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Blockchain-Connecting the world to Crypto

In 2008 it all suddenly started mysteriously with the emergence of the whitepaper, that was an unknown entity called Satoshi Nakamoto. This proposed a new peer to peer financial system that was based on Bitcoin (digital cryptocurrency).

The technology which underlying the Bitcoin system is called Blockchain. But the question arises that what is Bitcoin? Probably it is a bit familiar to everyone as we have heard about it from media or somewhere else. So in simple words, the Blockchain is the public data register that is shared or distributed between hundreds and thousands of systems all over the world and all of them are linked together. In other words, we can say that it is registered that is continuously updated about “who holds what” a database of the transaction occurs on the linked network. It is not controlled by a single entity so we can call it a worldwide computer. Blockchain created the backbone of a new type of internet, it allows to distribute digital information but it is not allowed to be copied. According to Don and Alex Tapscott, Author bitcoin Revolution says that Blockchain is an incorruptible digital ledger of transaction that is programmed in such a way that it not only stores the financial traction but also something that has some value.

There is multiple application of this technology in different fields. In the Internet of Things, the blockchain technology has a huge impact. When millions of systems are connected to the security of information and the identity of the system becomes an important issue. So in such cases, the blockchain can become a solution to manage such a large amount of data security and also protecting the ownership and privacy of the data. Smart contracts automatically execute the predefined actions when a specific situation occurs. The main purpose of smart contracts is to provide a high-level security as compared tradition techniques of contracts. It improves the speed of execution and lowers the transaction cost. It is important because it provides the immutable environment, it means that nothing can be modified. As all the blocks are linked so there is no way that the information from the previous block can be altered without changing information in later blocks. Blockchain can be valuable in any situation where keeping a secure and transparent record is important. Many businesses prefer to use Blockchain as there are many genuine reasons to use it. Transparency is a positive attribute that why people prefer to use Blockchain in their businesses. The full transparencies in the network make it most likable technology. There are threats to the information stored in the system as there is nothing secured in the technology world but blockchain promise its users to provide robust security. All traditional financial transactions models are expensive to maintain but the blockchain network is inexpensive. The Blockchain helps to prevent all online scams. People who are involved in the blockchain technology always talk about how to prevent scams. It also saves times as a person can send or receive money or any other financial document securely in a minute.

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Why change initiatives drastically fail?

A 2014 study revealed that the success rate of change initiatives, mostly termed as innovations, is only 4.5%. In today’s time when innovations are immensely important and an essential driving force behind huge projects, this success rate figure is alarming. What needs to be understood is that deciding a change is just one of the many steps. It’s the process leading to the eventual outcome that needs effort and due attention. A thorough understanding should be possessed of why a change is needed, how it should be implemented, ways to not let it fail and how to counter the problems in the process of bringing a change.

Here are the factors that need to be taken due care of to not let a change initiative fail?

Strategy Communication:

When a project manager embarks on a new project, he needs to make sure all the team members and stakeholders involved in the project are explained the new strategy comprehensively. When the change is implemented is not communicated properly, team members often find themselves barely engaged or interested in the work. Such a scenario creates the disconnection between a project manager and his team ultimately harming the project results. It is also wrong on a project administrator’s part to assume that everyone on the team would understand the need for the change being implemented. A vision must be put forward that is understandable for all and highlighting the positive side because that encourages all team members to give in their best effort and thus work towards a positive outcome. If there’s an element of disconnectedness within the team, some serious action needs to be taken to restore the damage done. An activity as simple asking an employee each day about his opinions on the change and how is it benefitting the project can be beneficial in restoring the friendly work environment. Such a move makes team members feel valued and an essential part of the project.

Consistent Monitoring:

One of the major reasons why business initiatives often drastically fail is the lack of focus put in by a project manager. The project manager after bringing in a new change or initiative becomes busy with some other things gradually losing track of the project. While nothing can be ignored or neglected, a project in which a change has just been implemented needs a lot more focus. A project manager is the one connecting the employees to the project. In a case where a project manager loses focus, employees disengage. Hopping into one thing after another is a very disadvantageous and damaging move to make. When an initiative begins, the project needs even greater attention because the work does not end at just implementing the change. The process till the end needs to be observed and worked upon carefully to judge how beneficial the change was to the project and how it can be further improved.

To conclude, it takes the great understanding of the initiative to not let it fail. Effective strategy communication, observing cause and effect, consistent focus and monitoring are a few factors that ensure a positive result.

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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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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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Understanding Agile

A major thing when managing a project is understanding agile, which is very important for adding value to the business.

Agile + project management or project management + agile; as project delivery methods have evolved over the time. It has changed a lot of things; the special focus is now on leadership, different approaches have emerged. Such as hybrid approach, in which traditional waterfall approach and iterative agile approaches are used together. The reason is today the project managers need to contend with budgets, financial forecasts, release schedules, as well as business case benefits. Another big reason is aligning implementation of products with other projects across the organization.

agileSo one way or another, project managers today need to have a sound knowledge of what is agile and how it effects the product development phase. A frequent question that comes up is whether the industry needs a project manager who knows agile, or some agile leads who can handle traditional project management practices.  In today’s world we need both.

Agile development is an umbrella term for several iterative and incremental software development methodologies.

It should be kept in mind that a project manager will oversee an agile delivery process. So it is very important that a project manager start their journey with competency, this journey may include beginning with training in agile methods. As the journey continues shadowing an agile lead to see how the iterative process works is also very crucial.

