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5 Incredible Benefits of Remotely Business

Before COVID-19, many companies were not in the favor of remote business, or in other words, we can say they had some fence regarding work from homes. Though the current situation is quite challenging for them to make a strategic plan to carry out their business remotely it will provide them some unrevealing advantages for their business. 

If you are thinking to adopt remote working for your business or want to bounce a quick startup, these benefits of remotely business will going to help you to reveal the hidden benefits of modern technology. 

Decrease the Expenses of Business: 

Many companies can decrease their business expenses which are related to the routine operations through remote working which is also smartly increasing their profit on the other side. It is not only reducing the expenses of the business but also beneficial for employees by cutting the traveling, lunch, and attire cost. According to the Analytics of Global Workplace, by practicing remotely businesses, companies can save up to 11 thousand dollars annually per employee. Considering the size of the company, it can significantly beneficial for the companies. 

Enhance the Satisfaction and Retention of Employees:

Remote working of businesses is the most preferred offer which employers can prolong to applicants. According to the online survey of Mom corps, it is quite surprising that despite the great rate of unemployment, people are ready to cut their salaries up to 10 percent to accomplish the job with flexible remote working. In the survey of Owl Labs 2019, it is proved that employees who work remotely stay on their jobs over a prolonged period are increasing the chances of up to 13 percent. 

The better way to hire the Candidates: 

Remote businesses make the workplace more diverse which means more chances to get the right applicant for the position because there is no more hiring border geographically which confines the businesses. With the help of modern technology, Human resource managers can select the candidates, conduct the interview, select and screen them and done further evaluation remotely and cut the extensive process of applying to hire the candidate with a fence. 

Improved overall Productivity:

Some professionals perceive that remote working makes the employees lazy and least focused to achieve the task because of flexibility which is further proved as a myth. Remote businesses attested more productive as compared to the physical office-based businesses. The work efficiency of the employees is associated with the independence of work, enjoyment, flexibility, and comfort in terms of office noise and pressure. 

According to the survey report of Airtasker 2020, because of remotely working, employees work with breaks which makes them more focused on work tasks.

More Alert towards upcoming Challenges:

Coronavirus is an immense challenge for the whole world. It has made the world more alert towards the upcoming challenges in the next period. Many giants in the corporate world have already formulated a contingency plan to work remotely in the incident of any emergency, natural disaster, or pandemic disease. In fact, during the period of crises or bankruptcy, companies can sustain their businesses through remote working. Temporary shifted remote businesses can also get a big exposure in this current pandemic which is and will be beneficial for them. 

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Oracle Primavera Contract Management

Contract management is actually a process of managing contract creation, to execute and analysis so that it maximize financial and operational activities/performance at the organization while reducing the financial risk at the same time. Contract management is considered as a time-consuming process of an organization which facilitates the needs of the contract management system.

When two companies wish to do a business with each other they decided to enter into a contract. This contract specifies the activities and the terms through which they will fulfill their part of the agreement. The contracts affect the organization profitability due to an emphasis on the revenue and expenses. When the contract is poorly handled, the organization may lose their thousands of dollars. So the effectively managed contract can help to build a strong and powerful relationship in business and it can pave a way to greater profitability over the long term but only if it is managed correctly.

When the right contract management strategy is implemented so that an organization can enjoy many benefits. That is the expected business benefits and financial returns, the supplier can be cooperative and can be responsive to the organization needs, there will be no contract disputes and also the delivery of the services will reach the level of satisfaction. Contract management is important for an organization as it brings a number of benefits to an organization. It helps a business to purchase the products and services at a reasonable price. The process of contracting is important so your business has always a team of extended partners on which your business can rely. It helps your business to grow, without hiccups and it is only destined to grow. The practice and also use of contract management aid the business with skills and knowledge to manage the processes efficiently. not only this but it also ensures that your businesses get paid on time. So for the project management, it is necessary that you choose the professional managers like one that  Primavera can provide to the businesses from efficient contract management. Primavera contract management is completing the projects on schedule and within budget and it demands complete project control.

Primavera contract control management is a document management and project control solution that helps to increase the efficiency while reducing the schedule delays and risk. With the help of this accurate and up to date information is always accessible. Primavera contract management is an integrated solution that combines the project management with the capabilities of Primavera P6 enterprise project management for the complete control of the project of the business. With the help of Primavera contract management, you can make sure that everyone at the organization, whether they are employees or subcontractors, is working for the success of the business. For the company managers and the owners, there is nothing more essential that the productivity and output of their employees. It manages and links the people, team and projects so that one can manage every aspect of the project lifecycle- from the planning stage to the last deadline.

