Parametric Estimating Parametric estimating is a way to figure out how much a project or task will cost, how much work it will take, or how long it will take by looking at statistical relationships between inputs and outputs. This method uses data from similar projects or tasks in the past to create a formula or model…
Performance Measurement Baseline The Performance Measurement Baseline (PMB) is a tool used by project managers to track and measure how well a project is doing over time. It is a time-phased budget plan that shows how much a project will cost and when it will be done. It also serves as a benchmark against which the actual…
Phase Gate A phase gate, also called a stage gate, is a project management tool that divides a project into phases or stages, with a gate at the end of each stage to decide whether to move on to the next stage. The purpose of the phase gate process is to make sure that projects are properly…
Planned Value (PV) Planned value (PV) is a concpt used in project management to describe the estimated cost of the work that should have been done at a certain point in time, based on the project schedule and budget. It shows the value of the work that was supposed to be done up to a certain date…
Portfolio In the world of finance, a portfolio is a group of investments or assets that a person or organisation owns. Stocks, bonds, mutual funds, exchange-traded funds (ETFs), real estate, and other types of investments could be in the portfolio. The main goal of portfolio management in finance is to find the best balance between risk and…
Portfolio Management Portfolio management is the process of running a group of projects or programmes in a way that helps the organisation reach its goals. It means choosing, ranking, and managing projects or programmes as a portfolio to make the best use of resources, reduce risks, and increase the portfolio’s value. In portfolio management, a portfolio is…
Precision Precision is a way to measure how close together a number of measurements or observations are. It’s often used in scientific experiments or measurements, where it’s important to make sure the results are reliable and consistent. Depending on the type of measurement or observation being made, there are different ways to talk about precision. In general,…
Probability and Impact Matrix A Probability and Impact Matrix is a tool used in project management to figure out how likely risks are and how bad they could be. It is also called a Risk Matrix or a Matrix for Assessing Risk. Usually, the matrix is a grid with one side showing how likely it is that…
