Maria Daniel Deepak

Tag: Project Management

  • [Project Management] What Is A Funnel?

    A funnel in project management is a framework used to track how user, customers and outcomes move through a series of stages towards a desired outcome.

    My friends and I are currently building an EMR (Electronic Medical Records) application for hospitals. Our goal is to get doctors to adopt to our product. In this case, a funnel may look like the following:

    How Does A Funnel Help Achieve Project Sucess?

    Funnels help project managers make decisions using measurable outcomes rather than assumptions.

    Conversion Rate=Users at next stageUsers at current stage×100\text{Conversion Rate} = \frac{\text{Users at next stage}}{\text{Users at current stage}} \times 100

    For example, 400 out of 600 doctors complete onboarding:

    400600×100=66.7%\frac{400}{600} \times 100 = 66.7\%

    Using the conversion rate, project managers can then make decisions to improve user and business outcomes.

  • What is A Cohort?

    Cohort is a way of grouping people, projects so one can manage, observe, compare their progress over time.

    Imagine this scenario — a SaaS application onboarding customers each month. In this case, a cohort can be customers signing up to the SaaS every month. That may mean 100 customers signing up in January, 150 customers joining in February and 200 customers signing up in March.

    You can then measure how each cohort performs. So, you can track retention, engagement, conversion and feedback, etc.

    Why Is Cohort Important In Project Management?

    Cohorts allow project managers to understand how specific groups perform overtime. Project managers can then measure progress, identify problems early, compare performance, improved decision making and evaluate improvements.

    You can see how cohorts can help improve retention in a SaaS using the chart above.