What is a Project Analyst and How to Become One?

Projects, as discussed in the PMP certification course, can be difficult to manage. They frequently contain a large number of moving elements that must all operate together, and the logistics can be a tangle. That is why separate PM responsibilities are used so that no one is tugging in conflicting directions at the same time.

The project manager is in charge of completing the project on schedule and on budget, but there is a team of people who assist in getting that enormous ship to port safely. They collaborate with the team, vendors, and others, but the analyst is often the closest collaborator because they keep track of crucial KPIs like stakeholder requirements.

To complete the assignment, project managers and analysts combine their skills, competences, and expertise. But what is a project analyst, exactly?

What Does a Project Analyst Do?

The project analyst is an important member of the team for a variety of reasons. There is a lot of documentation to generate, and the project manager is responsible for overseeing, but not necessarily participating in, each report. As a result, an analyst is typically a junior or mid-level role that reports to and works with the project manager.

They start by investigating the project before it is ever pitched, spotting trends, and examining the written agreements, which include compensation clauses, wage rates, and overhead charges.

All proposals, reports, and presentations are prepared and revised in collaboration with the project manager. They also execute analytical duties to ensure that the project’s goals and objectives are met.

· Data Analysis

In general, the project analyst’s role is to assist in the collection of crucial data and to provide support to the project team. More specifically, an analyst’s research will involve budget tracking and financial forecasts, project evaluation and monitoring, business compliance, and public relations.

The analyst will also be in charge of the project’s data analysis. They’ll look at key performance indicators and generate a periodical variance report to help the manager keep track of how the project is progressing in comparison to the original plan.

· Stakeholder Communication

The project analyst also serves as a liaison between the manager and the stakeholders. They assist in gathering, analysing, and communicating needs for business processes, rules, and other changes. Someone familiar with the project must work with the stakeholders to ensure that the project objectives are aligned with the project.

· General Support for the Project Team

Project analyst positions vary by company, but they typically involve executing, analysing, and providing project analysis and support to the project team. The following is a list of those responsibilities:

- Creates, manages and distributes project reports

- Maintains project assets, communications and databases

- Evaluates and monitors project progress

- Reviews and reports on project budget

- Performs regular project analysis

- Notifies project team when project anomalies are discovered

What Are the Requirements for a Project Analyst?

Project analysts, as learned in the PMP certification course, have a lot of responsibility and are, next to the project manager, as near to the inner workings of the project as anybody. Getting a job as a analyst is an excellent method to break into the PM field.

· Recommended Degrees

But, in order to stand out as a qualified candidate, what should you include in your resume? The foundation for your job is a bachelor’s degree in computer science, management information systems, or business administration.

You can probably get an entry-level job if you have an associate’s degree in computer science and a few years of experience. After you’ve gotten the job, you can improve your chances of growth by obtaining certification.

· Certification

The PMI Professional in Business Analysis (PMI-PBA) certification is offered by PMI. Opportunities for business analysts are in high demand, according to PMI. A secondary degree, 7,500 hours of business analysis experience, 2,000 hours working on a project team, and 35 contact hours of business analysis study are all required to become certified.

The PMI-PBA is a 200-question multiple-choice exam that takes four hours to complete. Every three years, you must obtain 60 professional development units (PDUs) in business analysis topics once you’ve earned certification.

· Salary

The average income for a project analyst is in the mid-$50,000 range, depending on the company, location, and amount of expertise. Between $41,000 and $80,000 is the complete range, including bonuses and profit sharing.

· Resources

The International Institute of Business Analysis (IIBA), which offers IIBA Certification, networking opportunities, and whitepapers relating to the topic of business analysis beyond project management, is a good place to start.