Lapaas Digital

Author: lapaasindia

  • Everything about Project Portfolio management and rationalization

    Everything about Project Portfolio management and rationalization

    Projects are small components of Portfolio management.

    Hence, a group of projects is called programs, and by contrast, it is a zoomed out picture.

    PPM is a strategic system of estimating multiple projects so that project and program managers can make informed decisions when accepting, prioritizing, and trying projects.

    WHAT’S IN IT

    What is Project Portfolio?

    A Complete Overview of Project Portfolio Management | Smartsheet

    So, The project portfolio is defined as the process in which projects are selected and managed. 

    Hence, The project portfolio is strategically chosen to develop the company’s goals. 

    Companies will have a number of project opportunities than their funding can maintain. At the same time, officials wish to control the overall risk of the portfolio while assuring that cash flow and other such necessities are satisfied.

    So, Project Portfolio Management arranges a company’s desires with the resources to get it done. Meanwhile, this injects realism into the organization’s planning processes. So project portfolio management enables enterprise-wide planning and resource allocation. 

    So, Project Portfolio management lets the organizations view all the initiatives that are competing for resources. Once initiatives are defined, budgets and resources can be allocated and timelines can be established.

    Benefits of Project Portfolio Management

    There are many benefits of PPM, and we will have a look at a few important ones

    Adjustment of Projects to Business Goals

    It is must to verify whether your project fits within the range of organization plans

    Communication of Project data to the Executive Level

    The proper and effective communication gives a good and better project data so which we help the executives to analyze and make necessary decisions

    Allocation of Resources

    You can reallocate the resources for better utilization and hence reduce the time waste

    Identification and Correction of Performance Problems

    By this, we can find so many hidden or untouched problems. So that we can resolve them and it is also considered as a benefit

    Identification and estimation of Project Risks and Results

    You can also find and evaluate the risks involved, and also you can create or form a solution to avoid them

    Project Portfolio management tool

    Project Portfolio Management Software

    Hence, A project portfolio tool is a centralized management system whose sole purpose is to look for and manage the Project Portfolio Management process. 

    To accomplish all these processes suggested by PPM, so there are plenty of software tools that automate processes (which will reduce manual calculations and work).

    Benefits of using the PPM software

    • Grants visibility to each part of the PPM process
    • Helps in standardizing the process
    • Provides all documentation and communication
    • Ensures proper data collection

    PPM software also has some limitations like,

    • It is very difficult to control and monitor centrally
    • It is hard to understand for all employees

    What is the best software or tool for PPM and How to Identify it?

    Every tool that exists has its own advantages and disadvantages. So you need to avoid choosing a tool based on its functionalities.

    In fact, sometimes, tools or software may not solve all your problems overnight. 

    In a few rare cases, tools may create problems also.

    To obtain the right PPM software for your company, you must count two key factors:

    organizational fit and cost;

    Coming to the first step, So in organizational fit, you need to define the specific requirements of your company, and if and how a software tool can satisfy these requirements. 

    “Each and every tool has its own strengths and weaknesses. So the first question you need to 

    ask yourself is: How will the tool work in your circumstances?”

    So, Here is a list of questions, that can guide your investigation into PPM software fit:

    How do you want to use a tool for yourself?

    Which features are important to you?

    Is it suitable for other programs as a key element? And some more questions you have related to the PPM tool.

    Ask all these questions to yourself for reducing risks.

    The second factor is cost, make sure that you have enough budget to implement a PPM tool in your company because it involves some extra money. For example, you may need to provide the training of the PPM tool or software for your team.

    So, do implement it if you have some extra budget which is more than the cost of the software.

    You can ask these questions which will help you to avoid choosing the worst tool:

    Hence, What is the initial cost, and what is the licensing cost of the software?

    Do you need to make any changes to your working environment?

    What are the continuous costs of maintaining the software? 

    Do you need to provide any training to the employees?

    If so, How much will it take for training the employees?

    So, is it profitable to take the tool now?

    Most companies implement a new software package without knowing how it goes into the organizational context and culture, and then they wonder why there is resistance to its use.

    So make sure that you ask all the questions and then conduct a meeting or a survey within the company to decide whether to implement software or not?

    What is Project Portfolio Rationalization?

    The aim is to maximize profits by optimizing the project portfolio – holding only those projects that are giving excellent value while rejecting those that are not.

    A portfolio-based strategy is supposed to generate higher yields because it acknowledges that together with one set of arrangements or portfolios of projects might produce extra worth than another. Therefore, to maximize grade, one has to focus on the portfolio not individual investments

    In other words, the value of the project to the company is measured in the connection of the returns generated by the entire portfolio. 

    So, a project that is producing profits might be less desirable than one that is not because the following might be letting other projects produce higher-value thereby causing the project portfolio as a whole to create more value for the enterprise.

    Project portfolio rationalization reflects investment management strategy, i.e. it treats each project as an investment and estimates the value of the project based upon the market value made by or through it even though the condition is to quantify both the investment and the profits.

    Portfolio rationalization is a portfolio based path

    i.e. It takes a holistic look at the company’s projects, aka project portfolio. However, it categorizes the project portfolio into groups, each with a standard and constant investment governance policy.

    • PPM focuses on major projects
    • It controls a project’s life cycle, so it is used throughout
    • PPM calls for a constant approach to group projects

    Rationalization is a rearrangement of a company in order to enhance its efficiency. 

    Joining in project rationalization, especially during mergers and acquisitions, helps companies decrease costs, run more efficiently, and concentrate on supporting deal goals, legal and administrative issues, systems and method integration, and business continuity. 

    Most businesses collect a vast information technology utilization portfolio over time, especially 

    when businesses grow and do not entirely integrate services and assets with every transaction. 

    Many applications do not carry the company’s goals after each merger or acquisition and need a review to support the new business. 

    Examining a company’s application portfolio is necessary to attain more productive operations and cost combinations, decreasing stranded costs left by a dealer and streamlining the portfolio to fully serve the business.

    If a company is not rejecting the bottom 20% of projects yearly, then it is not executing its project portfolio effectively. We have methods to help estimate and score these projects so that they are listed in order of their “true” ROI, clearly recognizing the bottom 20%.

    Application portfolio rationalization

    First, we will know What is Application Rationalization?

    Application rationalization is the method of finding and resolving duplicate software applications used across an organization.

    Why does a company need Application Rationalization?

    Around 70% of companies do not have standard documentation on the present version of their application portfolio.

    Without Application Rationalization, companies may face the risk of:

    • Unable to respond to changing business conditions quickly (at the right time)
    • Not giving proper updates and additions to bug fixes
    • Continuing on to low-value IT projects
    • Increased cost
    • Missing business opportunities
    • Not only is Application Rationalization an efficient way to recognize capital for reinvestment, But it also helps in filling the gap between It leaders and business persons.

    Benefits Application Rationalization?

    Menlo Security Partners Get More Benefits from Boost! Program

    Application Rationalization reduces complexity and lowers the amount spent.

    And now we will have a look at the important benefits of Application Rationalization?

    • Decreases IT cost
    • Reduces unnecessary IT spend
    • Reduce complexity
    • Eliminate repetition
    • Reduced training

    Conclusion

    The main purpose of the rationalization of the project portfolio is to stay updated with uncertainties in the organization and changes in the market. This rationalization has so many benefits, and it will help you to adapt to the different conditions and that too, with less amount of expenditure.

    Also you can read our blog on The Most Important Project Management Phases and Processes

    FAQ’s

  • Project Closure – Learn to End Projects Properly

    Project Closure – Learn to End Projects Properly

    Project closing is the last phase of project management. Closure activities not only mean delivering the project output to the customer but also includes all documentation of legally closing and handing over details.  

    The closing phase also provides you with the chance to review and estimate the project’s success (or failure), which is essential for planning and executing thriving projects in the future.   

    WHAT’S IN IT

    What is Project Closure?

    Project Closure

    Project closing is the last step of the project lifecycle. This is the step where all deliverables are officially transfer. So, All the documents are signed off, passed, and archived.

    The project closure process is performed to ensure the following: 

    • All work has been finished according to the plan and scope.
    • Each project management process has been performed.
    • If you have accepted final sign-off and approval from all parties.
    • It also allows reviewing your work with the actual plan.

    Importance of project closure in project management

    Some people neglect the final phase of the project life cycle, i.e. closing activities of the project because they think that the project is completed and the previous 4 phases were enough for the project but, it is not true, as proper project closing is also important like other phases.

    Let us know the reasons why it is important:

    • It helps you to avoid repetition of mistakes in future projects
    • Helps you to assist the support and service for final products by delivering excellent qualities
    • Helps in avoiding liability issues rising from unfinished payments, deals, or deliverables

    The project closure process also assures that the project is formally finished and is no longer counted as a project, enabling you to hand over the controls to the right team in charge of handling and controlling the project’s outputs.

    project closure steps in project management

    So, The closing phase of project management includes several steps. Take assistance from the following checklist to assure your project is happily accomplished. 

