Historical Data

Definition

Historical Data is information from a previous project, such as unit costs.

Purpose

Historical Data is used in project planning and estimating to provide benchmarks, identify trends, and improve accuracy in cost estimation, scheduling, and resource allocation. It helps in making informed decisions based on past experiences.

Examples of Use

1. Cost Estimation: Using past project costs to estimate the budget for a new project.
2. Scheduling: Comparing timelines of previous projects to plan current project schedules.
3. Risk Management: Analyzing past risks and issues to mitigate similar problems in new projects.
4. Resource Allocation: Determining the amount of resources needed based on historical usage data.

Related Terms

• Benchmarking: Comparing current project metrics against historical data to measure performance.
• Data Analysis: The process of examining data to extract useful information and insights.
• Cost Baseline: The approved version of the project budget, used as a basis for comparison with actual costs.

Notes

Accurate and comprehensive historical data can significantly enhance the reliability of project estimates and planning. It is important to maintain detailed records of past projects for future reference.