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Primavera Real Estate Management

Investment in Real Estate is profitable but it requires a lot of work. The successful investor has to deal with everything that os from managing the money to managing the property, this frequently seems easier than it actually is. Therefore the investors work with the best real estate management. Excellent real estate management is an important part of the investment and without which management can’t do anything. In real estate management, the management company has four responsibilities, marketing and finance, occupancy, facility, risk management, and administration. The managers help the owner to maximize the rate of return on the investment on the property by effectively using these four functional areas of the responsibility. The management company acts like in the best interest of the owner so that it maintains the real estate property, budget, improvement and also maintenance if the records. The real estate management involves the management of budgeting and operating expenses. From this information, the appropriate rental rates are set. For this, the management may provide marketing promotion or any other advertising strategies. Understanding the financial statements, budgeting and income taxes is important for the management.  Whether oners portfolio contains a single site of numbers of buildings or multiple sites all over the world with thousands of building and structures, one need management so that it can represent the present portfolio so that one can plan and manage its performance.

Primavera Real Estatement management provides the tools to the property owner for planning, tracking, and management of real estate portfolio management. This may include both leased and owned property. From the transaction management processes i.e. site selection to property disposition, Primavera Real Estate management provides the best solutions to the owner that can adopt changing the rule and optimizing strategic decision making. Primavera Real Estate management provides tools for planning, tracking and make strategic decisions for property effectively and accurately. Real estate management is support for the landlords and tenants leased types that allows tracking the expenses and income separately. It manages the critical dates and with the help of Primavera Unifier, the owner is notified about the upcoming lease dates that need attention. It is helpful in tracking all owned and leased properties over an entire real estate portfolio. It utilizes flexible worksheets to route and approves common real estate transaction such as site selection, disposition, lease initiation or termination of the previously leased property. Oracle Primavera world-class management for real estate is powerful and easy to use solution. It helps to manage the customer-specific management task, that includes service requests, maintenance, inventory, inspections, and facility condition assessments. Management deals with the tenants and prospects so that it saves the owners time and worry that is wasted for rentals, collecting rentals, handling, maintenance, and repair issues. A good management brings the know how to a property and experience to the owner. The management can be a huge asset of an organization. Sometimes the owner doesn’t need property management when the number of sites is small but in the case when the owner cannot handle the property by their own so the owner needs good management.

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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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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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When the Benefits of Your Recent Project Fades Away

benifitsThis is a thing which is not being paid due attention, for instance, let’s understand it with an example the project you were working on is complete you are busy taking your time out, enjoy success, celebrating with your stakeholders and other teammates. You are not following your recently completed project but somebody else surely is.

You even engage in some new assignment. But then the unexpected happen. Ad what it is?

The project you completed is not delivering results. At some point like the first six months or so of your project, you might even overhear what your project has been creating, a mess for others or let’s just say , not adding the right kind of value or expected value to the business of your customer or the organization you are working for. But once you find out the results are not as expected, next thing on your mind is how you need to carry out the amendments but firstly you get to know, what went wrong?

You start looking for clues and let us see, what can be the answers,

Your findings reveal that the related processes which are supporting your product are not aligned thus in return producing the loss. Which results in erosion of benefits or you can say with this the benefits of the product fade away.

Some of the factors are discussed below, which can be of great help for project managers, these factors will help you fill the loopholes when you work on your next project, so here you go.

  • Overtime
  • Regulatory fines
  • Overlooked tax deductions union disputes.

Discussing these in detail is important.

But first, understand is what your next step would be, focus on the assignment you are currently working on and ignore what’s been lacking behind or work on the solution involving your stakeholders, other project managers, and team in the process. The answer may differ according to the situation you are in, but one thing you need know, updating the project with lessons learned is important. And crucial to your success as a project manager, whether you are in the leadership role or not.

Regulatory fine:

The project processes do not provide the project report on time, regulatory reports to be precise. There is a lack of compliance, data requested by federal or local authorities is missing. This results in creating a lot of mess.

Overtime:

Lack of clarity about changes brought by your project and the changed processes caused the operational areas to work as usual. Producing the undesired results and the operational areas worked as usual, and the work had to be done again.

Union disputes:

The implementation of the new processes and project caused a change in union worker’s duties, which were caused due to not thinking about the minor aspects at hand, in the current contract, the new contract if done, would be on a larger scale with contemplating, each and every aspect.

Benefits Gain Profit Earning Income Hands Volunteer Concept
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Standardization and How it Effects a Project Manager’s Business?

project-managementThis article is written for the better understanding of how the standardizing of project management adds value to once business, in any industry, the growth is driven by standardizing project management across the organization.

Some key capabilities for standardization:

An enterprise must invest in standardizing, codifying and documentation of project management practices. It doesn’t mean one way of managing projects but a portfolio of consistent projects the enterprise.

Different business units and verticals may follow different methods or templates for following project management. Many variations are carried out in order to meet the needs of customers and specific markets.

For instance just think if standardizing is not done, it can reduce management’s ability to track and control price change requests and manage scope stuff, which may result in lower margins and increased project risks. Formalizing projects help scale your business. Fostering standardization of processed such as change management, scheduling, costing and project reporting is also very important.

