reserve analysis, project baselines, software tests

monte carlo analysis

uses a three point estimate to create the probability distribution. you would need the optimistic, most likely, and pessimistic estimates for each project activity

expected monetary value EMV

requires each risk’s probability and impact assessment. first, the probability and the financial impact of occurence are multiplied for each risk, then the EMV for each risk is summed to calculate the project’s contingency buffer. Helpful for large, expensive projects with many risks

project baseline

consists of three parts:

scope baseline-original scope from the detailed scope statement. it includes the project’s key deliverables

schedule baseline-total project duration captured from the project schedule

cost baseline-expected costs plus the contingency reserves. represents the total project cost within the PM’s control

For a project such as a kitchen remodel, the baselines might look like this:

• Scope Baseline: All new appliances (large and small) in matching color scheme; New countertops; New flooring; Painted walls; Tiled backsplash

• Schedule Baseline: 8 weeks

• Cost Baseline: $25,000

unit testing

measures the smallest piece of functionality in software. each unit is tested to ensure it works

regression testing

confirms that code change did not affect any existing functionality

smoke test

runs after the code is compiled into a build and before it is deployed and released. these tests confirm that the main features are working before detailed tests run

user acceptance testing UAT

evaluates the final output against specifications. if this test passes, you can safely assume a user will accept the product

performance test

evaluate if the system is stable and fast enough to work under various workloafs. usually measure expected conditions

stress testing

specific type of performance testing. evaluates how a system performs when it reaches or exceeds the expected workload