Professional Project Management

Future of Operations Management

2008-05-07T05:57:00.000-07:00

Opportunity: Techno-Business Managers

Excellence in the management of business operations and technology provides a competitive advantage in today's fast-paced business environment. The ideal mix of technology and management skills creates Techno-Business Managers who are equipped with technology, farsighted management practices, and leading-edge knowledge.

Operations Management as a Career

To strengthen the position in the globally competitive market, where rules are re-written every second, companies are striving to improve productivity, quality, cost and supply chain cycle times while still maintaining supreme quality standards of products and services.

In this aggressive situation opportunities are opening up to create an identity in a variety of sectors such as product manufacturing and transportation industries that deliver goods as well as the service sector companies including banking, insurance and government agencies. The following is an illustrative list of sectors open for careers in Operations Management
· Manufacturing
· Retail
· Consulting Firms
· Financial Institutions
· Transportation and Logistics
· Construction
· Information Technology
· Hospitality
· Insurance

The specific areas where the Operations Management Students would find opportunities to contribute include
· Operations Planning, Scheduling and Control
· Purchasing and Materials Management
· Distribution and Supply Chain Management
· Customer Service Support
· Project Management
· Quality management
· Operations Process Consulting
· Forecasting
· Traffic Management
· Inventory Planning and Control
· Process and Methods Planning
· Plant Engineering Management
· Warehouse Management and Distribution
· Six Sigma
· Lean Manufacturing

OM Skills in demand:
· The ability to lead and manage business processes & utilize the power of technology for all business applications
· A comprehensive knowledge of Basic, user level and consulting level competency in ERP (SAP R/3 & SCM)
· Interpersonal skills that enhances the ability to work as part of a team, strong analysis and applied learning skills
· The ability to adapt to rapid change and the ambiguity that is created by change
· Developing planning, organizing and time management skills

In addition to these you should be able to
· Be sensitive to the of shifts in economic, technological and management trends
· Develop a matured vision to foresee the range of possibilities and a highly evolved imagination to create solutions
· Strike and confront newer challenges and be alert to adjustments required in new directions
· Develop a flexible approach towards making adjustments and being steadfast in the face of misunderstandings and mistakes
· Remain committed to the ambition that they have set out to achieve

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2008-01-30T07:27:00.000-08:00

The Project Management PrepCast™

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PMP® exam overview
The 9 Knowledge Areas from the PMBOK® Guide:
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- Scope Management
- Time Management
- Cost Management
- Quality Management
- Human Resources Management
- Communications Management
- Risk Management
- Procurement Management

Study tips
Exam day tips
The Project Management Framework
- Introduction to Project Management
- The Project Life Cycle
- The Project Management Processes

PMI Code of Ethics and Professional Conduct
Your Questions – Our Answers
And much more…

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Episode Details

The Premium PrepCast™ offers over 35 hours of audio presentations in 89 episodes. The episodes closely follow the structure outlined in the PMBOK® Guide but include models, theories and formulas not covered in the Guide. No other online PMP® Workshop gives you such a vast number of episodes at our unbeatable price. Each Episode has a number that allows for easy sorting in your MP3 player. The episodes in which we discuss the Knowledge Areas from the PMBOK® Guide are numbered following the Guide's chapter numbers. For instance all episodes on Project Scope Management begin with the number 05.

# Number Episode Title
-- 00.00 Welcome
-- 00.01 Interview with Cornelius Fichtner, PMP
1 01.01 PMP Exam Overview
2 01.02 PMP Study Tips
3 01.03 The day of the exam
4 01.04 Introduction to Project Management
5 01.05 The PM Processes
6 01.06 The Project Life Cycle
7 01.07 The Role of the Project Manager
8 01.08 Overview of the Knowledge Areas
9 01.09 Code of Ethics & Professional Conduct
10 02.01 Interview with Arlene Trimble
11 02.02 Interview with Duncan McIntyre
12 02.03 Interview with Ron Holohan
13 03.01 Q&A 1
14 03.02 Q&A 2
15 04.00 Project Management Integration Overview
16 04.01 Develop Project Charter
17 04.02 Develop Preliminary Project Scope Statement
18 04.03 Develop Project Management Plan
19 04.04 Direct and Manage Project Execution
20 04.05 Monitor and Control Project Work
21 04.06 Integrated Change Control
22 04.07 Close Project
23 05.00 Project Scope Management Overview
24 05.01 Scope Planning
25 05.02 Scope Definition
26 05.03 Create WBS
27 05.04 Scope Verification
28 05.05 Scope Control
29 06.00 Project Time Management Overview
30 06.01 Activity Definition
31 06.02 Activity Sequencing
32 06.03 Activity Resources Estimating
33 06.04 Activity Duration Estimating
34 06.05 Schedule Development 1
35 06.06 Schedule Development 2
36 06.07 Schedule Control
37 07.00 Project Cost Management Overview
38 07.01 Cost Estimating Inputs
39 07.02 Cost Estimating Tools and Techniques
40 07.03 Cost Estimating Outputs
41 07.04 Cost Budgeting
42 07.05 Cost Control
43 07.06 Earned Value
44 07.07 A Bagful of Cost Terms
45 08.00 Project Quality Management Overview
46 08.01 Quality Planning
47 08.02 Perform Quality Assurance
48 08.03 Perform Quality Control Inputs and Outputs
49 08.04 Perform Quality Control Tools and Techniques
50 09.00 Project Human Resources Management Overview
51 09.01 Human Resource Planning Inputs
52 09.02 Human Resource Planning Tools and Techniques
53 09.03 Human Resource Planning Outputs
54 09.04 Acquire Project Team
55 09.05 Develop Project Team
56 09.06 Manage Project Team
57 09.07 HR Theory 1
58 09.08 HR Theory 2
59 10.00 Project Communications Management Overview
60 10.01 Communications Planning
61 10.02 Information Distribution
62 10.03 Performance Reporting
63 10.04 Manage Stakeholders
64 11.00 Project Risk Management Overview
65 11.01 Risk Management Planning
66 11.02 Risk Identification
67 11.03 Qualitative Risk Analysis
68 11.04 Quantitative Risk Analysis
69 11.05 Risk Response Planning
70 11.06 Risk Monitoring and Control
71 12.00 Project Procurement Management Overview
72 12.01 Plan Purchases and Acquisitions Inputs
73 12.02 Plan Purchases and Acquisitions Tools, Techniques and Outputs
74 12.03 Plan Contracting
75 12.04 Request Seller Responses
76 12.05 Select Sellers
77 12.06 Contract Administration
78 12.07 Contract Closure
79 80.01 Applied Concepts - Authority
80 80.02 Applied Concepts - Project Monitoring
81 80.03 Applied Concepts - Risk Attitudes
82 80.04 Applied Concepts - Team Development
83 80.05 Applied Concepts - The Communications Plan
84 80.06 Applied Concepts - The Value of Quality
85 80.07 Applied Concepts - Earned Value
86 80.08 Applied Concepts - Critical Chain
87 80.09 Applied Concepts - Virtual Team Management
88 80.10 Applied Concepts - Requirements Gathering
89 80.11 Applied Concepts - Culture Shock
-- 98.00 PMP Sample Exam Questions PDF Document

-- 99.00 How to take our Final Exam PDF Document

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How to Prepare for a Performance Appraisal

2008-01-02T20:46:00.000-08:00

Performance appraisal should be treated as an ongoing developmental process rather than a formal once-a-year review. It should be closely monitored by both employee and reviewer to ensure that targets are being achieved. By preparing yourself diligently and demonstrating a willingness to co-operate with your reviewer to develop your role, you will create a positive impression.

To enable you to assess your own performance as objectively as possible, try to view it from your manager's perspective. Make sure you are conversant with the company's assessment policies and procedures. Study the performance appraisal documentation carefully. Go through it step by step, anticipating comments and preparing your responses.

Analyse your agreed performance targets. To what extent did you achieve them?

Consider your job description, your role within the organization, your duties and responsibilities.

Assess your performance in the light of the problems and frustrations you faced. Have you taken on any additional responsibilities or been involved in extra projects? How have you dealt with changes, innovations or unexpected problems? How does your work compare with that of your colleagues? Are there any ways in which can you increase your value to the organization?

Keep a detailed record of your work-related activities throughout the year. Specify your contributions and achievements, your difficulties and frustrations. Ensure that all relevant facts and figures are accurate and readily accessible. Collate the necessary documentary evidence to support your assertions, e.g. e-mails, memos, letters, press releases, newspaper articles, testimonials, etc.. Make a list of all conferences, seminars and training courses attended.

Be open and co-operative with your reviewer. Acknowledge problems, and deal positively and maturely with criticism. Avoid giving the impression that you are on the defensive.

Participate actively and enthusiastically in the appraisal. Listen attentively to everything your reviewer says. Aim for a positive and creative exchange of views.

Having considered your duties, responsibilities, goals and priorities beforehand, you will be in a better position to discuss them in an informed and objective manner. Ask for clarification if necessary.

If you are unhappy about targets or feel that they are unrealistic, say so sensitively.

By documenting your difficulties as and when you encounter them throughout the year you will be in a position during your appraisal to discuss them authoritatively and put them in the context of your overall contribution to the company. Stress how you have benefited from these experiences and have used the knowledge gained to improve your performance. Make constructive suggestions and, if necessary, ask for advice on how best to accomplish your targets.

In anticipation of your next appraisal, be sure to record and implement your reviewer's recommendations.

Think of ways in which you or your department could improve. If you are suggesting the provision of extra resources or specific training opportunities, stress the benefits that will accrue to the company.