Another major step in standardizing is consolidating and integrating project data. Project teams can also improve productivity and effectiveness.

Benefits of standardization are vast and far reaching, those organization that combined standardized project management processes with the right kind of technology get a significantly good result and successful projects. The outcomes include improved project team productivity, fewer project losses, the higher instance of projects that get completed on time, and are under their financial reachability.

Standardizing project management across an enterprise often encounters resistance. Because teams usually working as how they might be feeling but often you have to encounter adjustments one way or another. There is a positive side of creating consistent project management experience.

Standardization can have the following positive impact on a project manager’s life.

If you are a project manager, you can experience that your life may go from slow and steady to chaotic in a matter of seconds. , it is witnessed it would be helpful both for the leader and the teammates to work efficiently if you share a common way of working such as a framework or interface etc.

Considering an example, if the schedule of your project is built on the same tool as your teammate, it would be easier for you to grab what’s next on the to do list.

When hiring a new project manager, standardized project management, which is already implemented in the enterprise may help the new hiring in the understanding of how the work is done in that organization. Thus, drastically reducing the learning curve.

The cooperative continuous improvement is a very important thing and I have always been in the favor of improving. And the best way of doing this working along the other project managers, peers or pioneers both. This will help you in carrying out your tasks in more effective and standardized way. Thus making standardizing your tasks easier. Having someone to share your ideas and looking up to someone for some good experience is indeed a good strategy

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How Outsourcing Adds Value to Your Business?

outsourcingBefore pursuing to the understanding of adding value to your business, first, we need to understand what is outsourcing.  According to our very own Wikipedia, this term refers to a practice used by different companies in which they transfer a portion of their work to different external companies, this is a cost effective way but the condition is, it should be used properly. The external sources or service providers ought to be Specialists in their related fields.

Leaders choose out-sourcing to enhance business value propositions to stake-holders.

The question arises how and why the need arises, some of the processes are temporary and the company does not intend to hire a professional for doing that task.

However, before that, it is necessary that you should think and study about all the advantages and disadvantages of giving the resources and time of your business to a third party vendor, which is indeed very critical for your business.

As every other strategy related to business, there are many pros and cons to outsourcing as well. If not done right, it can bring down your business and create a lot of unrest.

Famous outsourcing business streams may include,

Pros of outsourcing

  • Swiftness and expertise
  • Concentrating on core process
  • Risk sharing
  • Reduced operational costs
  • Reduced recruitment costs

Cons of outsourcing:

The disadvantages include:

  • Risk of exposure of confidential data
  • Hidden costs
  • Lack of customer focus

How it adds value to your business:

When outsourcing, making a strategy which is effective in lowering the cost is very important.

Project managers can help make one.  Considering this three part structure,

  1. Assess the current state
  2. Consider the “to be” state
  3. Consider the governance require to sustain the future state

Project managers can avoid some common pitfalls in their outsourcing projects:

  1. Add a legal team, consisting of procurement and legal outsourcing experts which will help you in making the agreements.
  2. If you have any senior leaders around you, invite them to your project, in this way you can steer the initiative this will also help align it to the business mission.
  3. Gather some leadership support from your seniors; they might help you abstain from committing some serious blunders.

The things that count should be on finger tips of a project manager while handling a process with outsourcing aspects. Leaders can capitalize business value by keeping the right things in mind and if the outsourcing is done with a defined end.

Just to get an idea, consider that Assessments can be made on few things, such as

  1. Associate labor costs
  2. Labor expertise
  3. Value and non value support services
  4. Baseline of operational measures and service levels.

Project managers can help in many ways make an outsourcing strategies that trigger capitalization.

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Project management – What Should be Kept in Mind?

project-managementThe first step for an organization is to see whether the project manager has the necessary skills.

Skills required managing the project or in any adverse circumstances moving them to a place where they do less damage to the organization. And when we speak about the organization:

Certain things should be kept in mind. Considering the needs of the organization itself is a very important step. Business needs today includes the business to be agile, it should change quickly and as per the need. Adapting rapidly to the changing environment is a key factor. These factors make your business project driven.  Which means the business should have a project focus. This means embedding project management into business strategy and making sure the organization understands it.

This includes doing projects right. And that begins with making your team with the cream people who do the things with their best skills, putting your best people. For a couple of years as part of the practice the role of good managers may be stretched and blossom to some additional roles which may take their project to new heights of prosperity. Not just their projects but their skills, knowledge and expertise. Which help them as an individual as well as whole of the organization?

Two of the most important things which should be kept in mind is only those projects that are most critical to the organization takes place and secondly are measured as per actual benefits delivered to the business at the end of the project.

Decisions like these are made by the high level managers, (business executives).

According to some experienced project managers they work on a three year focus with a quarterly review of the portfolio and the strictest rule that nothing is bullet-proof. Business critical projects should always be prioritized and rests of the projects are delayed as per the need of the business. This is the most important way of getting top management support. Worldwide very few organizations have implemented portfolio management support. And among them mostly are suffering from “project amnesia” this term refers to “approve and forget” by some people. Explaining it may include:

“The (executives or top management) approve a project and then seem to forget all about it”.

