Level: Basic
11.3. Information Management
Venue: 2024 AACE International Conference & Expo
Abstract: The project world is experiencing dramatic changes that allow organizations to see into the future with greater clarity, intelligence, and predictability. Once-used traditional methods of descriptive assessments, such as comparisons of quantitative, lagging data, are now being replaced by more mature business technologies and intelligence through predictive analytics, artificial intelligence (AI), and machine learning (ML).
This new surge of intelligence is provocative and exciting and provides the project delivery world with profound opportunities to increase efficiencies and effectiveness while decreasing uncertainties. Consequently, this type of intelligence creates endless possibilities for project delivery improvements and, subsequently, operational success.
With this said, this paper outlines the fundamental requirements for organizations to introduce advanced data analytics into their business environments. Key points covered in this paper include:
This paper emphasizes the value of data analytics in unlocking new opportunities for growth, innovation, and competitive advantage. By reimagining one’s total cost management journey and embracing advanced analytics capabilities, organizations and individuals alike can position themselves for success in an increasingly data-driven and competitive business landscape.
11.3. Information Management
Venue: 2024 AACE International Conference & Expo
Abstract: The project world is experiencing dramatic changes that allow organizations to see into the future with greater clarity, intelligence, and predictability. Once-used traditional methods of descriptive assessments, such as comparisons of quantitative, lagging data, are now being replaced by more mature business technologies and intelligence through predictive analytics, artificial intelligence (AI), and machine learning (ML).
This new surge of intelligence is provocative and exciting and provides the project delivery world with profound opportunities to increase efficiencies and effectiveness while decreasing uncertainties. Consequently, this type of intelligence creates endless possibilities for project delivery improvements and, subsequently, operational success.
With this said, this paper outlines the fundamental requirements for organizations to introduce advanced data analytics into their business environments. Key points covered in this paper include:
- The shift from traditional, descriptive assessments to advanced analytics technologies.
- The importance of understanding the pillars of data analytics such as domain knowledge, mathematics, modeling and programming, and data visualization and communication.
- The fundamental principles for developing a data analytics strategy, including policies, ethics, governance frameworks, key performance indicators (KPIs), etc.
- A roadmap for deploying an advanced analytics platform and more.
This paper emphasizes the value of data analytics in unlocking new opportunities for growth, innovation, and competitive advantage. By reimagining one’s total cost management journey and embracing advanced analytics capabilities, organizations and individuals alike can position themselves for success in an increasingly data-driven and competitive business landscape.