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…
Product A product is a thing or service that is made and sold to customers in order to meet their needs or wants. A product can be something you can see and touch, like a smartphone or a car, or something you can’t see or touch, like software or a subscription service. Products can be made for…
Product Management Product management is a part of an organisation that is in charge of making and taking care of a product or group of products over the course of their entire lifecycle. Product management includes a wide range of tasks, such as researching the market, designing the product, developing it, putting it on the market, and…
Product Owner In the Agile development method, a product owner is the person in charge of defining and ranking the features and requirements of a product or service. The product owner acts as the link between the development team and the stakeholders to make sure that the product or service meets the needs of the business and…
Project Scope The features, functions, and characteristics of a product or service that are being built or delivered as part of a project are called its “scope.” It explains what the product or service will do, what it won’t do, and what its limits are. The project scope statement is a document that describes the project’s goals,…
Program A programme is a group of related projects that are managed together to reach a strategic goal or a set of business goals. Programs are usually bigger and more complicated than single projects. They involve coordinating several projects with goals and objectives that depend on each other. The most important things about a programme are: Strategic…
Progressive Elaboration Progressive elaboration is a method for managing projects that involve making changes to project details and scope as more information comes in. In other words, progressive elaboration lets project teams add more details and information to the project plan and scope as the project goes on and as new information becomes available. The goal of…
Project A project is a short-term effort that is meant to reach a certain goal or objective. It is usually a one-of-a-kind project that needs a set of well-coordinated activities and resources to be finished on time and on budget. Projects can range in size and level of difficulty, from simple tasks like planning an event to…
