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 […]
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 […]
What is Procurement, Purchasing, Types of Contract and the Risk Factors Involved Questions like what is the difference between Procurement or Purchasing, Agreement or Contract, how to select the Procurement Contract who carries the risk in which kind of Contract and many more are answered in this article. An article is a good place for […]
Compliance with existing laws, rules, policies, standards, and recommendations constitutes project compliance. It guarantees that the project is executed in accordance with the organisation’s policies and processes, as well as any applicable laws and regulations. Compliance is a Non-negotiable aspect of the project and must be prioritizes as mandtory Project compliance can involve various aspects; […]
Negotiation is a process of communication between two or more parties with the aim of reaching a mutually beneficial agreement. it involves the exchange of ideas, perspectives, and offers, with the goal of reaching a satisfactory outcome for all parties involved. Regardless of which project management methodology you use, It is a critical skill for […]
Business Value is creating and delivering benefits that exceed the costs involved. Definitions Through the effective use of portfolio, program, and project management, organizations will possess the ability to employ reliable, established processes to meet strategic objectives and obtain greater business value from their project investments: Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition (PMI, […]