From 'Four Minutes to Job Interview Success' published by Assignments Plus Business Publications

PRINCE2 TM Certification

2007-12-28T01:54:00.000-08:00

PRINCE2TM
Foundation & Practitioner Course

Bangalore: Jan 7 - 11, 2008 | Mumbai: Jan 14 - 18, 2008 | Delhi: Jan 21 - 25, 2008

Earn 35 PDUs

Why PRINCE2TM?

By undergoing the certification process and achieving a PRINCE2TM qualification you will have demonstrated your knowledge of the PRINCE2TM method to a recognised examined standard. This is important as many employers now wish to recruit candidates with specific skills in PRINCE2TM and are aware of the PRINCE2TM qualifications and what they mean in terms of PRINCE2TM competency.

Opportunities post PRINCE2TM

For individual project managers certification is becoming increasingly recognised as not just a nice to have but essential to demonstrate skills to prospective employers. In November 2005 a search on three major job websites revealed over 1,600 opportunities that specifically mentioned requirement for PRINCE2TM.

For existing project managers PRINCE2TM certification provides a means to formalise knowledge and to adopt an approach based on industry best practice. PRINCE2TM does not intend to replace activities you currently undertake but instead provides a structure for thinking about what aspects of current practice could be improved.

For those looking to make a move into project management, PRINCE2TM provides an excellent place to start. Through its process led approach, PRINCE2TM specifies the steps necessary to successfully run a project. Alongside PRINCE2TM defines the role and responsibility of each member of the project team and describes techniques to support the planning and running of a project. This all contributes to give those, new to managing projects, a comprehensive understanding of the role.

Why are organisations choosing PRINCE2TM to manage their projects?

More and more organisations are adopting PRINCE2TM to manage their projects. There are a number of reasons why this is happening:

Increasingly organisations recognise the importance of consistency in management of projects. PRINCE2TM as an open standard provides a common set of terminology to allow discussion of projects in a uniform way.

Rather than developing an expensive and time consuming in-house method. Organisations can adopt PRINCE2TM quickly and easily. PRINCE2TM can be easily customised and further developed as necessary.
PRINCE2TM provides the benefit of historical experience on numerous projects in all manners of industries.

By adopting PRINCE2TM, organisations ensure that their project teams are all communicating in a common language, thereby reduce confusion and misunderstandings. Individuals new to a project or organisations can get involved straight away and make an immediate contribution as they know the processes and steps that the project will follow.

Target Audience

The course is suitable for any organisation from any industry or individual seeing the need for a controlled approach to managing its projects, including: Project/ Programme Managers, Project Support, Team Members from any discipline.The PRINCE2TM method is flexible and adaptable for any type and size of project. It offers an excellent management foundation for any member of staff; no prior Project Management knowledge is necessary. "PRINCE2TM ensures the delivery of our accountabilities; its structured approach meets or exceeds customer requirements and business demands", Pam Trott, Project Development Manager, Cable & Wireless.

APICS certifications

2007-12-26T01:38:00.000-08:00

APICS offers three certification programs, Certified in Production and Inventory Management, Certified Supply Chain Professional, and Certified in Integrated Resource Management.

APICS certifications are recognized worldwide as standards of professional excellence and quality within the manufacturing and service industries.

Certified Supply Chain Professional
APICS has created a new industry certification—the Certified Supply Chain Professional designation—to meet the rapidly changing educational needs in the field of supply chain management.

Is APICS CSCP Right for You?

Earning an APICS certification can take you from a qualified candidate to a sought-after expert. Around the world, APICS certification designees are recognized, promoted, hired, and paid more.

Especially in today’s growing and changing supply chain management field, to maintain your competitive edge, you must continuously increase your knowledge, skills, and expertise. Stay competitive with the APICS Certified Supply Chain Professional certification.

What is the APICS CSCP?
The APICS CSCP brings your company’s entire value chain into perspective. By giving you a truly end-to-end view of the supply chain, you become the expert, not just within your organization’s walls—you become the global expert.

From manufacturing to service, in business and consumer markets, the increasingly important role of effective supply chain management affects all organizations. Customer expectations are high—with the APICS CSCP, you can ensure that your company not only meets, but exceeds them.

What Do These People Have In Common?

Nick Testa, CFPIM, CIRM
Nick changed his career path from engineering to a management focus, establishing himself in the manufacturing community. As a vice president of operations, he increased company output by 50 percent. He has now started his own company, Acuity Consulting Inc. managing a staff of 10.

Mike Moody, CPIM, CSCP
Mike joined a Fortune 500 company and was promoted to purchasing manager. He later became director of materials and successfully reduced inventory, maintaining inventory accuracy. He initiated a formal cycle counting program at five plants, reducing the total days on hand from near 40 to the low 30s and still decreasing.

Maryanne Ross, CFPIM, CIRM, CSCP
Maryanne tripled her income due to APICS knowledge and networking opportunities. She changed her career path from material handling to a series of more advanced positions. She currently owns her own business.

Model Theory of Goal Setting and Task Performance

2007-09-06T17:03:00.000-07:00

Performance of employees and whole organizations is affected by the goals they set themselves. although the goal setting process is a tedious and complex one, the effort is not only worthwhile, but becoming essential in todays organizations.
Organizations introducing a goal-based management – also known as “Management by Objectives” – report performance increases of 25% or more. But there are bad examples as well.

The most important reasons for having goals are:

* Goals guide and direct behavior of individuals and groups
* Goals provide challenges and indicators for assessing the individual and whole groups
* Goals define the basis for the organizational design
* Goals serve an organizing functions.
* Goals reflect what management and employees find important

Goal setting is the process of developing, negotiating and establishing targets that challenge the individual.

Individuals and Organizations strive to achieve their goals, thereby if goals are set up correct, their performance should increase.

Ed Locke and Gary Graham developed a sophisticated model in their “theory of goal setting and task performance”, also known as “Goal Setting Theory” – developed / published in 1968 and 1990.

The basic idea ts that a goal serves as a motivator because it allows people to compare their current performance with that required to achieve the goal. To the extend they believe they will miss the goal, they feel dissatisfied and strive to improve their performance to meet it.

They describe different components and aspects in their motivation model

The Challenge

is defined through goal difficulty, goal clarity and self-efficacy
More difficult goals – as long as they are reachable – motivate more and avoid that one gets too lazy because the goal seems too easy to achieve. Unrealistically high goals are not accepted and have no effect on the performance of the individual.

Goals enhance performance by clarifying what type and level of performance is expected or required.

Self-Efficacy (Confidence) refers to the level of confidence that one feels about their ability to achieve their goal.

Moderators

The moderators Ability, Goal Commitment, Feedback and Task Complexity represent the factors that moderate the strength of the relationship between the goals and the performance.

Ability describes the orientation of the individual towards the goals – either it’s a learning goal where he wants to acquire new competencies and learn from it or it’s performance oriented where he avoids placing himself in situations that could lead to a negative evaluation.

Goal commitment is enhanced when goals are public and when goals are self-set.

Feedback makes the goal setting and evaluation process dynamic as it must provide timely response to the individual. It enables him to evaluate himself in respect to his goals.

Task Complexity finally effects the direct relation most. Goals for more trivial tasks lead to a more effective performance, whereas for more complex tasks goals do not lead to direct performance increases – at least we cannot measure it that way.

Mediators

The factors called “mediators” support the achievment of the individuals goals.

“Direction of attention” focusses on keeping the individual away (for the goal) irrelevant activities.

“Persistence” describes the duration the person is willing for work for the goal – the sustainability in reaching it’s goals.

The moderator “Effort” is the greater the more complex and the more difficult the goal ( in realistic boundaries) is.

Task Strategy is the way in which the individual approaches it’s tasks to approach the goal.

Performance

Performance is likely to be high when the challenging goals have been set, the moderators are present and the mediators are operating.
Rewards

Rewards are important to keep an employee at the high performance level he reached. Theory says that the rewards can be external (money etc.) or internal (like feelings of success) – which more accurately referes to the resulting extrinsic or intrinsic motivation. The latter cannot be influenced by an employer directly.

Satisfaction

The Locke-Latham model primary focusses on the employees satisfaction with his own performance.
Employees with too high goals may experience less satisfaction than others, that lower their goal. That does not mean a better performance at all.

Other factors like satisfaction with good working conditions, interesting colleagues etc are not discusses in detail, altough they seem to be the major component for many satisfactory situations for employees nowadays.

Sub-Summary for goal-setting

Goals affect people’s motivation because they have to develop plans to reach these goals and focus on goal-relevant actions mainly. It also spurts people to persist in their way, even when facing obstacles.

Limitations

Goal setting has shown to improve performance, but can fail if

a) the employee lacks the skills to perform the actions necessary to achieve the goals

b) these actions need a considerable amount of learning, which increases the time and resources considerably needed to achieve the goals

c) the goal setting system is just misused (as every system can be misused) or leads to appraising the wrong behavior (like mis-use)

Team vs. Individual Goals

Setting goals and measuring performance against individuals is an expensive method which costs often outweighed the potential gain in productivity. Some cases even report of individuals of a company fighting private wars to reach their goals – with a totally negative effect on the overall company performance. A typical system misuse.

In such cases the development of team goals should be selected with rewards for achievement allocated among the team members on a predetermined-share basis. In general this utilizes what I call “team-dynamics” for the goals’ effect. Something that’s missed for individual goals.

