These metrics can be used to track both technical capabilities and team processes. Email and chat are examples of what type of project management tool? Insights give a visual snapshot of the following metrics: Sprint progress Issue type breakdown Sprint commitment Deployment frequency Cycle time Use these metrics to continuously optimize team performance. Tracking product and user adoption can help you determine if youre reaching the right audience through marketing and sales efforts and discover new opportunities for keeping acquired customers happy with your product and active on your platform. Explore intriguing customer success stories, videos, webinars and podcasts. A low feature adoption rate could indicate that your users dont need that function or that you need to put more effort into marketing those features and educating your audience on how to use it. Learn more about insights. In which of the following scenarios does the project manager implement documentation well? Here is some additional information about the project: To use the template for this course item, click the link below and select Use Template., If you dont have a Google account, download the template directly from the attachment below.Activity Template_ Project Move It OKRsDOCX FileDownload file. Individual performance metrics revealed in our research include: Adoption metrics. ExamTopics Materials do not However, they also state that the team cannot push back the project delivery date. Customer lifetime value = Total purchases during customer lifetime cost to acquire and service customer. Imagine youre the project manager of a new grocery delivery service. Q1. She asks you to include details on the market opportunities for new product ideas, technical constraints, and design considerations. Adoption - Offers an all-up summary of adoption trends. The formula for calculating adoption rate is: Adoption rate = number of new users / total number of users. Project metrics consist of the following: The RACI chart includes all of the project roles. Q2. What does the acronym RACI stand for? Ignore the requests because the project is already underway. What key s should you consider when deciding who should be informed about a task? A list of objectives for Project Move It have been provided for you below. You decide how many people should be on the team, if they have the time to work on the project, and what expertise each team member needs for their tasks. Q4. Engagement is ongoing. You can place stakeholders anywhere on the power grideven between quadrants. Be sure to consider interest in project outcomes and interest in day-to-day operations. Q3. Then you will use a RACI chart to determine each stakeholders relationship to project tasks. Now that youve placed your stakeholders in the grid, go back to the Engagement column in the stakeholder analysis table. Youd then ask your users to rate their likelihood on a scale of 1-10. You can view them by choosing the tab on top of the report page. You will analyze a scenario about the execution phase of the Plant Pals project. business outcomes) or represents a behavior your customer does in your product (e.g. Which of the following are typical responsibilities of project team members? The adoption formula is: Number of Adopted Users Total Number Of Users If you have 1000 users and 250 of them have adopted your product, your adoption rate is 25%. An outcome is a metric that measures the impact of your work. As a project manager, youre prioritizing stakeholders with a power grid. Q6. Engagement requires less expensive tools. This metric is the percentage of time that a service or system is available. The table lists each stakeholders level of power or influence as low, medium, or high. Measuring CLV can also help you monitor your customer engagement yearly. User retention rates. Each key result should address the following questions: Your key results should build on the scenario and additional project information, but its up to you to determine your success criteria. Value might be achieved after completing an onboarding process, uploading specific data, or actively using the platform for a set amount of time. Compare it to goals the organization set in previous years. Consult the descriptions below to determine how your team members relate to the tasks: Responsible: Who is responsible for completing this task? In this instance, which SMART criteria are you using? However, its common to lose a customer here and there. Suppose as a project manager youre receiving requests from stakeholders to add new features to the product youre developing. Take a team vote to decide if the team should add the new feature to the product. When assigning tasks to team members, what two factors should you mainly consider? The formula you use to find customer and user retention is similar to the formula to find churn: Customer retention = Number of customers at the end of a time period / Number of customers at the beginning of the same time period x 100. Recruiting for field research will take a week longer than expected. Q5. For Schneider Electric, that business metric was to increase the adoption rate of new . Compare it to the project goals of the organizations three closest competitors. During the scoping