Blogs on Operations & Data Science

Introduction ‘Project management’ and ‘Agile’ are buzzwords in corporate circles today. As organizations make the move towards working smart and not just working hard, the need to ensure that projects flow smoothly takes center stage. Today, project management terminology like ‘agile’ and ‘scrum’ are known to almost every corporate manager and employee. (At Vibrant, too, we recently had an interesting training session on project management, held by the author of the same book—Mr. Kalpesh Ashar). As the workplace evolves and transitions into a seamless mix of hybrid work, shorter workdays, and changing practices, project management is no longer a luxury—it’s a necessity. In this blog, we’ll look at what project management and Agile are and the numerous careers available in these fields. We’ll also take a look at Kalpesh Ashar’s exciting books, Project Management Essentials You Always Wanted To Know and Agile Essentials You Always Wanted To Know. Read on to get a taste of the disciplines that makes work easy, fun, and profitable beyond measure. Quick links in this blog:IntroductionWhat is Project Management?Explore Exciting Careers in Project ManagementAbout Project Management Essentials You Always Wanted To KnowWhat is Agile?Explore Dynamic Careers in AgileAbout Agile Essentials You Always Wanted To KnowEnd Note What is Project Management? According to the Project Management Institute (PMI), “Project management is the use of specific knowledge, skills, tools, and techniques" to deliver something of value to people.” The main aim of project management is to create and deliver something of value to the customer. However, traditional ways of managing projects often contained unnecessary wastages of time and effort and contained loopholes that prevented the project from being 100% productive in value. When modern project management came into the picture, it changed the way projects were traditionally looked at and handled. Now, with concepts like Agile, Scrum, and Six Sigma, project management is no longer about the end-to-end completion of a project but ensuring that shorter project cycles are completed efficiently. This results in deliverables that are put together efficiently and are completely ready at the time of final delivery. Now that we’ve seen what project management looks like in the modern world, let’s explore the careers that this field offers.   Explore Exciting Careers in Project Management Project management professionals are in demand today because of the ever-changing requirements of the workplace and the need to accomplish work in a quick, efficient, and optimal manner. According to the Project Management Institute, employers will need to fill nearly 2.2 million new project-oriented roles each year through 2027. Project managers, project team leads, and resource managers, for example, are just a few of the options available for enthusiastic project management professionals.  All salary information comes from Glassdoor & salary.com as of 2024.  1. Project Manager Average annual salary: $143,867Most people who take up project management certifications do so with the intention of becoming project managers. Project managers are responsible for managing the entire life-cycle of a project, right from defining the goals of the project and setting deadlines to allocating resources and monitoring the execution of work at every stage. They guide the team through the stages of the project, ensuring that the work is completed as per the requirements. Project managers are in demand in several industries like construction, healthcare, I.T, and the government, for example. 2. Project Coordinator Average annual salary: $72,566This role is ideal for those just starting to work in this field. Project coordinators assist project managers and usually specialize in the role of project budgeting and funding. They are responsible for devising strategies for projects and handling the coordination among various departments to ensure that things move smoothly. This role requires resource coordination and monitoring of team members to keep the work progress on track. Project coordinators also handle the paperwork-related aspects of the project. 3. Project Management Consultant Average annual salary : $156,548 per yearThis role involves planning, advising, and supervising the team members to ensure that they achieve the desired goals of the project. A project management consultant seeks to improve the project management process, coming up with process improvements and conceptualizing solutions to roadblocks and challenges. They are responsible for implementing the plans for the projects and ensuring that the project is completed according to the plans, as well as identifying potential risks and coming up with ways to address these risks. They usually handle several projects at a single point in time. 4. Project Team Lead Average annual salary :  $99,026A project team lead, as the name suggests, guides and motivates the team members of the project. Project team leads create and structure teams and resolve interpersonal conflicts that may arise. They organize teams, conduct meetings, assign roles and responsibilities, and are tasked with ensuring that the vision for the project is accomplished. Although this role sounds similar to that of a project manager, the major difference is that project team leads are more focused on managing the team members of a project and not just the project as a whole, as in the case of a project manager. 5. Resource Manager Average annual salary : $84,298Resource managers work under project managers and are responsible for hiring and allocating human resources to work on projects. They monitor the workload of employees and work alongside the human resource department of an organization to provide training, compensation, and documentation of resources working on projects. They assess the capacity of a company to satisfy staffing requirements for projects and work on hiring and/or allocating new resources to projects when the need arises. 6. Business Analyst Average annual salary : $92,556A business analyst acts as a consultant between the project management team and the client. They make sure that the client’s requirements are being fulfilled and negotiate with the project manager to find the best possible solution for their client. Business analysts also provide guidelines for the project, conduct trade-off and risk analyses, and undertake a cost-benefit analysis to determine the scope of the project. About Project Management Essentials You Always Wanted To Know So, how do you go about getting a job in project management? Before you embark on a certification, it’s great to learn and understand all you can about the fundamental practices of this field. That’s where Project Management Essentials You Always Wanted To Know can help. It reflects the dynamic nature of projects in the 21st-century and acts as a guide to understanding how to efficiently manage the complexities of modern-day projects. This book takes the learner through the entire life-cycle of the project, explaining the foundational stages of project management, such as project initiation, project planning and budgeting, project execution, project monitoring and controlling, and project closure. The book explores the best practices in the field of project management and explains how budding project managers, team leaders, and supervisors can practically apply the concepts in this book to optimize their projects. What is Agile? Now, let’s take a look at an important sub-field of project management. Agile is an offshoot of project management, and yet is, in some respects, an entire discipline of its own. It has completely changed the way projects are handled in the modern-day workplace. It uses an iterative approach while planning and managing projects so that projects are completed faster and with lesser delays and wastage of time and effort. Agile focuses on an incremental approach to projects. Instead of viewing the project as an aggregate, sum total of work to be done and planned for, it looks at the ways the work can be broken down into smaller increments that are then completed in shorter cycles. This ensures that the resources working on the project have enough time for rework so that as each successive part of the project is completed, the deliverables can be sent out and that stage of the project shelved. Explore Dynamic Careers in Agile Today, the demand for Agile careers like Agile Coach and Scrum Master is increasing rapidly. As companies realize the benefits of managing projects based on agile frameworks, the scope of careers in this field is widening. Let’s look at some of the most popular Agile careers. All salary information comes from Glassdoor & salary.com as of 2024. Scrum Master Average annual salary: $108,869A scrum master acts as a facilitator who coaches the team members in the Scrum methodology and ensures that they follow the processes and procedures properly. The scrum master is not in charge of the project or the development team. He or she is responsible for improving the project process and making changes wherever necessary so that the project workflow is executed smoothly. Scrum Masters conduct daily stand-up meetings, assist the product owner with the product backlog, and remove roadblocks that are impeding the progress of individual members’ work. Agile Coach Average annual salary:  $108,869The responsibility of an Agile coach is to act as a mentor and teach team members the Agile process and its methodologies. Agile coaches train the team in the implementation of Agile processes and the management of specific stages of the product lifecycle. They train and assist product owners in writing user stories and mentor scrum masters. The role of an Agile coach is wider than that of a scrum master and addresses the larger dimensions of the project. Agile Process Consultant Average annual salary: $144,713Agile process consultants make use of their expertise to provide solutions to problems that arise in the operation of projects. They formulate action plans for projects and strategies to implement and resolve issues. They also provide constant feedback and ensure that the project is being executed without any obstacles. Agile process consultants are usually contracted by organizations for a certain period of time to help them meet project objectives. Product Owner Average annual salary: $145,500The product owner is the leader of the project and an important part of the scrum team. Product owners monitor the product development and set tangible goals for the team based on the vision they have for the project. They communicate with stakeholders and define set business objectives which have to be achieved by the team. They create a product roadmap and a strategic plan for the product, based on which the product backlog is decided.  