Historical Information

The term historical information refers to any information containing resources that may be utilized by a project team and or a project team leader for the purposes of garnering as much information as is possible about projects, activities, or events that had taken place in previous time periods for the purposes of providing adequate insight and background to the team when making decisions that will ultimately affect the course of the current project. The resources which may be utilized for the purposes o gathering this quantity of information can range from formal materials such as formal reports (this can include final reports that have been written and distributed externally, or more informal reports that have been written and disseminated internally), as well as other miscellaneous data, any assorted project files, historical records and notes, any written correspondence that may have been conducted (both written and electronic), and any previously closed contracts that may exist.

Historical information refers to any data, documents, or records from past projects that can provide insights and context for making informed decisions in current or future projects. This information is a valuable asset for project managers, schedulers, cost controllers, and other stakeholders, helping them to avoid past mistakes, replicate successful practices, and accurately predict outcomes.

In this article, we’ll elaborate on what historical information entails, how it is used in project management, and provide practical examples across various industries.

What Is Historical Information?

Historical information includes a wide range of resources, such as:

1. Formal Reports:
   • Final reports distributed internally or externally, documenting project performance.
2. Miscellaneous Data:
   • Metrics like cost, time, and resource utilization from previous projects.
3. Project Files:
   • Archived schedules, budgets, risk registers, and quality assurance records.
4. Correspondence:
   • Email exchanges, memos, or meeting minutes that shed light on decision-making.
5. Contracts:
   • Closed contracts that outline terms, performance metrics, and lessons learned.

This information can be used at any stage of a project—whether in planning, execution, or closure—to make better decisions, identify risks, and improve performance.

Practical Uses of Historical Information in Project Management

1. Project Planning:
   • Example: A project manager uses historical data from a similar past project to estimate timelines, resource requirements, and budgets for a new project.
2. Risk Management:
   • Example: A risk manager reviews past incidents to identify risks that may occur in the current project and prepares mitigation plans accordingly.
3. Performance Benchmarking:
   • Example: A scheduler compares the actual time taken for activities in previous projects to the planned time to improve accuracy in current scheduling.
4. Cost Estimation:
   • Example: A cost controller analyzes historical cost data to predict expenses and set realistic budgets for a new project.
5. Vendor Selection:
   • Example: A procurement manager reviews previous contracts and vendor performance to choose reliable vendors for a current project.
6. Lessons Learned:
   • Example: After a project is completed, the team documents lessons learned, which serve as a reference for future teams to avoid repeating mistakes.

Practical Examples Across Industries

1. Construction Industry

• Scenario: A construction company is bidding for a project to build a high-rise building.
• Use of Historical Information:
  • Review past schedules and budgets for similar projects to prepare an accurate bid.
  • Analyze historical quality issues (e.g., cracks in concrete structures) and ensure these are addressed in the new project design.
  • Use past contractor performance data to select reliable subcontractors.

2. Software Development

• Scenario: A software development firm is tasked with developing a mobile app for a new client.
• Use of Historical Information:
  • Use data from previous app development projects to estimate development time and costs.
  • Review past bug reports to identify common coding issues and plan better testing strategies.
  • Refer to lessons learned from earlier projects about client communication to improve collaboration.

3. Healthcare Industry

• Scenario: A hospital is implementing a new electronic health records (EHR) system.
• Use of Historical Information:
  • Examine previous EHR implementation projects to understand typical challenges, such as staff resistance or system downtime.
  • Use cost and schedule data to estimate implementation timelines and budgets.
  • Review feedback from previous projects to improve training programs for medical staff.

4. Manufacturing

• Scenario: A manufacturing plant is introducing a new production line for an updated product model.
• Use of Historical Information:
  • Refer to data from previous production line setups to estimate setup time and costs.
  • Analyze equipment maintenance records to identify potential issues with machinery used in similar projects.
  • Use feedback from operators on past projects to improve ergonomics and efficiency in the new production line.

5. Oil and Gas

• Scenario: An oil company is planning to drill a new well in a previously unexplored location.
• Use of Historical Information:
  • Review geological data and drilling records from similar sites to anticipate challenges.
  • Use cost and risk data from past drilling projects to plan contingencies.
  • Analyze vendor performance on previous contracts to select reliable suppliers for drilling equipment.

6. Event Planning

• Scenario: An event planning company is organizing a large-scale conference.
• Use of Historical Information:
  • Use attendance data from past conferences to forecast the number of attendees.
  • Refer to previous feedback to improve the choice of venue, catering, and program structure.
  • Analyze cost data from similar events to set ticket prices and sponsorship packages.

Benefits of Using Historical Information

1. Improved Accuracy:
   • Historical data provides realistic baselines for schedules, costs, and resource planning.
2. Enhanced Decision-Making:
   • Insights from past projects help teams make better-informed decisions.
3. Risk Mitigation:
   • Identifying and addressing risks based on historical incidents reduces surprises.
4. Continuous Improvement:
   • Learning from successes and failures fosters ongoing improvements in project management practices.

How to Manage Historical Information

1. Organize and Archive:
   • Store project files in a centralized, well-structured repository for easy retrieval.
2. Standardize Documentation:
   • Ensure consistent documentation of project reports, lessons learned, and performance data.
3. Leverage Technology:
   • Use tools like project management software (e.g., Microsoft Project, Primavera, Jira) or enterprise resource planning (ERP) systems to store and access historical data.
4. Train Team Members:
   • Educate project teams on how to use historical information effectively during planning and execution.

Final Thoughts

Historical information is an invaluable resource for project teams, offering insights that can enhance planning, reduce risks, and improve outcomes. By consistently documenting and leveraging data from past projects, organizations can build a knowledge base that becomes a competitive advantage. Whether you’re a project manager, scheduler, cost controller, or any other professional in the project management field, understanding and using historical information is essential for success.