User Stories - are used most often in agile methodology [link to definition here] to provide details on the scope of work the team is to work on. They differ from tasks found in a typical work breakdown structure (WBS) in that user stories provide the 5 Ws and follow a specific template in how they capture the requirements. User stories start with the following template: “As a [XYZ] user, I want [insert want] so that [insert why].” User stories in agile planning will help the project manager with providing sufficient detail for the project team to determine how to best deliver the body of work.
Value Creation - Is the qualitative and quantitative summation of project benefits realization [link to definition here] minus the cost of the project and is tied back to creating overall positive value for the customer and/or the business. By understanding the desired outcomes produced, the project manager can help the business focus efforts on the projects that will increase the company’s competitive advantage.
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Vendor Management - is the process where the project manager and/or procurement department maintains relationships with the vendor or suppliers needed to resource the project and is a part of the procurement component of the project plan. By maintaining relationships with vendors, the project manager can better ensure costs of resources are controlled and correct standards needed for the project are adhered to.
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Velocity - is a unit of measure used in agile methodology [link to definition here] to determine how many story points [link to definition here] a project team can work on in a sprint [link to definition here]. By understanding the team’s velocity, the project manager can ensure the burn-up chart [link to definition here] is updated thereby knowing how quickly the team can work through the current backlog of user stories. The project manager can also set expectations with project stakeholders as to when features [link to definition here] will be complete and can use the velocity to vie for additional resources if stakeholders wish to fast-track [link to definition here] project work.
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Work Breakdown Structure (WBS) - is used during the scope management component of the project plan to decompose large tasks into smaller units of work. By doing so the project team can understand the relationships amongst tasks as well as more easily estimate task durations and assign the tasks to the correct team member.
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Work Package - is a collection of tasks aimed at delivering against a specific goal, milestone, or phase.
Work Performance Reports - are a part of performance reporting that include the data and information needed to update stakeholders on the progress of the project. Performance reports are a part of the communication component of the project. Information includes that project’s status, metrics, recent accomplishments, upcoming milestones or deliverables, decisions needed, risks or issues that are impeding the project and any other information deemed important by the stakeholders. By reporting out on this information the project manager can ensure alignment amongst stakeholders.
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Workstreams - are distinct areas of work within the project and are often segmented by cross-functional [link to definition here] areas. The project manager can assign owners of the workstream where the workstream owner has a dedicated team focused on delivering a body of work. The workstreams are often led by subject matter experts [link to definition here] who can provide guidance on how to best plan and deliver the workstream and coordinate their plans with the other workstream owners in the project.
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Final Thoughts
Whether you’re improving quality management, refining risk strategies, or optimizing workflows, having the right tools is essential. Take the next step toward success by exploring our Elevate Product Line to find the right fit for your project management needs!