Product owners are in charge of the entire project and are tasked with the responsibility of supervising scrum masters, agile coaches, and team members. About Agile Essentials You Always Wanted To Know If that made you curious about what Agile is, you can read Agile Essentials You Always Wanted To Know. This comprehensive guide offers an exciting look into how the concepts and methodologies of Agile work. With this book, project managers and team leaders will be equipped with the core concepts and terminology they need to execute Agile methodologies such as Scrum. The book provides rich insights into Agile planning and execution, concepts like Kanban board and User Stories, and the characteristics of an Agile team that can lead organizations to success. This book is where readers will find all their questions about Agile answered. Order Agile Essentials You Always Wanted To Know here and start applying the principles of Agile in your organization today. End Note Project Management today is not what it was 20, or 10, or even 5 years ago. Today, the scope of this field is changing and growing to include the demanding requirements of a modern-day workplace that functions on efficiency rather than on just the need to get things done. This field today is therefore attracting diverse talent that has the capacity and skills required to transform the way workplaces handle projects. Today, you cannot work in project management without being up-to-date on terminology and concepts like Agile and Scrum. If you want more information on project management certifications, you can check out the Project Management Institute (PMI) here. Read sample pages of Project Management Essentials here.Read sample pages of Agile Essentials here.

Introduction In the previous blogs of the Stakeholder Engagement series, we explored what the concept is and how it differs from stakeholder management. In this blog, we are going to look at the key skills that can help you become successful at onboarding and engaging a vast network of important stakeholders.       In the second episode of the Vibrant Publishers’ podcast, Empowering Success Through Stakeholder Engagement, Project Management Professional (PMP) Michelle Bartonico talks about the need to “map out” the network of stakeholders you’ll be dealing with. “Lean on your stakeholder register. Your stakeholder register is a document that you create when you’ve identified your list of stakeholders and stakeholder groups,” she advises. “Then, map out how salient they are to your project and what their influence is.” This is needed to balance the needs and demands of every stakeholder in the project process. Her book, Stakeholder Engagement Essentials You Always Wanted To Know, talks about how to get started on the process of identifying and mapping stakeholders, a core skill of project management.       Becoming a successful project manager does not only mean handling projects from start to finish and delivering products on schedule, but also maintaining interpersonal relations with the stakeholders involved in the project. “Honestly, the best advice I can give, which is something that has always worked for me, is exercising as much empathy as you possibly can,” she says. “Empathy means assuming a different role or a different viewpoint when you’re looking at the same project, and it’s really a way to practice coming out of yourself and understanding how might this other person be viewing something.” Approaching the project from a level of genuine curiosity, she feels, changes the way project resources respond and in turn their own work contribution to the project.       When conflict arises, as it invariably does, Michelle Bartonico says it’s time to consult the register again. The project manager needs to assess how influential a stakeholder is to the success of the project and figure out how to smooth over differences as diplomatically as possible. How the project manager responds in a situation of conflict will ultimately either escalate or de-escalate the conflict. Here, the project manager has to take the call whether to mediate in the conflict and bring it to an end, or let it spiral out of control.        Building genuine relationships is what stakeholder engagement is ultimately all about. It is about building trust and connections, not just for the sake of the project, but long-term relationships as well. Stakeholder engagement requires the project manager to be a people-person, skillfully handling a network of relationships and connections that will go a long way even after the project comes to an end as is a people-centric field.   Conclusion In this blog, we discussed the key skills needed to succeed as a project manager. Project managers need to have a mix of technical and interpersonal skills. In order to map out the complex connections between stakeholders involved in a project, project managers need to determine how important each stakeholder is and what they bring to the project. Listen to the full podcast on Spotify.com or check it out on YouTube. Read the first blog in this series here.    

Introduction While researching project management concepts, you must have come across these two terms, stakeholder engagement and stakeholder management. While they are similar-sounding, they are actually very different, as project management professional Michelle Bartonico explains later on. Read this blog to understand the difference between these two terms and why they’re equally important for an organization.   Difference between stakeholder engagement and stakeholder management “A stakeholder is anyone who has some sort of stake in a project,” explains Michelle Bartonico, PMP, in the second episode of the Vibrant Publishers’ Podcast titled Empowering Success Through Stakeholder Engagement. “Anyone who has a stake wants to feel engaged at whatever portion or part of the project that makes sense to them.” While not technically different from stakeholder management, understanding the difference in the two is important for project managers. Managers have to successfully engage and interact with stakeholders, keeping them in the loop about the progress of the project, while on the other hand, managers have to maintain control over stakeholders that impact the project outcome. Here, there is a shift in attitude.   While the two terms are not technically different, the purpose and approach towards stakeholders will significantly impact the project outcome. When stakeholder engagement comes into play In the previous blog, Why Stakeholder Engagement is Crucial for Project Success, we saw how good project engagement is all about engaging the right stakeholders and maintaining meaningful relations with them. Michelle Bartonico talks about this in her book, Stakeholder Engagement Essentials You Always Wanted To Know. She defines the difference between engagement and management as follows: “Contrary to someone feeling “managed,” when people are engaged, they are motivated, participatory, and more likely to be a resource.” Stakeholder engagement, therefore, is for empowering people and adding value to the project through participatory efforts. There are situations where engagement is needed and situations when managing stakeholders is needed.   When stakeholder management is needed Management comes into play in the case of stakeholders who have a direct impact on the outcome of a project, such as employees and project teams. There are five phases of project management, and stakeholders are involved in all of these phases, right from project initiation to completion. To understand the fine line between engaging and managing a stakeholder, you need to look at what the role of the stakeholder is. The stakeholder can be a simple “advocate”, “critic”, or “neutral”. Assessing where your stakeholders lie on the spectrum of stakeholder status can help to define whether an engagement or a management approach will work best.   You’ve categorized your stakeholders. Now what? The primary difference between engagement and management is—communication! As we discussed earlier, some stakeholders like investors and senior management may benefit from a more “engaged” approach, while others like vendors or employees are best “managed”. How you communicate with each of these stakeholders, then, will be shaped by which approach you use while dealing with them. The core principles of communication with stakeholders remain the same: focus on building interpersonal relationships and leverage what each stakeholder has to offer in the lifecycle of the project.   Conclusion In this blog, we discussed why it’s important to know when to engage and when to manage stakeholders. The difference lies primarily in the contribution each stakeholder provides in the project workflow. Knowing the difference can help streamline project operations. In the next blog, we will talk about the key skills you require to become a successful project manager. Listen to the full podcast on Spotify.com or check it out on YouTube. Read the next blog in this series here.  