    1. Formally deliver the outputs

    So, The first step in closing your project is to deliver the output/products to the client and Check your project plan to identify all outputs and make sure that all of them were completed and handed over. 

    2. Validate project completion

    Hence, the Next is to confirm that the project is finished. So, You can announce that the project is completed. Each person involved in the project needs to agree on the project’s completion before you officially close it out. 

    Hence, If you miss this step, you may receive continued change requests by the client.  

    To verify the project’s completion, you will have to obtain approvals for the project deliverables with official signatures from the project stakeholders. 

    Meanwhile Make sure to document this step. So you have proof that the project conclusion was officially signed off. 

    3. Review records and documentation

    Complying with Employment Record Requirements

    Once you have finished the project hand-off and obtained approvals from the customers, you can start closing out your contracts. 

    4. Release resources

    Inform them regarding the end of the project, approve any final fees or commitments, and officially free them so they can be free to work on other projects. 

    5. Conduct a post-mortem

    It is the most important step of the project closing process.

    So, As you begin it, carry a performance review of the project. In other words, determine the project’s performance in terms of cost, schedule, and quality. 

    Consider these questions to simplify the process: 

    Have you stayed within the budget limit? 

    Did the members of the team involved managed their time carefully?

    Are there issues with quality or any other compromises? 

    Next, carry out a survey or keep a meeting with the entire team to get feedback on how the project went. These unique answers will help in evaluating the project’s performance.

    So, Ask these questions with your team: 

    What went well?

    What were the difficulties or failures?

    How greatly did the team interact?

    Did the team obey the described methods and plan?

    Was the client delighted with the outcomes?

    What would you improve or upgrade for future projects?

    With all these project performances and feedback in mind, you can then distinguish lessons learned and possibilities for the future. 

    6. Store documentation

    Once after the completion of your project post-mortem, you can end all documentation and arrange them in the company archives for future reference. 

    Make sure to keep clear records on the project’s performance and advancement possibilities so others can easily refer and execute them on similar projects in the future. 

    7. Celebrate

    Finally, don’t forget to celebrate! 

    The completion of a project is a big success, It describes the climax of hours of hard struggle and commitment from a team. 

    Arranging an end-of-project party is a great way to thank your team’s hard work and increase confidence. Plus, a happy team is more obedient to you and works well with you in the future also.

    Types of Project Closure 

    WEB PAGE] Types of Epilepsy | MyEpilepsyTeam | TBI Rehabilitation

    End of some projects may not be as clear as the thought of. Even if the statement may show a  clear end for a project, the actual ending may or may not coincide. Conducting project reviews at regular intervals will identify projects whose endings are different from the actual plan. The different types of closure are: 

    Normal closure

    The regular condition of project closure is when the project is completed as planned. This is when project goals are achieved, and the client accepts the project and normal project closure commences.

    Premature 

    Few projects do not accomplish all their deliverables and few are not given the opportunity to do so. Instead, they close prematurely by eliminating elements of the project originally identified in the project scope. The reason could be costs, where the client reduces funds on the project, or the project has already consumed the budget. Premature closure also occurs when the project is of strategic importance and must be delivered earlier than expected, such as a new product launch. Delaying the product until the original completion date may result in opportunity lost for the client

    Perpetual projects

    Conversely, some projects never seem to end. These are projects that have a number of delays, difficulties, and obstacles. The issue with this type of projects is that they never obtain their purposes or goals due to some changes. This makes it highly frustrating for the project manager and team. 

    It will also be highly irritating for the client as they do not see the progress of the project, despite the constant demand for changes. At some point, the project manager has to fix the span and plan for closure. 

    As a result, any additions that the client requests can be viewed as a second phase of the project, rather than the project being perpetual.

    Failed Project 

    Failed projects are easy to identify. Many projects fail because of situations beyond the control of the project team.

    Changed Priority 

    Organizations’ preferences often change, and tactics shift directions. For example, during the 2008–2010 economic crisis companies shifted their focus from money-making plans to cost savings plans. 

    The overlooking group steadily scans project selection priorities to reveal changes in the organizational direction. Projects in the process may need to be adjusted or canceled. 

    Thus, a project may begin with a high preference, but its rank may crash during its project life cycle as requirements change. When preferences change, projects in the process may need to be changed or canceled. 

    Project closure email

    Everyone knows about the first impression’s impact. Here, the last impression also matters. Sometimes you have to end the project through email and you have to get their attention with your starting lines. 

    The closing email should consist of the following details:

    Subject – “Project Closure | [insert project name]”

    Summary – A small statement of 2-3 lines to explain what the project’s objective was.

    Schedule – What was the target date? What was the actual completion?

    Budget – What was the planned budget? What was the final spending?

    Changes – What were the changes (factual, not personal, or deflecting blame) that affected either of the above and final disposition? (Resolved? New Requirements? etc.)

    Attach a way to the archived project documents

    Thank you statement/summary

    Attach the project sign-off document

    Review your register and ensure that you have included the right people on the list of distribution and send it off.

    Conclusion

    Your proper closing of a project may leave a good impression which increases the chances of getting one more project from that person. 

    Hence, Project closing is also as important as other phases of the project life cycle.

    Also you can read our blog on Managing Project Finances

    FAQ’s

  • Managing Project Finances

    Managing Project Finances

    Every project or organization requires money to run efficiently and each organization needs to calculate all the income and outcomes to improve their productivity and perform more efficiently.

    Hence, it is necessary to learn about Finance management and For that purpose, This article will help you to learn about Finance management.

    WHAT’S IN IT

    What is finance management?

    financial management

    So, Financial management involves l planning, organizing, directing, and controlling financial tasks in an organization or an institute. Thereby, It also promotes management policies, and the financial assets of the industry play a crucial part in commercial management. 

    By the way, better Financial Management is a never-ending process, it emphasizes a cycle of excellent management style, which includes planning, organizing, directing, and controlling the financial actions such as acquisition and utilization of reserves of the institution or company in a compatible and efficient manner. It also means using conventional management policies with the financial resources of a plan.

    So, To manage a project perfectly, a consistent set of accounting methods and standards are a must. Subsequently, they guarantee that sponsor plans with public or private capitals is used following proper rights.

    And record all activities carefully so that a complete audit trail exists. This facilitates a post expenditure review, but also because they are an essential tool for the growth of your own.

    Financial Planning VS Financial management

    Although interconnected, these are not phrases that you should use interchangeably. 

    So, Financial planning is budgeting. Although the source of difficulties in the financial management of a project can be bad budgeting or faulty forecast or project’s requirements.

    So, To manage a sponsored project, the first step of business is to accomplish full awareness of your institutional procedures and departmental systems. 

    Knowing your business also means recognizing your researchers, and the institution’s research preferences.

    Further, it also implies “ownership” of organizational and economic processes that will direct the pre-and post-award phases of any project.

    Hence, Now we will look at the objectives included:

    • Keeping enough amount of funds for the company.
    • Ensuring stockholders of the organization to get good gains on their investment.
    • Optimum and effective utilization of funds.
    • Creating solid and secure investment possibilities to invest in.
    • Importance of finance in project management:

    The following points show ‘why finance is a need?’. 

    So, That gives the need to know about it. 

    The financial management will turn out helpful in the following ways;

    • Assists the financial planning.
    • Helps in the planning of funds.
    • Effective assistance while using and allotting the funds received.
    • Helps in making financial decisions.
    • Assists in increasing profitability.
    • Improves the overall worth of the firm.
    • Gives economic stability.

    By understanding the need for financial management, you may come to know about its importance also.

    Project finance management

    financial management

    So, Project Financial Management defines how the project will be financed, combining the processes of collecting and controlling the financial sources for the project. 

    It is more concerned with income sources and monitoring net cash-flows for the construction project than with day-to-day handling costs.

    Hence, to continuously observe the project finances and to assure the company’s financial capability to execute the project is the most crucial finance manager job. 

    It also includes the evaluation and monitoring of financial uncertainties and the implementation of a proper financial uncertainty management approach.

    Importance of financial analysis in project management

    Reviewing project financial reports and adopting ways to scale back costs, It is crucial for service-based firms to induce insights to stay competitive. 

    So, Financial analysis is an example of the financial merits of projects by assessing their past, present, or future value. 

    Hence, Financial managers act as a bridge between Project Management and Operations. 

    While project managers keep an eye on the project’s budget, financial managers look at the profit margins of all projects and analyze the company’s performance under a particular period. 

    Its goal is to dig deeper into how a company uses various resources from the financial perspective during this context. Over time, the financial analysis may bring a rise in both productivity and profitability across the corporate.

    Project Budget management

    You need to have appropriate funds to complete the project successfully.

    That’s why planning for your project budget becomes so important: it’s the blood of the project. 

    Follow these steps to secure the necessary funds to keep the project running through every phase. But first, we have to define a project budget.

    What Is a Project Budget

    A project budget is the total costs that are to fulfill a project within a limited time period. Its use is to estimate the costs of the work for every stage of the project.

    The project budget includes things like labor costs, material acquisition costs, and operating costs. But it is not a static document.

    Why You Need a Project Budget?

