Regression Analysis Regression analysis is a mathematical method for figuring out how a dependent variable (Y) is related to one or more independent factors (X) by looking at the data. The main goal of regression analysis is to predict the values of the dependent variable based on the values of one or more independent factors. Simple linear…
Root Cause Analysis Root cause analysis (RCA) is a method used in project management to find out why problems or failures in a project happened in the first place. The goal of RCA is to find the main cause(s) of a problem instead of just fixing the symptoms. This way, the right steps can be done to…
Sensitivity Analysis Sensitivity analysis is a method used in project management and making decisions to figure out how changes in certain factors affect how a project or decision turns out. It helps to figure out which factors have the most effect on the project or decision, and it lets project managers make choices based on a variety…
Stakeholder Analysis Stakeholder analysis is a way to find, assess, and rank stakeholders based on how much they care about a project or organization and how much power or influence they have over it. The goal of a stakeholder analysis is to understand the wants, desires, and points of view of stakeholders and to come up with…
SWOT Analysis SWOT analysis is a strategic planning tool that helps you figure out what a project, organization, or person’s strengths, flaws, chances, and risks are. SWOT is an abbreviation for: – Strengths: The good things about the company, like a unique selling point, a skilled team, or a special piece of technology.– Weaknesses are the things…
Trend Analysis Trend analysis, which is also called “time series analysis,” is a statistical method for looking at patterns or changes in data over time. It includes looking at a set of data points and figuring out if there are any repeating patterns, changes, or oddities that could be signs of trends or shifts in the process…
Value Stream Mapping Value Stream Mapping (VSM) is a tool used in lean manufacturing to look at and improve the flow of materials and information needed to get a product or service from the idea stage to the customer’s hands. It’s a visible tool that shows the different steps in a process, what goes in and what…
Variance Analysis Variance analysis is a method used in project management to compare the real performance of a project to what was planned or expected, and to find and understand the reasons for any changes. Usually, the following steps make up a variance analysis: Setting the baseline: Project managers create a baseline plan that outlines the project’s…