Introduction In this blog, we’ll discuss the A-Z’s of stakeholder engagement, including its importance, why it’s crucial for any company, and what are the ways one can go about engaging stakeholders. If you’re new to the world of project management and want a quick and easy introduction to the concept and practice of stakeholder engagement, read on.   Firstly–what is stakeholder engagement? Think of stakeholders as entities that either impact an organization or are impacted by its activities in some manner. This can include investors, shareholders, employees, and of course, customers. Stakeholder engagement is a vital part of project management. Veteran marketer and project management professional Michelle Bartonico says that stakeholder engagement is “engaging the right people at the right time and helping them become champions of what [your organization] is trying to achieve.” Stakeholder engagement is, then, a process of collaboration and interaction, ensuring that the organization has the right people onboard to achieve the collective goals.   Why are stakeholders so important? Stakeholder engagement makes all the difference between a good project and an outstanding one, the latter adding value to all the stakeholders involved in the process. A project cannot be completed successfully without adding the inputs of multiple stakeholders at multiple checkpoints during the project process. Stakeholders are present during every stage of a project. Without the right stakeholders, a project will feel more like a list of items to be checked off rather than a process that adds value towards an end goal.   How do you engage stakeholders successfully? In order to successfully engage stakeholders, project managers must be “people-centric”. Being people-centric means approaching stakeholder engagement not as a means to an end but as a way to develop meaningful interpersonal relationships. The first step is identifying the right stakeholders, of course, and then understanding how to map out and analyze the impact that each stakeholder will have on the project in question. In her book, Michelle Bartonico explains that “a project’s destiny” is determined by how well the project manager is able to engage stakeholders. The key to winning over the right stakeholders is mapping out what each stakeholder can contribute and then planning how to remain connected with them at every stage of the project process.   What stakeholder engagement isn’t There is a common misconception that only one particular group of stakeholders is impacted by the project's outcome. However, that is not true. Multiple stakeholders are significantly impacted; whether they are supply chain managers or IT professionals. Michelle Bartonico states that the project outcome is based on “a collaboration between all levels”. Thus, while planning for stakeholder engagement, it is important to remember that every individual involved in contributing to the project—whether directly or indirectly—has their own role to play.   Conclusion Stakeholder engagement is crucial for project success because it gets the project going and helps keep track of who’s doing what. A project cannot be initiated without identifying relevant stakeholders. For a project management professional, project manager, or even a learner curious about the topic, knowing what this concept entails is essential for ensuring all-round project success. In our next blog, we look at the difference between the terms stakeholder engagement and stakeholder management. Listen to the full podcast on Spotify or check it out on YouTube. Read the next blog in this series here.    

One concern that often comes up in the ever-expanding world of technology is whether data analytics will be overtaken by artificial intelligence (AI). The merging of artificial intelligence and data analytics has created new opportunities for studying and using massive data. By offering deeper insights, predictive analytics, and automated decision-making processes, this combination holds the potential to completely transform several industries. Let's examine this complex relationship and what data analytics will look like in the AI era.   Data Analytics and AI Data analytics is the process of searching through information systems to find significant data. Artificial Intelligence has revolutionized this process, which was formerly laborious and manual. AI improves data analytics by processing and analyzing massive amounts of data quickly, which increases accuracy and efficiency. Machine learning (ML), a subfield of AI, is especially important for data analytics. With little assistance from humans, machine learning algorithms can recognize patterns in data, learn from them, and make judgments. This skill is essential to predictive analytics, which forecasts future trends and results by analyzing historical data. The development of AI in data analytics has been accelerated by the Big Data era. Older data analytics techniques are unable to keep up with the exponential rise of data coming from social media feeds, IoT (Internet of Things) devices, and other sources. In these settings, AI and ML flourish, sorting through intricate, unstructured data sets to produce insights that are impossible for people to find on their own. Enhanced Decision-Making Prescriptive Analytics, which offers suggestions and solutions, is provided by AI-driven analytics tools that go beyond basic data interpretation. This is a critical component in industries where data drives strategic decision-making, such as marketing, finance, and healthcare.   The Human Aspect of Analytics Even with AI's achievements, humans are still indispensable. AI fails in several domains; context, nuance understanding, and ethical considerations are frequently necessary for data interpretation. Despite their strength, AI systems are only as good as the data they are fed. Abnormal conclusions can result from biased or faulty data. For AI-generated analytics to be guided, interpreted, and judged, human oversight is necessary. Sensitive information is included in data analytics. Priority should be given to ethical issues like data security and privacy. This is an area where human intervention is critical, and AI systems must be designed to respect these concerns.   AI's Role in Data Analytics Future AI's significance in data analytics is growing as it develops further. With AI integration, data analytics appears to have a bright future ahead of it, enabling more sophisticated, effective, and precise analysis. AI development will improve predictive and prescriptive analytics skills, resulting in more precise forecasting and strategic planning for a variety of businesses. Real-Time Analytics AI makes it possible to process and analyze data in real-time, giving organizations instant insights and enabling them to respond quickly to changes in the market. AI-driven data analytics enables a higher level of personalization in the marketing and retail industries, enhancing consumer engagement and experiences.   Obstacles and Limitations However, there are difficulties in incorporating AI into data analytics. As AI systems handle data more intelligently, there is increasing worry about how to keep this data secure and private. Moreover, the issue of striking a balance between AI automation and human employment also exists. The workforce needs to be retrained and reskilled as AI takes on more analytical jobs.   Developing Responsible AI: A Case Study Finally, there is a strong need to have a responsible AI that is transparent, ethical, and fair. One of the best examples of responsible AI in action is Google's AI for Social Good initiative, which focuses on applying AI technologies in an ethical, transparent, and helpful way to address global concerns. This project demonstrates Google's dedication to bringing AI into daily life to solve important problems like healthcare and environmental preservation. Project Jigsaw is one of the main projects within this initiative, and its goal is to stop online abuse. To establish a safer online environment, this project uses artificial intelligence (AI) to detect and filter toxic language on the internet and discriminate between harmful and neutral information. This AI model's unique ability to understand linguistic quirks guarantees impartial and accurate screening. The application of AI to wildlife conservation (Wildlife Insights) is another important undertaking. Here, Google's AI recognizes and classifies animal species by analyzing vast amounts of data from video traps in wildlife reserves. This highlights the potential of AI in environmental protection by supporting biodiversity research and anti-poaching initiatives. Furthermore, Google's AI development places a high priority on data security and privacy. The organization complies with international data privacy laws and uses strong security measures to safeguard sensitive and personal information. To sum up, Google's AI for Social Good project offers a blueprint for ethical AI research and use. By placing a high value on ethical standards, transparency, fairness, data privacy, and positive social effects, Google demonstrates how AI can be a powerful force for good that improves both the community and individual well-being. This case study highlights how AI may greatly help society while respecting moral and ethical standards, and it serves as an example for other AI developers.   In Summary Data Analytics Essentials is a stepping-stone towards building a career as a data analyst. In a nutshell, while AI greatly improves data analytics, it is not about to take over soon and harm society. In order to provide context, exercise ethical supervision, and make strategic decisions, the human element is still essential. The future of data analytics is collaborative methods that combine human insight and judgment with AI's speed and efficiency. The goal should be to maximize the benefits of both AI and data analytics as we move through this fascinating era, laying the groundwork for a future that is both ethically and data driven. Vibrant’s new book Data Analytics Essentials You Always Wanted To Know is specially designed to serve as a stepping-stone for the future generation of data analysts. It can be used by professionals, career-switchers as well as students to build a strong foundation in data analytics. This book is a part of Vibrant Publishers’ Self-Learning Management Series. Dr. Bianca Szasz, author of Data Analytics Essentials You Always Wanted To Know This blog is written by Dr. Bianca Szasz, author of the book, ‘Data Analytics Essentials You Always Wanted To Know’ by Vibrant Publishers. Also read: 3 Unexpected Applications of Big Data Analytics What Role does Data Analytics play in Decision-Making? Introduction to Data Structures    