    The simple answer is that projects cost money. For example, the budget is the heart that drives your project’s funding. It conveys to stakeholders how much money is required and when it is needed.

    But it’s not the only way to get things that your project requires. Yes, you have to pay the teams, buy or rent materials and equipment, but that’s only half part of the story.

    The other half of the importance of a project budget is that it is a tool to control your project costs. The budget is your plan, which acts as a base to calculate your performance as you gather the actual costs once the project has started.

    Project cost management

    Cost management is the method of estimating, allotting, and controlling the costs in a project. 

    It permits a business to predict future expenses to lessen the possibilities of it going beyond the budget. 

    Project costs are estimated during the planning stage of a project must be approved before the actual work starts. As the project plan starts, costs are documented and tracked, so things stay within the cost management plan. 

    Once the project is finished, predicted costs vs. actual costs are compared, giving a benchmark for later cost management plans and project budgets.

    Managing project finances

    Some projects have a huge budget and require accurate management and tracking. Other projects don’t have a budget segment at all. When you manage project finances, consider these easy steps:

    1. Estimate costs

    The first move towards managing your project finances is to predict the costs. This isn’t as simple as it sounds. You need to calculate the total number of people, equipment, materials, and other sources needed to accomplish the work. 

    Next, You need to estimate the costs of these resources and when these costs will take place.

    2. Set the budget

    financial management

    Estimating the expenses is not equal to fixing your budget. The budget shows how the capital is allocated according to your company’s financial rules. 

    The budget gives the expense reports, allocates capital vs. expense money, displays when funds are assigned to your project, etc. You need to manage project costs according to the budget.

    3. Decide if you can get contingency funding

    Project estimates are not 100% accurate. A contingency describes the estimation irregularly. A contingency budget represents this estimating uncertainty. For example, if you consider your project to be of 100,000 with 90% confidence, you could also request 10,000 contingency funds to represent the variability. These 10,000 are not used for risks or extent change appeals, It can be if it turns out you underestimated work on your project. Not all organizations allow emergency budgets. If you do not have this budget versatility, you can add the uncertainty portion back into your baseline estimate.

    4. Track weekly

    The following step is to begin tracking your spending on the design. You need to follow every expense – human resources and physical resources. 

    This could be a standard process but It should be regularly examined by your accounting system. Ask your team to develop expense forms and submit them to you. They may seek permission from you when they pay money on account of the project. 

    You need to approve the huge amount before they are caught so you can control expenses on the project more efficiently.

    Cash flow control is about managing the cash required to deliver your design. Make sure your Sponsor has allowed the next 1-2 months of work ahead of time, and that the reserves needed to manage the project have been made accessible. Then track the spending of those funds each week.

    5. Manage expectations

    Communicate the exact status of your spending and your calculated spending. If you are at risk of running under budget or over budget, Make sure you control expectations so that there are no surprises.

    Controlling costs on a project can be tough. It becomes extra difficult if the project manager does not keep track of the funds. Follow these five simple steps to stay in control.

    Conclusion

    To simply say, financial management is the heart of the project. That means it is the most crucial part of the project, which is essential to establish a solid project.

    A project budget is the total calculated costs that are needed to fulfil a project within a limited period of time. So It is used to estimate the costs of the work for every stage of the project.

    Also you can read our blog on The Most Important Project Management Phases and Processes

    FAQ’s

  • Managing Project Uncertainty – Planning for the Unknown

    Managing Project Uncertainty – Planning for the Unknown

    You may not be familiar with the word uncertainty. In this article, we are going to learn about the uncertainties in project management. 

    This will be a beginner’s guide on “Uncertainty management in projects” that can also be considered as planning for the unknown. 

     WHAT’S IN IT

    What is uncertainty in project management? Or What is project uncertainty?

    Uncertainty in project management balances strategy with luck

    Uncertainty is nothing but unpredictable events in the project. Here, the project is a particular work with a deadline (consider it as an assignment for you)

    And here in this project or work, we will try to achieve something as output.

    For example, There is an app development company, 

    It develops apps for different companies like Amazon, Flipkart etc.

    Say a businessman went to that company and asked them to create an app for his travel agency, 

    And an agreement was signed between the businessman and that company.

    The agreement consists of all the information and deadline to develop an app.

    This is called a project for that app developing company.

    Coming to uncertainty in this project scenario;

    Let us consider a manufacturing plant which manufactures steel bowls. 

    It has a vast production line and a large number of workers are working for that company. 

    That company needs to produce at least 1 lac products per month, to avoid the loss.

    Due to some issues, they could not make 1 lac products, 

    And they even don’t know the reason for this uncertain situation.

    In uncertainty, the output of any task is unknown, it cannot be predicted or expected, you will not have any background information on the situation. 

    Uncertainty is not an unknown risk.

    In uncertainty, you don’t have any prior information or knowledge about its cause, even if it has been identified.

    But in the case of unknown risk, you will have the details (cause, info, etc), but you may miss them during the process of identifying risks.

    We will discuss more in the project uncertainty and risk management section.

    Sources of Project Uncertainty: 

    Let us understand with an example.

    Say we want to establish a manufacturing unit in an already constructed building, and want to remodel that building.

    We have to estimate the required efforts, for all these steps, such as Remodel building, etc. 

    Sadly, our estimation will not be exact. Estimates vary from reality because of uncertainties, which may come in many ways, or we can simply call them sources of uncertainties.

    Most of the time, the uncertainties arise because of human errors like not considering a standard procedure or maybe neglecting some essential aspects.

    Improper understanding of scope:

    We may not have considered all the requirements. For example,

    We may not consider few basic things like, Do we need to replace the baseboards?

    If we don’t consider the replacement of baseboards, our plan is missing an important component, and our estimation will not include the work of replacing baseboards.

    Incomplete understanding of effort for work: 

    Sometimes we consider the work properly, but we will have to consider them at the top level only and miss out on small processes/things included in the actual process.

    For example, consider that we included baseboard replacement in our plan or scope, but we consider that the effort involved was limited to replace the new ones in the position of old ones.

    Unfortunately, we didn’t count for the work required to measure and cut the baseboards to the right size and right shape. So, here even we estimated the scope correctly, but we failed to estimate the effort required and considered it as too low. 

    Improper Understanding of Known work:

    Okay, for instance, consider that we estimated the effort also.

    Even though we do remember all of the work that needs to be accomplished for the work of replacing the baseboards, and estimate correctly.

    Our estimates may be wrong because some of the boards may damage while replacing. And we will either have to replace those baseboards again or need to drill them to avoid splitting when we attach them.

    In both ways, the work will increase our estimation.

    Unable to predict the unexpected:

    Under this case, we have to question ourselves with “ what if?” or “ what happens if?”

    What happens if the material we need is out of stock, or what if someone delivers the wrong baseboards? So these types of external events are uncertain and may deviate from our schedule.

     Project uncertainty and risk management:

    Risk vs Uncertainty in Project Management | PM Study Circle

    You already read about the uncertainty, and now we will look at “Risk.” 

    So many people get confused between the terms risk and uncertainty. But,

    Risk can be an uncertainty, but the uncertainty cannot be considered as a risk.

    Because the outcome of risk can be estimated/predicted, but it is not possible in the case of uncertainty

    Example to explain the uncertainty and risk:

    To make your vision clear about uncertainty and risk, I will try to explain them through a simple example.

    First, we will look at risk; 

    Consider Two cricket teams with well-known players playing a cricket match. 

    Let the teams be Team A and Team B.

    And you have to guess who is gonna win the match as you need to bid on them.

    How can you do that?

    There is a possibility that you can analyze the previous performances of the players, the current conditions like the pitch, weather, etc and take out the required result

    Team A has 40% of winning chances, and Team B has 60% of winning chances.

    And here, you placed your amount on Team B.

    Here you have a 40% chance of losing and a 60% chance of winning. Here you can expect the positive or negative risk. 

    In the same sense, Consider Team C and Team D. 

    But here both the teams C and D are new teams and the players in both teams are in-experienced/freshers. 

    And you have to bid your amount on any one team.

    What will you do now? 

    Here in this situation, you cannot predict the outcome. 

    And this is called uncertainty. 

    Uncertainty vs risk in project management: 

    Project Uncertainty vs Risk:

    Uncertainty

    Risk

    You cannot predict the outcome here

    You can predict the future outcome here

    It cannot be measured and quantified

    You can measure and quantify the risk

    Uncertainties are hard to manage

    Risks can be managed when compared.

    How to manage uncertainty in project management: 

    Until now, we learned about the uncertainty and risk in project management and after finding the problem, we need to look at solutions or measures to control and manage this issue. 

    Follow these steps to manage uncertainties:

    Understand the cause of the issue:

    Issue (company) - Wikipedia

    First of all, we need to understand the cause of uncertainty to make our next move.

    Sometimes we think that the problems are big and hard to resolve, but after proper analysis, we may find it small.

    So, we need to understand the actual problem thoroughly first

    Finding the actual cause of the issue is also productive work because it will give a  proper understanding of the cause and may suggest a solution that is suitable for the current problem. 

