Volatility Volatility is a term used in project management to describe how uncertain, unpredictable, or different the project’s requirements, scope, timeline, or resources are. Volatility can come from many different places, like when business priorities, market conditions, customer needs, or government regulations change. Volatility can have a big effect on the success of a project because it…
Prioritization Matrix A prioritization matrix is a tool used in project management to rank tasks or projects and decide what to do based on more than one factor. It is also called a decision matrix, a criteria rating form, or a weighted decision matrix. Most of the time, the prioritization matrix is a table with the evaluation…
Prioritization Schema Prioritization schema is a way to arrange tasks, projects, or goals in order of how important or urgent they are. It is an important tool for managing time, projects, and making decisions because it helps people and groups focus their efforts and resources on the most important tasks or goals. There are different ways to…
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…