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Is blame game, micromanaging and interfering leading your team towards a downfall?

No matter how many projects a team aces, nobody can stay unfamiliar to the taste of failure. Every project manager goes through failure since it’s inevitable. However, what matters is what one takes from this experience. Spotting your faults, learning where exactly the team went wrong and rectifying those errors in the next project is the real win. As the famous saying goes, “If you learn from defeat, you haven’t really lost.”

There are a number of factors that result in a project not meeting the customer’s demands and failing to deliver but the most important ones are those mentioned in the topic of the blog. The damage caused by blame game, micromanaging and interfering is often underestimated as the gravity of these factors is yet to be understood.

It’s impossible for a team to not make any errors. When an error is made, a series of blame game begins. No one takes the responsibility of it because of the fear of being confronted or because of the fear of being labeled as the reason behind the failure of project. Error, be it of any nature, has to be tackled. A project manager must ensure an environment that does not make team members afraid to admit where they went wrong. Blame being pushed around from one member to the other causes nothing but exhaustion and a feeling of demotivation. The truth is blame game is not the solution. It does not fix anything. What works is actually rectifying the error made and adopting ways to counter the problem. Gather facts, wrack your brain to find potential solutions. Involve the team members to find a way out of the problem and get to work instantly to tackle the issue smoothly.

As a project manager, you’re bound to be on your toes all the time worrying about every little task and time constraints of the project. Since project managing is not just managing tasks, it’s also about managing people so it’s only plausible to be tensed about every member doing the job correctly and on time according to the schedule designed. However, it’s also a drawback if you interfere too much. Let’s admit it, nobody likes to be dictated. Your words alone should have the power to convince the team members. Interfering in every little task, dictating at every point of a task can put off the team members and make them uncomfortable to work with you. Every employee needs space and liberty to work as per his own style. Let the team members be creative and try new methodologies because innovation leads to great successes.

However, this definitely does not mean a project manager should ignore the tasks. That is a big no. Be aware and step in when you feel it is needed. The key is not to over worry especially about things that are not in your control. Control your nerves, do not micromanage, be aware and always be efficient and prepared to deal with issues while working on a project.

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Are Project Managers Born Leaders?

While it may be assumed that when you accept the role of project manager, you also indirectly accept the role of a leader; that is not the case. Essentially, leadership and project management are two different aspects to look at. A successful project manager may not translate to being an exceptional leader. To be precise, project managers are to control the three major factors (namely scope, budget and time) that influence the quality of service delivered. Project managers implement new tools and techniques to deliver impeccable results. Successful project management can be achieved by having adequate knowledge of project framework and being aware of newer methodologies.

However, in the ever-evolving world of business, every organization needs their project managers to develop exemplary leadership skills. In today’s time, project management calls for individuals who can offer a wide range of expertise and capabilities. Therefore, it is no longer feasible for a project manager to just manage. Project managers must also act as leaders, i.e. motivate and inspire, be team builders, develop communication with every member and lastly maintain integrity coupled with being a confident problem solver. If the question in the topic of the blog is altered, i.e. can project managers become leaders? The answer will be a definite yes.

Effective communication is a great start to being a project leader. You must know your team members and convey to them about what and how it needs to be done. As long as the leader is not articulate enough and cannot get a point across, the team fails to achieve a satisfying outcome. The key to reach a level of excellent communication is having the ability to deliver feedback that is both positive and constructive and also be a patient listener towards members’ suggestions and input.

To ensure a productive work environment, a project leader must possess enthusiasm towards a project. Project management is not just about knowing your goal, it also about managing your team members because that is a leader’s primary job. In times when failure seems inevitable or there is a huge burden to handle, it is the project manager’s attitude that changes inevitable failure into an astonishing success. The project manager must have a positive approach towards work and be a source of motivation for the team. His words should be encouraging so as to maintain productivity and not let the team members give up.

Team building might seem easy but it surely is not. It is a task that requires immense patience and impartiality from the project manager’s side. When a team works together, issues and conflicts are inevitable. However, a project manager must deal with the conflicts from an early stage and not let it grow. His job is to maintain a friendly work environment and keep the team focused on a common goal eradicating any selfish motive. Team building also consists of being aware of each team member’s personality and treating each one of them equally and in a manner to achieve the desired results.

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What makes money and time so important to project management?

