A Work Breakdown Structure (WBS) is a fundamental project management technique that is used to divide a project into smaller, more manageable components. It divides the job into smaller, hierarchical portions, making the project easier to plan, manage, and execute. Let us see it through an example below. Assume you’ve been assigned with arranging a music event….
Simulation Simulation is a technique that is used to evaluate and improve project plans and schedules, as well as to find risks and unknowns that could affect how the project turns out. Project managers can use simulation software to model different scenarios and test how different variables affect project schedules and budgets. Simulations can be used to…
Statemenet of Work (SOW) It is a contract in the for of a document that provides a detailed explanation of the outcomes you may expect from the project. It provides information of the deliverables, milestones, schedule and other terms and conditions.  Usage Used by the customers while a contract to the vendors for work.
Stakeholder Analysis Stakeholder analysis is a method used to find and understand the different people who have an interest in a project or organization, as well as to figure out how their interests, power, and possible effects on the project or organization could be measured. The analysis involves figuring out who the stakeholders are, how interested and…
Variance Analysis Variance analysis is a key tool used in project management to keep track of and manage how a project is going. It involves comparing how the project actually turned out to how it was planned or expected to turn out. This is done to find any differences or variances. In project management, the goal of…
Threshold A threshold is a certain level, point, or value that triggers a decision or action. It is a limit or boundary that defines a certain situation, state, or condition. Thresholds can be used in many different fields, including project management, finance, science, medicine, technology, and more. Â Usage It is used in monitoring and control and…
Schedule Forecasts Schedule forecasting is a part of project management that involves guessing where a project’s schedule will be in the future based on how things are going now and what has happened in the past. It is the process of using different analytical techniques to estimate how long tasks will take and when the whole project…
Stakeholder A stakeholder is a person, group, or organization that has a vested interest in a project or organization or one who is directly or indirectly influenced by the success or failure of the project. The stakeholder can be internal or external to the organization. This can include employees, customers, suppliers, shareholders, government agencies, and the general…
