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 […]
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 […]
Market structures vary based on the level of competition, ranging from the perfect competition where many buyers and sellers exist to the monopoly where one seller dominates the market. What is Market Structure? Market structure, in economics, refers to how different industries are classified and differentiated based on their degree and nature of competition for […]
Relative Estimation is an Agile Project Management technique used to estimate the size or complexity of a task or project by comparing it to other similar tasks or projects. Rather than providing an exact numerical estimate, relative estimation involves assessing the difficulty of a task or project by comparing it to other tasks or projects […]
Scrum of Scrums is a technique used to scale Scrum up to large groups (over a dozen people) by dividing the groups into Agile teams of 5-10 Scrum of Scrums aka “Meta Scrum” is a scaled agile framework used to manage large projects that involve multiple teams. It is an extension of the Scrum framework […]
