1. Earned Value Management (EVM) Definitions and Concept Formulas 2. Network Diagrams 3. Project Estimation 4. Project Selection Methods 5. Expect Monetary Value (EMV) 6. Communication Channels 7. Procurement Management (Point of Total Assumption) 8. Risk Probability 9. Values 1 Sigma = 68.26% 2 Sigme = 95.46% 3 Sigma = 99.73% 6 Sigma = 99.99% […]
The Kano Model is a technique for classifying customer requirements or features into five categories: Must-Have, One-Dimensional, Attractive, Indifferent, and Dysfunctional. Functional answers are features that customers expect and appreciate when present, leading to satisfaction when fulfilled. These features meet basic requirements and contribute to the overall functionality and performance of the product. Dysfunctional answers, […]
Risk mitigation strategies are measures and actions taken to minimize the potential impact and likelihood of risks. These strategies are designed to reduce vulnerabilities, prevent risks from occurring, or mitigate their consequences if they do occur. Five risk mitigation strategies with examples Negative Risk/Threat Positive Risk/ Opportunities Escalate Escalate Avoid Exploit Transfer Share Mitigate Enhance […]
A product roadmap is a document that outlines the goals, features, and timeline for a product. It is used to communicate the product’s vision to stakeholders and to track progress over time. A product roadmap is a high-level action plan that outlines the vision, direction, and progress of a product over time. It’s a strategic […]
In project management, a backlog is a fundamental tool used to keep track of tasks, requirements, and work items that need to be completed. It serves as a centralized repository of all the work that needs to be done, providing a clear overview of the project’s scope and objectives. Within the broader concept of backlog, […]
Value engineering is a systematic approach to improving the value of a product, system, or service by identifying and eliminating unnecessary costs without sacrificing functionality. Value engineering can be applied to a wide range of projects, from new product development to facility renovations. It can be used to reduce costs, improve quality, or shorten delivery […]
The Point of Total Assumption (PTA) is the point above which the seller starts assuming the cost of the contracted work The point of total assumption (PTA) is a point on the cost line of the profit-cost curve determined by the contract elements associated with a fixed price plus incentive-Firm Target (FPI) contract above which the seller effectively bears all the costs of a cost overrun. In the contract, the buyer agrees […]
The payback period is the length of time required to recover the cost of an investment. Sunk costs are costs that have already been incurred and cannot be recovered. Opportunity cost is the cost of forgoing one option for another Payback Period: The payback period is a financial metric that calculates the time it takes […]
A Cost Benefit Analysis or benefit/cost analysis is a process of determining the pros and cons of any process, product, or activity or simply whether the benefits of a project or decision outweigh its costs Advantages of CBA Cost-benefit analysis is an effective decision-making tool that relies on data-driven research specific to a problem, considering […]
