Definition:
In project management, historical data is past records and documented experience from earlier projects used for risk analysis, planning, and estimating. It is a great source of reference for enhancing the next project performance and decision-making.
Key Aspects:
- Includes data on timelines, costs, risks, resource utilization, and performance metrics.
- Stored in lessons learned repositories, project archives, or enterprise databases.
- Enhances the accuracy of cost estimates, risk analysis, and scheduling decisions.
- Helps identify best practices and avoid past mistakes.
Example:
To project timetables for a new product release, a software development team analyses past project data, therefore lowering the chance of underestimating.
Conclusion:
Using historical data helps to generate data-driven decisions, therefore lowering uncertainty and increasing general project efficiency.
