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…
Measurement of Performance Metrics are used to figure out how effective and efficient a system, a process, or an individual is. There are many different kinds of performance measures, and the ones used depend on the situation and the goals of the review. Here are some common ways to measure success: Accuracy: Accuracy is how close the…
Project Management Methodologies A project management methodology is a set of rules for planning, executing, monitoring, and controlling projects from start to finish. A methodology is a set of rules for managing projects in a way that makes sure they are done on time, on budget, and to the quality standards that are needed. There are a…
Metric In general, a metric is a measure or standard that is used to evaluate, assess, or quantify something. Metrics are used in project management to measure and track project performance and progress, as well as to judge how well the processes and practises of project management work. Metrics for project management can be put into several…
Milestone A milestone is a big event or important point in a project or process that shows progress or an accomplishment. It is a certain point in time, usually when a key deliverable is finished or a major goal is reached, that shows the project is going as planned. Milestones are important because they help project teams…
Milestone Schedule A milestone schedule is a tool for managing projects that lists the major steps or events in a project and when they are expected to be finished. Milestones are important points in a project that are used to track progress and see how close the project is to reaching its overall goals. A milestone schedule…
Minimum Viable Product (MVP) MVP stands for the “minimum product that works.” It is a strategy and process for making products that involves making a basic version of a product or service with just enough features to make early adopters happy and get feedback for making the product better. The main goal of making an MVP is…
Modeling Modeling is a strong tool for project managers that can help them predict what will happen and spot possible risks before they happen. In project management, there are several types of modeling methods that can be used, such as: Schedule modeling includes making a picture representation of the project schedule, which can help managers see connections,…