of this project, Ria says her budget maxes out at $650,000 USDshe cant afford the $800,000 USD that this project will cost. Key questions to ask yourself include: Note: The number of stakeholders you keep informed about each task can vary depending on your situation. For each task, assign the letters R, A, C, and I to the team members involved. Time-to-first action measures the time it takes a new user to engage with a particular function or feature. When youre measuring the right KPIs for product and user adoption, you can refine and develop your offering until it aligns with your audience. attendance, school lunch payments), Overall, the school is seeking a platform for digital grading. An example of data being processed may be a unique identifier stored in a cookie. Who are the subject matter experts (SMEs) for the task? OEE is the measure of the productivity of a piece of equipment. Q7. On the other hand, if your retention rate is low, its likely an indication that customers are unhappy or a competitor is offering a better service. Following the discussion with Uyanga, they identified the context as similar to that of customers looking for the best movie streaming recommendations that are based on personal history, context, and ideas of users with similar content preferences. One stakeholder has high power and low interest. Have stakeholder involvement before the project begins. Useful things to track might include: which of the following is an adoption metric? In this activity you will complete a stakeholder analysis and power grid. Stops along the new bus lines must connect neighboring suburbs to downtown and public resource facilities. Its short and to the point, increasing the likelihood that users will engage, but without follow-up questions or context, its hard to know exactly why a customer might be a Detractor or Passive. What does stakeholder analysis enable project managers to do? What can you do? Fill in the blank: If a project has a _____, then it may be worth the teams time to learn a more sophisticated tool. Double the amount of time participating within an app. Ready to start measuring product and user adoption KPIs? In such cases, the easiest method involves using a social media analytics tool like SocialPilot, which enables you to see the metrics of every major social media platform. Which of the following is true of someone who is accountable in a RACI chart? is the time it takes for a user to realize the true value of your product or the amount of time it takes to properly onboard a new user and bring them up to speed with your platform. In this activity, you will use a RACI chart to assign roles and responsibilities to project stakeholders. Adoption replaces a business metric. explicit switching costs involve a penalty levied for terminating a deal or contract. Fill in the blank: _____ are gains that are not quantifiable. The RACI chart includes all the deliverables/tasks from the scenario. Who is invested in task completion, but not directly involved in the work? Identify key user behaviours within an application, Obtain user feedback on Help content in real time, Easily create and publish content in engaging formats, Make content from all enterprise systems accessible, Seamlessly manage content in clearly defined stages, Offer step-by-step guidance and train users in real time, Offer contextual support at the moment of need, Make announcements, conduct surveys and communicate change, Adopt new technology without a dip in productivity, Train remote team members with in-app learning, Increase user adoption of your enterprise software, Onboard new hires faster with in-app training, Improve employee productivity with self-service support, Onboard new users faster with personalized walkthroughs, Digital Transformation & Change Management Experts. Previously, you worked with your project team as they developed a marketing plan, wrote promotional copy, designed marketing assets, and created a sales plan for customer outreach. You can use them to talk through your thought processes as you demonstrate your experience to potential employers. Underserved or unhappy users might fly under your radar and move on to a competitor before you realize theyre not engaged. They also need to visually represent the teams day-to-day tasks. It can be calculated on a daily, weekly, monthly . Average Session Duration. Box A in upper left (high power, low interest); Box B in the upper right (high power, high interest); Box C in the lower left (low power, low interest); Box D in the lower right (low power, high interest). Promote public transportation as a convenient alternative to driving. Which key component outlines the projects success criteria? Which of the following responsibilities typically belong to the project manager? For example, pageviews make a poor choice. Based on this information, determine how often you should communicate with each stakeholder and what form that communication should take (e.g. The company is getting ready to introduce its new Plant Pals service, and you will manage the launch. You meet with stakeholders to decide how to measure project success. List all the stakeholders the project impacts, find ways to involve them, and determine their level of interest and