JIMBOK: Jim Owens' PMP Exam Tips & Columns

2007-09-06T16:54:00.000-07:00

Download Tips on each PMBOK chapter here forums.pmhub.net

Lessons learned - posted by Nitin in Orkut

2007-08-30T20:37:00.000-07:00

Hi All,

First of all let me share that the PMP Exam will really test your project management skills, whatever Books and Reading materials you have read, unless and until you grasp the concept and are aware about the terminology it will not be a cake walk.

Preparation:

Scheduling :

I had been studying for the Exam from Feb 2007, when i did my 35 PDU course at astrowix,Delhi chapter and kept the momentum for two months but some how i was not able to schedule the exam due to silly credit card issue .Let me share that i was also under the impression that i can pay the charges through Debit card but this does not work .Finally was able to schedule the exam for august 2007( with new credit card) as i has been preparing quite religiously for last one month and I did not to keep postponing the exam ,since that could have made lose interest in the EXAM .

Final Exam Day

I had finished preparation on sunday and on Monday 27th Aug 2007 , i had scheduled the exam. On the Exam day I just watched Television, as i am quite interested in stocks so was watching the stock market......This helped me to relax before the exam .This strategy works………;) … ,try to focus on something else of your interest and you can relax much more beofre exam.

Here are my suggested reading materials :-

PMBOK Guide -3 times at least
Rita Mulcahy exam prep -4 times at least
and PMFastrack simulation CD-2 times at least
JIMBOk -In case you want to clear doubts and grasp the basic concept this one is too good

Tips:
1. Keep on reading as much as you can from materials you have decided to refer to but please do not keep changing books.
2. No use using plenty of material, Rita and PMBOK is enough for PMP just stick to these books you will pass.
3.Practice a lot of MCQ (like PMP fasttrack 5.0) helps to get used to the type of questions in real exam but the real questions in Exam is totally different so keep yourself ready for surprises (that is why your experience counts in handling projects )as well as your understand

Negotiating for Project Benefit - Power (contd.)

2007-08-27T07:35:00.000-07:00

The Power of Morality

Inhabitants of the Western world are imprinted with similar ethical and moral standards, learned from school, church or simply from family situations. Concepts of fairness tend to be very much alike and few walk through life without believing that what they are doing is for the good of mankind. That's why by laying morality on people in an unqualified way often works.

By throwing oneself on their mercy, without defense or pretense, there is a chance that they may succumb. Why? Because they can relate and are hesitant to take advantage of someone who is truly defenseless. If they do take advantage, ask if that was fair and reasonable. That sort of question shakes up even the most worldly and self seeking.

Will this type of appeal work with people who have different values and other cultures? Not necessarily. Will it work with those whose imprinting is entirely different? No. People who are programmed in ways alien to us, often cannot comprehend Western concepts of forgiveness, cheek turning and extended olive branches. What they may understand much better is power, opportunism and revenge.

The Power of Persistence

Most people are not persistent enough when negotiating. They present something to the other side and if the other side doesn't buy it right away, they shrug and move on to something else. Many times, persistence eventually pays off.

The Power of Persuasion

Many project managers, especially those with technical backgrounds, rely too heavily on reasoning capacity to achieve their goals. Engineers and scientists learn to believe that logic must prevail. Yet logic by itself rarely influences people and, most often, simply does not work.

If you want to persuade people to believe, do, or buy something, consider these three factors:

1. Develop analogies that relate to their experience
2. Produce evidence that is so overwhelming that it cannot be disputed
3. Make a convincing case that what is being sought will meet their existing needs and desires.

Of these three factors, the third is by far the most important. Why? Because even if
overwhelming evidence is presented and understood, if the conclusion proves to be
depressing to the listener, he or she will remain unconvinced. The facts and logic may be unassailable, but without connection to needs and desires their acceptance will be only a remote possibility.

Bottom line – If you want to persuade people, then show them the immediate relevance and value of what you are saying and Do it by presenting the information in terms of fulfilling their needs and desires.

Negotiating for Project Benefit - Power (contd.)

2007-08-26T09:00:00.000-07:00

The Power of Risk Taking

When negotiating, be prepared to take risks by mixing courage with common sense. Not to do so may result in being out-negotiated. That means avoid becoming emotionally attached to a position wherein the other party can manipulate you with ease. Intelligent risk taking involves a knowledge of the odds plus a philosophical willingness to walk away and absorb a manageable loss without worry.

The Power of Competition

Successful negotiators develop options. By creating competition, what you have to offer moves up in value. The more people who want to participate competitively in a project, the further the budget will go. This applies not only to products or services, but also to ideas. The more competition that is generated for creative ideas in support of the project, from whatever source, the more commitment there is likely to be towards the project and the more successful it will turn out.

The Power of Rewarding or Punishing

The perception that one party can help physically, financially or psychologically gives that party muscle in a relationship. The actual reality of the situation is immaterial, it is the perception that counts. Here are two things to remember:
1. No one will come to the negotiating table in any significant way unless they are convinced that their adversary might help them or hurt them.
2. In this adversarial relationship, never diffuse this perception of power, unless something is obtained in return. This might be a concession or a repositioning on their part that is truly beneficial.

The Power of Legitimacy

Another source of power for the project manager is the power of legitimacy. In Western society, people are conditioned to regard the printed word, documents and printouts as having authority. Most people tend not to question them. By all means use the power of legitimacy but you should challenge that power when it is to your advantage to do so.

Negotiating for Project Benefit - Power (contd.)

2007-08-25T21:15:00.000-07:00

The Power of Attitude

Perhaps the worst person to negotiate for the project manager is the project manager himself. It is always easier to negotiate on behalf of someone else. This is because setbacks tend to be taken personally and therefore too seriously. It leads to excessive pressure and stress.

In contrast, an intermediary can be more relaxed and more objective. The exercise can be handled more as a game plan, and there is always the option for the intermediary to check back to his or her superior for further instructions. An intermediary can often buy you time to develop a new strategy and ultimately lead you to a more satisfactory conclusion.

The Power of the Knowledge of Needs

In all negotiations there are two things being bargained for:
1. The specific issues and demands which are stated openly
2. The real needs of the other side which are hidden

If you can possibly establish a reasonable guess at what the other side’s needs are, you can often forecast the outcome with remarkable certainty. Never forget that behind every apparently ruthless or uncaring organization or negotiator there are ordinary people desperately striving to meet their individual needs. What people say they want in their demands may not in fact satisfy their actual needs.

The Power of Commitment

Make the power of commitment in others work in three ways:
1. Take advantage of committed support to disperse the overall risk
2. Reduce individual stress level by sharing risk and anxiety with team associates
3. Demonstrate shoulder to shoulder team dedication and transmit awesome power vibrations in the face of opposition

So, obtaining the commitment of others to the project is crucial. You can form partnerships and alliances by offering a piece of the action, so that it is their action as well. Involvement begets commitment and commitment begets power.

Negotiating for Project Benefit - Power (contd.)

2007-08-24T08:40:00.000-07:00

The Power of Professionalism

The project manager's negotiating ability will be increased immeasurably when others are persuaded to identify with him or her. How can this be achieved? By not pulling rank or overplaying authority. You can gain people’s cooperation, loyalty and respect simply by acting as a reasonable person and dealing professionally. By identifying with project participants and approaching them on a human level and speaking to their needs and aspirations.

The Power of Expertise

Why is it that highly qualified technical specialists are often made project managers, even though they may not have project management know-how? That is because technical knowledge, specialized skill and technical experience is perceived as providing a power base for leadership, even though experience on many projects shows that this is not necessarily true.

For the project manager this means establishing his/her background and credentials early in any negotiation. Take advantage of the fact that in complicated egotiations, participants often lack specialized knowledge of certain aspects of the matter being discussed. Whenever possible, obtain that expertise by preparing ahead of time.
On the other hand, don't be over-impressed by the "expert" on the other side. Keep in mind that if the other side didn't need what you have to offer, they wouldn't be there. Try an occasional "I don't follow", or "Can you explain that in layman's language" A dose of irreverence, plus a dash of innocence, when combined with polite persistence and the asking of questions will often change the attitude and behavior of a so-called expert.

The Power of Precedent

The project manager should not act as if his or her limited experience represents universal truth. Start by testing basic assumptions. Don't get locked into time worn ways of doing things by the argument "Don't make waves. You can't argue with success and we've always done it this way".

To justify what is being done or asked for, refer to other situations similar to the current one where others did so-and-so and the required result was achieved. If it suits, but only if it suits, try using the overwhelming logic of folklore, or popular tradition, even though such tradition may actually be illogical. Few are willing to pursue a philosophical debate during a negotiation, it wastes too much time.

Negotiating for Project Benefit - Power

2007-08-23T08:37:00.000-07:00

What is power? It is the ability to get things done by exercising leadership and/or control over people, situations and events. Yet power is mostly based on perception. If the leader thinks he's got it, then he's got it. If he doesn't think he has it, even if he has, then he doesn't have it. For the project manager, power is the perception that project goals are realistic, achievable and beneficial, and that those working on the project will benefit as a result.

Consider the following fifteen aspects of power:

The Power of Planning

Just as the life cycle of a professionally-run project is based on the concept of first planning and then accomplishing, the art of negotiating anything can be viewed in the same way. The two phases in this case are "preparation" followed by the "negotiation". By understanding these two phases the crucial components of time and information can be used to develop a superior position. The more crucial the negotiation, the more important it is for you to invest time in preparation.

