Importance of Project Management from PRINCE2 Perspective

Overview

In present scenario, business organizations are striving very hard to fulfill the customer requirements by providing the cost-effective and timely deliverables. In spite of these, most of the companies are struggling to achieve this situation.

Following are the hard hitting pain areas from which most of the organizations are suffering:

• Late completion of Project
• Project goes over-budget
• Poor product or output quality
• Reactive approach of managing project
• Poorly conceived project schedule
• In spite of these, project executed successfully because of few smart individuals

Ideally Project Management is the solution of overcoming above limitations. On the other hand, having project management skill does not guarantee that there will be no issues or surprises within your project but it provides you a framework to deal with all surprises or issues which might impact the outcome of your project.

Project management helps you in following ways:

• Timely and quickly project completion
• Outcomes are more predictable
• Proactive approach of managing the outcomes
• Quicker solution of customer queries or complaints
• Proactive approach of risk management
• Meeting the customers and stakeholders expectation through effective communication
• Improved financial management
• Restrict the initiation of poorly conceived project
• Emphasize on data-driven approach of decision making

Project Management – why not we love it?

After going through above points you might ask why Project Management is not being followed by most of the organizations.

If you ponder over this issue, you will find following basic reasons:

• Initial Requirement of time and effort and skill development
• Organization does not foresee the benefits that can be accrued by project management
• Ignorance of stakeholders about project management benefits
• Organization lack skilled resources on project management
• Management having myth that project management is a tool  

Main purpose of project management approach is to help you in managing and executing a project within defined timeline, cost and agreed quality parameters.

Benefits of using PRINCE2

PRINCE2 is one the widely used method of Project Management. Prince2 is a generic structured approach of project management that can be applied on any kind or type of industry. It helps you to identify and manage risk, controlling product/ service quality within agreed framework.

There are many advantage of using PRINCE2 as a Project Management approach. A list of few benefits are mentioned below:

1. Standard Approach: within a project team, every team member has a common approach of executing task. It reduces the ambiguity within team and helps in delivering the desired result quickly.

2. Best Practices: It is a compilation of best practices of project management over the years and across the domain. These best practices provide you a guiding principles through which any project can be executed successfully without any hindrance.

3. Defined accountability: It provides a structure for roles and responsibility and every member within the project team knows what is expected from whom and when. It gives a clear insights about the resource utilization to a project manager.

4. Business Case Driven: Business Case is a very critical document within a PRINCE2 project. Entire project exists on the basis of this document. This is used as a reference document to justify the business viability to their stakeholders and ensuring that project is delivering value to the customer.

5. Product Focused: Success of any project is measured using the final outcome of a project and that’s why customer requirement is well defined at the beginning of the project in a PRINCE2.

6. Management By Exception: Exceptions are common pitfalls within a project. In case of exception, PRINCE2 has defined approach of managing lower management layer by the next above management layer.  

7. Stakeholder Representation: PRINCE2 mandates the key stakeholder participation in decision making. It helps in reducing the conflict of interest within the stakeholder.

8. Compatibility of other compliance: PRINCE2 method can be clubbed with other quality related compliance. If your organization has already implemented Quality Management system then PRINCE2 can be included as a Quality Management System.

Advance Innovation Group, NOIDA one of the leading and training provider in NCR. Our training program enables you to leverage the benefits of PRINCE2 through adoption of PRINCE2 methodology.  We are authorized center for PRINCE2 Foundation and Practitioner examination.

Advance innovation Group having more than 25 years of experience in corporate training and Project management certification that gives an edge over our competitor.  Vast domain expertise of our consultants help you understand and provide solution with an ease.

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Advance Innovation Group Helps You to Understand Histogram

Histogram is a graphical summary of variation in a set of data. We use Histogram to study centering and variation of the process. Along with that Advance Innovation Group will help you understand couple of more information given by Histogram. The first information Histogram will give you about the shape of the data. It will help you to understand whether your data is in normal shape or not. Secondly, It will help you to understand whether your data is skewed or not. And if it is skewed the is it positive skewness or negative skewness in your data towards left or right and ultimately it will give you idea of peak. It will also give you idea whether your process has just one peak or multiple peaks.

In Histogram X-axis are the measurements and Y-axis are the frequency. Each vertical bar represents an interval of data, or a category of data. All bars are adjacent and will not overlap since they represent a certain interval (group) of measurements at a specified frequency. Bars are called Bins and Bins means interval. Advance Innovation Group helps you draw and interpret a Histogram in Minitab. We go to: Graph – Histogram – where we have 4 options. 1) Simple, 2) With Fit, 3) With Outline with groups, and 4) With Fit and Groups.

Difference between 1 and 2: In with Fit option you can see Histogram with fitted bell curve that will help you to understand that how close to normal your distribution is. Bell Curve will be added in 2nd option.