The success of a project depends on factors like integration, scope, quality etc. Modern day project management is constantly evolving but time and budget are still the solid foundation of project management. However, we will leave the rest of the factors to some other blog and discuss how the two equally crucial yet demanding factors, time and money, affect the outcome. Time and money are not only inter-connected but also very important in what is termed as the “planning” stage of project management.

Time and budget constraints have a positive impact on project management because the restrictions of both increase productivity and thus a higher success rate. Restrictions of both keep the wheel rotating and do not let complacent attitude become a part of the work and employees. The major task for the project team is to work efficiently while also meeting the time and budget constraints.

A project manager must first understand the time and budget constraints and see how it applies to a project. The project is then planned and managed accordingly. While the cost allocated can be adjusted, fluctuations in time are rarely possible unless the due date is moved ahead.

Cost:

The budget is not just the amount of money needed; it is a reflection of the work of the project and the resources required. A comprehensive budget takes into account how funds will be utilized throughout the course of the project. Generally, a project’s expenditures show an increase when resources utilized are increased.

The monetary commitment of a project is dependent on various factors. The factors include the cost of labour, services and materials used in the process, and other overhead costs. The budget allocated might show an increase as each stage of execution is elaborated.

Every project essentially has costs that might be fixed or varying or both. The project manager must know how to control costs throughout the course as per the requirements and quality of the work. The budget is estimated by evaluating historic data, average vendor and resource costs.

Time:

Time constraint for a project is basically the time allocated to the project from beginning to end, i.e. till the work is delivered. Time can be assigned only after being thoroughly aware of the work that project requires. To be more precise, the project is first broken down into components and then into sub-components to estimate the time that would be needed for the completion of the project.

Time management is vital and can be achieved by devising a timeline that mentions the duration that each component of the project should take. The schedule must be properly planned and constantly compared to the on-going project so as to clearly judge the progress of the project. However, it is also important to remember that time management is required at an individual level as well. Team work and support enhances both creativity and productivity by keeping the spark of motivation and dedication alive.

Constraints of time and money are vital to project management because both these factors determine the quality of the work produced and delivered. A project manager must devise a budget and schedule that all the employees agree on.

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Organizational Performance Management

Performance management design concept. Typographic poster. Performance management concepts for web banner and printed materials.
Performance management design concept. Typographic poster. Performance management concepts for web banner and printed materials.

A very crucial question that need to be pondered over is how does organizational performance management fit in. when talking about small startups, OPM main seem quite a big deal. But what if the organization is somewhere in between. On one hand you no more do all the logistics yourself on the other hand, there is still time when you will be cutting checks for a large number of employees.

For understanding how organizational performance management fit in, you first need to understand that OPM is a good thing. Relating strategy with implementation, making a strong link between strategies, how it is planned and then implemented in order to deliver on portfolio grounds. Also realize how important its value is.

Thing to keep in mind is OPM at scale is even better. If you don’t scale OPM to where your organization is OPM may seem quite complex to you, even in try of attempting it. If you think OPM is a good thing don’t waste a single moment trying it. It has been witnessed that the organizations that doesn’t seem to care enough about OPM, witness a downfall in their businesses. At times teams get frustrated and at times the progress get halted. And the same answers are given by the leadership- work harder.

Performance management is a lot more than the appraisals given at the end of the year. It’s about translating goals into outcomes, or results that are effective and has a huge progressive impact on the organization. It includes individual employees, teams, processes and the organization as a whole.

Effective PM will help you in nurturing individual performance, foster ongoing employees hence increasing overall organizational effectiveness.

OPM and strategic planning is closely related, here we will discuss how strategic planning has influenced private and public sector organizations. Indeed strategic planning is a crucial step in the management of any organization, regardless of at what level they reside. Public agencies have a greater challenge in evaluating their results. Whereas, private organizations have clear goals and results as the outcomes are closely related to the financial goals. Rapidly changing and increasing demands for programs, products and services and greater demands for accountability are the adequate reasons the public sector organizations have tend to opt strategic planning which leads to good organizational performance management as well as good results in overall progressive growth of the organization.Organizational PM helps in improving different levels.

How OPM can help?

  1. Assessment of your existing performance appraisal system.
  2. Development of performance plans in accordance with organization’s missions and goals.
  3. Writing elements and standards that involve measure of performance.
  4. Pay for performance systems
  5. Reward systems linked to your performance appraisal systems.