    Try to find issues fastly:

    The project manager is the only person responsible for answering questions about uncertainty or risks.

    This means he should analyze the problem or issue as quickly as possible, to know the extent of damage and difficulties that happened to the project.

    He should offer a prescribed solution so that stakeholders can relax that the project can move ahead. 

    Keep the team updated on the progress:

    Maintain good connection, communication, plan, and a pattern is necessary to gain trust and credibility. 

    Building trust, teamwork, and honesty in the project team is important because a good performing team will come together and try to resolve the issue. 

    Mark the issue as a solved for future projects:

    Recording the experience and solution helps in your future projects to avoid facing the same problem again. Then this uncertainty can now be understood and can be documented as a known risk for future projects.

    Conclusion

    Uncertainty cannot be eliminated by estimation methods. It is caused because of two reasons they are; because of improper knowledge of “what to do” and “how long it will take,” and because of unexpected events.

    Again, on average, these higher biases grow even when as many tasks are underestimated as over, extending the schedule beyond the sum of expected job durations.

    Lessening scope helps to decrease the uncertainty, but only to a certain point. When the risk has been reduced as much as possible, the next action is to produce the method to cope with uncertainty. We have examined three strategies for managing uncertainty:

    ●  For fixed-schedule and fixed-scope projects, add some time to the schedule. This is suitable for low-uncertainty projects, particularly those that repeat the same type of job many times.

    ●  For fixed-schedule projects, use a quick process such as Scrum, and correct the extent in a planned way to reach the schedule. This is a better way to conduct a project. When estimates are bad, and scope is inadequately defined, and changes constantly occur, while still allowing for preparation and a helpful level of predictability.

    ●      For unscheduled projects with unknown scope, uncertainty is very big, and planning is not reasonable. In this case, an approach such as Kanban, which targets on constraining work-in-progress, and it is effective

    Also you can read our blog on The Most Useful Guide for How to Write a Business Case?

    FAQ:

  • Full Guide For How to Write a Design Brief

    Full Guide For How to Write a Design Brief

    In this blog, you will learn about how to write a design brief? and what is design in project management?

    I will deeply explain how to write a design brief and 12 points of the design.

    So in this blog, you will get the knowledge about how to write a design brief.

    WHAT’S IN IT

    What is the Design Brief?

    Design is an important part of any Product Development. But, it is not just about the way your product looks and feels. 

    The Design of your product is also about making sure it is safe and ‘fit for purpose’.

    Design is quite a Complex Process Because you may undertake the design process in-house. You’ll probably call on the services of a designer.

    So, The key to all Interaction with a designer is the Design Brief. So first, it’ll be used as a point of reference by the designer. 

    It’ll also help you to get like-for-like quotes from designers, so you can make a meaningful comparison and informed decision.

    Finally, it gives a clear and unambiguous focus for the Design meeting, particularly in terms of Customer Needs, Costs, and the Timeline. In short, you need to write a Design Brief.

    The aim is to give the Designer as detailed a picture as possible, as well as the knowledge about the product you are Developing. 

    The Design Brief will include the background of your company, information about the market in which your product will be sold.

    Information about the Competition for your Product, So your product’s proposed Selling Price, and how you plan to market it.

    You’ll also want to include the outcome results of work Undertaken during the Concept Development and business analysis stages of the project. 

    This will have given you answers to questions such as: 

    1.  Does your product or service solve any problem?
    2. Is it a real issue and problem or a perceived problem?
    3. Is this a “must-have” item? Or just “nice-to-have”?
    4. Why will the customer buy the product or service?
    5. What is its USP (Unique Selling Point)?

    Any part of the Design Brief is important and helps the Designer get a full understanding of what you want to achieve. 

    There’s a suggested format for a Design Briefing in this blog, as well as templates to guide you. 

    Why is Design Brief Important?

    Design is very important for any project and business. It Helps to Develop Trust, Importance, and understanding between the client and designer, it serves as an essential point of reference for two parties.

    All, the Design Brief Defines the important design problems which are questioned before the designer starts to work.

    Sometimes you write a Design brief at that time you know more information about your project.

    It is used Essentially for a written set guideline so that you can use to steer your project in the direction. 

    It needs to go, they’re usually written with a mark and direct outcome.

    We found our Marketing Executive and sent out the multiple agencies to get quotes by for example if you’re looking for a rebranding project, you would send your brand brief out to Brandon agencies.

    It would give them a good Top-Level overview and Understanding of what it is you’re looking to achieve and if you don’t send out the brief. 

    You’re gonna get an Onslaught of questions, you may get lots of phone calls about the project anyway.

    So you may as well Wrap it all up in a nice easy to write document. 

    Your good design Brief will help other agencies to Understand your business.

    It’ll help them to understand the SEC diary about the industry, your Competitors, and then the results.

    How to Write a Design Brief 

    Very Important to Write Design in Brief so how to write a design brief that you use the following points and things.

    1)  The Objectives of Your Design Brief

    The first thing that should be included in any Design Brief is the Objectives of the project.

    And what you’re looking for is a Yellowfin for new company Brandon, Maybe it’s a web design, maybe it’s a content strategy. 

    The thing is you have to get a lot more specific than that. What Is the Reasons You’re Looking for a Rebrand.

    Your current brand isn’t connecting to the Audience properly, maybe your website.

    Isn’t selling enough Products then Underlie underpinning reasons for the project.

    What you’re looking to fix you also want to consider what’s going to make the Project a Success, so on the website, for example, would just give maybe you are not selling enough product. 

    But what is Enough Product are you looking to double your sales or triple your sales. 

    If it is the case you may need website design then also Marketing Strategy, so those goals and outcomes are super important to include in your design brief.

    2)  Your Target Audience and Market

    The Second Thing you want to add in any Design Brief is all about your Target Audience and Target Customers. 

    Essentially a design Agency’s job is to connect you to your customers. 

    That’s it, so are they Older, Are They Younger, Where are they employed. 

    How much more than what the family structure looks like all these tiny little titles can help your branding or Web Design agency build up a picture and a profile of the business and what it is you’re looking to achieve.

    3)  The problem you’re facing

    The third thing to include is the Problem You’re facing. We talked about the goals and objectives and desired outcomes.

    But what’s the Actual problem here you not Getting customers through the door.

    There are some files broken on the Website and they need to be fixed. So these are the sorts or small of little things that you need to put in the brief to give everyone a Full Understanding.

    4)  project-specific information

    The next thing including your Design Brief is any Project-Specific information.

    Now every project is completely and utterly different in a website Project perhaps so you know that this page doesn’t Convert well or this page Doesn’t Convert well. 

    you’ve got products Organized this way and need them to be organized this way they use any specific platforms like WordPress, Joomla, and Drupal. 

    I don’t know why it is Joomla or Drupal and this day and age but are you happy with your Platform and are you looking to change?

    There’s a lot of timing of things that your design agency needs to know about to help you out best.

    5)  More Information About Your Business

    The next thing including your design brief is any More Information About Your Business.

    That you didn’t give off at the start brief so are you a team with multiple sites. 

    What have you done? it gets to this point, what are you most proud? of what sort of things brought in the business?

    Behind closed doors, these Tiny little things are all going and making the best designers possible.

    6)  Competitor Information

    Competitor information is also most important to include in your brief.

    You’ll want to find three to five of your Biggest Competitive Azimut in McCrea basement. 

    Maybe your best Internationally all around the world, who’s doing well in your local area. 

    Who’s not doing so well with any Information that you can give your agency about your Competitors. 

    It’s going to go a long way to help them position the Project Properly and get the results that you want.

    7)  Project Timescales

    The Next Thing you include is Project Timescales. 

    Sometimes people have Super Tight Deadlines other Times we’ve got a tiny bit of leeway. 

    It’s really important to get these things done. We recommend Random projects take anywhere between eight and Twelve Weeks.

    Website Design Development around the same time maybe a little longer. 

    If you’re looking to Get Results, by a certain time or maybe you have got a big mantra event coming up.

    If you need to Position Things around that you need to let your design agency not by putting the tape skills in the project. 

    it gives everyone full clarity from the off this is what I’m looking to achieve by when can you help yes or no perfect and.

    8)  Project Budget

    Then next everybody’s Favorite topic project Budget often we hear we don’t know how many things. 

    I’m pissed and I’m sorry but that’s not acceptable. 

    There’s a whole lot of knowledge out there online about the cost of Brandon web.

    Content project and you need to face the music and kind of come up with if not a Specific Budget.

    Maybe a projected range it’s 10 to20 K maybe it’s 50k Hopefully. 

    Its hundred K but you know then projects are few and far between but by giving ranges or even specific figures about your budget.

    It helps decide Between Agencies because some agencies make thus qualify themselves.

    For example, Lapaas very very rarely work on Projects for Under Five Thousand rupees most of our clients are paying between ten and twenty-five thousand rupees and in projects come in under that.

    Then yeah we kind of either decide oh this project most interesting image worth taken through or we Kind of Blow-up that.

    It is the Nature of Business and by having your budget clearly outlined your gonna help everyone involved in the project.