As you advance in the process, you come to the understanding of terms such as agile metrics, alignment of agile both to testing and to release process. As well as the people factor, that is also very important.

Agile leads needs to understand project management as this may lead to more successful projects and adds value to business.

What’s your take on that? Do you think organizations today need agile leads who know project management?

As the journey continues, a project manager will soon see what sort of projects can be best delivered.

Regardless of the delivery approach, a linkage to enterprise approach is required. Experience with iterative methods used to quickly deliver and shape solutions. They have a strong business analysis background. That is majorly shown when defining user stories on the team member’s part. In the near past these abilities or skills were sufficient but as the time changes many of the things that were once part of the waterfall model, needs their agile counterparts. The things like schedule, budget, product quality, and business case realization are of great importance and are necessary tools in agile process. These include the complexities of the contemporary delivery.

These all things compels the people in agile lead role to acquire skills in traditional project management as well as agile methods in factors like estimation, forecasting, resource management, technical requirements, as well as testing and the development tool implementation practices. Developing these skills the people in agile lead roles to give better quality and successful projects that will enhance the business value.

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What Does Enterprise Function Support Means and Why it is Needed?

erpSome common enterprise functions of any enterprise involve the efficient management. The management of organizational resources, such as finances and other such entities. Other resources such as employers, suppliers, customers, and partners are also included. And assets such as equipment, material, parts, supplies and properties. While it can be safe to say that technology intensive systems,  such enterprise resource planning commonly known as ERP, have come to represent the most cost- efficient way, these are the functions that chief executives and business leaders turn to in the hour of need, widely known as ‘back office support functions’.

In what circumstances they are needed is a question, commonly asked, when the top priorities for an enterprise are cost containment, cost avoidance and efficiency improvement. These are the functions widely worked on.

Other enterprise functions may include,

Business value alignment, business process optimization, shared services and outsourcing advisory, information system for enterprise function etc.

The most important of these are information system for enterprise function; enterprise resource planning can be understood by these,

The first and most crucial one is business process re engineering and requirement definition.

Others may include steps like, project management of ERP implementation.

Enterprise architecture and technology integration consulting, organizational change management, transition to steady state operations.

Now the question arises why these enterprise functions are needed and how they have a big impact on project management, as discussed above the things like project management of ERP implementation is very important.

As the approach of hybrid product delivery is enhanced, the consideration of adding value to one’s business is widely implemented through alignment of resources. Most important of the considerations include, speed at which the iterations are produced by agile process, the other things include business and technology complexities, as well as the increasing expectations of customers.

The reason for their need is such enterprise functions are considered as the key to success by today’s agile heads. The enterprise functions as mentioned above, such as resource management and portfolio management etc. there are other traditional enterprise delivery disciplines that are considered as key to success. Other frameworks such as scaled agile framework commonly known as ‘SAFe’ are also considered key to success in today’s project management practices by the people leading the agile processes. The agile heads today are people who have sound and impressive knowledge of both new and traditional knowledge of processes needed for project management.

Talking about “safe” as the new big thing, it is indeed the nest generation thing for project managers and it has enhanced the prospects of managing processes. And why is that so?

The answer to this is it had identified the critical need to have all the enterprise functions in place. The enterprise functions are all engaged for all kinds of deliveries that are need of the existing hour.

Enterprise functions can be of great help for both project managers as well as people in agile leads by helping them in developing successful projects.

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Agility in Project Management

agility-in-project-managementAs the title of the article suggests, we will be talking about agile project management in this article. First we need to understand, what agility in project management is.

The agile movement seeks alternative to traditional approach in project management. The agile approach help teams respond to unpredictability through incremental, iterative, work cadences and empirical feedback. Agilest propose alternatives that are more fruitful for the project development phase.

The first step should be to make scrum practices the method for doing the work.

The main questions that arise here is

What is scrum?

Why is scrum?

Who is scrum for?

Scrum is an agile framework, which is consistent with the value of agile manifesto.

It is a team based approach used to deliver value to the business. Delivering value is the most important step. In scrum, team members work together to achieve a single goal. Which is a shared business goal; this framework promotes interaction which is effective.

The first step after selecting scrum is to get a shared business goal; further major steps are discussed below,

  • Figure out how to do the work
  • Does the work
  • Identifies what thing is getting in it’s way
  • Takes responsibility of getting out the things blocking their way
  • Focusing on the scope
  • Working with other parts of the organization to control the things which are not in their control.

This focus on scrum is considered critical.

A very important step is centralized collaboration, for example if your team consists of 30 members working in group of ten as three different team units, choose a single tool for communication such as Skype, line or Whatsapp, whichever is easy and accessible to all the members. And for documents, create Google drive or googleDoc, that would be of great help.

Creating a product backlog, which is a key reference tool for the committee or team involved in the development phase.

Planning how to perform the work is a crucial thing, the individual team members must be instructed to break their user stories into tasks that help them do their work effectively, it helps them feel ownership and make accurate tasks. For example, the tasks can be scheduled one day’s work over four sprints. This is in four weeks total. Allowing the team to get momentum and keep the flow going, this would a great step towards breaking down of the tasks in accordance with the need of the development phase, and acquiring the shared goal.

Scrum requires a working finished product goal after as the result of every sprint. A scrum’s team goal is to create a product increment after each sprint.

Meeting regularly with team leads, this will help you in ensuring whether the teams are working on the required tasks and in the required way, team leads should be asked such kind of questions,

  1. What has my team finished since last meeting?
  2. Are there any obstacles in the team’s way?

What needs to be done before the next meeting.

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