The Power of Investment

There appears to be a direct relation between the amount of time you invest and evident willingness to compromise. In other words, at the beginning of each encounter approach the other side collaboratively. You have plenty of time later to become competitive or to give an ultimatum, bearing in mind that you will only do this near the end – after the other side has made a significant investment of time and energy.

For example, suppose there is something difficult to negotiate, whether an emotional issue or a hard item like the explicit price for goods or services. Lead into it near the end of the negotiation when all other items have been disposed of and the other side has made its investment of time.

What if the emotional issue or quantifiable item surfaces at the beginning of the negotiation? Acknowledge it, chat about it then put it off until later, returning to it only after the other side has spent more time. It is remarkable how the other side's investment will cause them to become more flexible near the end of the negotiation.

Negotiating for Project Benefit - Time

2007-08-22T08:08:00.000-07:00

Time is the second crucial element when you negotiate for anything. Most people think of negotiating as if it is a task with a fixed start and finish. If that were true, the time frame would be fixed so when would most concession behavior take place? In very public negotiations, such as trade deals, you will have observed that all the action takes place at the eleventh hour or even the thirteenth, fourteenth and fifteenth hours!. So, in any negotiation, expect the most significant concessional behavior and settlement actions to take place close to the deadline.

The party with the tightest deadline experiences the most time pressure as the deadline approaches. They come under increasing stress and are therefore at a disadvantage. Who sets deadlines? Driven by the demands of the project's sponsors, the project manager is often the most vulnerable. The lesson here is to start as early as possible and endeavor to put the other party under their own deadline first. The best tactic is to design a flexible deadline well in advance. Remember the old saying: “Never enough time to do it right the first time, but always
time enough to do it over?”

So, the way time is viewed and used can be crucial to success. Time may even affect the relationship. A delayed arrival may be seen as evidence of confidence or hostility, whereas an early arrival may be considered as anxiety or a lack of consideration for others. Time can favor either side depending on the circumstances and how it is applied.

Negotiating for Project Benefit - Study the body language

2007-08-21T08:05:00.000-07:00

The study and interpretation of body language and related cues has become very popular in recent years. A cue is a message sent indirectly, whose meaning may be ambiguous and require interpretation. Essentially these fall into three basic categories:

1. Unintentional cues, in which behaviors or words transmit an inadvertent message. For example a Freudian slip
2. Verbal cues, in which the voice, intonation or emphasis, sends a message that seems to contradict the words being spoken
3. Behavioral cues, body language displayed by posture, facial expressions, eye contact, hand gestures, where a person sits at a conference table, who nudges whom or who pats whom on the shoulder, and so on. In our culture pattors seem to have more power than pattees!

The interpretation of much body language is obvious, but beware of ascribing some universal meaning to an isolated gesture, without taking the circumstances into account.

How can we apply all this to a negotiating situation? The key information that any negotiator would like to have about the other side is their real limits, just how much they will sacrifice to make this deal. In other words, what is the lowest price the seller will sell for? Or, what is the absolute top figure that the buyer will pay? You may be able to determine this by carefully observing the other side’s pattern of concession behavior.

Adout - Project Management Professional (PMP)

2007-08-20T17:04:00.000-07:00

Project Management Professional (PMP) is the most globally recognized certification in project management. It is managed by the Project Management Institute and is based on the PMP Examination Specification published by PMI in 2005. Most exam questions reference to PMIs ANSI standard A Guide to the Project Management Body of Knowledge, abbreviated to PMBOK Guide

The PMI (Project Management Institute) has three levels of certification, starting with the CAPM (Certified Associate in Project Management) which is the basic level and is intended as certification for project team members. The PMP (Project Management Professional) is the second, higher, level of project management. Individuals who have passed the PMP certification test successfully and have met the PMI requirements for documenting their professional experience are entitled to use the abbreviation PMP with their names. A new certification, PgMP (Program Management Professional) has also been introduced by the PMI, for Program Managers.

Benefits of becoming PMP

Getting a PMP Certification would help you in many ways.

* The PMP designation following one's name demonstrates to employers and other stakeholders that the individual possesses a solid foundation of experience and education in project management.
* PMP Certification is used as a screening tool by companies that have to fill their Project Management positions.
* PMP certified person applies Project Management methodologies in a standardized way. You get to know the best project management practices worldwide and your project management methodologies are not limited to hard work and organizational skills. And that is why employers are willing to pay more money for a PMP-certified professional.

Eligibility for PMP Exam

Certification by the Project Management Institute (PMI) as a project management professional (PMP) demonstrates that you have mastered essential project management skills and knowledge. To earn PMI’s PMP designation, you must demonstrate the required "long-term commitment" to project management professionalism as well as pass a rigorous, 200-question exam covering the five project management processes and ten knowledge areas in PMI’s project management body of knowledge (PMBOK). To receive the PMP certification, each candidate must satisfy PMI's qualifications for experience and education and pass the Project Management Professional Certification Examination. To qualify for the PMI exam applicants must have:

1. A Bachelor degree and 4,500 hours of relevant project management experience in the past 6 years OR
2. A high school diploma or equivalent and 7,500 hours of relevant project management experience in the past 8 years.

Candidates who do not meet the minimum requirements for the PMP certification can apply for the Certified Associate in Project Management (CAPM) examination.

PMP EXAMINATION INFORMATION

PMP examination is a computerized test of 4 hours duration, with 200 multiple-choice questions, each with four choices. Out of the 200 questions, 25 questions are pretest questions. These 25 pretest questions are randomly placed throughout the examination to gather statistical information on the performance of these pretest questions. This strategy is followed to determine whether the pretest questions can be used in future PMI examinations as actual questions. The pretest questions, included in the 200-question examination, are not considered for pass/fail determination. Hence, candidates are evaluated on basis of the remaining 175 questions.

To pass the PMP examination, out of the 175 questions, candidates must correctly answer a minimum of 106 questions. Which means the minimum percentage score to be obtained should be 60.6%.

All of PMI’s credential examinations are administered in English. Examination language aids are available to assist candidates for whom English is a second language. The aids provide a translation of exam questions and answers and are available in 10 languages – Chinese (Simplified), French, German, Hebrew, Italian, Japanese, Korean, Portuguese (Brazilian), Russian, and Spanish.

Examination Content - Percentage Of Questions

* Initiating the Project - 11%
* Planning the Project - 23 %
* Executing the Project - 27 %
* Monitoring and Controlling the Project – 21 %
* Closing the Project – 9 %
* Professional and Social Responsibility - 9 %

PMP Exam Registration
You can apply Online or use the paper form. Your payment to PMI is normally by credit card or mailed check. You should plan on joining as a member of the Project Management Institute to save money now and in the future

http://www.pmi.org

For candidates who need to apply via a paper application, please download the following documents (as needed).
PMP Handbook and Application Forms
CAPM Handbook and Application Forms

Fees for PMP Exam

Project Management Professional (Fee in USD)
Initial Certification Fee - member of PMI in good standing ($405.95)
Initial Certification Fee - non-member of PMI ($555.95)
Re-Examination Fee - member of PMI in good standing ($275.95)
Re-Examination Fee - non-member of PMI ($375.95)

Some of Popular PMP Training providers in India

* Prologic systems (P) Limited, 16/2A, 401, Ansal forte, Rupene Agrahara, Hosur Road, Bangalore – 560068, Karnataka, India., Phone : +91 80 51114915 Mobile : +91 9845178851, url : www.prologic.in

* KnowledgeWorks IT Consulting Pvt. Ltd.,197, E-5, 2nd Floor,8th “B” Main 27th Cross, Jayanagar 3rd Block, Bangalore – 560011, Landmark : Near to G.K.Vale Photostudio / Pizza Hut, General email: training@knowledgeworksindia.com , Phone: +91-80-26630622 / +91-80-22459941 (O)

* PMTI-India, No. 337/2RT, Opp. to Metro Water Tank, Sanjeeva Reddy Nagar, Hyderabad, Andhra Pradesh - 500038

* Quality Solutions for Information Technology Pvt. Ltd., A-706 & 707, 7th Floor, Mittal Towers, M.G. Road, Bangalore - 560 001 INDIA, Tel: +91-80-2558 5386 / 4113 4334, Fax: +91-80-2559 7445, email: contact(at)qsitglobal.com

* AstroWix Corporation, A-53/54 Sector 16, NOIDA - 201 301, UP, India, TEL:+91 (120) 431 5760, FAX: +91 (120) 431 5766; 484, 25th Main, 2nd Cross, 2nd Stage BTM Layout , Bangalore 560076, INDIA, TEL:+91 (80) 5120 1679, Fax:+91 (80) 2678 5916, Email : info@astrowix.com

Some of popular PMP preparation forums

* Pmhub
* Head First
* Tcqaa
* Phpbb2
* Ecademy

Few useful downloads here :)

2007-08-19T22:52:00.000-07:00

http://www.esnips.com/web/adeelkl-PMP/
or browse http://www.esnips.com and search for PMP.
Get all you want :).

Negotiating for Project Benefit - Information

2007-08-18T21:32:00.000-07:00

How and where to get it

Information is the first crucial component in negotiating because it is a big advantage to learn what the other side really wants, their limits and their deadlines. However, information is recognized as power, especially in situations where one side does not particularly trust the other. Consequently, it is often common strategy for one or both sides to conceal their true interests, their needs and priorities. So often we see that serious negotiations only get under way after sufficient pressure has built up “in the system” so to speak.

Obtaining information under these conditions, especially from an experienced negotiator in an adversarial situation, presents enormous difficulties. The chance of getting key information at this stage is very remote. So, the key is to start early because the earlier the start the lower the stress levels and the easier it is for information to be gathered. Once stress levels have risen in an acknowledged formal confrontation, attitudes become solidified, defensive and closed.