    9)  Contact Information

    One thing a lot of people miss out on in the Design Brief is who is the lead point of contact within your business so it is a Senior Management Team.

    You want the responses centre like inquiries act or info there’s a whole lot of things to consider.

    There but we suggest have a wonky contact because then it makes communication between yourself and your agency a whole lot easier

    10)   How the Project Will be Awarded

    something you really should include in your Design Brief.

    How will the project be awarded? Are you looking for the Best Value for Money? Are you simply looking for the cheapest agency? 

    Sometimes that’s alright if you are looking for the Highest Quality work but proximity to you there’s a whole lot of things. 

    That goes in the Awarding of a Design project and if you clear from the start you’re going to get the best results.

    11) Required Response

    The final thing included in your project is what you’re looking for as a Required Response Element for agencies to submit proposals beyond them.

    The set of eight needs to come and see you. Are you looking for Testimonials or work examples in your sector? These things are all going what the Agency’s gonna give you. 

    When they respond if you’re Expecting a proposal one may try and set up a meeting. 

    That’s a bit of a conflict there from the start and you want to avoid that as much as you can so be clear about what it is you’re expecting people to submit and by when and

    12) Key Takeaway

    Finally, it’s time to reach out to make your agency hit list get your design brief over to them and happy hunting.

    Conclusion

    In this, you were learning about what’s is What is the Design Brief? , Why is Design Brief Important? And most important is How to Write a Design Brief?

    In this blog, I was a deep example of how to write design and I added 12 points that help you write a Design Brief and strong.

    I hope you learn about the design brief.

    Also you read our blog on Complete Guide On Agile Project Management With 12 Principles 4 Core Values 6 Steps

    FAQ’s

  • The Most Useful Guide for How to Write a Business Case?

    The Most Useful Guide for How to Write a Business Case?

    Hello and Welcome, So, In this blog, you will learn about Business Case, what is a Business Case? Meanwhile, How to Write Business Cases? and some more related things.

    So in this blog, you will get knowledge about what is a Business case and How to Write Business Case?

     WHAT’S IN IT

    What is a Business Case?

    So, A business case is a justification and verification for a decision or an action, and It captures all reasons for recommending a particular solution. Hence, Its reasons could be quantitative/ qualitative in nature or act as a catalyst to implement the change and can be represented formally/ informally.

    Meanwhile, The Business Case is very Important for a Business. So, Let’s Discuss why it is needed or why our Business Cases are used.

    Firstly, a business case helps in Defining The Business’s Need which is the goal. So, We can say that the Business need is the driver for the Business Case.

    If there is no need then there is no need for creating a Business Case.

    So, It is used to Capture the Strategy to be followed for Implementing a change. Since we have seen in the Previous slide it covers all the Different Solution Options. 

    Hence, It does ease the Decision-Making process it illustrates all the financial and Non-Financial benefits which can be achieved. Also, it covers the different risks and Rewards which are present for each Solution option.

    Why do I Need to Write a Business Case? 

    How to Write a Business Case

    Before you write a Business Case you need to know about why you need to write a Business Case. 

    So, The business case is very important to complete your project successfully.

    Write a Business case this time you know about your project and business Drawbacks and Improvements.

    There are so many benefits of writing a Business Case like you know the project and business well, how much you need a Budget for your business, etc.

    Before you Start to Write Your Business Case

    The writing Business Case is important for your business but before you start to write your Business case, there are a few things you need to consider like:

    So, You get to need a full Research to create a Strong Business Case.

    Why, What, How, and Who all these types of questions should be cleared before you Write a business case.

    Important Business Case Checklist

    How to Write a Business Case

    Making a Checklist is very Important so  Preparing and getting knowledge of the business case is an essential Prerequisite to any project and any Business. Following some points are considered as a checklist.

    1. Hence, Your Project and Business Contribute to Your Organization’s Growth Strategy and other strategies.
    1. So, You have thoroughly considered risks and how these can be addressed. 
    1. Your Financial data is as complete and perfect as you can make it. 
    1. Your Business Case assessment of the resources required so it is as accurate as possible and depends on experience where possible.

    1) Your Project and Business Contribute to Your Organization’s Growth Strategy And Other Strategies.

    So, Your project and your business need to contribute and interface on organization growth strategy and other strategies like marketing strategies and more.

    2) You have thoroughly Considered Risks and how these can be addressed.

    Meanwhile, The second Checklist is you have thoroughly Considered risks and how these can be addressed means you are Analyzing and Monitoring risks.

    3) Your Financial Data is as complete and perfect as you can make it. 

    consequently, so compete and perfect your financial data like the cost, budget.

    4) Hence your business case assessment of the resources required is as accurate as possible and depends on experience where possible.

    So, Your Business Case assessment of the resources and requirements like a business requirement should be as accurate as possible which majorly depends on experience.

    The Most 7 Useful Steps to Writing a Successful Business Case 

    Writing a Successful Business Case is considered very important for a business project and so its work is divided into the background/project definition, Objectives/Future State/Desired, Current Situation, Recommendation/Solution, Success Criteria/Measures, Support Required, and Timeline.

    1. Background/Project Definition

    This Statement is enough to inform the Reader as to Why You’re Bringing it up, So you Make a Strong background and define clearly your projects and business.

    2. Objectives/Future State/Desired

    Acting Magazine What is an Objective? - Acting How to Write a Business Case

    Objectives, future, So the desired Outcome is What is it that you are Going to Deliver? So, what’s your objective for this Project and describe your states and desires.

    3. Current Situation

    Meanwhile, This step creates a compelling argument that highlights the gap between the Desired State and the Current Situation. Hence, creating a compelling argument.

    so, In this step Analyze the current situation and what you said.   

    4. Recommendation/Solution

    This step includes a Couple of Different options but ultimately you must commit to your Recommendation.

    You are Recommended in business about Mistakes and so improvements and other more Important recommendations.  

    5. Success Criteria/Measures 

    Meanwhile, in this Step, write about what will change as a result of the Intervention? So How will you Know? 

    Meanwhile, tell in Business Case if it is a success criterion and you can measure your growth or Success.

    6. Support Required 

    Hence, most important is to Indicate what support you need from outside Resources to achieve your goals. 

    So, you have to write about Needing Supporting resources like the Cost, Budget, and other important resources.

    7. Timeline

    So, Setting a Timeline is very important. So, Once you have the Approval and think about some key milestones that come next? When will you commit to Finish/Deliver?

    Conclusion

    So, In this blog, you were learning what is a business case and how to write a blog?

    Meanwhile, I have deeply examined about how to  write a strong business case and The Most 7 Useful Steps to Write a Successful Business Case 

    Also you can read our blog on A Step-By-Step Guide To Learn About Project Management, Top 15 Skills You Need To Master.

    FAQ

  • The Most Important Project Management Phases and Processes

    The Most Important Project Management Phases and Processes

    Hello and Welcome, in this post, you are learning Project Management Phases and Processes and Project Management Process Steps.

    You will get useful information on different types of phases like Initiation, Planning, Execution, Monitor and Control, and last, is Close. 

    So in this useful blog post, you will get knowledge about Project Management Phases and Processes.

    WHAT’S IN IT

    1. Overview  Phases of Project Management

    What is a project manager responsible for? Here's everything you need to know - Project Management Phases And Processes

    Project Management is very important for to complete a Project successfully.

    So, what is Project Management?  “Project and business Management is the discipline that helps you put in place various processes, various methods of knowledge, skills, and experience for achieving success. 

    The objectives of the unit project are how we would define Project Management so all about Project Management.

    Another important question is, why is this essential? It is essential because every work needs to be Managed.

    So a project is part of Business and works which are needed to be managed this work and much more reason for this concept.

    Project management is divided into  5 Stages and Phases. The first stage and phase is Initiation, Second Phase of Project Management is Planning.

    After these phases, the next steps are Execution, Monitor, and Control, and the last one is Closing.

    2. First Phases of Project Management – (Initiation)

    The First Phase of PM is Initiation, and this is any project’s First Step. So the Initiation is like Preparing a Proper Plan. 

    Each of those items could mean talking about the Diesel Knowledge area plan and working out on the three key things, which are hope, time, and costs, which will protect their Baseline.

    The Baseline means approved and signed version of that score baseline, also the benchmark is like Approved Costing of the Project Schedule baseline and more.

    Most important Two Documents in this phase are Business Case and Feasibility Study.

    1.Business Case:-  

    A business case is a very Important Document during the early stage and phase of a project (Initiation).

    The business case’s most essential elements are Strategic Context, Commercial Approach, Financial Matter, Management Approach, etc.

    This phase of the business case justifies the needs for the Project and to Analyze Return on Investment.

    2.Feasibility Study:-

    A Feasibility Study is a second Important Document during the first stage and phase of a project (Initiation).

    Project Management Phases And Processes

    The feasibility study discusses the project goal and how to complete the project in the Timeline, and So need to Evaluate and cost and more things.

    A divided feasibility study into five types.

