help you update stakeholders on project progress. In this article, you will learn how to use some common analytical tools and best practices to present your project data in a clear and engaging way.
There are many analytical tools available in the market, each with its own features, benefits, and limitations. Some of the most popular ones are Excel, Power BI, Tableau, and Google Data Studio. Before you choose a tool, you should consider your project needs, budget, data sources, and audience preferences. For example, if you need a simple and low-cost solution, you may use Excel to create basic charts and tables. If you need a more advanced and interactive solution, you may use Power BI or Tableau to create dynamic dashboards and visualizations. If you need a cloud-based and collaborative solution, you may use Google Data Studio to integrate data from various sources and share your reports online.
Once you have chosen a tool, you need to define what metrics and key performance indicators (KPIs) you want to measure and report on your projects. Metrics are quantitative measures that show how your projects are performing in terms of time, cost, quality, scope, and resources. KPIs are specific and measurable goals that indicate whether your projects are meeting the expectations of your stakeholders. For example, some common metrics are budget variance, schedule variance, completion rate, and resource utilization. Some common KPIs are return on investment, customer satisfaction, and stakeholder engagement.
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✔ You must have heard that data is king, but in my opinion, analysis. Their analysis is king. Data alone is like Hans Christian AndersenThe Emperor's New Clothes. ➕ Data analysis at different levels also has different approaches, whether we want to present to key stakeholders, investors, project agents, suppliers or any other type of audience. ✅We must specify the purpose of providing information, scope of presentation, type of presentation, level of access, possibility of filtering and searching, method of providing feedback and many other things. 📊 The output of this subject will range from very simple and general graphics to dashboards full of data with the possibility of real-time analysis.
After you have defined your metrics and KPIs, you need to design how you want to present them in your analytical tool. You should follow some general principles of data visualization and design to ensure that your reports are clear, concise, and consistent. For example, you should use appropriate charts and graphs for different types of data, such as bar charts for comparisons, line charts for trends, and pie charts for proportions. You should also use colors, fonts, and icons to highlight important information, create contrast, and convey meaning. You should also organize your layout and format according to the logical flow and hierarchy of your data, such as using tabs, filters, and drill-downs to group and segment your data.
Before you share your reports with your stakeholders, you should test and refine them to make sure that they are accurate, reliable, and user-friendly. You should check your data sources, calculations, and formulas for any errors or inconsistencies. You should also review your charts and graphs for any misleading or confusing representations, such as using 3D effects, unnecessary decorations, or inappropriate scales. You should also solicit feedback from your team members, peers, or mentors to improve your reports based on their suggestions and comments.
Finally, you should share and update your reports with your stakeholders in a timely and effective manner. You should consider the best format and channel to deliver your reports, such as email, web, or presentation. You should also consider the frequency and schedule of your updates, such as daily, weekly, or monthly. You should also provide context and explanation for your reports, such as highlighting the main findings, insights, and recommendations. You should also invite questions and feedback from your stakeholders, and respond to them promptly and professionally.
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