Big data analytics has become a powerhouse, completely changing the way we study and interpret enormous amounts of data. This innovative field transcends standard data analytics and is firmly based on artificial intelligence, machine learning, and statistics. It offers insightful analysis and predictions that are essential for decision-making across a range of industries. But what exactly is big data? Big data are those data sets whose dispersion, size, diversity, and/or timeliness necessitate the use of novel technical analytics in order to provide insights that can generate benefits. It's all about managing data that exceeds the storage or processing capacity of traditional systems. Big data can take many different forms, including text files, multimedia files, genetic maps, financial data, and others. You can learn more about how data is stored by reading Introduction to Data Structures.   Data Analytics Essentials You Always Wanted To Know is a comprehensive manual for those who want to begin their journey into the world of data analytics. Big data analytics finds use across various industries, promoting growth, efficiency, and innovation. It involves examining, analyzing, and interpreting large and diverse sets of data, to discover patterns, correlations, trends, and insights that can guide decision-making within organizations. To learn more about how data analytics impacts decision-making, read What role does data analytics play in decision making? The book Data Analytics Essentials You Always Wanted To Know by Dr. Bianca Szasz dives into this world of big data, providing those who are intrigued by data analytics with all the ‘essentials’ in a concise manner.  But before you dive into data analytics, you can benefit from knowing the scope and the novel opportunities it produces. Here are three unexpected applications for big data analytics that are revolutionizing the world.   1. Improving Sports Management and Performance The sports sector is home to one of the most fascinating applications of big data analytics. Sports analytics is a game-changer, far beyond the stereotype of data processing in business environments. Predictive analytics and machine learning algorithms are being used by athletes and sports teams to improve strategy, performance, and even injury prevention. Regression analysis, player performance analysis, predictive analytics, and other advanced analytics methods are used to evaluate player fitness, game plans, and even talent scouting. Teams are now using these findings to guide their strategic planning, resulting in a more dynamic and evidence-based method of managing sports. Integration of Wearable Technology and IoT Wearable technologies and the Internet of Things (IoT) are major players in this revolution. Wearables with sensors that athletes can use to monitor their heart rates and movement patterns produce a continuous flow of data. When evaluated with advanced big data tools such as Hadoop or Apache Spark, this data provides athletes and coaches with useful insights. Predictive analytics can be used to lower the risk of injuries in addition to optimizing performance. The Use of Data in Marketing and Fan Engagement Furthermore, big data analytics is used in sports off the field. Sports marketing and fan interaction are being revolutionized by it. Teams and sponsors can optimize their marketing tactics by examining fan behavior and preferences. In addition to increasing fan loyalty, this individualized strategy creates new revenue streams through goods sales and customized advertising.   2. Transforming Agriculture The field of agriculture is seeing a notable increase in the use of big data analytics. The use of data analytics in precision farming is revolutionizing the production of food. Data-driven insights are being used by farmers to make better-informed decisions about when and how to sow, harvest, and manage crops. Predictive Analytics's Role in Agriculture Utilizing tools like satellite photography, farmers are able to keep an eye on the health of their crops over large areas. Better crop management is ensured by predictive analytics systems that help forecast weather patterns, pest infestations, and yield predictions. Through efficient use of resources like water and fertilizers, this method not only increases productivity but also supports sustainable farming practices. Smart farming and IoT Another technological innovation that is revolutionizing agriculture is the Internet of Things (IoT). Field sensors gather information on soil moisture, temperature, and humidity, among other environmental factors. In order to maximize resource efficiency and minimize waste, timely and well-informed decisions on fertilization and irrigation must be made using this real-time data. Big Data in Supply Chain Management for Agriculture Moreover, big data analytics is essential for optimizing agricultural supply chain management. Data analytics helps to make the supply chain more effective and responsive to market demands. It does this by tracking the movement of goods from farm to table and forecasting market demands and price fluctuations.   3. Changing the Development of Smart Cities and Urban Planning Urban planning and the development of smart cities may be two of the most significant uses of big data analytics. These days, city planners have the tools necessary to examine enormous information from a variety of sources, including demographic trends, energy consumption, and traffic patterns. Towards More Efficient Smart Cities: A Data-driven Strategy Everything in a smart city is interconnected, including traffic signals and streetlights, producing data that can be evaluated for improved urban administration. Predictive models are applied to promote public safety, save energy usage, and improve traffic flow. Furthermore, data analytics is essential to emergency response and catastrophe management because it offers timely insights that have the potential to save lives. Improving Urban Life Quality with Data Big data analytics in smart cities aims to improve inhabitants' quality of life in addition to increasing efficiency. Improved waste management techniques, green space development, and effective public transit systems can all be influenced by data-driven insights. In order to create more livable, sustainable, and inclusive urban environments, urban planners must first understand the patterns and behaviors of city people. Big Data Analytics's Future Big data analytics appears to have a brighter future than it does now as we are producing zettabytes of data. Data analytics is becoming more potent and widely available because of the advancement of technologies like artificial intelligence and machine learning. Ethical Considerations But immense power also entails great responsibility. The increasing integration of data analytics into our daily lives raises ethical questions about data security and privacy. Adhering to data privacy legislation such as the CCPA and GDPR and implementing best practices in data management is imperative for organizations. Continuous Education Additionally, the importance of data science education is rising as the field develops. Future data analysts must possess a strong foundation in both technological expertise and ethical handling of data. Conclusions To sum up, big data analytics has a wide range of applications that reach into realms we never would have imagined. Big data analytics is not simply a tool for business optimization; it is also a driver for innovation and advancement on a worldwide scale, improving everything from sports performance to agriculture and smart city planning. Our imagination is the only limit on the possible uses of big data analytics as we progress through this digital era. Dr. Bianca Szasz, the author of Data Analytics Essentials You Always Wanted To Know This blog is written by Dr. Bianca Szasz, author of the upcoming book Data Analytics Essentials You Always Wanted To Know by Vibrant Publishers.   Also read: Introduction to Data Structures What role does data analytics play in decision making?  

