Key Statistics Used in Projects

Strictly speaking, statistics are data. The data need not be a result of analysis. Statistics are any collection of data. We often hear, "What are the statistics on that event?" In other words, what are the numbers that are meaningful for understanding? Perhaps the most useful definition of statistics is that statistics is the "methods and techniques whereby collections of data are analyzed to obtain understanding and knowledge." ^[13] Statistical methods are by and large methods of approximation and estimation. As such, statistical methods fit very well with project management since the methods of project management are often approximate and based only on estimates.

Informational data, of course, are quite useful to project managers and to members of the project management team for estimating and forecasting, measuring progress, assessing value earned, quantifying risk, and calculating other numerical phenomena of importance to the project. Statistical methods provide some of the tools for reducing such data to meaningful information which the team uses to make decisions.