    Types of Feasibility Study

    1. Technical Feasibility
    2. Economic Feasibility
    3. Legal Feasibility
    4. Operational Feasibility
    5. Scheduling Feasibility

    3) Second Phases of Project Management – (Planning)

    Planning is an important part of any Business and a Project without a Plan, is not a complete project.

    It is the second step and phase of project management.

    Planning is similar to the growth study of the Project and how to Complete the project Successfully.

    It is the next step after approval so this is to assemble a project team and start planning how to manage the project.

    The project planning needs resources, so this resource is Scope, Definition, Tasks, Schedule, Cost, Quality, Organization, Staff, Communications, Risk and Procurement, etc.

    1. In this part, discussion about further plans of this project and further scope of this project is done.

    The project team will draft a written scope and further statement that is a need for the project and what are the deliverables and objectives of the project. 

    • Definition: This part makes a plan about what’s the description of the project and how to do work.
    • Tasks:- Project team discusses how to complete the tasks. There are many tasks in a project, so in this case, it is very important to know if all tasks are completed.
    •  Schedule:- Schedule is to determine the duration of the tasks, and set dates and timelines for their completion.
    •  Cost:- This is a significant part of any project, it plans to calculate a project cost and budget. 
    • Quality:- In this part Project product quality is discussed.
    •  Staff:- What are the roles and responsibilities of the project staff and team?
    • Communications:- Team plans about how to manage communication, and its frequency.
    • Risk:- Determine the risk and solutions of this risk and problem. What will be needed for safety from this risk?
    • Procurement:- In this part the team makes a plan about the purchase of the project.

    4) Third Phases of Project Management – (Execution)

    The most important project Management phase and the process is the Execution in project management. It is the third phase and stage of PM.

    You complete Initiation and make a good plan, but you do not execute this plan, so that is useless, so Execution is most important.

    Execution is the Implementation of the Plan. So it is a very long process and phase.

    Many points are included in tasks completed during the Execution Phase.

    Tasks completed during the Execution Phase and Processes include this. 

    1. Develop Project Team

    The first need for the execution of the project is to develop a better team. So After the Development, this team helps you complete a project. 

    2. Assign Project Resources

    Resources for a project are the Cost, Quality, and more So, execute resources for the project.

    3. Execute Project Management Plans

    Next and most important step to complete task is to execute project management plans. 

    4. Procurement Management if Needed

    After the ‘Execution Project Management Plan’ is Procurement Management If Needed so it manages procurement management for the Project Environment.

    5. Procurement Management directs and manages project execution.

    In this, part of the project team executes procurement management, so directs and manages project execution.

    6. Set up tracking systems for PM

    In this step, the team set up Tracking Systems to keep a track on the products and services.

    7. Task assignments are executed.

    Next, task assignments are executed so different work is assigned to every team member.

    8. Status meetings.  

    The status meeting is to discuss about the project or Task Current Status.

    9. Update project schedule

    The updated project schedule for project recruitment and so more reasons.

    10. Modify project plans as needed

    Sometimes the project needs simple and important changes or modifications.

    5) Fourth Phases of Project Management – (Monitor and Control)

    The fourth phases of project management are to Monitor and Control the PM, 

    In this phase of the project growth, Execution, and so other many things are monitored.

    These phases include some processes so follow these processes in this order:-

    1. Reporting

    Reporting means analysis of a project like growth conversion and so many things.

    2. Scope 

    Transaction Scope — A simple way to handle transactions in c# | by Mahrukh Mehmood | Medium

    In these phases Monitor Scope and control changes.

    3. Quality

    What’s the quality of the project Service and Product that monitors enter the process.   

    4. Schedule

    In PM team track delays that Impact so the Timeline of the project and adjust to stay on track.

    5. Cost 

    Monitor and control a cost for recruitment projects and Monitor Profit, loss, and so many more things.

    6. Risk

    Monitor risk and changes in risk throughout the project and respond accordingly.

    6) Last Phases of Project Management – (Close)

    That’s the last phase of any project that is closing. You complete a project after needing to close this project.

     So it is a phase include following process:-

    Scope

    Make sure to complete your project goals and you complete the plan.

    Administration

    The administration is very important for the Last Project Management (closing) so outstanding contracts and administrative matters, archive the paperwork and disseminate to proper parties and projects.

    7) Conclusion 

    In this blog, you learn PM Phases and Processes and gain useful information related to PM.

    We explain project management and PM Phases and Processes like Initiation, Planning, Execution, Monitor and Control and last is close.  

    I hope you learn project management processes and phases.

    Also you can read our blog on Complete Guide On Agile Project Management With 12 Principles 4 Core Values 6 Steps

    8) FAQ’s

  • Complete Guide On Agile Project Management With 12 Principles 4 Core Values 6 Steps

    Complete Guide On Agile Project Management With 12 Principles 4 Core Values 6 Steps

    Agile Project Management is a different approach to project management.

    This approach to project management allows you to make a small division of tasks making it manageable in short sprints.

    Hence, We are allowing you to be flexible and adaptive with changing demands of the project.

    So, Agile Project Management is standard in businesses related to software companies or marketing. With time across various other industries.

    Hence, This method is suitable for making changes in the process of development of the project as it is based on review and improvement cycles.

    In agile methodology, the result may be different from the predefined idea of the project.

    As there are many improvement cycles in the development process. These also help in avoiding large scale-failure.

    WHAT’S IN IT

    4 Core Values of Agile Management

    Agile Manifesto: Understanding Agile Values and Principles

    1.  Individuals and interactions over processes and tools

    Without a doubt, it can be easily understood that people are more valuable than any process or tool in any business.

    Because if any problem arises, it is less likely that the tools or process will adapt automatically to solve the problem or handle the problem.

    Instead, it is the people who will be more likely to adapt, change and tackle the problems.

    It is essential to realize that humans and technology altogether will make your business grow.

    That is why relying specifically on tools or process make you less adaptive day by day.

    2.  Working software over comprehensive documentation 

    So, It takes a lot of time and it was difficult to maintain a lot of documents even all the previous records.

    Hence, This extensive amount of data and documentation was often a burden for the developer.

    Agile project management does not necessarily focus on completely removing documentation, but instead, it focuses on streamlining it.

    It provides particular information that is necessary and optimizes the data.

    Hence, not over-burdening the developer and enabling him to work with a clear mind.

    Agile manifesto values software more than documentation.

    3.  Customer collaboration over contract negotiation

    In the negotiation process, the customer discusses the details of the project and its delivery with the project manager, in the process, aspects get renegotiated later.

    Customers often negotiate the details of any project with the project manager in great detail before the project.

    Meanwhile, With the purpose in mind to convey the message as clearly as possible.

    In agile management, the customer is active, i.e. collaborating throughout the development process of the project, making it comparatively more accessible for the project to meet customers’ expectations.

    So, You can do this if you involve your customer on a timely basis with your project in its development phase.

    Whether internal or external customer, you can involve them in making the product better and more useful. 

    4.  Responding to change over following a plan

    For instance, In a traditional project, management changes are considered bad for the business.

    Because it was a considerable expense, and with this in mind, You can change by avoiding them.

    In an agile project, management changes are not seen as an expense and instead considered as a necessity to improve the product with time for being more useful and valuable.

    Hence In the agile manifesto, the project is broken down into small sprints.

    To review simultaneously, and necessary changes are built along the process.

    So, This facilitates constant improvement and changes, making it more useful, as features can be added to every sprint, avoiding any large-scale mistake or expensive modifications.

    12 Principles of management methodology

    Basic Business Principles

    Hence, These 12 principles of agile management methodology will act as your guide in your decision making.

    In brief, these 12 principles will help in forming a culture that is primarily focused on welcoming changes and by all means, keeps the customer in the focus.

    Following are the 12 principles of agile project management:

    Customer satisfaction-early and continuous software delivery 

    Our highest priority is to meet the satisfaction and needs of the customer by early and timely delivery on software or anything you deliver.

    Customers are happy and satisfied when they get their products regularly and timely. They don’t like to wait for a very long time.

    Accommodate changing requirements throughout the development process 

    This simply refers to the culture of welcoming changes when it is needed or demanded by the customer.

    And the ability to deliver the demanded changes without any delay in time gives a better competitive edge and trustworthiness.

    Frequent delivery of working software 

    This principle focuses on software development projects with a system to deliver regular and frequent delivery of software varying from a couple of weeks to a couple of months.

    Collaboration between the businesses and developers throughout the project 

    Often there are better results when businesses and technical developers work together in collaboration.

    Coordinating teams should work together through the process for better outcomes and a higher level of satisfaction.

    Support, trust, and motivate the people involved 

    Without a doubt, it is a well-known fact that motivated individuals and the team will come up with much better ideas and solutions when compared to any individual or group that is not motivated or unhappy.

    This is why it is essential to provide the teams with a proper environment and give the necessary boost so that they give their best.

    Enable face-to-face interactions

    The most effective and efficient way of communication is face to face communication as your tone only plays a 7% role in communication.

    This is why it is essential to communicate face to face with your team to explain better and avoid misunderstanding.

    The end working product is the primary measure of progress.

