Database Reference
In-Depth Information
best-case scenario approach, assuming that everything will proceed as planned
and the project team will reach its goals. However, no matter how well planned,
it is almost impossible to plan for everything that will emerge in a project. The
failure criteria will guide the team in understanding when it is best to stop trying
or settle for the results that have been gleaned from the data. Many times people
will continue to perform analyses past the point when any meaningful insights can
be drawn from the data. Establishing criteria for both success and failure helps
the participants avoid unproductive effort and remain aligned with the project
sponsors
2.2.4 Identifying Key Stakeholders
Another important step is to identify the key stakeholders and their interests in
the project. During these discussions, the team can identify the success criteria,
key risks, and stakeholders, which should include anyone who will benefit from
the project or will be significantly impacted by the project. When interviewing
stakeholders, learn about the domain area and any relevant history from similar
analytics projects. For example, the team may identify the results each stakeholder
wants from the project and the criteria it will use to judge the success of the project.
Keep in mind that the analytics project is being initiated for a reason. It is critical
to articulate the pain points as clearly as possible to address them and be aware
of areas to pursue or avoid as the team gets further into the analytical process.
Depending on the number of stakeholders and participants, the team may consider
outlining the type of activity and participation expected from each stakeholder
and participant. This will set clear expectations with the participants and avoid
delays later when, for example, the team may feel it needs to wait for approval
from someone who views himself as an adviser rather than an approver of the work
product.
2.2.5 Interviewing the Analytics Sponsor
The team should plan to collaborate with the stakeholders to clarify and frame
the analytics problem. At the outset, project sponsors may have a predetermined
solution that may not necessarily realize the desired outcome. In these cases, the
team must use its knowledge and expertise to identify the true underlying problem
and appropriate solution.
For instance, suppose in the early phase of a project, the team is told to create a
recommender system for the business and that the way to do this is by speaking
