Importance of Project Management in IT Industry

Importance of Project ManagementMany times we have heard the term Project Management. Whether the organization is large or small it is widely used by most organizations. To be precise and explain project management in simple words i.e. it the process of achieving an organization’s goals by planning, organizing and executing its tasks and assignments which leads it towards success and accomplishments. Project management is required in almost every organization. Here we will talk about its importance in IT based companies that how project management is useful for executing information technology projects.

In IT companies there are different projects related to software development, hardware installations, network upgrades, and data management etc. All these functions are really important and need extra monitoring and time because in the 21st century all the organizations are completely based and backed up by IT. Project management has different techniques, methods, and functions according to the need of every industry and the purpose of project management in IT company is to allocate and manage resources in such a manner that it takes the organization towards its goal and success.

Nowadays competition is really tough in IT companies because every day we can see new technologies and methods different companies are opting to bring up their ranking with the help of project management. The main task of project management is to define the goal, set the targets, make strategies to achieve those goals and targets and lastly to execute and closely monitor the work done till desired results are achieved.

IT projects are really sensitive because while introducing and implementing any new technology for the first time in the organization is very risky as it can bring down the whole system so it is really necessary that project management should be done in such a way if any complication occurs there should be a back-up to resolve the issue on an immediate basis.

How to Manage an IT Project

There are certain steps to be followed while managing an IT project because as we discussed above the risk of implementing IT projects. Some important steps which are to be followed mentioned below:

  • The project planning should be done in a team so that each team member should be aware of the target to be achieved and the sensitivity of the project. The discussion should be about the project done repeatedly so that even a minor detail and problem can be discussed and solved then and there.
  • After planning the plan is executed and the team goes live with all the details discussed in the first step, keeping in mind that they can always go back to the first step of planning for discussion if project faces any sort of issue.
  • Now comes the most important part of project management i.e. to monitor and control the project after the execution. Here it should be monitored very closely that whether the project is moving towards its set targets or not.
  • The last part comes after a detailed review and after ensuring that all the tasks are completed and work is being carried out according to set objectives. If everything is positive then the project closure happens.

There are different approaches to completing and performing IT tasks through project management. The approach we discussed above is the simplest and easy to understand.

A Closer Look at Human Resource Management

Human Resource Management deals with employees whether it is recruitment, training, managing, direction and assistance, hiring, employee development, motivation and communication between management and employees. Many business leaders regard human resource as a separate department that is designed in such a way that it provides many services that include new employee orientation and take care of labors work.In reality, human resource plays a bigger role than people think about it.In fact, human resource can increase profitability and not only this but also helps in the improvement of the bottom line of a business in several ways.

According to research, that is conducted by business and legal resources indicate that more than 60 percent of executives are beginning to see HR as partners with other sectors or departments to increase the worth of business as well as its profitability. There is an outdated notion that HR is there just to process the paperwork has given a way to understand that it actually important in the strategic development of the business as well as the organizational culture. There is the potential for HR to have an immense impact because HR can be aligned with other company’s operation. Human Resource is important for both large businesses, but it is one of the complicated aspects of running in small business. Yet, HR is incredibly important, the employee’s salaries and benefits can be a huge chunk of the business’s operating expenses. The employees are our biggest asset, and one has to manage and protect that asset.

A huge responsibility lies on the shoulder of HR. They have an intense influence on the workplace ambiance of the workplace, creating a friendly environment among employees, settle disputes and work with each other. HR is responsible to recruit the best employees that possess the hard and soft skills. The HR Department is responsible for the management of human resources and all the typical tasks, including recruiting, compensation, payout, conservation, health and safety, compliance, training, and development. Determining the equilibrium between effectively performing core tasks and adding value to an organization can be one of the greatest challenges for any HR team. In turn, they expect to find the individual who is enthusiastic about their career, which increases the chances that employees will stick to the job for a long time. When employees are properly trained and equipped with appropriate tools, they can more effectively perform their work and become more productive. HR plays a key role onboarding process and can take steps to ensure that new employees receive the necessary training and are ready to carry out their work at the highest level. With human resources program and policies, a business will be able to solve the inevitable problems that arise when a business is growing. Employee complaints, legal issues, and clear communication depend on staffing policies to solve the problem. Even if the business is small, employees are working in different places or who telecommunicate from a different location still HR is necessary for the business, different HR apps help the owners to handle the work that is located on different places that include time management, employee tracking and, recruiting and hiring.