OPM mainly involves identifying the gaps in performance against the objectives of business, further recognizing where the gaps lie and deploying the improvements to close the gaps. Some of the key features are

Establish objectives, analyze process performance data, identify and implement improvement, implementation of improvements

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What are some common ways to align portfolio management with strategy?

portfolioIn most organizations, the successful implementation of initiatives that are strategic in nature is very crucial. But a number of them neglects the importance of aligning portfolio management with strategy. According to a recent survey only 10 percent pay heed to aligning portfolio management with strategy.

Leadership, direction and guidance. Monitoring and reporting of key performance. ALIGNMNET TO STRATEGY and empowering teams to make day to day decisions is very crucial.

The most talked about and critical factors to align portfolio management with strategy are as follows.

3 C’s:

The important three c’s mainly culture, change management and communication. These three c’s are very crucial to company’s success. The triple threat of portfolio management is having these components work in harmony with the company’s strategy.

Culture can be understood as the habits which are embodied by an organization. It may also refer to personality. Culture can be described as something that may refer to something unseen that can be felt when walking around in an organization. According a survey, it has been cited that approx. 95% of the employs never pay attention to what’s the strategy, they just focus on the tasks individually, not the strategy or planning or the overall growth.

Although culture may be difficult to describe, it can be understood as instead of just letting our cultures evolve randomly we should focus on making and building cultures inside our organizations. And that can happen by socializing that culture through communication and change movement.

Governance:

When you want to practice good portfolio management with remarkably aligned strategy these core governance functions should always be kept in mind.

  1. Oversight
  2. Control
  3. Decision making
  4. Integrating
  5. Value
  6. Risk management
  7. PPPM maturity.
  8. Organizational structure.

 

 

Agility:

A broader umbrella for organizations culture and processes that are quick and adaptable.Quick here suggests how nimble they are in terms of speed of reacting. Whereas adaptable refers to being flexible or versatile. To take best advantages of internal of external changes one should it’s crucial to make a versatile and flexible organizations. The cause of strategical change is portfolio management.

How you align portfolio management with strategy?

This question is a challenge for project managers now a days. While building an organization to enable strategic initiative an organization should be defined by verticals of end to end processes.

Portfolio management is all aboutmaking decisions and then carrying out appropriate actions for its cause. Portfolio managers need to develop their business skills, most importantly the understanding the mechanisms and processes associated with governance and strategy planning.

Some of the key features are

Exploring the factors that influence strategy, mainly the culture of organization, capability of the organization and what does stakeholders expect from the firm.

Secondly, the strategic management or planning of the organization. Their choices at corporate level, decisions and how the actions are carried out to formulate those decisions into successful happenings

In the end, the process of portfolio execution is presented.

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Primavera Project Planner

Primavera P6 SchedulingBefore understanding primavera project planner, there is a dire need to understand modern day project management, with an effect of changing methods and workload dependencies in today’s business projects. Modern project management can be understood by two things

  • Business-driven
  • Technology powered.

The organization which follows the modern day project management mechanism looks a lot more stabilized and progressive than those who are not following it. The enterprises have added a lot to their business value by converting their business models and functional models from old to new trends, which includes, following agile methods, in order to make your projects a big success.

The main factors that can be seen while following modern project management approach are,

  1. Insight driven
  2. Collaborative
  3. People-centric
  4. Ultra efficient
  5. In control

Providing immediate project insight, what is needed, why and where they need it, questions like these, which are data driven and give your project competitive advantage. Understanding through it an example,a survey was conducted which indicated a demand for expedited financial information delivery, stakeholders wanted a robust insight into the financial details of the project and what tasks were carried out.

A culture of social project management has been created in the enterprises with this modern project management approach. Which results in better project results and successful outcomes are delivered by the team?

Understanding through an example, top priorities of CFO’S or CEO’s is information sharing between the teammates.

MODERN DAY PROJECT MANAGEMENT LEADS ARE PROJECT DRIVEN AND TECHNOLOGY Powered which makes them more important for the enterprise the reason being their valuable strategic approach, which confirms the success rate of projects and reduces the risk of pitfalls.

The primavera project planner has these all capabilities, primavera enterprise project portfolio management improves enterprise performance. Primavera focuses on solutions that go beyond facilitating on time, within budget and scope. This is mainly because primavera portfolio project focuses on outcomes that derive C-level strategic metrics and results.

Primavera project planner provides an easy to use approach to project planning, the need of the hour. Its intuitive interface makes project planning and controlling easy as well as fun. And the good news, you don’t have to sacrifice the powerful sophistication of high-end project management software that you may expect from us. The product can be referred as the multi-user that operates in a popular local area. It allows you to share data with other networks making it portable and easy to use.

