predictive project analytics: will your project be successful?

Predictive Project AnalyticsWill your project be successful?

Corporate executives work hard to effectively manage major capital or IT projects

Yet despite their inherent strategic importance, these very projects frequently experience cost overruns, run late or fail entirely

Research shows that

More thanof companies have experienced project failure. And thats not all

60%

of projects were cancelled prior to being delivered or were never used

of projects were either challenged or failed

21% 63%

of projects were over budget

were delivered late

46% 71%

And the more complex the project, the greater the likelihood of failure

Projects between $1 million and $3 million have a

chance of success,

34%while those that are $10+ million have just a

likelihood of success.

7%

The reasons for project failure are diverse

Poorly defined requirements

Lack of access to specialist resources

Competing priorities

Constant pressure to deliver more quickly at lower cost

And the consequences of failure can be severe

Significant unforeseen costs

Operational failures

Regulatory non-compliance with penalties

Customer dissatisfaction

Loss of competitive advantage or market share

When a complex project loses, the business loses.

Given the potential severity of these repercussions, leading organizations have searched for ways to keep their projects on track.

And virtually no capabilities existed to help organizations identify in advance which projects will fail and how to get them back on track

Until now.

Predictive Project Analytics (PPA) is a project risk assessment methodology that provides foresight on potential project risks and where immediate fixes for in-flight projects and programs (at any stage of the lifecycle) should be implemented to mitigate risk.

Benefits

Compares current performance levels against predicted required levels.

Helps pinpoint specific gaps and missing controls in 17 different areas, such as budgeting, scheduling, risk management and team capabilities.

Inherent risk and complexity assessment

Interviews and structured document review

Predictive analytic project review

Analysis and synthesis Reporting

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Heres how it works

Our five-stage predictive analytic methodology lets us assess your project team capabilities, predict your projects required maturity levels and clearly identify ways to manage project risk and control costs.


We begin by performing a detailed assessment of your projects risk and complexity to determine the level of controls and governance you need to have in place to deliver a successful project.





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This assessment is augmented by a series of interviews with key project team members and stakeholders, and further bolstered by a review of core project artefacts, such as plans, reports and logs.





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Next, we enter all this background information into our predictive project analytic capability, which produces a correlation between project complexity, controls and success using a database of thousands of projects, and then we incorporate an effective assessment of softer factors such as leadership and decision-making.






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Analysis and synthesis

By aggregating the outputs from our structured, experiential review and our predictive analytic capability, we gain a broad, deep view of your key unmitigated project risks and identify specific control/governance improvements that can help you achieve a successful outcome.





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Reporting

Finally, you receive the findings in the format of your choice. Our objective is to avoid clichd project commentary. Instead, our reports provide practical recommendations and prioritized actions that allow you to immediately address or avert specific identified project risks.

Use ongoing reporting and dashboards to help manage your project throughout its lifecycle





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Rein in project risk at any stage of the project lifecycle

No matter when you leverage predictive project analytics, you position your organization to:

Gain an objective overview of risks and identify how to close the gaps

Enhance project outcomes by prioritizing actions most likely to help you succeed

Minimize financial, productivity and reputation-based losses by improving project oversight

Drive greater organizational efficiency

The next level of project risk management

The PPA database provides objective data, not opinion. Its a benchmarked process that can clearly indicate where your project is missing controls and where it might go off the rails.

If you have a critical project in process or in the planning stage, Deloittes Predictive Project Analytics capability can help your organization achieve success by objectively determining and mitigating the agents of failure.

Read the full report.

Gabriel Rodriguez

Global and Canadian Lead

Angela Moch

Canadian Lead

To learn more about Predictive Project Analytics, contact us at [email protected]

www.deloitte.ca

Deloitte, one of Canadas leading professional services firms, provides audit, tax, consulting, and financial advisory services. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited.

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predictive project analytics: will your project be successful?

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