By definition, Business agility is the ability of a business to realize and sustain its full potential both in terms of its profits and its people. (1)
It is the ability of an organization to rapidly adapt to market and environmental changes in productive and cost-effective ways. An extension of this concept is the agile enterprise, which uses key principles of complex adaptive systems and complexity science to achieve success. Business agility is the outcome of organizational intelligence. (2)
The way a business operates and grows will be determined by its ability to respond to change and the way it…
Resource overallocation is when a resource is assigned too much work to complete within the available time. (1)
Resources are the most significant investment of any business. (2) Resources are what you need to get any work done (i.e., people, tools, and capital.) All kinds of work will always need resources, and resources are limited. Resources, when poorly managed, are over-allocated. Poor resource management can affect stress levels and employee morale, resulting in a lower standard of work. (3)
This is an important problem that shouldn’t be neglected, and it reflects the health of your project, team, or business. It…
By definition, the project cost is the total funds needed to complete the project. It is defined by the expenditures or monetary obligations made or estimated to be made, recorded in a project baseline. (1)
Project Cost is always considered as one of the key components of project management. No project starts without a budget. Project success is decided by how well the project cost has been handled in the project. It’s crucial to come up with the correct cost estimation needed for the project. (2)
There are many techniques available to be used:
- Expert judgment,
- Analogous estimating,
- Parametric estimating,
By definition, project quality in project management refers to the processes and activities that determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which it was created. (1) When the project quality is unrealistic, all hell can break loose.
Project quality is the standards the project will be required to meet to be successful. (2) A project is said to be meeting its quality expectations when all the project requirements agreed with the customer along the project are met. Thus the resulting product or service is useful as expected. (3)
While defining project quality…
Innovation is defined as the carrying out of new combinations that include the introduction of new goods, new methods of production, the opening of new markets, the conquest of new sources of supply, and the carrying out of a new organization of any industry. (1) Innovation investment is a must-have on every institution/company budget.
Studies show a solid link between investment in innovation and profitability and growth. Add to that the battle to survive in an intensely competitive global market and the decision to invest become, in today’s jargon, a ‘no-brainer.’ (2)
When companies decide to spend on innovation, the…
Training is the process of learning the skills you need to do a particular job or activity. (1) The lack of training is defined by not having the needed knowledge, skills, or abilities turning. In some cases, the lack of even the awareness needed to do a particular job or activity.
If you ignore the importance of adequate employee training, it can severely impact business performance, team morale, financial turnover, and your ability to attract and retain good employees.
Training is vital to business success. Depending on your business, the type of training opportunities available will vary, but all workplace…
Redundancy is exceeding what is normal. However, it can be used more specifically and refers to duplicate materials used to prevent or recover from the failure of a specific material. (1)
Redundancy provides extra reliability to products and systems. It helps prevention of the decline in performance. The importance of redundancy increases, even more, when the system or product performs a critical, sensitive, and complicated task. (2)
Business continuity, disaster recovery, and operations management are three common phrases used when talking about redundancy. It is paramount to assess and understand your required level of redundancy to maintain availability and functionality.
By definition, operations are the activities that businesses engage in daily basis to increase the value of the enterprise and earn a profit. Hence a blocked/Hindered operation will result in the lack of value creation for your internal/external customers. A company’s success or failure relies heavily on the efficiency of operations.
Operations are key to running a business that aims to keep improving itself. Operations evolve as the business grows, and the management should plan to accommodate the changes to prevent glitches from occurring in the system. (1)
Even a small occurrence can create havoc and chaos without limits.
RACI Matrix is a straightforward tool for identifying roles and responsibilities for projects or processes. (1)
The RACI model brings structure and clarity to describing the roles that stakeholders play within a project. The RACI matrix clarifies responsibilities and ensures that everything the project needs to be done is assigned someone to do it.
Scope creep happens when someone adds additional features or functions of a new product, requirements, or work that is not authorized (i.e., beyond the agreed-upon scope).
There’s nothing more frustrating to a project manager than witnessing the slow, painful death of a healthy project to the beast known as scope creep. When last-minute changes transform their straightforward, A-to-B project plan into a sprawling mess of up-ended sprint plans and gold-plated feature requests, branching out in all directions with no concern for time or resources. (3)
Change on projects is inevitable, so the possibility for scope creep is also inevitable. …