Some people assume that the more intimidating or flawless they appear to others, the more they will learn. Actually the opposite is true. The best approach is to quietly and persistently probe for information, not like a grand inquisitor but rather as a humble human being seeking genuine advice. The more apparently confused and defenseless the approach, the more the respondents are inclined to help, especially with information and advice. With this approach too, it is easier to listen more than talk, to ask questions rather than give answers. In fact, you should ask questions even when you know the answer because this way you can test the credibility of the other side.

Who are the best sources of information? Anyone who works with or for the other side, anyone who has dealt with them in the past, or third parties and even competitors. This includes secretaries, clerks, engineers, janitors, spouses, technicians or past customers and suppliers. They will typically be willing to respond if approached in a non-threatening way.

Is there more to it?

In most instances, there is more to gathering information than just described. It may be necessary to give information in order to get some in return. Perceptive people will not communicate with you beyond the chit chat level until reciprocal risks are established. That is, until you share commensurate information with them. However, by giving carefully worded and controlled information during this stage, you may be able to lower the expectation level of the other side.

Conversely, if you introduce new information late in the negotiation you may stall the proceedings because of the element of surprise. Instead, by introducing the same issue early and then raising it several more times at adroitly spaced intervals, it becomes familiar to the other side. As it becomes familiar, it somehow becomes more acceptable.

Remember that change and new ideas are only acceptable when presented slowly in bite
sized fragments. Keep that in mind when trying to alter someone's viewpoint, thinking, perceptions and expectations. For most people it's easier and more comfortable to stay in a familiar groove.

When it finally comes to the negotiating event, practice effective listening techniques. By carefully concentrating on what's going on it is possible to learn a lot about what the other side is really feeling, their motivation and their real needs. Of course attentive listening and observation mean not just hearing what is being said, but also understanding what is not being said.

More to follow ...

Negotiating for Project Benefit - Introduction

2007-08-17T08:55:00.000-07:00

You’re working on a project, right? In fact you are supposed to be in charge, but you don’t feel that you have enough authority to get things done, right? You are not alone. In fact that is the way most projects really are. So, how do you get things done?

It’s a matter of being able to negotiate. Negotiating is a vital part of every project leader’s job.
Whether you are negotiating at arms-length for goods and services for the project, or you are negotiating for coworker’s commitment to the project, a good understanding of how to negotiate effectively will help considerably.

In every negotiation there are always three crucial components present:

1. Information. The other side somehow seems to know more about you and your needs
than your side knows about theirs.

2. Time. The other side doesn't seem to be under the same kind of pressure and time
constraints that your side feels under.

3. Power. The other side always seems to have more power and authority than you think you have.

For many of us, power is a concept with threatening implications stemming from our traditional view of the master slave relationship, and because of those intimidating consequences. For example, power may be employed in a manipulative, coercive or domineering way to control people as an end in itself rather than for achieving a legitimate goal. If there is no commitment to the goal, or the goal is not acceptable, even the most appropriate means will not make it right. Let us examine each of these components in turn.

Project Management Glossary

2007-08-16T20:33:00.000-07:00

Project Management Glossary

A comparative glossary designed to show how many common terms mean different things to different people, thereby leaving you free to create your own distinct version for your particular project.

Prioritize the Triple Constraint

2007-08-11T21:17:00.000-07:00

There are many ways to approach the planning stage of a project. To start with, you will have to have a very clear idea as to how the Triple Constraint is prioritized in the project you are working on. What is the client asking for? Does the client insist on the project be completed and tested by a certain date, are they insisting that the project have certain functions and content above all else or are they demanding that work be successfully completed within the specified budget? The answers to these questions tell you what is the priority and they will influence the way in which you plan your project. If you find that you do not have the answers to these questions, you will need to present them to the client.

Tool to help you plan for filling 4,500 hours of relevant project management experience

2007-07-23T04:45:00.000-07:00

Download file from

http://www.esnips.com/doc/3f7251c5-927a-4a70-932a-3fc1b6c71ab6/pmp_project_hrs_worksheet
or browse http://www.esnips.com/ and search for "pmp project hours"

This tool will help you prepare and validate the data to project 4,500 hours of relevant project management experience, which is required for registering for PMP.

Risk Management – Sharing the Learning - Scenario 5

2007-07-19T18:36:00.000-07:00

One line requirement

Potential Challenges:

1. Incorrect assessment of the impact – If one liner requirements are taken at face value, there is a risk on missing out very critical impacts.

2. The above situation can very easily translate into estimates way off the mark risking the entire initiative.

3. If estimates are arrived at based on high level requirements and communicated to the client, the client, at times, starts expecting the final cost in similar ranges. This can become an issue from financial sponsorship of the project.

4. In such situations where functional requirements can not available, it is very easy to loose focus of non functional requirements; mainly usability and performance needs

Mitigation Strategies:

1. Multiple Options – A short term, near term and a long term solution can be thought of and discussed with the client.

2. Knowledge Management – Knowing the domain of the customer / application is very important to assess the right impact.
E.g. In transportation domain a one line requirement saying that improve the visibility of shipment on web tracking system has a potential to translate into very high amount of impact. The change would be required to all operational systems to generate such information, processing it and persist it. The data services applications will need to retrieve it and finally the delivery channels will need to display it. This could well be a program of 6+ months

3. Client Education – It is necessary to make sure that the client understands the true complexity and extent of impact. This will help to make the client appreciate the budget and timelines.

4. Even if non functional requirements are not stated, the same can be derived based on past experience in same or similar domain / implementations. This can be shared with the client to ensure correctness of the information.

Risk Management – Sharing the Learning - Scenario 4

2007-07-18T21:23:00.000-07:00

Crunched schedule project

Potential Challenges:

1. If a project is crunched beyond a certain limit (say > 40% as per the COCOMO Model), there is a high risk for failing the timelines and or poor quality.

2. Resource utilization becomes a challenge when many tracks run in parallel. Result can be high effort over-run.

3. Team morale typically takes a hit in such project

4. Low tolerance for defects. Higher or in cases even normal DIR (defect injection
rate) can impact project timelines.

5. Crunched projects typically have a context at the client end e.g. come commitments to business, regulatory needs, etc. Hence it is important that such projects are done first time right and succeed in achieving its objective.

Mitigation Strategies:

1. Joint Application Development – Jointly working with the client is a good de-risking strategy. Issues are identified and resolved early. Also, this helps in creating a team spirit.

2. Modify team structure and reporting – The development team can be empowered to take certain decisions. Also the reporting structure can be changed to facilitate attention of the top most stakeholders and fast decision making

3. Leveraging GDM – Work can be carried out at various geographical locations. Roles and responsibilities of each and every team needs to be were well defined.

4. Improved communication – Top to bottom every one needs to be made aware of the objectives and implications. SPOC can be defined for all the teams. Stand-up meetings, daily handover meetings, weekly status meetings, Net Meetings and white-boarding – all possible means of communication can be leveraged to ensure that every information and change is communicated appropriately.

5. Process Tailoring – Can be done to suite the situation and potential risks of quality mitigated by better quality resource commitment.

Note - People are the single most factors that can make or break a project. If all the teams are driven by the single objecting of making it happen, the engagement can succeed. There is no prescription / mitigation step to motivate people but some things that can help are:

1. Common communication from the top most executive to all e.g. The IT CEO addressing all development teams in cafeteria.

2. Articulating the objective of the project, its need and criticality very clearly to all the teams

3. Team Leaders need to lead from front by example.

4. Usually the toughness of the challenge itself can tick ☺

Rita Mulcahy's web site

2007-07-17T20:44:00.000-07:00

Rita Mulcahy, world-renowned PM expert and best-selling author, has been teaching her innovative techniques for passing the PMP® exam on the first try since 1991. And most recently, she has used her thousands of hours of experience to develop exam training for the CAPM® certification as well. Now, project managers around the globe can study for either the PMP® exam or the CAPM® exam online—24 hours a day, 7 days a week.

You can also find some free stuff here:
http://www.rmcproject.com/

Risk Management – Sharing the Learning - Scenario 3

2007-07-17T20:24:00.000-07:00

Programs with 3rd party vendor involvement

Potential Challenges:

• Dependency on other projects or parties whose outcome or working cannot be influenced by you.
• In case there are stringent SLA with penalty for SLA breach, multi party involvement can pose a potential financial risk

Mitigation Strategies:

• Joint risk planning and mitigation with the client and other stakeholders
• Well defined communication plan for client and also other stakeholders
• Enter into an agreement with the interfacing vendors (e.g. OLA – Operation Level Agreement). The agreement can define overall test requirements and gain commitment from interfacing systems to provide support during testing and implementation.
• Review of the SLA and other agreements from companies legal cell to ensure that we are not at financial risks due to some one else’s breach of contract / SLA.