PSG supporting federal and governmental agencies in their needs for business and technology needs.

The scope of Federally funded programs is growing so as the complexity, so in this case, there is a need for project portfolio management more than ever. On these operational investments the agencies decided to spend in billions, but there is always a difficulty to oversight these investments. The changing of priorities are forcing the agencies to improve the effectiveness in their services to the customers. The organizations are being challenged to execute the complex program by growing the network of the contractors. The managers of the agencies are required to and produce more with the fewer resources. These changes indicate the importance of anticipating problems. Failure to do this can increase the exposure of the agencies in front of the threats such as overrun or delay etc.

Primavera provides organization investment management technology that allows the agencies to propose, make and implement the plan and then to control the investments, that presents the value to the public and the agencies they are serving. With the Primavera project management solution can help the government to manage the time, cost, resources, and the programs as well- that may include the management of IT investment, grants, improvement and maintenance programs etc.

The capital planning and investment control or simply we say that CPIC program is a structured approach that manages IT investment. It ensures that the information technology investments align with the government’s organization mission. It support business needs so that it minimizes risk and it maximizes the return throughout the lifecycle of investment. Primavera’s CPIC is helping the companies to ensure their exhibit 300 (major IT investment) and 53 submittals are o the target and also on time for a decade. Primavera CPIC is also now available as hosted SaaS solution. The solution supports the strategic planning and operational control that is required to deliver a program in time and also in budget.

Primavera project portfolio management solution help to improve the efficiency and transparency of the public sector. It allows the agencies to enjoy the control over the projects and the programs. It ensures the transparency to its constituents. It improves revenue generation and allows meeting the budget requirement and they anticipate the problem and mitigate the risk. It helps to manage unplanned change and shifting the priorities effectively. Primavera P6 project portfolio management is a powerful and easy to use solution for planning, managing and implementing the projects and portfolios. It provides a single solution to the agencies to manage the projects, adapts the complexities of the project, and intelligently scale the skill level in your organization. It helps to develop the most efficient processes by utilizing the efficient technology to reduce cost, time and also a risk that is associated with the public sector projects.

Primavera project management solution is beneficial for your agency because it helps to select the right program and projects based on the agency mission and risk tolerance. It manages the project with greater efficiency, and also avoid costly risk and also help to maximize the resources. It helps you in business decision making. It helps to support the federal and government agencies for business and technology needs.

How portfolio management increase operational efficiency and drive growth

Every organization must be built, not only on sound business plan but also on the company’s ability to make decisions. Have you ever thought that how proficient is your company in decision making for small or large projects? So this is the main purpose of having portfolio management to take the right decision on right time. The main goal of portfolio management is to make sure that all projects are working in the same kind of harmony as one member of any one team. The portfolio is like the system that organizes the entire forest as a whole, and make sure that every part of the forest is working harmoniously and efficiently as possible. Project portfolio management gives the business owner overlook at the business projects. In this, you can see all the running projects of your company. It demonstrates that which project is successful and which needs to be cut. Portfolio management will help you to know ROI of a project and also informs about that how much efforts and company resources are needed to completed the projects before its completion. It also helps to know, will the project be profitable or not. Portfolio management not only helps you to identify the bad eggs of your company but also the golden eggs that sure to turn long lasting profits because portfolio management focuses on the big picture.

Primavera project portfolio management is the most powerful solution for the planning, managing and executing the projects and portfolios of an organization. It provides the solution for the management of the projects of any size and any level of complexity within a project and provides the scales to meet the need of any kind of role, functions or skills that are needed in your project. It enables your project to achieve competitive advantage through portfolio management. Our management has confidence that they will fulfill their strategic commitments since they prefer to easily evaluate and initiate to create and promote a resource-optimized, portfolio. Our management assures that all the projects and programs are aligned with your organization goal. Primavera helps organization unprecedented level of control on corporate portfolio and enable them to make investment decisions, and decide that how to use the resources efficiently. Primavera helps the organization to do its portfolio management. With Primavera, it would be delivered project on time and within budget. It responses in time when the conditions are changing constantly. It gives you access to the information whenever needed. Primavera personnel helps you to get accurate data so that it would help you in decision making in time.