As discussed several times, while planning through primavera software project portfolio management software whether it’s P3, p6 or any of these, the main focus is laid on planning and control, a wide range of guides are available online in this regard.

The question arises why project managers only choose primavera project planner, the answer is simple, it gives them the control they need to accomplish their project on time. At the high level and quality of technical expertise and within budget. Which adds value Primavera P6 Scheduling

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Why Project Managers are Seen as Less Likeable for Businesses?

project-managersThe answer to the above asked question can be very simple, but first you need to understand the mindset of stakeholders who wants to get maximum results with minimum expenditures. Many people today see the project manager officials as providers of low value with high administrative cost. They also perceive that they are doing little to improve project delivery, which is indeed not true.

We will discuss the facts here.

The general state of the project management is not improving; the recent increase in project manager officials hasn’t changed the facts as well. According to estimation, organizations worldwide waste around US$122 million every year, this survey was done by PULSE, and was done according the expenditure of US$ 1 billion being invested for every project. The previous records show that it is the increase of 12 percent according to the gone years.

The question arises here, why there is a huge gap between the presence of project manager officials and the project success rate, as the success rate is declining, according to the stated facts?

Indeed the question is somewhere among the project managers.

Here are some of the reasons summed up for the failure of project managers and what the people in lead role of project management can do about it?

The first thing to ponder upon is repeated processes or redundancy over efficiency during project development lifecycle.

This can be explained by an example, let’s just take an example, in an organization there are multiple PMOs, functional PMOs, such as IT, business, finance PMOs etc. these multiple layers of PMOs will cost the portfolio manager an exaggerative cost, expenditure will be huge, excessive time, energy, utility etc in order to fulfill the requirements and requests of multiple functional project manager officials.

The thing that needs to be understood, there is more power and value in centralizing and standardizing portfolio information. The executives should have a clear insight into each and every part of the ongoing process to have a clear understanding of what and how the decision should be made.

Before appointing PMOS the things that should be taken into consideration is whether there are areas that have the same type of oversight and control.

Another major step is taking into account the difference between talent and template, how it is done is the next biggy.

The part where PMOS lack is they rely on templates rather than originating skillful teams. Teams that is skillful in all aspects.

In order to contribute to the project’s success, the portfolio management processes need to be repeatable. They should sustain for quite a good span of time. And need to be successful in demonstrating measurable impact; these all will clearly add value to a business by generating a successful project and making you and your team a success. The project manager leads lack when they try to enforce the process instead of having the right and skillful people at the place to help the success in project development and execution.

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Does Internet of Things(IoT) changing project management?

Internet of things refers to ever growing network of physical objects that contains an IP address that features for internet connectivity. The communication that occurs between these devices and systems is what enables.

IOT-project-managementThe way IOT is changing project management is not just because everything these days is internet enabled but because the software for project management we use will be more inter connected. And hiring project managers will help us in handling the projects whether it is research or development in a better way. And even if your projects are not IOT related today, they will be in the near future.

There are a number of people that think IOT is not related to construction or medicine. For example if you are digging the road or working on some product of home appliance or working in the clothing industry, how does the internet of things effects project management there.

You don’t think it is vital to all the industries, it is, for now IOT is in its infancy. It is a broad term but we can narrow it down to enhance our understanding they say basically it’s a networking thing that have something embedded. Which allows to gather and share data. Which is indeed the very point of progress these days. Let us take an example here. A retailer has a dress, he thinks of doing something new, different and innovative with this dress. Starting from health care or may be it can even alert to health care. All of this just based on one dress. Another point is that this dress can even alert the person from some dangers. Like they are not aware of a car coming up from behind them and they might get hit form that car.  It doesn’t basically includes wires hanging all around or big things coming out of the dress just some technical things embedded as a thread or whatever stuff the dress is made up of.

A number of people believes the internet to be old and soon to be replaced by something else. But internet of things is the next big thing because innovation and communication would always be the need of the hour. A need for progress, development, innovation and handling the projects with the most refine and adequate knowledge of things.

As mentioned in our previous articles, IOT will change the way we drive our business models, it might change the way we do business, automating things that are done manually today or in the near past. Same things will be revolutionized by the use of IOT. It will have positive effects enhancing professional efficiencies and operational efficiencies.

Let us take here an example of a 3D printer for a better understanding of IOT and how it relates to project managers, a project manager will go to the R&D folks. Bringing the system where it needed to be whether the system needs to communicate? The project manager will go back to the R&D asking them, have you think of this or have you think of that.

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