Discuss the role of effective data management in the success of project management. -MBA Notes
o Sufficiency
o Relevancy
For example, Bill of Materials is a very important document in Project Management. It contains details about all materials that go into the project at various stages and has to be continuously updated as all members of the project depend upon it for providing materials for their apportioned areas of execution. Since information is shared by all members, there is an opportunity for utilising some of them when others do not need them.
To ascertain availability at some future point of time, information about orders placed, backlogs, lead times are important for all the members.
Answer:
Data management consists of conducting activities which facilitate acquiring data, processing it and distributing it. Acquisition of data is the primary function.Characteristics of useful data are:
o Timelineso Sufficiency
o Relevancy
- There should be data about customers, suppliers, market conditions, new technology, opportunities, human resources, economic activities, government regulations, political upheavals, all of which affect the way you function.
- Most of the data go on changing because the aforesaid sources have uncertainty inherent in them.
- So updating data is a very important aspect of their management. Storing what is relevant in a form that is available to concerned persons is also important.
- When a project is underway data flow from all members of the team will be flowing with the progress of activities.
- The management will have to study the impact on the overall organisational goals and strategies and convey their decisions to the manager for implementation.
For example, Bill of Materials is a very important document in Project Management. It contains details about all materials that go into the project at various stages and has to be continuously updated as all members of the project depend upon it for providing materials for their apportioned areas of execution. Since information is shared by all members, there is an opportunity for utilising some of them when others do not need them.
To ascertain availability at some future point of time, information about orders placed, backlogs, lead times are important for all the members.
A proper MIS will take care of all these aspects.
- ERP packages too help in integrating data from all sources and present them to individual members in the way they require.
- When all these are done efficiently the project will have no hold ups an assure success.
# MBA Assignment
# MBA Notes
# Project Management Notes
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