influence. When potential customers click on Plant Pals advertisements, the landing page is the first part of the Office Green website they will see. We are the biggest and most updated IT certification exam material website. Q7. Pinterest, [emailprotected] What details should be in your project charter? Q3. Now go to the second slide of the template: Prioritizing Stakeholders (power grid). In 1-2 sentences, describe how you can use each tool. Add your team members to the template. Q6. An increase in customer satisfaction score. In 1-2 sentences, describe how you can use the tool. In this specific example, you should notify the internal stakeholders, so that they can make decisions about what to do about the changes in the project, while considering the Triple Constraint. You are the project manager at Office Green, a commercial landscaping company that specializes in plants and greenery for offices and other businesses. Update the Role headers with each team member role from the scenario. For example, if you have 100 sign-ups within your designated time frame, but only 50 of them are active, your product adoption rate would be 50%. The Microsoft 365 overview report contains the following reports. Replace Task/Deliverable with the name of each task. Churn rate is important because it tells you how well youre connecting with your customers and how well youre retaining them. Analyze, Build and Deliver experiences to application users and drive adoption with the Whatfix Digital Adoption Platform. Push back the products launch date to allow time for the design to implement changes to the logo. During the process, you create goals that are a little challenging, but also encourage growth. as well as tripwire metrics and a testing strategy to improve user engagement. Q10. . As a reminder, if there are changes in time, budget, and scope, remember to notify your project sponsor and key stakeholder and make sure theyre aligned. is jordan smith still married . Who might delegate the task to another team member? (can only be one answer) Number of followers Number of comments Number of impressions None of the above. jackson browne wife lynne sweeney; how does this poem differ from traditional sonnets interflora; death notices portadown; could jerry west dunk Q5. Adoption. As many organizations are beginning to realize, product adoption programs have a profound impact on many other performance metrics, including. Q3. Twitter It shows the comparison of how well distinct creative executions View the full answer Daily active users (DAU) measure the stickiness of your platform, or how much your users depend on your product or platform daily. Q5. Q8. Data and, Lets walk through the most important metrics to track for improving your, Daily active users (DAU) or monthly active users (MAU). You can learn more about the graded and practice items in the Course Overview. As a project manager, you learn that the stakeholders are changing the nature of the project and the teams deliverables will change as a result. What roles do your stakeholders play in the project? the most common User Engagement Metrics, like DAU, WAU, MAU, the DAU/MAU Ratio, Day 1, Day 7, & Day 30 User Retention. Measuring time-to-value cant be done with a set formula. Engagement is an internal metric. Q6. So if time is a constraint, what areas might Ria adjust to reduce the time in the project? What are the phases of the project life cycle? Correct 3. Monthly active users (MAU) is typically used to measure platforms or products that might not be necessary to check in every day. The interdisciplinary study of the design development, adoption, and application of IT based innovations in the health care industry is called Health informatics High costs of initial acquisition and implementation are seen as common barriers to adopting HIT true What resources do they have that can help project success? Select metrics to track. The grid contains all the stakeholders from your stakeholder analysis. Consider the information you added to the Involvement and Impact columns. Project management is a relatively new job title. Your email address will not be published. Depending on their role or resources, you might communicate with them daily, regularly, or rarely. Which of the following activities are steps in a stakeholder analysis? Setting your product adoption benchmark to be a behavior beyond just signing up helps you track clients getting real value from your product. Remember that only one person should be accountable for each task or deliverable. How much influence does each stakeholder have over the project? The evaluators tell the company that its plan has too many delays and that the company wont be able to complete the project on time. If neither, their interest could be low. On the other hand, a short time-to-first action can help you identify the features that are most beneficial to your users. After the stakeholders agree on the project scope, Ria finds out that her CEO wants more information in the research report. Investing your time and money into making changes that will improve your user experience is important. and . Select all that apply. Q1. Question 8 Which of the following is an adoption metric? CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute. Select