My mother has a saying. Where you spend your time is one of the most important decisions you can make. And, though she was referring to life, not project management, applying this perspective to stakeholder management will help you focus on getting projects from initiation to closure- engaging the right people along the way.     As a professional in any industry, you will interact with people. How is it possible that we collaborate with people on a regular basis, yet one of the primary reasons projects fail is mismanaged expectations and unclear roles?     Let’s pretend you’re in charge of throwing a birthday party for your 8-year-old nephew. You know there needs to be a cake, decorations, a party location, invitations, and post-party clean up. You have a budget of $200 and your nephew’s birthday is in 4 weeks.     Your relatives, neighbors, and nephew’s classmates know you’re in charge of the party so you begin receiving a flood of opinions. The neighbors insist the theme should be trucks, while your relatives think it should be planes and rocket ships! You begin diverting your attention from securing a location, asking someone to create invitations, and baking a cake listening to highly interested, loud voices.     You don’t personally know your nephew’s classmates so you ask him who should be invited to the party. Once you get the guest list, you share this with your cousin who volunteered to create the invitation. Your cousin is a social butterfly who loves large gatherings and avoids conflict so when your nephew’s mom looks at the list, she tells your cousin to add some of her friends.     If you aren’t sensing some chaos, you should be! The project manager (party planner) began this project before identifying the stakeholders, detailing their expectations, and analyzing how they contribute to achieving the desired project outcome.     In your professional life, you may not be planning a birthday party, but you will be working with stakeholders. And, as my mother says, “Where you spend your time is one of the most important decisions you can make.” So, make sure you know who to spend your time with, who is distracting you from completing your tasks, and who truly has the power/interest in this specific project.     A firm grasp of stakeholder engagement will help you navigate through these failure points, engage the right people involved in your project and build long-standing relationships that set you up for future success.     Stakeholder Engagement Essentials was written to provide foundational essentials to engage stakeholders along with practical techniques and tools to successfully navigate projects and relationships with people in an organization. Readers can apply what they learn anytime they need to move a project, a conversation, or an initiative forward.     Key learning objectives also include Understanding of the fundamentals of engaging stakeholders Helpful approaches and strategies to apply How to build a Stakeholder Engagement plan Responding to stakeholder scenarios.     By the end of Stakeholder Engagement Essentials, you, your colleagues, or your students will have the tools and a people-first orientation to projects.     Stakeholder Engagement Essentials is now available for readers and is a part of Vibrant Publisher’s Self-Learning Management series. This Series provides a jump start to working professionals, where their job roles demand the knowledge and skills imparted in a business school. On the heels of Project Management Essentials, this latest book in the series takes a deep drive into stakeholder engagement.     About the author Michelle Bartonico is an experienced, solution-driven marketer and project manager with more than a decade of experience in higher education and marketing agencies serving clients in a breadth of industry verticals from healthcare to manufacturing. She is a certified Project Management Professional (PMP), PROSCI certified change practitioner, Six Sigma Yellow Belt, and has completed the Google Project Management Career Certificate program. Michelle also earned a Search Engine Optimization specialization from UC Davis Continuing and Professional Education.                  

Have you ever marveled at the speed and accuracy with which your Amazon order arrives at your doorstep? Of course you have! Who hasn’t? And, perhaps more impressive is how Amazon knew you spontaneously needed a 14” cutting board - thus have the item in stock.   Ashley McDonough, author of Operations and Supply Chain Management Essentials, tells us that “the Supply Chain involves the activities within the company that bring products and services to life. It includes the flow of goods, both in the form of raw materials and finished products, how those goods are stored, and how they reach customers.” Everything around us, from the food in our refrigerators to household items to the cars we drive is part of a thoughtful, intentional system.   The interplay between Supply Chain and Operations Management is important to understand.   In short, Supply Chain Management (SCM) involves external activities from the planning and management of sourcing and procurement, conversion, and logistics management activities to the coordination with suppliers and third party service providers.   Operations are about internal processes, e.g. that ensure quality.   What about project management? How, if at all, is this related to Operations and SCM? For starters, the Project Management Institute (PMI®) defines a project as “a temporary endeavor undertaken to create a unique product, service, or result.” Process improvement and continuous production of a good or service is neither temporary nor unique. However, this does not mean project management is unrelated to Operations and Supply Chain Management.   Let’s take a step back for a moment to think about what happens upstream. Business strategy -   the North Star for the organization illustrates where it’s going. When the business strategy is set, projects are initiated that align with this strategy.   All three: Operations, Supply Chain, and Project Management are concerned with bringing value. That goes for the organization and to customers.   Kalpesh Ashar, author of Project Management Essentials articulates the fundamentals that underpin project management. An important point Ashar makes is that one of the reasons for starting a project is market and customer demand. This is also the case with Supply Chain. Successful organizations listen to their customers and react accordingly. This is one of the many ways Operations, SCM, and Project Management are connected.   It should be noted that managing projects shouldn’t be a rigid endeavor. Yes, there are distinct phases, i.e. Initiating, Planning, Executing, Monitoring and Controlling, and Closing, but the methodology the Project Manager chooses will vary depending on the organizational culture and resources, and the project itself. For example, The PMBOK Standard published by the Project Management Institute refers to an "adaptive" type of development lifecycle also called "agile" or "change-driven" with regard to the product development lifecycle of a project (an element of the project lifecycle). Agile implies iterative, which is not dissimilar from how managers approach continuous improvement efforts. There is a defined need, work is done, assessed along the way, and continued or course corrected along the life cycle.   A key difference that you’ve likely discerned from the definitions above is that projects are one-time and unique. They aim to deliver on a defined scope and, once completed, the baton is handed to an operations team, if necessary. Operational management improves existing processes or procedures, thus this discipline is not concerned about one-time or unique endeavors but repeatable activities. Additionally, project management is anchored by a set of stages -  Initiating, Planning, Executing, Monitoring and Controlling, and Closing. These stages are designed to advance the project toward success. Operations and Supply Chain Management are cut from the same cloth as project management - with managers in these positions necessitating clarity, moving an initiative forward, and driving results that deliver value. OSCM’s processes, though distinct, are concerned with following the stages that take a company through the full lifecycle of strategy, procurement, receiving of the goods, and efficient processes.   These books mentioned in this article are part of Vibrant Publisher’s Self-Learning Management Series. The upcoming book Stakeholder Engagement Essentials You Always Wanted To Know is also a part of this series.   The Self-Learning Management Series intends to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but who haven’t got a chance to visit one. This series is designed to illuminate aspects of management, finance, organization development, consumer behavior, human resources, marketing and business.   Each book includes fundamentals, important concepts, standard principles and practical ways of application of the subject matter.   About the author - Michelle Bartonico is an experienced, solution-driven marketer and project manager with more than a decade of experience in higher education and marketing agencies serving clients in a breadth of industry verticals from healthcare to manufacturing. She is a certified Project Management Professional (PMP), MSI Change Management Specialist, Six Sigma Yellow Belt, and has completed the Google Project Management Career Certificate program. She is the author of Stakeholder Engagement Essentials You Always Wanted To Know.              

