How to Save Your Project from Analysis Paralysis

How to Save Your Project from Analysis Paralysis

Jennifer shared the buzzword of the day, "data," and how to save your project from analysis paralysis. Big data is any large amount of information, such as financial data, health records, buying trends, etc. The process is simple: collect data, analyze data, make decisions and then act based on those decisions. However, there can be a bottleneck between the collection and analyzing stages, where the desire to get more data and further analyze it can lead to something called analysis paralysis. This is when one starts to over-analyze or over-think a situation, leading to inaction. Warning signs of analysis paralysis include deadlines and due dates being extended, team members expressing frustration, continuous collection of more data, missed opportunities, and tips on how to turn analysis into action.
Jennifer suggests avoiding analysis paralysis by making decisions with less risk, using more trust-worthy data, using experts to interpret the data, and having a contingency plan if things don't go as planned. This can lead to a variety of issues, such as lost opportunities, time to market and market share, lost trust and employees, failed projects or business, and loss of life. To improve decision making, Jennifer suggests arguing it out with colleagues, getting perspective from peers and experts, and using precedent to learn from experience. Additionally, she suggests using gap analysis to check on the status of projects.