DevOps is a combination of practices, methodologies, and tools that aims to bridge the gap between software development and IT operations. The term “DevOps” is derived from the words “development” and “operations.” The primary goal is to create a culture of collaboration and shared responsibility, where developers and operations teams work together throughout the entire […]
The cost of quality (COQ) is the sum total of all costs incurred to ensure that a product or service meets the required level of quality. COQ includes costs associated with preventing defects, appraising the quality of products or services, and taking corrective action when defects are found. Cost Of Conformance and Cost of Non-Conformance […]
A scatter diagram, also known as a scatter plot or scatter graph, is a graphical representation of data points in a two-dimensional coordinate system. It is used to visualize the relationship between two continuous variables, showing how they are distributed and whether there is any pattern or correlation between them. Each data point on the […]
The MOSCOW method is an Agile prioritization technique. It categorizes requirements or features into four categories: Must have, Should have, Could have, and Won’t have. MOSCOW helps teams prioritize effectively, focusing on critical functionality first. It guides decision-making, ensuring valuable features are delivered while managing scope. It provides clarity and aligns stakeholders on the product’s […]
1. Earned Value Management (EVM) Definitions and Concept Formulas 2. Network Diagrams 3. Project Estimation 4. Project Selection Methods 5. Expect Monetary Value (EMV) 6. Communication Channels 7. Procurement Management (Point of Total Assumption) 8. Risk Probability 9. Values 1 Sigma = 68.26% 2 Sigme = 95.46% 3 Sigma = 99.73% 6 Sigma = 99.99% […]
Risk mitigation strategies are measures and actions taken to minimize the potential impact and likelihood of risks. These strategies are designed to reduce vulnerabilities, prevent risks from occurring, or mitigate their consequences if they do occur. Five risk mitigation strategies with examples Negative Risk/Threat Positive Risk/ Opportunities Escalate Escalate Avoid Exploit Transfer Share Mitigate Enhance […]
Value engineering is a systematic approach to improving the value of a product, system, or service by identifying and eliminating unnecessary costs without sacrificing functionality. Value engineering can be applied to a wide range of projects, from new product development to facility renovations. It can be used to reduce costs, improve quality, or shorten delivery […]
The Point of Total Assumption (PTA) is the point above which the seller starts assuming the cost of the contracted work The point of total assumption (PTA) is a point on the cost line of the profit-cost curve determined by the contract elements associated with a fixed price plus incentive-Firm Target (FPI) contract above which the seller effectively bears all the costs of a cost overrun. In the contract, the buyer agrees […]
The payback period is the length of time required to recover the cost of an investment. Sunk costs are costs that have already been incurred and cannot be recovered. Opportunity cost is the cost of forgoing one option for another Payback Period: The payback period is a financial metric that calculates the time it takes […]