Risk Management – Sharing the Learning - Scenario 2

2007-07-16T18:39:00.000-07:00

Complex Technology

Potential Challenges:

• No precedence – The technology landscape is changing on a daily basis with a new technology making to the market on a daily basis. It is likely that there would be no or less extensive know-how on a particular technology.
• Propitiatory products (typically from small time vendors) do not have much information in documentation and or public domain like mailing lists, discussion forum, “Googling”, etc. available. This increases the learning curve and dependency on 3rd party.
• Sometimes customers buy 3rd party products based on their marketing blurs without much due diligence on the technical information and need context. Fitness of use can get compromised in such cases.
• No estimation methodology, historic data or guidelines are available for such type of work.
• Immature products typically have defects that could get unearth during the development phase

Mitigation Strategies:

• Guide the client, as possible in selecting appropriate products that are fit for use. Adopting a structured approach to product selection is a good practice.
• Doing a proof of concept (POC) is recommended depending on the complexity and criticality of the requirements. Target the most risky scenario for this POC so that issues are identified early one.
• Obtain a formal support mechanism from product vendor during the Design & Build phase. This support should be available at both offshore and onsite.
• Work with the client to define a process for fixing issues in the 3rd party products identified during project execution.
• The contract can be a time and material kind in case the financial risks are considered high.
• Communicate the risk involved with using a complex technology and new product to the client before beginning the assignment.
• The learning from the engagement needs to be collated and made available in the internal knowledge portals for future engagements.

Risk Management – Sharing the Learning - Scenario 1

2007-07-15T00:53:00.000-07:00

Let us see some hypothetical situations and the corresponding challenges which can be potential risks for the project. Also are accompanied mitigation strategies for these challenges.

First Time Customer / First Time Off-shoring

Potential Challenges:

• Low Confidence Level - Being the first engagement, it is very natural for the client to be apprehensive.
• Insecurity - Off-shoring is a paradigm shift for customers that are off-shoring first time customers. It is difficult to digest the fact that people, miles away can understand their requirements and deliver in time.
• Frequent changes – Typically customers engaging off-shore firms for the first time are not used to adhering processes. Frequent changes to the requirements are a common observation with such clients. Also many such clients have implicit requirements and expect the incorporation of the same in the project.
• Typically such clients find estimation as one of the issue areas of discontent.
All such issues manifest itself typically in risks like requirements issues, micromanagement from client and relationship endangerment.

Mitigation Strategies:

• Educate the client on offshore processes and practices. Arranging a client visit to the offshore development centre is a good way to boost the client confidence.
• Have elaborate communication plan with multiple and multi-level communication channel e.g. the project sponsor can have two or three points of contact. This redundancy in communication channel helps to foster the necessary confidence.
• The customer facing team needs to be oriented / trained in appropriate soft skills and have the client cultural sensitivity.
• During requirements elicitation phase adopt a process driven approach to ensure holistic information capture. Apart from functional requirements try to elicit the non functional requirements also e.g. performance, user interface, maintainability, etc.
• Try and adopt a top down and standard estimation approach such as Function Points. These are easy for the client to verify and accept.
• Transparency – Keep the client informed all the time. In case any critical issue is anticipated, share the same albeit with an appropriate mitigation strategy.

Risk Management in Action - Part 2

2007-07-14T15:00:00.000-07:00

Symptoms of a Project in Need of Risk Management

If we are not proactive enough to identify Risks early on in the project, potential risks will start materializing. As an alert project manager you could use the following checklist to know if the uncertainties have started getting manifested into realities.

1. Poor executive buy-in
• No or minimal participation from top client side executives
• No SOW or any agreement document to proceed with work
• No communication channels with the client top brass

2. Poor Requirements
• High number of TBD in the requirements specifications
• High number of issues in issue tracker with status as open
• Ever changing requirements with late or no baseline of the requirements
• Client raising CRs even in advance phases of the project

3. Poor Estimation and Scheduling
• Team staying back late from the very beginning of the project
• Some components in project not estimated / accounted for in the estimates
• Members waiting to be assigned work, waiting due to dependency on modules
• Project having many assumptions that are not validated by the client / stake holders / experts
• Project crunch not quantified

4. Poor Project Management –
• Project resources working on unplanned activities,
• More than average time is required to report quantitative metrics

5. Poor Quality –
• High defect injection rate
• High amount of rework
• High number of iterations before closing of issues

6. Poor Communication –
• Team does not know what to do,
• Gap in Top Management and Client perception of the project health against the ground zero situation.
• Lack of comfort of project manager front in breaking the bad news

7. Lower Team morale –
• People working in isolation,
• The “team spirit” missing and people issues within team,
• Team Members no longer have faith in the management

Risk Management in Action - Part 1

2007-07-13T23:27:00.000-07:00

Identifying Potential High Risk Projects

As stated before project management is characterised by uncertainty and risk. Though there are no prescribed criteria to identify a prospective high risk project, we do outline some thumb rules that one can keep an eye on.

Thumb Rules for identifying Projects that may become High Risk Projects

• Projects / Proposal with one liner requirements: These are usually projects from a known client. The client expects you to understand statements like “Replace the existing system using DB2-Delphi with a .NET system” or “Use the latest technology to rework the current report generation”.

• First time customer: This might be a customer who is off-shoring for the first time. Other case might be that the customer has been bitten hard by a former offshore IT vendor. Hence, one may encounter problems like low confidence levels, micro management by customer, escalation at trivial issues, etc.

• First time technology or complex technology: This needs rigorous technology management and client cooperation to deal with unknowns in emerging and difficult technologies.

• First time project manager: Have you heard the proverb “There are no good project managers - only lucky ones”? Project Management is one of the keys to project success. Thus, good project management is a must for good risk management.

• Bad history of project execution for an account: If there have been cases of failure for projects in an account, one should ensure good risk management practices in other projects in the same account.

• Crunched projects (> 40% COCOMO crunch): Project with crunched timelines is critical since there is little time to set right things that go wrong.

• More than 50% of people have technology mismatch.

• Multi location projects: Managing virtual teams is a reality today. But it needs maturity with the project manager and the team.

Risk Management and Communication

2007-07-12T12:27:00.000-07:00

Communication is the most essential function that can affect any outcome. Comunication does not merely mean getting the message across to the stakeholder, but it also implies winning over your stakeholder so has to have support for your project at all times. Given below are a few communication tools which will work the right way in getting your risks through.

1. Project Initiation Report:

Commonly referred to as PIR, this report summarises the project on various fronts like effort, estimation, risk-impact analysis, risk management, effort available and projections on project completion. It is created before the project start and serves as a powerful communication tool to project sponsor and other key stakeholders within the delivery organization.

• SDLC Stage: Project initiation
• Key Stakeholders: Project Manager, Project Sponsor, Project Quality Advisor, Project Unit Head.
• Primary Intent: To give an exhaustive end to end picture of the project situation including the risks and the risk management plan to internal stakeholders.

2. Project Plan: Project plan

The risk management section of the Project Management Plan serves to communicate risk, its impact, mitigation and overview to the end viewers. The initial risks flow down from the project initiation report (PIR). Till the end of the project, it communicates the risk management plan to its stakeholders.

• SDLC Stage: Project start to project closure
• Key Stakeholders: Project Manager, Project Quality Advisor, Project Sponsor,
• Primary Intent: Continuously monitor risks and its impact to internal stakeholders

3. Estimation

Usually, it is not a common practice to share details of estimation with the customer. But in some cases, usually common in large accounts where the relationship with the client has matured over time, estimation details are transparently shared. At the point in time, it is also advised to have an annexure of risks to the given approach.

• SDLC Stage: Proposal stage
• Key Stakeholders: Project Manager, Project Sponsor, Customer
• Primary Intent: Convey the initial risks of the chosen approach to client, especially the ones impacting cost.

4. Status Reports

This is a communication tool mainly between the Project Manager and Customer to apprise the customer of the progress on the project. It also highlights the issues and risks on the project to the customer.

• SDLC Stage: Project start to project closure
• Key Stakeholders: Project Manager, Customer
• Primary Intent: Keeps the customer appraised of the project progress at the same time ensure that risks and issues are effectively tracked.

5. Client Portal:
In large accounts, where the cost overhead is justified, it is advisable to have a portal where by the projects across the account can be tracked through the portal. Usually, in these cases, it is also customary to have joint risk mitigation strategies with the customer’s buy in.

• SDLC Stage: Project start to project closure
• Key Stakeholders: Project Manager, Customer
• Primary Intent: Project updates can be posted on the portal from time to time both by the customer and software vendor. Also, it report generation based upon data can be facilitated. This portal thus increases the transparency with the customer and also seeks support on customer related issues.

6. Dashboard
A dashboard is similar to a Client Portal, the difference being that it is used internal to an organization. Other major difference can be that relevant dashboard snippets and event triggers are posted to the stakeholder on a periodic basic. Thus this uses the push mechanism for data unlike the pull strategy involved in case of a portal.

• SDLC Stage: Project start to project closure
• Key Stakeholders: All internal project stakeholders
• Primary Intent: Current project updates to all project stakeholder. Since it has the advantage of data getting pushed to the stakeholder’s inbox, it offers an edge over other tools.

Risk Management Process

2007-07-11T12:30:00.000-07:00

Risk Management process can be considered as answering the following key questions:

1. What all can possibly go wrong (Risk Identification)?
The first step towards an effective Risk Management is identifying all the possible risks. A point to note here is, quantum of the risks by no way indicate the success or failure of the project. Hence this process needs to be unbiased and non-judgmental. One of the key challenges faced in this phase is need of a structured and repeatable approach of Risk Identification that will ensure that all the aspects of the Project are probed.

Some of the common tools employed for Risk Identification are:
• Checklists and guidelines
• Risk Repository / re-use of historic data
• Brainstorming and Experience (within and outside the team)
• Taxonomy Based Questionnaire (TBQ) by SEI

The deliverable of this phase is an exhaustive list of Risks.

Which risks do I take care of (Risk Analysis)?

The 80-20 rule applies here too. It is important to have a prioritized list of risk list to work on. One of the approaches used in our organization is Risk Exposure which is computed as – Risk Exposure = Risk Probability * Risk Impact.