It proves the value of your projects to the stakeholders. Portfolio management keeps your investors happy. A company investors are enthusiastic about the financial goals of your company. If you show them that how your’s company projects are going on successfully, o that your investors will feel confident in future investments. A portfolio management does more than providing a snapshot of your company profitability activity, it can also help you to plan future profitable plans by providing an overall rate of return figure. It can help you to make a better decision by shedding light on where the company is heading right now. Portfolio management helps you to make better decisions and plan for more profitable future projects.

Primavera P6 supports public sector and federal Projects

oracle-psg-govtWhether your federal organizations require an OMB 300 or 53 our expertise in CPIC provides you the confidence that your submissions will be on time, and compliant with federal requirements. We couple our mission expertise with product expertise, now the question here arises, what is exactly CPIC, the CPIC program is a structured integrated approach to managing information technology (IT) investments. It ensures that all IT investments align with the EPA mission and support business needs while minimizing risks and maximizing result, outcomes, gains and profits.Throughout the complete investment lifecycle.

TheCPIC relies completely on systematic growth, which means the flow of progress is not subjected to discontinuous approaches, it may also refer to the growth rate being systematic.  That ensures faster growth and progress rate. The systematic approach is towards the IT investment that contains three important phases, select, control and ongoing evaluation. To ensure each investments objectivessupport the business and mission needs of the agency.

The needs shall fulfill the requirements needed for the investments growth of the agency for which the investment phases are selected.

Oracles prosight is the technology of choice for managing CPIC missions, PSGINC gives you the confidence your submissions will be on time. PSGINC gives you the confidence that we can execute your CPICrequirements. But also navigate your technologies, reducing risks and maintaining compliance. PSGINC is adept in navigating federal acquisitionregulations (FAR) and supporting federal and government agencies in their needs for business and technology needs. The agencies that may include Federal small state minority and disadvantaged contractors. SBE,DBE,MBE ccr, 8a edge HUB zone. Federal contracting and procurement programs for prime and general contractors. Contractor’s general registration. General services administration schedule. Indefinite quantity contracts to name a few agencies in this regard.

New features in primavera P6 professional portfolio management version 15.1


Primavera_P6_Pro
Primavera p6 has always promised its customers to deliver the best. Solutions that is tangible to the problem as well delivering the value to your business. Primavera P6 has introduced latest features for its customers. This version enhances the skills to bring out the best from your project.

Key features include:

  • Usability
  • Import and export baselines of projects  in XML format
  • Enterprise features when connected to an EPPM database
  • Separate module excess for P6 professional and visualizer
  • UN/ CEFACT improvements
  • Unifier integration
  • Visualizer
  • Import and export visualizer layouts

New usability feature include:

  1. Import and export baselines of projects in XML format
  2. Enterprise features when connected to an EPPM database
  3. Separate module excess for P6 professional and visualizer

Import and export baseline of project in XML format:

The ability to include baselines when importing or exporting a project in primavera XML format has been added to the new version 1.1. Previously you needed to restore a baseline to a project in order to import or export it. In P6 professional 15.1 baseline information is included in the XML file.

A new field, exists, is included in the baselines to import dialogue box. The purpose is to notify you if an imported baseline already exists in the project being updated.

To access this feature:

On the file menu, click import or export.

Enterprise features when connected to an EPPM database:

Several features have been re enabled in P6 professional version 15.1 when connected to an EPPM database. In previous versions, these features were disabled with the expectation that they would be administered in the p6 application.

The following features have been re enabled in P6 professional when connected to an EPPM database

  • EPS
  • OBS
  • PROJECT CODES
  • ACTIVITY STEP TEMPLATES
  • COST ACCOUNTS
  • FUNDING RESOURCES

These features continue to be available for P6 professional instances that are connected to professional databases or installed in standalone mode.

Separate module access for P6 professional and visualizer:

A new module, visualizer, has been added to the module access section of the user access page in this new version 15.1. The difference is that in previous versions, access to visualizer was included with the P6 professional module access. This new features enables project managers to allow separate access to both the applications. This is useful if for example , a user tasked with creating Gantt chart or time scaled logic diagram reports in visualizer might not require  access to P6 professional. Conversely some users may be given p6 professional access but not the privilege to work in visualizer.

To access this feature:

Open p6 professional or visualizer. Access will vary depending upon the module privileges granted in p6 web.

UN/CEFACT IMPROVEMENTS:

This new version of p6 provides additional support for UN/CEFACT XML format 6, which defines and contains integrated master schedule (IMS) data. The existing UN/CEFACT XML support has been enhanced to support all the fields in the D09b version of the XML schema.

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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