Program Management Program management is the process of managing a group of related projects that are meant to reach a specific strategic business goal or objective. A program is a collection of projects that depend on each other and work together to reach a common goal or objective. The program manager is in charge of making sure…
Product Lifecycle Product lifecycle is the name for the stages that a product goes through from the time it is first made and put on the market until it is taken off the market or replaced. Usually, a product’s lifecycle has several stages, and each stage has its own unique traits and challenges. For product management and…
Product Brekdwn Structure (PBS) A product breakdown structure (PBS) is a way to break a product down into its parts or elements in a hierarchical way. It is a tool used in project management and product development to break down a product into its parts, making it easier to understand, design, build, and manage. The PBS is…
Probabilistic Estimating Probabilistic estimating is a project management method for figuring out how much a project will cost or how long it will take by looking at the probability distribution of possible values. Probabilistic estimating takes into account the fact that project estimates are always uncertain by using a range of values with associated probabilities. Deterministic estimating,…
Trend Analysis Trend Analysis is a statistical method used to find and study patterns and changes in data over time. It is often used in finance, economics, marketing, and other fields to find trends and patterns in different data sets and make predictions about them. It is the process of looking at a series of data over…
TRiple Bottom Line (TBL) The Triple Bottom Line (TBL) is a business framework that looks at economic, social, and environmental performance as key parts of sustainability. John Elkington, a British business consultant and supporter of sustainability, came up with the idea for the TBL in the mid-1990s. People sometimes call the three parts of the TBL the…
Predictive Approach The predictive approach is a method for managing projects that is based on the idea that a project can be planned and carried out based on a clear list of requirements, with results that can be predicted. In this method, the project manager makes a detailed project plan at the start of the project. This…
Risk In the context of project management, a risk is an uncertainty in a project. It can be positive or negative. Positive risks are known as opportunities and negative risks are known as threats. Risks can come from many different places, such as changes in technology, human error, natural disasters, or events that no one could have…