Simple – Graphs – Histogram – Simple – In “Graph Variable” option select “Sales” (what you want to see) – OK

1.Simple: We use Simple option when we want to draw Histogram of one subgroup or say one process or we can say when we have only one Y. For example I want to draw a Histogram of “Sales in Delhi” or “Sales in Mumbai” or “Sales in Noida”, so in “Group Variables” column select data of your interest like “Delhi Sales” and you can go to “Scale” in “Reference Line” Tab you can put your target like 10,000 then click OK.

2.Histogram With Fit and Group: We choose this option if we want to compare two histograms with each other and with Bell Curve. If we don’t want to compare two or more histogram with Bell Curve (If we want to compare only two Histogram with each other) then we choose (With Outline and Groups) option. Like Male/Female Sales.

Thus Advance Innovation Group helps you in using Minitab to conduct and interpret one of the most important 7 QC tool – Histogram, similarly, there are several others tools that you will be exposed to in your training program for analyzing and interpreting data.

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ITIL Foundation Understand the Concepts in the Simplest Manner

ITIL Foundation training at Advance Innovation Group has been designed specially to make the audience understand the concepts in the simplest manner. ITIL Foundation has got five publications, Service Strategy, Service Design, Service Transition, Service Operations, Continual Service Improvement which will help you understand the complete framework for ITIL.

Service Strategy:

This particular publication of ITIL Foundation is all about planning the service you are going to offer/manage It

1.What is that we are going to provide?

2.Can we provide it?

3.Can we afford enough of it?

4.How do we gain a competitive advantage?

You cannot just go ahead and start with a service you have just dreamt of last night. You will need to have a proper plan and thought process to go ahead. You need to be specific of what you are going to offer, you cannot be in a state of dilemma. You will need to understand whether you have the capability to provide the same. You will also need to do the financial analysis, whether you have the financial capability to afford the same. You will need to do the resource planning to analyze if you have enough resources that can be utilized in case the demand increases. Most importantly you will need to have an action plan with the possible ways you would want to handle the existing and upcoming competition in the market. You cannot enter a competitive market unprepared. Making a service live is very easy but to sustain and continually improve the same is what is important. Demand in market for a service keeps on fluctuating and to manage the availability of resources and capabilities becomes imperative.

You will need to plan four different activities before you move ahead with the next stage of Service Design:

1.Define the market: Decide the geographical location as well as the industry type where you will want to offer the service

2.Develop the offerings: When you enter a market you have a list of offerings to make but you will need to increase the number of offerings on your service catalogue in case you wish to sustain and over a period of time improve in the competition

3.Develop Strategic Assets: You will need to train and enhance your current resources with newer capabilities on the offerings you have added.

4.Prepare for Execution: Finally move ahead with the next course of action.

Advance Innovation Group is an expert and knowledgeable with a superficial experience of 15 years in the content writing. Nowadays he writes content for ITIL Foundation concept. It tends to provide planning the service you are going to offer/manage It. For more information you can visit us at: https://www.advanceinnovationgroup.com/itil-training/

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Overview of Six Sigma DMAIC Methodology – DEFINE Phase

In the day to day work, when we talk about “Defining” something it infers to creating a detailed description or a checklist to achieve or complete a particular task.  In the similar manner while learning and understanding the first phase of Six Sigma at Advance Innovation Group – DMAIC methodology – DEFINE, I learnt that it is all about defining the end to end issue / problem and creating a measurable structure around the same for better understanding of the issue for the stakeholders, and developing the structured plan to achieve the defined / desired results.  The essential elements which I learnt from the Define perspective is to First, capture the Project Sponsors VOC along with the Critical To Quality (CTQ) metrics, and prioritize the same that needs to be focused from a solutions perspective.  There might be several CTQs that need to be worked upon, however, from a project perspective; we just need to focus upon the prioritized and dependent CTQs which our project can influence through the derived solution at the end of the project.

Second part is to define the Project Charter which has six essential information headings starting with defining the Business Case which is a pure English literature that needs to be scribbled around the Organization and Process description along with the urgency of initiating the project in line with the defined Organization objective so that the outcome should impact the organization objectives directly.  Next is to create a Problem Statement which implies defining the exact problem based upon the prioritized / dependent CTQ, and then putting the measurable guidelines in numbers to define the extent of problem, and since when the problem is prevailing.  Post that Goal Statement needs to be defined which showcases the literature, numbers and dates in line with the forecasted goal which should be SMART, Specific, Measurable, Attainable, Relevant and Time Bound. We too can justify the forecasted goal by running the statistical tools. 

After these calculations, we need to define the scope as an In-scope element, along with defining the team which would help with running the Project like Stakeholders, Project Sponsor, Champion, Black Belt (Lead Black Belt – One who would be the captain and would take responsibility on project solution), Green Belt, and other resources that would help with the project requirement like Data collection etc.  

Adhering to all these six essential steps would help us with our - Define and Pre-DMAIC phase, and give a face of recognition to our project.

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