Here Risk Probability is the likely hood of the risk materializing (expressed in %) mainly derived from historic data and Risk Impact is a number between 0 and 10. Quantitative and Qualitative guidelines are available to arrive at the risk impact. All Risks that have high probability (>=70%) and or high impact (>=7) are considered for Risk Planning.

The deliverable of this phase is a prioritized Risk List.

Note – there are various ways available to assess the probability and impact and quantify the same.

3. What do I do with these prioritized risks (Risk Planning)?

Some of the common strategies for Risk Planning are:
• Risk Transfer - causing another party to accept the risk, typically by contract, insurance or by hedging.
• Risk Avoidance - includes not performing an activity that could carry risk.
• Risk Reduction (i.e. Risk Mitigation) - involves methods that reduce the severity of the loss should the risk occur.
• Risk Acceptance (i.e. Risk Retention) - involves accepting the loss when it occurs. Risk retention is a viable strategy for small risks where the cost of insuring against the risk would be greater over time than the total losses sustained.
It may not be possible to use all the strategies all the time. Once the strategies have been determined, they should be documented in a risk management plan (RMP) or as part of the project plan. Decisions taken need to have a rational (and or data points) to support.

The deliverable of this phase is a Risk Management Plan.

4. Am I doing what I planned to do (Risk Tracking)? Things are going as planned (or not), what do I do (Risk Control)?

Once the plan is made and implemented, it is a must to continuously monitor the status of various risks and action items implemented as a part of RMP. Metrics need to be defied to enable objective tracking. Tracking can be event driven e.g. completion of a milestone or frequency based e.g. every week-end. In case any deviations are observed in the risk status or implemented plan, we need to take appropriate actions. Similar to the PDCA cycle, we need to trigger the Risk Management cycle again.

Risk Management Introduction

2007-07-10T12:00:00.000-07:00

Each one of us will have a horror story to share of projects failing or on the verge of failing or the “mess” that we were in. One of the primary reasons for project failure is our inability to handle uncertainties at the right time and in the right way i.e. effective risk management.

Definition

Risk can be defined as an event or a situation that has a likelihood of occurrence and can cause loss (or benefit). Risk Management is the process of measuring, or assessing, risk and developing strategies to manage it. Strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.

Issues in Risk Management

Many an organizations and projects do have a risk management program and plan. However, the adoption of the same has issues. Some common issues that can be observed are:

1. Ad-Hoc approach – Though the organization might be having a Risk Management framework in place, it is common to see Project Managers doing Risk Management as an ad-hoc activity; visited only at the project creation/initiation stage and from the perspective of completion of the project plan. The Risk Management Plan (RMP) is seldom revisited during the project life cycle stages or project milestones. It is done based on the experience and risk orientation of the Project Manager.

2. Isolation of the process – It is not an uncommon sight to see the Project Managers filling the RMP excel sheet, Risk Portal, etc. alone. It is seldom a team activity and seeking participation from SQA, Technical Leads, SME, and senior management is virtually unheard off.

3. Reactive approach – Risk Management is seldom proactive. Typically a project is classified as high risk only when it is in middle of the build phase or half way through the schedule. Late flagging results in reactive responses and the eminent fire-fighting exercise.

4. Communication issues – Risks are known within the team - If an event is happening for the first time and is unknown to the team, no amount of Risk Management would help ☺. The issue is free and fair communication of the same. There is reluctance on part of various members to communicate risks. The team members are not keen to share risks with team lead; project managers are reluctant to share it with client and client with business or end users. This reluctance is on account of the perception that Risks are an “evil”. We need to understand that Risks are neither good nor bad. Risks are inherent in any project and effective management of the same is a critical success factor for the success of the project.

5. Education and awareness – One observation is that Project Managers (current and would be) are not appropriately oriented towards Risk Management. Project Managers tend to lack awareness of the Risk Frameworks, Processes, Repositories available within and outside the unit and organization. Sharing learning of failed projects is very rare.

Get PMP Certified in 35 days from Scratch

2007-07-08T10:52:00.000-07:00

I had suggested this to one of my friend. It works!!
He passed with 69% marks.

Total effort in Plan: 35 days

Make sure you can spare at least 3+ hours a day for next 24 days
And 8+ hours for last 11 days before you attempt the exam.

Register with PMI:

Go to http://www.pmi.org/

Select "Global Membership & Communities-->Membership-->Individual --> Online", Membership fee is $119. As part of membership, you will receive PMBOK Guide from PMI
Also get a copy of Rita Mulcahy’s PMP exam prep book.

Apply for the certification exam
Select "Professional Development and Careers-->Certification Program-->Online Application"

You need to do this now as you may get a slot only after 30-40 days depending on the availability. Exam fee is $405 for members. Your preferred exam date should be 35+ days from now.

Register for a PMP Exam Prep 4 day course on 25th day from now.

Start Preparation:

There are 12 chapters in PMBOK
Read one chapter two times in a day for next 12 days
First read ITTO (Inputs - Tools & Techniques - Outputs), next read and understand each item in detail.
ITTOs are very important, Logically understand and Memorize all ITTOs, you will get many questions on that.

Now start reading Rita Mulcahy’s PMP exam prep book in parallel with PMBOK
This book has all the needed basic concepts in detail with scenarios, exercises and practice questions. Since you are now familiar with the PMBOK, you will start understanding the concepts in depth. This may take another 12 days.

This is not sufficient to attempt the exam. Remember that you need to follow PMBOK as bible. No mugging or guess work will help. All you need is through understanding of concepts and good buffered Short Term memory.

To boost your short term memory, I would suggest you to take a PMP Fast Track Exam preparation course. This will help you grasp all the chapters in 4 days and also you will get the much needed 35 PDUs certificate which is an entry criteria for the exam.

Now you will have increased confidence level to attempt the exam.
Take off from your work and other commitments for next one week and start preparing for the exam. By this time you would have realized your gaps and week areas. Start paying more attention to difficult areas. Revise, Revise and Revise. Attempt practice questions on difficult areas like Project Integration Mgmt, Time Management, and Cost Management etc.

Keep cool mind on exam day, relax, don’t stress yourself as you will need 100% of you mind to work at its optimum speed continuously for 4 hours.

All the best!

PMP Exam Prep: Taking The Exam

2007-07-07T13:59:00.000-07:00

Anticipate that many questions will have multiple correct answers. It is your challenge to pick the best answer based on how PMI outlines the situation should be handled. Remember to answer questions from PMI s perspective, not from your real-life experience. Think, What does PMI say I should I do? rather than What s worked in the past?

The actual exam allows you to mark any question for later review. Plan on making several passes through all 200 questions of the exam. Double-check yourself on questions that you are unsure of your answer. During the initial pass through the exam, mark any question that you are not 100% sure of the answer. On the second pass, review all the marked questions.

You may discover that the answer to a given question is detailed out in another question or answer throughout the exam. During the exam, as the test taker, you will need to manage your exam time. 200 questions in four hours (240 minutes) = 1.2 minutes per question. Some questions will be as easy as 15 seconds; others may take 3 4 minutes. You are not required to immediately take the exam when you sit down at the computer terminal. Use this time to gather your thoughts and pmp certification prepare your reference sheet. Write down all formulas, diagrams, and pmp certification information that will assist you with the exam. This allows you to clear your thoughts and pmp certification focus better as you begin the exam.

When you begin the exam process, you will initially be provided a tutorial of how to use the terminal and pmp certification how to take the exam. If you feel comfortable with the information, you can pass over this tutorial quickly and pmp certification begin the exam. Pace yourself and pmp certification be sure to read all four answers completely. Do not just choose the first potentially correct answer you see, there may be a More right / Most right answer available. Take breaks throughout the exam. You have 4 hours for the exam, you need to complete at least 50 questions per hour and pmp certification allot for periodic breaks to allow yourself to regain focus and pmp certification rest. Question content is something to pay close attention too. Practice exam questions provide valuable insight into actual exam questions. There will be several types of questions to be cognizant of:

Situational questions
Conceptual
Time-consuming questions
Fill-in-the-blank and pmp certification other factual-type questions
Select the exception from the four possible answers
Short stories
Calculations and pmp certification /or draw simple diagrams.

In our estimation, around 75% of the exam questions come directly from the PMBOK Guide. The remaining questions are derived from other reference materials and pmp certification real-world situations. Solid common project sense should help you in answering these.

Some key exam topics you won t find in the PMBOK but should understand are: Conflict-resolution techniques, Organizational theories, Problem-solving Techniques and pmp certification Theories of motivation. Before the exam begins, you have fifteen minutes to do the tutorial. I used this time before the exam to do a memory dump of the formulas. The tutorial is straightforward on marking questions, reviewing questions and pmp certification how to view exhibits.
Usually, the examination center will give you time to write down things, get your thought clear and pmp certification then you begin the tutorial.

Take few minutes to do the memory dump.

If the question contains diagrams, tables or other numbers used in calculations, copy these down completely on your scratch paper before beginning the development of the solution. Number your notes and pmp certification diagrams (the exam calls these exhibits) on the scratch paper and pmp certification use it in an orderly fashion, later to facilitate checking. Often the exhibit used in one section of the exam will be used in another section.

Keep a close eye on the way a question is phrased. The exam has lots of which is the correct answer EXCEPT. Usually the questions will highlight this (i.e. word EXCEPT or BUT)

Be very careful of questions framed in the double negative ( None of the following are true EXCEPT . ). Re-phase these questions (if necessary, write the rephrased question down on your scratch paper and pmp certification number it) to eliminate both negatives ( which of the following is true ).

