This is an example of a HTML caption with a link.

Focusing Methods

Theory of Constraints and 80:20 principle: When managers need a focusing method, they should collect data and use it effectively. Two focusing methods which are commonly used are The 80-20 principle and the Theory of Constraints.

1. The 80-20 principle – states that, for many events, roughly 80% of the effects come from 20% of the causes.

If we are able to find those vital few that contribute to most of the delays or delays or time spent, we can try to find methods to address them. This requires data collection and preparation of a Pareto chart.
► A hospital may like to know which of the complaints are most frequent at the OPD.
► A manufacturing company would like to find what contributes most of their inventory cost.
► A boutique may like to know which type of designs is most demanded.
► An ice-cream parlour may like to know which types are most sold and should be promoted, displayed or stacked better.

2. Theory of Constraints – states that, any manageable system is limited in achieving more of its goals by a very small number of constraints, and that there is always at least one constraint.

In simple words, a step is called a constraint if its inflow rate is more than its outflow rate. For example –
► If there is a queue in a billing counter but all other steps are smooth flowing, (as found in a mall on a weekend), the billing step is a constraint.
► If a machine commonly has unfinished inventory before the operation and no inventory after the operation, the machine’s step is a constraint.

The important learning from TOC are -
► If we improve processes or steps that are not constraints in the system, then we are probably wasting our resources and the business impact of change is not going to be felt.
► Once you remove a constraint from the system, another constraint appears. The constraints keep shifting but never disappear altogether.
READ MORE

Points in Communications Management

Stakeholders Classification Models:
1. Power/Interest Grid (Authority/Concern) .
2. Power/Influence Grid (Authority/Involvement)
3. Influence/Impact Grid (Influence/Ability to effect Planning & Execution)
4. Salience Model - describing classes of stakeholders based on their Power, Urgency and Legitimacy.
READ MORE

Points in HR Management

Matrix (RAM - Responsibility Assignment Matrix) which displays work packages in the rows and roles in the columns - Popular Type is RACI chart - R-Responsible; A-Accountable; C-Consult; I-Inform. It is important when team consists of Internal and External Resources.
READ MORE

Points in Quality Management

Quality is "the degree to which a set of inherent characteristics fulfill requirements."

Decisions made about quality can have a significant impact on other decisions such as scope, time, cost, and risk. Most Project Management Practitioners view SCOPE and QUALITY as NSEPARABLE. If Quality Policy doesn't exist, the Project Team should write one for this project. "Determine WHAT the quality standards for the project will be and document and HOW the project will be measured for compliance".
READ MORE

Points in Cost Management

Cost of Quality: Cost that is incurred to achieve required quality.
Stranded/Sunk Costs: costs uncured that cannot be reversed irrespective to future events.
Value Engineering/ Analysis: Doing the same work for less. E.g. outsourcing
Marginal analysis: Spend time on improvement if it improves revenues or productivity.
Determine Budget (Cost Performance Baseline): The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

READ MORE

Points in Risk Management

Risk Management Plan defines WHAT LEVEL of risk will be considered tolerable for the project, HOW risk will be managed, WHO will be responsible for risk activities, the AMOUNTS OF TIME and COST that will be allotted to risk activities, and HOW risk findings will be COMMUNICATED.
READ MORE

Points in Time Management

Rolling wave planning: Lets you plan as you go.
Planning Package (placeholder put between control accounts and work packages).
The 3 types of predecessors:• Mandatory Predecessors(Hard logic)• Discretionary Predecessors(Preferred logic, Soft logic)• External Predecessors.
READ MORE

Points in Scope Management

Its a presentation of logical processes to understand requirements, define, break- down, and control the scope of the project, and verify that the project was completed correctly. The Project Manager should always be in control of scope through rigid management of the requirements, details, and processes, and scope changes should be handled in a structured, procedural, and controlled manner.
READ MORE

Develop Project Charter

The process of developing a document that formally authorize a project or a phase and documenting initial requirements that satisfy the stakeholder's needs and expectations. The initiator's (sponsor) signature on the Charter authorizes the project. The approved Project Charter formally initiates the project.
READ MORE