What are a Burndown Chart, a Burnup Chart, and Velocity?

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In this video, I want to answer the question, What is a Burndown Chart and a Burnup Chart? And What is Velocity?
A Burndown chart is a way to visualize progress. It plots outstanding work against time. So, as you make progress, the work outstanding diminishes, giving the characteristic downward slope of a burndown chart.
If, instead, we plot work completed against time, as you make progress, the work completed increases, to give the characteristic upward slope of a burnup chart.
Burn charts are most often used in Agile Project Management. There, the time axis will usually represent a single iteration, or Sprint.
The time units will most often be days and the work units, either estimates hours of work, or story points.
Velocity describes the rate at which work is done and deliverables are produced. Note that it does not measure efficiency, since there is no way to create a reliable baseline of ideal velocity in a project environment, where there can be no long-term performance data.
We calculate velocity as the amount of work completed divided by the time elapsed. Typically, velocity is calculated over the time frame of a complete iteration or sprint.
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Chapter Markers.
00:00 - What are a Burndown Chart, a Burnup Chart, and Velocity?
00:17 - Burndown Charts and Burnup Charts
00:39 - The Burndown Chart
00:55 - Burnup Chart
01:38 - Units used on Burn Charts
02:10 - Progress against schedule
03:06 - Progress lagging
03:29 - Progress ahead
03:55 - Velocity
04:48 - How we calculate velocity
06:11 - Velocity and Scrum
06:36 - Final thoughts
#ProjectManagement #BurndownCharts #AgileVelocity