Stakeholder Management, also referred to as Stakeholder Engagement, is the heart of project management. Yet, Stakeholder Management is the area of project management that is often overlooked, underestimated, or mismanaged entirely.     Before diving into Stakeholder Management, let’s define a “stakeholder.” According to the Project Management Book of Knowledge (PMBOK), “ a stakeholder is an individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.”     In the above definition, it's apparent that people are the thread throughout any project. This makes the Stakeholder Management Knowledge Area one of the most dynamic in project management.     There are five phases of project management, (figure 1). Stakeholders are present in each phase - from initiating the project to performing the work to feeling the impact of the project’s outcomes.     (Source:https://pmstudycircle.com/stakeholders-in-project-management-definition-and-types)         Specifically, in Stakeholder Management, there are four processes the Project Manager and teams should follow.       Stakeholders are dynamic and ever-changing so it is imperative to know what the four stakeholder management processes are and where they dock within the five project phases. This is critical so Project Managers maintain sight of the team’s progress in a project and know the other Knowledge Area processes to apply.     Think of these life cycle processes as a relay race. The success of each one depends on the accuracy and careful handoff from the previous step. Whether small, large, or enterprise-wide in scale, the Project Initiation Phase is the time to begin identifying stakeholders.     Step 1: Identify Stakeholders - Here, the Project Manager generates and analyzes a list of people who have an interest or influence on the project outcome. The stakeholders' attitudes (positive, negative, neutral) are also assessed. This initial step helps determine stakeholder engagement strategies, clarifies roles, and serves as the building blocks for the stakeholder management plan.   (Source: https://www.smartsheet.com/blog/demystifying-5-phases-project-management)     Step 2: Create the Stakeholder Management plan - Also referred to as the Stakeholder Engagement Plan, this is the playbook for how the Project Manager and the project team will engage with stakeholders, communicate, and mitigate issues that could create a lack of support or buy-in for the project.     Step 3: Manage the plan - It refers to the management of the stakeholder plan. This step is ongoing because people’s behavior is fluid throughout any project. In this step, stakeholders are consulted on whether expectations are being met, their attitudes toward the project are assessed, and the stakeholder plan is updated as needed.     Step 4: Monitor the stakeholder management plan - Once the stakeholder plan is in place, it is at regular intervals that the effectiveness of the plan is reviewed. In the PMBOK, this step is part of the Monitoring and Controlling process group and it is a time when the Project Manager is deliberate about logging any issues, adding to a lesson learned register, and noting any adjustments to foundational documents, e.g., Stakeholder Register and Communications plan.     Table 1: Stakeholder Management Processes in Each Phase     Acquiring an understanding and practical knowledge of stakeholder engagement is something that any professional - regardless of their industry, years of experience, or position in an organization - can benefit from.     It's essential to know how to anticipate, monitor, and engage people throughout the life cycle of a project and beyond.     Releasing in January 2023 is Stakeholder Management Essentials. This book will be added to Vibrant Publisher’s Self-Learning Management series. The Self-Learning Management Series provides a jump start to working professionals, where their job roles demand the knowledge and skills imparted in a business school. On the heels of Project Management Essentials, Stakeholder Management Essentials takes a deep drive into stakeholder engagement.     In Stakeholder Management Essentials, readers will explore how to balance the tenets of project management with the realities of human dynamics. This book provides both foundational essentials of Stakeholder Management along with practical techniques and tools to successfully navigate projects and relationships with people in an organization. Readers can apply what they learn anytime they need to move a project, a conversation, or an initiative forward.     Key learning objectives also include Understanding the fundamentals of managing stakeholders Helpful approaches and strategies to use How to build a Stakeholder Management plan Responding to stakeholder scenarios.   By the end of Stakeholder Management Essentials, readers will have the tools and a people-first orientation that makes project success…on the horizon.  