all that apply. electronic gold scrap buyers; is one foot island beach in the southern hemisphere Project management isn't adequately compensated when compared to similar roles. Low-interest, low-power stakeholders go toward the lower-left corner, and so forth. Luckily, you have a team of five teammates to work on this project together! If they are interested in one, but not the other, a medium rating might be appropriate. An adoption metric might tell you, for example: all project managers have kept their schedules up-to-date. Engagement is an internal metric. A 20% increase in the amount of tasks completed. NPS is an easy way to measure customer satisfaction, but its usually not specific enough as a standalone survey. There's significant turnover in the project management field. Although they might still be considered a user, they havent adopted the product because theyre not using it. Which type of tool is best for these activities? The agile approach, however, relies on iteration planning and estimating instead of Gantt chart. The consent submitted will only be used for data processing originating from this website. The project needs to be completed within two years. Which of the following are examples of key results? Provide examples to help illustrate your explanations. The largest potential source of benefits from mandatory adoption is enhanced safety through a more standardized qualification and testing regime. What level of engagement should the team have with the stakeholder? Both of these cases are considered non-voluntary adoptions. They are considered project resources. Non-financial metrics are quantitative measures that cannot be expressed in monetary units. Project managers should follow which three best practices when assigning tasks to complete milestones? The research team notes that not all projects will require all the metrics and that metrics should be chosen (in combination) based on the outcomes required from the metrics. You can learn more about the graded and practice items in the Course Overview. Customer service is a core component of excellent customer experience (CX). 8. Step 2: Determine how to engage with stakeholders. and write their titles in the Stakeholder column of the table. The project sponsor plays a vital leadership role but does, Meet with stakeholders to make major project decisions, Identify stakeholders and determine their involvement in a project, Determine which stakeholders to exclude from a project, Talk to stakeholders and learn about their interests, Determine which stakeholders should be excluded from the project, Assess each stakeholders reputation and level of experience, Assess each stakeholders level of interest and influence, Responsible, Accountable, Consulted, Informed, Responsible, Accountable, Considered, Informed, Responsible, Appeased, Consulted, Interested, Responsible, Accountable, Considered, Interested, Gives feedback according to their subject matter expertise, Carries out the work to complete the tasks, Learns about tasks when they are complete, Whether the project has a strong business case, Quickly communicate with teammates and stakeholders. In the first article, I presented the intuition behind A/B testing and the importance of establishing the magnitude of the effect you hope to observe and corresponding sample size.. Now you are gathering a new team to design and develop the Plant Pals landing page. As a project manager, you need to determine how best to communicate with stakeholders across the company. A 20% boost in recurring customer traffic and referrals. Fill in the blank: _____ are items you need to help get the project done. What project management value does this represent? Because of this, numerous organizations are apprehensive about switching from the proven to adopting agile. Record your answers in the Engagement column. Intercountry adoption processing in Convention countries must be done in accordance with the requirements of the Hague Adoption Convention; the U.S. implementing legislation, the Intercountry Adoption Act of 2000 (IAA); and the . Select all that apply. In 1-2 sentences, describe how you can use the tool. Wonder City has several city-wide objectives related to reducing traffic congestion and improving the citys infrastructure. In this activity, you will apply your knowledge of RACI charts to a new phase of project planning. Select all that apply. How much will the project impact the needs of each stakeholder? Do you expect any resistance that could affect their buy-in? A. There is also a Metrics trending view that pulls monthly snapshots of the metrics. In this example, 50% of your sign-ups have not been active and are likely to end their relationship with you. Q1. Q4. Q8. The column Vicinity indicatesfor those countries that adopted the metric system voluntarilythe number of years before or after one of the country's . Adoption is an external metric. Q2. CLV gives a long-term view of the value customers provides your business. Suppose that as a project manager, you speak with stakeholders to determine which tasks the team should complete first. Then indicate high (H), medium (M), or low (L) in the Interest column. The action should show that the user is getting value from your product. Q1. A 