    Your progress is primarily measured based on your delivery of the final product to the customer.

    And, whether it can meet the customer, needs, and satisfaction with all the features and changes that the customer demands.

    Agile processes to maintain a consistent development speed

    The agile process simply means that the teams maintain a constant speed to keep up with the changing needs and demands of the customer.

    And the market and continuously improving and delivering the better version of their product on a timely and regular basis.

    Technical detail and design enhance agility. 

    Another critical point is that monitoring and maintaining proper technical details and focus on design enables easier integration and acceptance of any change in the product.

    Thus, making the product more useful and helpful.

    Simplicity

    This means that you need to focus on developing those features that are enough to get the work done, do not overemphasize on extra unnecessary features.

    Most often, customers don’t even use those extra features that you spend the most amount of time and resources in developing.

    Self-organizing teams encourage great architectures and designs. 

    Self-organizing teams those who take ownership of their work and are motivated to work better and communicate properly.

    And regularly always deliver better quality products or results comparatively.

    A regular process on how to become more effective 

    Self-improvement and regular improvements in processes of development and other crucial areas lead to better efficiency and growth in every field of project management.

    6 steps in the Agile Management Methodology?

    1. Project planning

    Similar to any other project, before starting any project, it is very crucial that

    you and your team correctly understand the impact and value of the project on the business or end consumer.

    As well as remember that you are adopting agile project management methodology.

    This means that you must be able to address and welcome any change in the development process and easily modify it. 

    The results in agile methodology may be very different from the planned result at the beginning of the project.

    2. Creating a product road map

    Product roadmap timeline

    This is the proper breakdown of all the planned and demanded features that you are required to deliver in the result to your client.

    You will develop these features systematically and step-by-step in each sprint of work and simultaneously develop a backlog, i.e. a list of all the features that are to be delivered in the final product.

    3.  Release planning

    Unlike traditional waterfall project management in agile methodology.

    The project is developed by short working cycles known as sprints, and at the end of each period, there is a separate featured release.

    4.  Sprint planning

    Before starting any spring, the project manager needs to conduct a spring planning.

    To determine what will be accomplished in each spring and what tasks are to done y whom and when.

    5.  Daily stand-ups

    You hold these short daily stand-up meetings which do not extend more than 15 minutes.

    These are managed by standing up to keep it brief and short.

    These meetings will be conducted daily to summarize what they have accomplished the day before, and what are their today’s goals.

    After that, you should not extend it to a problem-solving session.

    6.  Sprint review 

    To improve the product and better meet customer needs and satisfaction at the end of each sprint, conduct a meeting with your client.

    Discuss three main questions with your clients 

    • What went well?
    • Secondly, what went wrong?
    • Finally, what could be better?

    This enables your team to understand the clients and requirements better and strengthen the relations between them.

    Conclusion 

    Here I have discussed with what is Agile Project Management and who uses it and how it is beneficial.

    Also, what are the four core values of Agile Project Management that will act as your guild in decision making in your project management?

    I have also talked about the 12 principles of agile methodology and 6 steps that are adopted in this method of project management.

    Also you can read our blog on A Step-By-Step Guide To Learn About Project Management, Top 15 Skills You Need To Master.

    FAQ’s

  • A Step-By-Step Guide To Learn About Project Management, Top 15 Skills You Need To Master.

    A Step-By-Step Guide To Learn About Project Management, Top 15 Skills You Need To Master.

    Firstly, To understand what is Project Management, we need to know about the term project. So, a project is unique and is defined as a set of operations designed to achieve a goal successfully.

    The steps involved here are planning, monitoring, controlling, and reporting, i.e. managing in simple words. So, The person who is leading the project is known as the Project Manager. 

    Generally, Project Management is a broad term that includes several related disciplines like scheduling, resource management, planning, risk management, etc. Which are essential to meet the requirements to accomplish the task.

    WHAT’S IN IT

    WHAT IS PROJECT MANAGEMENT SOFTWARE?

    Best Project Management Software

    Project management software is a specific software used by project managers (PMs) to monitor, control, and manage projects.

    So, this software is helpful in planning, scheduling, assigning resources, collaboration, etc. Using this software, the projects can be completed on time and also under a suitable budget. Hence, it helps you track your project, delegate tasks, and promotes better communication.

    WHAT IS PROJECT MANAGEMENT LIFE CYCLE?

    The project management life cycle initiates a prominent process for successfully delivering a project.

     If the project manager and the team can grasp the 5 necessary phases of the project then, they can have a good grip on the project and can track how its work is going from time to time.

     Let’s talk about the five phases:

    Initiation:

    However, there is the first and foremost step of the project. Here, the need for the business is identified, and an idea is developed by the team. Which determines what the project is all about and also what it is going to deliver and how.

    Afterword, The objective of our project which will solve the primary problem is determined. The parties, like the stakeholders, team members, etc get together and decide the goal schedule and also process of the project. 

    Planning:

    The next phase is planning. Here, the whole project is broken down into small tasks then, a schedule is prepared for the completion of the tasks.

    Here, The total time needed to complete them is estimated, the output is visible, and that one task is interdependent on the other.

    A workflow diagram is created and the budget and financial plan are estimated. Also, the gathering of resources, anticipating risks, and potential quality roadblocks are discussed.

    These things give blueprint of work until the project reaches its conclusion.

    Execution:

    Execution is the third phase when all the planning and initiating comes into action.

    Therefore, the job of the project manager is to keep the project management life cycle on track and make sure the work is done according to the planning made with utmost sincerity.

    He also has to deal with risks that may come in the way and incorporate changes in the plan accordingly.

    Time management is a significant factor as effective time management leads to higher productivity and better result.

    A regular check on the budget should be kept, as it is the baseline of the project. Along with the quality delivered because if the quality of the project is not desirable, then the project is of no use. 

    The project manager must keep an eye on the work done, and continuously monitor the performance as per the planned performance, which will help in controlling the budget and maintaining the schedule.

    Reporting has a leading impact on the project as it allows the manager to track the progress, get the required data to present to stakeholders, and customize the report to get the desired data.

    Closing phase:

    Project Closing Phase: Do You Know the 8 Steps for Closing a Project?

    In this phase, the team needs to produce all the deliverables. It marks the final closing of the project.

    Lastly, to make sure that the project is completed and there are no last-minute changes, everyone gives their signature as an agreement.

    Also, the project manager or a dedicated admin cross-checks all the documents, contracts, and make sure that everything is perfect.

    A post mortem of the project is done to distinguish and choose the methods that worked and also those that didn’t.

    If there is any resource left, then it should be saved for future projects.  

    The triple constraints

    In project management, triple constraints are the pillar to success. It means time, scope, and cost. If these three pillars aren’t managed well, then you may face a significant problem.

    TOP 15 SKILLS NEEDED BY PROJECT MANAGER

    Leadership:

    Leading and managing your team to achieve the goal successfully and in a profitable manner is a very vital skill one must-have. Leadership is not only crucial in project management but in various other fields.

    It is an essential skill which will get you ahead in life irrespective of your industry or field.

    Scheduling:

     Scheduling is the essential project management skill that must be present in a project manager for the sake of flourishing in a task. 

    Cost control:

    Effectively and efficiently accomplishing a project within a tight budget is not everyone’s cup of tea, and it requires excellent skills, else you may face a lot of problems.

    Risk management:

    Risk is uncertain, and thus it is much disliked by project sponsors. So the only way here is to be good at risk management which will also keep you on top of your project. 

    Critical thinking:

    It is one of the essential skills that must be in a project manager.

    Critical thinking simply means thinking in-depth about the pros and cons of each decision made and other essential things, like looking into the matter from all angles to get an appealing outcome. You may need some practice to master this.

    Communication:

     Excellent communication promises good outcomes.

    There are many platforms available online apart from traditional offline communication like the internet, office meeting, newsletter, email, online conferences, etc. Using them for your benefit is regarded as smartness.

    Research skills:

     It is an essential skill that allows the project manager to fill any gaps in knowledge. He must do thorough research before making any decision as wrongful decisions will lead to failure.

    Contract management:

     Managing suppliers is another significant skill that adds on to the better result.

    Coaching:

    What is a Coaching? Meaning and definition - Full guide 2020

    You need to understand that everyone with whom you are working is not well equipped with project development experience.

    This is why you need to teach them with high skills to bring the best result out of them.  

    Task management:

     The project manager should be able to delegate tasks to team members according to their level of knowledge and ability to perform the task given.

    Meeting management:

    The meetings should be short and effective. The project manager must look forward to sticking to the schedule without wasting the time of other parties. He should be able to notice when people aren’t paying attention by studying their body language.

    Patience:

    Having patience is one of the essential qualities that a project manager must-have.

    Because only keeping patience will allow him to think calmly even in a tough situation and will be helpful for the team to accomplish the task efficiently.

    Organization skills:

    Project manager to ensure smooth work & common goals of the team members must possess strong organizational skills. 

    Motivation:

    In persuading a task, there will be hard times, and team members may feel demotivated. So during those times, the project manager must keep them motivated towards completing the project accurately. 