Introduction to Supply Chains and Operations Management The concept of a ‘supply chain’ is not new. However, in the 21st-century workforce, increasing attention is being paid to the numerous processes and activities underlying the overarching term of ‘supply chain.’ Broadly, the term “supply chain management” refers to the centralized management of the flow of goods and services. All the processes and activities involved in transforming raw materials into a final finished product fall under the domain of supply chain management. As Jason Fernando aptly states in Supply Chain Management on Investopedia.com, “SCM oversees each touchpoint of a company’s product or service, from initial creation to the final sale.” Supply Chain Management (SCM) also involves managing the ‘network’ of relationships between a company and its suppliers that exist to produce and distribute a product or a service.Efficient supply chain management can cut costs, identify and stop up gaps in the supply chain, and reduce the number of interlinks in the chain. This blog takes a look at the major aspects of supply chain management, including what it is, the functional areas it deals with, and why supply chain management is needed in the industries of today.The following topics are covered in this blog: Introduction to Supply Chains and Operations Management Changes in the Supply Chain Post Covid Who Needs to Know About Supply Chain and Operations Management? What are the functional areas within Supply Chain Operations? What are the Supply Chain Management Challenges Faced by Different Industries? Key Skills Needed for Supply Chain Operations Professionals How Do You Gain Supply Chain Management Skills? How Will Vibrant’s Operations and Supply Chain Management Help? About Ashley McDonough, Author of Operations and Supply Chain Essentials Expert Reviews on Operations and Supply Chain Essentials You Always Wanted To Know How to Order Operations and Supply Chain Essentials You Always Wanted To Know Changes in the Supply Chain Post Covid The covid-19 pandemic brought about a series of supply and demand shocks that left the supply chains of the world with serious gaps or even rendered defunct. With businesses grinding to a halt, the ‘wheels’ of these businesses stopped turning. For the first time, people began to realize what exactly kept businesses up and running. In this fast-paced world where everything hinges upon the smooth and efficient delivery of goods and services, effective supply chain management during such a crisis becomes very important, both for supply chain managers as well as the people that work in supply chain operations. Harvard Business Review says, in its article on Global Supply Chains in a Post-Pandemic World, that it is important to identify vulnerabilities as “a surprise disruption that brings your business to a halt can be much more costly than a deep look into your supply chain is.” Additionally, due to the 21-century digital transformation of businesses, the logistical components of supply chains now have new aspects like cloud technology and remote warehouse controls that need to be taken care of. Digitization has brought in new challenges for the components of the supply chain, yet at the same time, it also presents new opportunities for advancement and efficiency. New managers and recruits will have to adapt and learn to accommodate these new technologies as they respond to the challenges of the pandemic and the issue of creating and managing a sustainable, long-term framework of suppliers, activities, resources, and information. Who Needs to Know About Supply Chain and Operations Management? Given the huge importance of supply chains and operations management, knowing exactly what it entails is essential. Today, supply chain management is needed within every field and in every industry. Without supply chain management, orders could get delayed or cancelled, costs could spiral out of control, and production could grind to a halt, as we have seen above. A breakdown in one link of the chain would result in a domino effect that could eventually topple the entire industry—and could potentially even leave effects on the economy. remember the Ever Given incident which delayed shipments around the world? That’s just one specific example of what could happen when even a single process breaks down. Knowledge of supply chain management, therefore, is not just necessary for professionals who handle the overall management of supply chains, but also individuals specializing in specific aspects of supply chain operations. What are the functional areas within Supply Chain Operations? Business Strategy Before planning starts, every organization sets out its business strategy. This strategy defines what needs to be done to fulfill customer needs, remain competitive in the market, and achieve the overall goals of the business. Setting out a business strategy is important as it identifies the specific parameters along which the goals of the organization are to be achieved. After an overall strategy is identified, the specific steps required to fulfill the strategy can be set out, which is usually done in the next step—the planning process. Planning Proper planning is a prerequisite before one can think of achieving business goals. Planning ensures that the right type and amount of resources are being utilized to create a specific number of products. There are many aspects of planning, including master scheduling, forecasting, material planning, production planning, and inventory planning. This is an important stage for every industry, as determining the exact number of resources that are required depends on the accurate forecasting of consumer demand. Procurement and Sourcing Procurement is the sum total of processes that involve sourcing and purchasing and it is what actually initiates the supply chain processes. Once an order is placed by a consumer, sourcing determines where the products allocated to the consumer come from—either from inventory or a newly manufactured product. Here, identifying requirements and inputs to make the finished product takes place, as well as negotiating contracts with vendors and suppliers. The process of choosing supplier, therefore, takes center stage in this functional area. There are certain sets of parameters or specific criteria that needs to be defined and put in place, against which a supplier is selected. Manufacturing Manufacturing is the stage where the actual product comes into being. It incorporates components like labor, raw material, tools and equipment to create a finished product that generates revenue. Manufacturing involves several practices, i.e., quality requirements, and processes, i.e., sequence of operations, to create the output. These practices and processes vary from product to product and industry to industry. Here, research and development comes into play to identify the manufacturing methods and methods of incorporating the raw materials and inputs to create the final output. Quality Quality refers to certain sets of standards that a product has to fulfill at every level before it can be deemed as safe to use by the end consumer. These involve regulatory, safety, and sustainability standards. Quality programs consist of standard operating procedures, vendor qualifications, regulatory oversight, quality metrics, audit and inspections, etc. As a whole, quality management involves making sure that specific standards are met are every level of the manufacturing process. Distribution The last stage of the supply chain is distribution, which falls under the domain of logistics. Distribution involves the delivery of physical goods to customers through a retailer, wholesaler, or direct consumer selling approach. The two major aspects of logistics are warehouse management and transportation. The goods pass through several levels of intermediaries before they reach the final consumer. Companies need to formulate distribution strategies that match the changing demands of consumers and how they want access to products—for example, through online or offline portals. End consumer After all the planning, manufacturing, quality standards, and distribution processes take place, the final consumer is able to buy the product from their grocery stores, local markets, or supermarkets. Thus, supply chain management is the sum total of all the above functional processes that take place before the product is placed in the hands of the consumer. What are the Supply Chain Management Challenges Faced by Different Industries? Almost every industry has some variation of a supply chain that works behind the scenes to ensure that the goods get delivered to the right consumer at the right time. As we have seen above, supply chain management consists of several aspects—planning, procurement, inventory planning and management, sourcing, etc, which create different constraints and challenges for different industries. Let’s look at some industries and why supply chain management is essential for them. Supply Chain Management in Aviation In the aviation sector, effective supply chain management is necessary to cut down on maintenance and operation costs. This sector handles a lot of capital-intensive components, which leads to the challenge of accurately tracking and recording inventory. The key component is forecasting consumer demand as accurately as possible so that logistics such as hangar space requirements and aircrafts can be taken care of. What makes these processes difficult to coordinate is that the aerospace supply chain handles suppliers (and customers) across different geographies and timezones. All processes need to be optimized and streamlined to ensure that there are no bottlenecks and disruptions to the supply chain. Here, supply chain management comes into play—adopting digital strategies and ‘insourcing’ crucial processes of the supply chain. The major challenge is cutting down on the number of links and processes of the chain and ensuring a faster delivery of services and ultimately, additional value to customers. Supply Chain Management in Manufacturing In the manufacturing industry, supply chain management is essential to ensure that production continues smoothly without any breakdown in the links of the chain. To remain competitive in local and global markets, manufacturers have to make sure that the production process—and the distribution process as well—is as cost-effective as possible. Supply chain management in this industry involves efficient management and delivery of inputs to streamline the process of production so that time-sensitive