Statistical Tools and Their Impact on Project Management – How They Relate
DOI:
https://doi.org/10.19255/JMPM02709Keywords:
Project Manager, Statistical Methods, Statistical Tools, Descriptive Statistics, Risk Analysis, Hypothesis Testing, Project PlanningAbstract
Although a project manager has many tasks, none are more important to success than the ability to lead and manage a project. A project manager typically has a strong business and economic background, but how are decisions made? An economic analysis is telling, but without the knowledge of data analytics and the different statistical analysis tools, decision-making might be difficult. With certain techniques, statistical analysis tools and methods will be explained with their relationship on how they correlate positively or negatively to a project managers' success. Key concepts include data collection, key descriptive statistics (i.e., the mean, standard deviation, range, correlation, and linear regression). They also include building confidence intervals, hypothesis testing, risk analysis, and understanding different statistical software that is available. With these skills, the chance of a project manager's success becomes more likely.
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