    Adaptability:

    It is a significant quality of a project manager because he is leading the whole team.

    It means you as a project manager should be open-minded on changing technology, to use them successfully in any project.

    CONCLUSION 

    Here I have talked about, What is project management? And also spoke about 5 major project management life cycle which are Initiation Planning, Execution, Closing phase, The triple constraints, and provided a necessary explanation about them.

    Also, I have shared the top 15 skills that you should build if you want to be right in project management which are: Leadership, Scheduling, Cost Control, Risk management, Critical thinking, Communication, Research skills, Contract management, Coaching, Task management, Meeting management, Patience, Organization skills, Motivation, Adaptability.

    To understand the concept of the project, project management, management processes, build skills that will be beneficial for you.

    There is much more to learn to keep growing in any field of your life. One must always keep learning and upgrading oneself only than you can move forward. Be open to changes and new things always to keep your learning curve positive.

    Also you can read our blog on Hartnett’s Consensus Oriented Decision-Making Model (CODM)? What Are The 7 Steps Of CODM

    FAQ’s

  • Hartnett’s Consensus Oriented Decision-Making Model (CODM)? What Are The 7 Steps Of CODM

    Hartnett’s Consensus Oriented Decision-Making Model (CODM)? What Are The 7 Steps Of CODM

    You have gathered your team to brainstorm on a new project that your company just got.

    As you start the meeting, you find out that your team is finding it difficult to conclude.

    There are different types of people in your team, and they might not agree with one another.

    So, As their viewpoint and opinions clash with each other.

    That is where Hartnett’s consensus-oriented Decision-Making Model also known as (CODM), turns out to be very useful.

    Hence, Hartnett’s Consensus Oriented Decision-Making Model provides you with a step-by-step process to effectively collaborating in a group.

    WHAT’S IN IT

    What is Hartnett’s Consensus Oriented Decision-Making Model (CODM)?

    Hartnett's CODM Model of Decision Making

    Meanwhile, A psychologist, Dr Tim Hartnett, developed the CODM model.

    So, that was published in his book “Consensus-Oriented Decision-Making” in the year 2010.

    Conflicts in families or teams often lead to violence or loss in one way or another, so he researched and found a solution for non-violent communication-solving conflict and building stronger relationships.

    So, Hartnett’s Consensus Oriented Decision-Making Model provides us with a 7 step process to reach a cooperative reach consensus outcome.

    1. Framing the problem having an open discussion

    2. Identifying underlying concern

    3. Developing proposals

    4. Choosing a direction

    5. Developing a preferred solution

    6. Closing

    It is essential to understand that consensus doesn’t mean total agreement but general agreement. 

    Necessarily not everyone has to willingly agree to a decision, as long as the majority agrees and the remaining members can quietly step aside without any argument. Then reach the outcome.

    7 steps of Hartnett’s Consensus Oriented Decision-Making Model

    Framing the problem firstly, you need to make sure you have the right people gathered in the meeting, and they have all the required resources and tools.

    Identify the problem that you are going to discuss, also make sure that everyone understands the problem and the effect it will have.

    Additionally, you need to decide how you will agree on the outcome.

    In other words, will everyone need to agree on the final solution, or will it be based on the majority agreement?

    Having an open discussion

    Secondly, you as a leader should focus on open discussion and make sure that everyone takes part equally in the study.

    Together with your team, your goal is to gather as many potential ideas or solutions as possible for the problem.

    Make everyone feel that everyone’s participation is equally important.

    You, as a leader, ask your team to emphasize creative thinking and not play safe.

    Identifying underlying concern

    Thirdly, what you need to do is “underlying concerns” as Hartnett calls it.

    In this step, you need to emphasize the problems or limitations that the ideas or solutions that you have collected in the second step.

    So, To do this, you can simply identify the people who will be most affected by the outcome of that problem and engage them in a discussion.

    Then you need to point out the ideas or solutions that are mostly accepting by all members of the discussion.

    It is not necessary that everyone must completely agree with the result, with this in mind, i.e. general agreement, you can proceed to the next step.

    Developing proposals

    Meanwhile, In the fourth step, your team should come up with proposals addressing the problems identified in the previous step.

    It is essential that regardless of the number of ideas or solutions, everyone focuses on one design at a time and does not criticize any ideas or solutions.

    Discuss the ideas in detail and what approach will you adopt to take it forward and put it into action and the possible outcome.

    Consequently, One thing may have multiple possible outcomes.

    That is why creative thinking and open discussion is crucial for this step if you want to be prepared for all situations and not get stuck in the process.

    Do not cancel off any ideas or proposals at this time.

    Choosing a direction

    As, Now you are a leader and have the responsibility to find out the best proposals that could be carried forward, with your team.

    Ask everyone to point out what are the pros and cons of each proposal in detail.

    Then using the process that you decided in step one, i.e. general or total agreement, select the best proposals.

    Again, it is crucial that everyone participates and there is an open discussion considering every proposal equally important.

    Developing a preferred solution

    The primary goal of this step is to emphasize further improving the final proposals and to address any concerns that may be left out and find solutions.

    Here the selection is made of the best and also most essential proposals that can be put to action immediately.

    Again, not to mention you need everyone to participate and necessarily not everyone must agree to everything.

    Closing

    Hartnett's Consensus Oriented Decision-Making

    Finally, if you are at this stage in Hartnett’s consensus-oriented Decision-Making Model (CODM), you must have a list of solutions or ideas that most people agree with.

    Lastly, you can ask your team to work cooperatively for implementing the finalized proposals.

    Meanwhile, Everyone can contribute anything they can for improving the result.

    hence, That can be one’s resources, time, experience, expertise, network, or anything beneficial.

    So, It is not necessary to follow every step exactly; flexibility is essential to achieve better results. 

    If anything goes wrong under those circumstances, you must be willing and ready to move back to previous steps.

    Components of Consensus Oriented Decision-Making Model

    Consensus

    For you to arrive at a consensus, it depends on the condition that there is a general agreement, i.e. most of the people agree upon a particular decision or outcome.

    Everyone

    In this model, everyone is required to participate equally in evaluating or finding solutions to any problem.

    So, They are considering that the right people are gatherers to solve the problem, who know the issue.

    Participation

    Participation is the most critical component in this process; everyone gets to take active participation.

    Agreement

    Agreement refers to the condition that most of the people agree at the end; our goal is to get as many contracts as possible.

    Process-oriented

    The decision must be process-oriented and not outcome-driven.

    All opinions are respectful and welcome and are filtered through the process correctly and not just focus on the expected result.

    Cooperation

    Hartnett's Consensus Oriented Decision-Making

    While in group discussion, it is common to see the clash in ego, emotions, viewpoints, and various other sensitive things.

    But, there must be a mature sense of cooperation amongst everyone to ensure harmony and proper decision making.

    It is a fact that not everyone will agree with everyone’s opinion.

    But one must ignore small disagreements and settle on the solution most beneficial for as many people as possible.

    Group relationship

    The development of this system is to strengthen group relations in a family or a team through a peaceful communication method.

    When there is a lot of argument in a team or family, under those circumstances, this method of communication helps in finding the best solution as well as makes group relations stronger.

    Efficiency

    Consensus-Oriented Decision-Making Model requires the participation of everyone, and when everyone participates and everyone has an equal stand.

    Members feel more heard and explore their importance, and this triggers them to come up with the best ideas, finally leading to efficiency.

    When members are not included or ignored, they lose the motivation to innovate and give their best for your company’s growth as they don’t have the feeling of being a valuable role player.

    This often leads to low productivity, inefficiency, and waste of resources and time.

    Disadvantages of Hartnett’s consensus-oriented Decision-Making Model

    • This method has many benefits, but on the negative side, you will find that you don’t need to always arrive at a correct solution at the end of the process.
    • Regardless of the problem, it may take several meetings to come up with a suitable solution finally.
    • Altogether this process may take a long period and may cost some money.
    • People may take advantage of the consensus to try and avoid personal responsibility, and this has a damaging impact on the outcome.
    • People might divert from the main point and waste the time and resources of others as well.
    • The implication of this process may vary depending on the complexity of the problem.
    • The bigger group leads to more opinions and as a result taking more time to solve a particular problem.
    • If the participants are not interested in the subject matter or have selected the wrong person to be in the discussion, this might dramatically impact the outcome.

    Conclusion

    In the summary, what is Hartnett’s consensus-oriented Decision-Making Model how it can be used to developing solutions collectively? 

    This is a very active group decision-making technique you can use to find solutions while interacting in groups.

    Also, you can learn the 7 steps of the Consensus-Oriented Decision-Making Model.

    1. Framing the problem

    2. Having an open discussion

    3. Identifying underlying concern

    4. Developing proposals

    5. Choosing a direction

    6. Developing a preferred solution

    7. Closing

    Also, the problems or disadvantages of this method that establish by Dr Tim Hartnett that publish in his book “Consensus-Oriented Decision-Making” in the year 2010.

    Also you can read our blog on Stepladder Technique – 5 Useful Decision-Making Guides

    FAQ’s