35% increase in first-time customers. Select all that apply. Retention. They reach value when they start to see a return on their investment. As a project manager, you're using the SMART criteria to craft goals for your team. Fill in the blank: The difference between a goal and a deliverable is that the goal is the desired outcome of the project and the deliverable is a _____ of the project. There are five metrics used in the HEART framework: Happiness. Select all that apply. In your completed RACI chart, how many stakeholders are accountable for the code the landing page task? Repeat steps 2 and 3 for a second, third and fourth objective to fill up the template. Once your value behavior is set, simply count the days between becoming a customer and reaching value to find time to value. Make it easy to get around the greater Wonder City area via public transportation. Which of the following is an adoption metric? Fill in the blank: In addition to a job title, many companies list project management as a desired _____. Which of the following best describes scope creep? A product's performance in the marketplace. Developing a product that users love depends on constant refinement and improvement. CFA Institute does not endorse, promote or warrant the accuracy or quality of ExamTopics. If time-to-value is too long, you risk users becoming disinterested and moving on to a competitor. Which of the following demonstrates a project manager keeping the project in scope? Making data-driven decisions can power your business to the next level. Who makes final decisions about the task? Which of the following are key components of project initiation? During the project weekly meeting, the project manager learns the main vendor will increase the cost of raw materials by 20% due to an international shortage. You meet with stakeholders to set an overarching framework of what is and is not included in the project statement of work and deliverables. Who should review the work to confirm it is complete? Point being, when you view adoption as the level of penetration a resource has achieved, the metric for adoption is clear active users. The next course item will provide you with a completed exemplar to compare to your own work. Which of the following are examples of success criteria? Which three s should you ask yourself to make a goal specific? Think of the Triple Constraint and remember that one constraint will always have the priority. This will give you an idea of how many engaged customers are taking advantage of a particular feature youre offering. Its best to measure product usage frequency during a set period, not necessarily for the entire lifetime of the user. Some of your stakeholders include: Part 1 Understanding stakeholders with a stakeholder analysis, Link to template: Stakeholder analysis and power grid, If you dont have a Google account, you can download the template directly from the attachment below.Activity Template_ Stakeholder analysis and power gridPPTX FileDownload file. Record this information in the Impact column. Outcome-based measures such as customer satisfaction, market share, category ownership, and new product adoption rate fall into the non-financial metrics . When building a team for a new research project, you create a power grid to help you figure out which stakeholders to prioritize. Photo by Luke Chesser on Unsplash. Task Success. Select all that apply. Engagement requires less expensive tools. Brian Balfour of Reforge has waned that Week 1 engagement"has one of the biggest impacts on your retention over time". Using our own resources, we strive to strengthen the IT professionals community for free. ng bi lc Thng Mt 19, 2023. However, that action varies from platform to platform. Which of the following product layers might include a warranty, credit, Question 3 Step 1: Place stakeholders in the power grid. The following are the product adoption Metrics that differentiate adoption from engagement. These templates will be useful as you put together a portfolio of project management artifacts. Time-to-first action can help you better understand customer needs and how well youre onboarding users. How will each stakeholder participate in the project? Which type of tool would be best to use to meet the project sponsors request? which of the following is an adoption metric? Fill in the blank: Objectives and Key Results (OKRs) combine both a goal and a _______ to determine a measurable outcome. They would like to review a detailed breakdown of costs. Fill in the blank: During the planning phase of a project, you take steps that help you _____ to achieve your project goals. For example, you might measure website traffic in monthly active users. So if the budget is a constraint, what areas might Ria adjust to reduce project costs? What is the correct order of tasks in a stakeholder analysis? How will you handle this ambiguity and deliver the news to the team? Facebook You can't estimate whether adoption is high or low based on your intuition. While they are easy to track and simple to measure, they rarely indicate the value anyone is receiving. Read this article to find out it and drive adoption and engagement in your SaaS product.
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