What is an Assumptions Log? Project Management in Under 5

The video explains the concept of an assumptions log, a tool used in project management to track assumptions made during a project. It highlights the importance of recording assumptions to manage risks and ensure project success. The video outlines what to include in an assumptions log, such as unique IDs, dates, categories, and confidence ratings. It emphasizes the relationship between assumptions and risks, advising on how to manage and review assumptions effectively.

What is the primary purpose of an assumptions log in a project?

• To record all project expenses

• To track assumptions and manage risks

• To list all team members

• To document project milestones

How are assumptions related to risks in a project?

• Assumptions are unrelated to risks

• Assumptions reduce project costs

• Assumptions eliminate risks

• Assumptions carry the risk of being incorrect

What is advised when recording information in an assumptions log?

• Document all team discussions

• Record every detail possible

• Only record necessary and useful information

• Include personal opinions

Which of the following is NOT typically included in an assumptions log?

• Unique ID

• Assumption description

• Team member's favorite color

• Impact rating

Why is it important to assign an owner to each assumption?

• To ensure the assumption is tested and validated

• To increase project costs

• To reduce the number of assumptions

• To make the log more complex