Use the calculator for all but the most elementary calculations. If you have enough time re-calculate your calculations -- again using the calculator. It is amazing how often, in the pressure of the examination 1+1 = 3 by mistake.

Make note of questions that have exhibits, or calculations these are often referred to in later questions and pmp certification open question will give you a clue.

Remember to answer all questions! If you miss a question, when the exam hits review it will flag questions you missed.

Keep track of your score: Use your predictor tool mentioned in my previous blog.

PMP Exam Prep: Building a Study Plan

2007-07-06T00:30:00.000-07:00

Begin with the end in mind: Estimate the amount of time you need to prepare for the exam and to schedule for the PMP Certification Test. If you need 8 weeks to prepare, schedule your exam for 8 weeks from today and pmp certification work to meet your deadline. This helps ensure your focus.

Build a plan: Figure out how many hours per day you can dedicate to preparing for the PMP Exam, and pmp certification stick with it. Allocate blocks of time for studying on the weekends.

Form study groups: Learning in teams can be beneficial for everyone, if it is focused study.

Learn in Chunks or Sections; don t try to capture it all at once.

Learn to Mind Map: The human mind makes a connection each time your pen and pmp certification paper meet. In conjunction with this, the visual makings of a mind map will help keep information fresh in your minds eye.

Brain Dumps: When you arrive at the testing center, before you take the actual PMP Exam, perform a brain dump. This is an activity where you use the scratch paper provided to write out all of the exam notes you ve committed to memory. In order to do this at the testing center, you must practice it daily. I recommend focusing on the calculations and pmp certification formulas.

Practice Exams at the end of each chapter or section. Each day I did a set 50-200 questions after a chapter. The following day I reviewed weak areas. I found the more questions and pmp certification answers that I did, the better prepared and pmp certification more comfortable I was.

Cramming before test day: I took one week off before writing the exam to review and pmp certification cram for the exam It was slow getting into a study mode but once I applied myself, it seems to be the best study method for me.

PMP Exam Prep: Develop A Study Strategy

2007-07-05T00:21:00.000-07:00

Use the exam simulator at www.readysetpass.com to gauge your learning efforts. By knowing what your scores are, you can focus on the areas you need the most work on. I did lots questions before and pmp certification after a knowledge area, worked on weaker or questionable questions. This teaches you to read the questions carefully Sometimes you see a common or re-occurring theme.

If you are a visual learner write things down as you study. I created terms, glossaries and pmp certification definitions by writing it helped me remember things

Create flashcards with important project management processes, terms and pmp certification equations. On one side of the card put the term and pmp certification on the other side write the equation. When I had time, I would thumb through the cards. It was not important to memorize all the terms, since the test is multiple choice. However, you must be prepared to recognize the definition, or a variant of the definition, as well as how and pmp certification when you might apply it.

Learn what is required to pass the PMP test. You may have techniques and pmp certification processes that work better than the PMI way, but for the purposes of passing the test, it is the PMI way that matters.

The more experience you have as a veteran project manager the more difficult you will find the exam. The reason is best answer. Experience or personal best practices tell you one thing, where the PMI approach may be slightly different. This doesn t mean you re not a qualified PM, but it can skew your exam scores. Always answer the PMP Exam questions from PMI s perspective.

Know the inputs, tools and pmp certification techniques

Do not be afraid, the exam is not that hard if you know the material from the PMI perspective!

Bottom line, the exam is not impossible, just detail oriented. You must also forget some of your project management experience and pmp certification know the PMI way. Read the whole question, and pmp certification look at all the answers. When I got done, and pmp certification saw the score, I took a deep breath & reflected that it wasn't as hard as I thought it would be.

Following are of Adult Learning techniques you may adopt for pmp certification:
1. Active Learning
2. Accelerated Learning
3. Memorization
4. Chunking
5. Motivation
6. Mind Mapping
7. Brain Dump

You can see more on this in my next blog.

Lessons Learned From PMP Certification Exam

2007-07-04T10:38:00.000-07:00

There are many methods for you to prepare for the grueling 4 hour PMP Exam. I have listed a few of the most successful here:

1. PMP Exam Prep Classes: These courses are specifically designed to fill your mind with the knowledge required to pass the test. Typically a more expensive route, but very effective at helping you clear the PMP Exam. Most of these courses qualify for contact hours or PDU s, which can be used on your application with PMI.

2. Self-Paced Study efforts: There are numerous books and pmp certification materials out there to assist you in preparing for the PMP Exam. Self-paced study happens on your schedule and progress at your individual pace. Individualized programs enable the majority of people to complete the material more quickly. In addition, it also allows slower learners to set a pace commensurate with their learning speed. In a traditional training program, all participants are usually required to go through the material at the same time and pmp certification pace. Self-paced Learning gives students a chance to speed up or slow down as necessary. Make sure that the product you buy is aligned to PMBOK. www.readysetpass.com is a great place to start. The PMP Success Study Guide is PMBOK aligned, easy to comprehend and pmp certification very exam focused and also includes great exam tips.

3. Practice Exams: Practicing against simulated PMP Exam Questions is one of the best ways to prepare for the actual exam. Completing multiple practice exams gives the learner an opportunity to better understand the exam layout, types of questions and pmp certification pace of the exam. There will be 200 questions over 4 hours equals roughly 1.2 minutes per question. You have to learn to gauge your exam pace.

Many people use a predictor. To do this, make columns on a sheet, one for 90%, one for 50% and pmp certification one for 25%. If you know the answer to a question with little or no doubt, put a mark under 90% column, if you think you know the answer to a question, but there may be an alternate correct answer, put a mark under the 50% column, if you have to guess at the answer, place a mark in the 25% column. At the end of the exam total up the 90% marks say you have 114 * .90 = 104. Similarly for 50% say 60 marks under the 50% column, 60* .50 = 30. Finally total number of marks under 25%, in this example 26 * .25 = 6.5. 104 + 30 + 6.5 = 140 (pass)

As you practice against the sample questions adjust these. If your predictor is consistently high say 180% and pmp certification you are scoring lower change the ratios. For me I find 80%, 50% formula works was the best predictor. You can do these calculations in your head.

PMP Exam Preparation - Best Practices

2007-07-03T09:00:00.000-07:00

The PMBok is difficult to understand and lacks concrete examples. Hence I first start with Rita Mulcahy’s PMP exam prep book and then read Kim Heldman’s project management professional study guide.

Mulcahy’s book is more geared towards the examination but does not cover ITTO (Input, Tools, Techniques, Outputs), this is well-covered in Heldman’s book. These 2 books complement each other and provide much greater understanding than the PMBok guide.

The online forum pmhub.net is the most helpful web site for studying PMP. It contains plenty of exam advices from other PMP exam takers, along with Jim Owens’ study notes which discuss a variety of topics that typically appears on the exam.

For practices questions use the 2 books along with oliverlehmann.com and headfirstlabs.com. It is absolutely critical to practice many situational questions & memorize the ITTOs for the exam.

What is Project Management?

2007-07-02T11:46:00.000-07:00

Almost any activity that involves carrying out a non-repetitive task can be a project.

But there is a big difference between carrying out a very simple project involving one or two people and one involving a complex mix of people, organisations and tasks.

This has been true for millennia, but large-scale projects like the Pyramids often used rather simple control and resource techniques including brute force to 'motivate' the workforce!

The art of planning for the future has always been a human trait. In essence a project can be captured on paper with a few simple elements: a start date, an end date, the tasks that have to be carried out and when they should be finished, and some idea of the resources (people, machines etc) that will be needed during the course of the project.

When the plan starts to involve different things happening at different times, some of which are dependent on each other, plus resources required at different times and in different quantities and perhaps working at different rates, the paper plan could start to cover a vast area and be unreadable.

This was a problem facing the US Navy in the development of the Polaris missile system. There were so many aspects to the project that a new technique had to be invented to cope with it: the PERT technique. This and later developments led to mathematical techniques that can be used to find the critical path through a series of planned tasks that interconnect during the life of a project.

You could begin the story of modern project management from this time. But that would be unfair as project management is not only about planning but also about human attributes like leadership and motivation.

Nevertheless, the idea that complex plans could be analysed by a computer to allow someone to control a project is the basis of much of the development in technology that now allow projects of any size and complexity not only to be planned but also modelled to answer 'what if?' questions.

The original programs and computers tended to produce answers long after an event had taken place. Now, there are many project planning and scheduling programs that can provide real time information, as well as linking to risk analysis, time recording, costing, estimating and other aspects of project control.

But computer programs are not project management: they are tools for project managers to use. Project management is all that mix of components of control, leadership, teamwork, resource management etc, that goes into a successful project.

Project managers can be found in all industries. Their numbers have grown rapidly as industry and commerce has realised that much of what it does is project work. And as project-based organisations have started to emerge, project management is becoming established as both a professional career path and a way of controlling business.

So opportunities in project management now exist not only in being a project manager, but also as part of the support team in a project or programme office or as a team leader for part of a project. There are also qualifications that can be attained through the professional associations.

One reason for the rapid growth is the need to understand how to look after complex projects, often in high tech areas, which are critical to business success but also have to use scarce resources efficiently.

Most people still want their projects to be on time, meet quality objectives, and not cost more than the budget. These form the classic time, quality, cost triangle.

In fact if you have an unlimited budget and unlimited time, project management becomes rather easy. For most people, however, time and money are critical and that is what makes project management so important today.