Discuss various analysis used in Project Management when making a decision

The question will require you to discuss in detail the various types of analysis in project management.

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Scenario analysis

What if scenario analysis in project management is a process that evaluates different scenarios and then predicts their effects both negative and positive on the project.

Alternative analysis

This is the evaluation of different choices available to achieve a Particular project management objective.
It is analytical comparison of different factors such as operational cost, risk and effectiveness of the project.

Contingency analysis
Contingency plan is essentially a ‘plan B’ if anything unexpected or unforeseen goes differently than expected.
Contingency analysis is the evaluation of different actions or plans one can take when faced with unforeseen events.

Assumption analysis

It refers to a specific technique used by project team members to minimize risks involved in making assumptions during the process of planning a particular project.
The project team must identify all assumptions being made during the project planning process and the use them as basis to identify risks that exist as a result of the assumptions.

SWOT analysis

This is a project management tool that analyzes the strengths, weaknesses, opportunities and threats of the project or organization.

SWOT analysis is used by project managers to identify the strengths and weaknesses of the organization before the threats and opportunities are identified. It also examines the degree which the organization strength may counterbalance the threats and also identify the opportunities.

Situation analysis

Refers to a collection of methods managers use to analyze an organization external an internal environment to understand the organizations capabilities, customers and business environment.

Situation analysis looks at both the macro-environmental factors that affect many firms within the environment and micro-environmental factors that specifically affect the firm.

Situation analysis consists of several methods of analysis: the 5c’s analysis, SWOT analysis, and porters five forces analysis.

PESTLE analysis

PESTLE is an acronym for various factors that surround a project environment. They are political, economic, socio-cultural, technological and legal factors.

This helps project managers identify this factors that may act as threats or opportunities project or the organization.
Political factors may include: government policies, political stability, trade reforms etc.

Economic factors to consider are: budget availability, interest rates, economic growth, inflation rate, exchange rate etc.
Socio-cultural factors to consider are: cultural norms and expectations, population demographic, population attitude towards various issues etc.

Technological factors to consider are: technological constraints, automation, research and development etc.
Legal factors to consider are: employment law, health and safety laws, and regulatory frameworks.

WanguiHinga answered the question on November 26, 2019 at 19:31

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Discuss various analysis used in Project Management when making a decision

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