Reviewing what we discussed in this article, step one was the skills of the project manager, step two were the needs of the organization, step three includes considering the projects that are critical to the organization. But we can’t just stop there even if we take the important of the projects, things might still go wrong. Which can be eliminated using the review technique, which the fourth and most crucial part.

It includes putting processes into place considering all projects are reviewed at set times during the project life cycle.

What is needed is the some kind of a peer review process where a team or an individual carries out a review against a standard check list of the project at hand.

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Resources Allocation

iStock_000006849315XSmallTop ways that a project manager is likely to allocate resources for their projects, As discussed in earlier articles, the project managers need to be multi-tasking super heroes.

So what’s the best way of allocating your resources in best possible way?

It’s crucial and critical to stay on top of resource allocation. Ideally resource allocation should be inclined by these three principles,

  • Creating value for clients
  • Creating value for your agency
  • Creating value for employees

Now the most important question that arises, how does creating value relates to resources,

Motivated teams are a result of efficient resource practicing. Happy and motivated employees are vested in their work. That includes positivity towards their organization as well as clients.

First we should understand, what a resource is,

A resource can be identified as an economic factor or a productive factor, required to accomplish an activity.

Or as means to undertake an enterprise and achieve desired out comes.

Resources have several types.

They can be energy, entrepreneurship, information, expertise, management and time to name a few.

In project management, it includes executing project, managing people, technology, time, space, tools, equipment etc.

It also includes basic allocation decision, contingency mechanisms.

A very important and crucial technique used in resource allocation is resource leveling.

Which can be understood as a project management technique, use to examine unbalanced use of resources. Which mostly includes people and equipment.Another use is resolving over allocations and conflicts.

Resource training is also very major part, for many in the corporate world September is the start of the final push whether you are looking forward to finish the year or your project on a strong note or you ought to get new skills acquire for major roles, you need training resources.

Statistics show that you and your organization is spending significant time and money on training each year. This article will guide you in five different training resources, they might range from free to thousands of dollars.

The web today is filled with thousands of resources, a distinct problem is information overload, and you can start with these projects to stay informed on project management practices. It might help you in learning other skills.

Note:

If you are a self-employedproject management professional, copy blogger is a must read. It helps you build your internet presence.

Now we come to understanding resource allocation in a broader perspective;

Plans change all the time, one minute you are working on one project, next minute on another. The next thing you know your team has been switched to something else or the client might drastically adjusts the scope. In such an hour of panic or utter bewilderment. Rapid adjustments and re allocation of resources can be very time consuming and a big headache. Make your life easier and be at ease with your work by using latest tools e.g. “resource Guru” to streamline your re allocation process. Many companies still use legacy project management tools, that hasn’t kept up well with the time.

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How things are catered using Primavera P6?

Primavera P6The thing which is of key importance are project planning and management skills using Primavera P6. While dealing with projects of lengthy time span and activities that are larger and are further divided in sub activities.

The key features to this are:

  • Planning
  • Monitoring
  • Budgeting
  • Accomplishing.

The foremost thing in carrying out of these features is scheduling. Whether it is used in planning long term plans or tasks at hand. Scheduling includes services that tell at what time, what task would be carried out. Scheduling has been discussed in a number of previous articles but would be differentiated with project management and planning in this article.

Differentiating project management, planning and scheduling:

It can be easily understood as:

Project management is a system’s approach to planning, scheduling and controlling.

Project management of primavera p6 is a recognized standard for high performance. The projects are high scaled, sophisticated and multifaceted. Projects with unlimited resources are recognized and organized. The number of target plans are large, which in return makes it a vital part in catering projects under primavera P6.

A project managers work include,

  • Balance resource capacity
  • Plan, schedule and control projects
  • Track progress
  • Allocate best resources
  • Monitor, visualize and assess project performance versus plan.
  • Risk analysis
  • Conduct what-if scenarios.
  • Plan alternatives in case of anything went wrong.

Executives will be facing increasingly complex challenges during the next decade these would be the result of escalating salaries, raw materials and competencies between different giant organizations. Which increased union demand, pressure from stake holders, and the possibility of long term high inflation accompanied by mild recession.

All the executives today agree on the point, that the solution to majority of the problems is better control and use of existing corporate resources.

Project management can mean different to different people. It is designed to use the existing resources in a better way.

Let us understand it with an example:

It’s around 5 in the evening and the project needs a design change as well as a front end implementation, within a couple of hours for a persistent client, handling this kind of tasks comes under planning your project where there should be a spot for sudden changes, you check to see who is available, this is done through already scheduled tasks and duties. Well, you have a UX designer but not a single developer who can implement the changes. You have teams in multiple time zones, a model, intended for flexibility and sudden turnarounds like this, so you should have someone available for the tasks.

Figuring out when a developer might be free for some additional work load or sudden task is just one of the many things that you ought to manage.

This takes a good project manager to handle this chaos, good project managers need to be multi-tasking super heroes. Figuring out what need to be planned when and what should be scheduled how, differs all three terms we were discussing in this article.

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