What-if Scenario Analysis What-if scenario analysis is a technique used in project management to evaluate the potential impact of changes in project assumptions or variables on project outcomes. It involves testing different scenarios by varying one or more project parameters to determine the effect of each change on project outcomes. The purpose of what-if scenario analysis is…
Lean Startup Canvas The Lean Startup Canvas is a tool that entrepreneurs and new businesses use to test their business ideas and make a business model that will work. It is based on the Lean Startup method, which says that successful businesses are built on rapid experimentation, customer feedback, and iterative design. The nine parts of the…
Lessons Learned Lessons learned is a part of project management that involves looking back on the successes and problems of a project and writing them down. The goal of the lessons learned process is to find out where the project team did well and where they could do better for future projects. Most of the time, the…
Lesson Learned Register A lessons learned register is a document that keeps track of what a project, programme, or group of projects taught the team. It keeps track of a project’s successes, failures, and best practises. It also keeps track of any issues or problems that came up and what was done to fix them. The lessons…
Life Cycle Assesment (LCA) The “Life Cycle Assessment” (LCA), is a tool used to figure out how a product or service affects the environment over its whole life cycle, from getting the raw materials to getting rid of them. Most of the time, there are four main parts to a life cycle assessment: Goal and scope definition:…
Make-or-Buy Analysis Make-or-buy analysis is a tool that project managers and business owners use to decide whether to make goods or services in-house (make) or hire a third-party supplier (buy) to do the work (buy). Most of the time, the analysis involves weighing the costs, risks, and benefits of each choice. In the analysis, the company’s core…
Mandatory Dependency A mandatory dependency in project management is a link between two tasks where the start or end of one task depends on the start or end of the other. This kind of dependence is also called a “hard” or “non-negotiable” dependency. Most of the time, mandatory relationships are based on technical or logical needs, and…
Management Reserve Management reserve is the part of a project’s budget that is set aside in case something unexpected happens or the project’s scope changes in a way that could affect the project’s timeline or budget. This reserve is usually kept by the project manager, who doesn’t tell the project team or other important people about it…