orders are fulfilled and dispatched to the customers. Effective supply chain management will prevent product and shipment delays and provide a smooth experience for customers. Overall, a proper manufacturing SCM methodology is needed to minimize the risk of mistakes and provide a smooth series of stages for the development of the product. Supply Chain Management in Food Processing In this industry, supply chain management is necessary to safeguard the quality of the products. Technologies like cloud computing and predictive analytics technologies are increasingly being used for forecasting the amount of inventory needed and the food processing equipment required, as well as the maintenance of the existing equipment. In order to adhere to food safety guidelines and reduce food waste, supply chain management practices have to be sustainable. Warehousing and storage become crucial stages of the supply chain which have to be organized and planned on the basis of current and future consumer demand. Supply Chain Management in Hospitality In the hospitality industry, inventory management and procurement become key areas of focus, especially with the large global footprint the industry has. The challenges of maintaining a competitive advantage take center stage in this sector, mainly because of its labor-intensive nature. Customer service activities are considered to be vital, while other activities are not given so much importance. Supply chain management can help address one of the major issues faced by the hotel industry—purchasing too many stock-keeping units (SKU’s) that leads to escalating purchase costs. Efficient supply chain management systems can help in coordinating customer’s demand requirements and identifying long-term supplier networks to increase the operational effectiveness of this industry. Supply Chain Management in Cosmetics The cosmetics industry is a trend-based industry and hence the challenge of being on top of consumer trends results in ever-changing product offerings. Here, product offerings involve sensitive inputs, testing procedures, and raw materials. Additionally, a proper product delivery lifecycle needs to be in place to ensure that aspects like quality control are fulfilled. Supply chain management in this industry involves coordinating logistics that have to fulfill a list of legal and mandatory requirements related to weather, temperature, humidity, etc. Traceability becomes a challenge, as consumers demand accountability for the ingredients used and the production processes utilized. Here, the functional area of quality management has central importance and cannot be overlooked. Key Skills Needed for Supply Chain Operations Professionals Having looked at the importance of supply chain management, the next question that comes up is: What are the skills needed to become a leader in SCM? The core competencies for supply chain professionals keep changing as technologies, ideas, and consumer preferences change. The following skills have been adapted from Core Competencies Every Supply Chain Manager Needs at Inbound Logistics. Let’s take a look at these skills below: Global Leadership Global leadership involves bringing together a vast amount of people, departments, and functional areas to facilitate an effective product manufacturing and delivery life cycle. There are a large number of stakeholders pertaining to different aspects of the supply chain. Here, fluid collaboration becomes a key component of effective leadership skills. As partnerships extend beyond regional, geographic, and organizational boundaries, leadership will involve coordinating many aspects of the SCM framework and ensuring that decisions are made keeping in mind the competitive advantages of every stage of the supply chain cycle. Additionally, opportunities for leadership do not just present themselves at the top tiers of the organization but are available at every stage of the supply chain cycle. People Management Managing the human resources of an organization is already a complicated process, but people management in supply chain management goes beyond the management of human resources. Supply chain operations professionals need to deal with a large network of operations managers, suppliers, and consumers. Knowing how to build teams and maintain professional relationships becomes a much-needed people management skill. Relationship-building goes beyond the organization in supply chain management, so one needs to convince people to work together despite clashing priorities. What supply chain operations professionals require, therefore, is the ability to bring out the best in people, as well as the tact of handling situations with diplomacy yet firmness. Decision-making Supply chain management processes generate a large volume of data, both internally and externally to the organization. Decision-making analytical skills can help in combining this data and using it to make informed, intelligent decisions. The challenge here is knowing what data will be useful and how to incorporate it within current and future business strategies. There is also the tendency to over-analyze data to suit a particular perspective or point of view, which is what professionals should avoid. Supply chain professionals require the technical and intellectual know-how that will enable them to make decisions and account for those decisions. Strategic Communication Strategic communication is the essence of people management and leadership skills. Knowing how to negotiate is an important skill that supply chain professionals require to succeed. In supply chain management, professionals handle internal as well as external transactions, so the skill of negotiating terms and finding the best contracts requires a good base of communication skills. Securing IT procurement services, finalizing logistics contracts, and acquiring business mergers, for example, require strong negotiation, persuasive, and relationship management skills. Project Management Project management skills consist of personal organization skills, the ability to handle a large volume of incoming and outgoing data, managing budgets and resources of departments and teams, and planning and tracking various schedules. Project management is crucial in every industry, but it is an indispensable component of supply chain management. Supply chain professionals work on multiple projects at a single point in time, most of which are subsets or overlaps of other projects. Thus, flexibility is another skill component of project management that professionals require. With effective project management also comes risk management—knowing to analyze project proposals and make the right decision that will add to cost efficiency and increased revenues. How Do You Gain Supply Chain Management Skills? New recruits starting work in the field of supply chain operations might feel daunted by the complex nature of this interconnected world of supply chain management. However, having a good foundational understanding of the concepts of supply chain and operations will help them transition to more complex skill sets and job responsibilities. The supply chain management skills described above may seem difficult to acquire, but it is not impossible. There are numerous courses offered in specialized as well as general domains of supply chain management, as well as books and reference material on the topic, that teach you all you need to know about the foundations of this field. The major aspects of supply chain management—planning, procurement, inventory management, etc. mentioned above are discussed in detail in the book, Operations and Supply Chain Management Essentials You Always Wanted To Know. How Will Vibrant’s Operations and Supply Chain Management Essentials You Always Wanted To Know Help? Operations and Supply Chain Management Essentials You Always Wanted to Know equips managers, industry leaders, and individuals working in supply chain operations with the knowledge and skills they require to handle complex supply chain and operations jobs. This book is a practical and informative guide that uses the example of a hypothetical company—CTC Scissors Co.—and the product they make—a pair of basic scissors—to explain how the various functions of the supply chain intertwine to bring the product to life.Throughout the book, Author Ashley McDonough takes the reader on a journey into the world of supply chain and operations with the example of a pair of scissors. Every part, process, and activity of the supply chain is explained in an engaging, and interactive way that simplifies the complexity of the topic and makes it easy for a non-technical audience to understand. At the end of the book, the reader will be able to understand the concepts of supply chain and operations management and why this field is so important in the world today. About Ashley McDonough, Author of Operations and Supply Chain Management Essentials Ashley McDonough is a Supply Chain and Finance professional who holds an MBA from the Hong Kong University of Science and Technology. Having worked in various supply chain functions like planning, manufacturing, logistics, and project management, she is amply qualified to elaborate on the complexities of supply chain management. Additionally, she has multi-faceted industry experience in the spheres of electronics, FMCG, banking, retail, apparel, and much more. She has incorporated her diverse industry and work experiences from across the globe into this practical, simple, and easy-to-understand book. Expert Reviews on Operations and Supply Chain Management Essentials You Always Wanted To Know   “I had the opportunity to read “Operations and Supply Chain Management Essentials You Always Wanted to Know”. Supply chain and operations management are technical concepts and usually very difficult to be expressed on paper in a communicative way. This book is able to do that by adopting “user-friendly” and “not too technical” language, without losing the rigor that characterizes these disciplines. Following the SCOR model, the book navigates through the main concepts of planning, sourcing, making, and delivering. It concludes with concepts about supply chain strategy & design and futuristic supply chain trends. The ability to communicate such broad content by condensing intense information and integrating it with industrial examples & real cases is a plus of the book. In synthesis, the author succeeds in making operations, supply chain management, and logistics quite understandable to a non-technical audience, without losing the OSCM technical soul. The pair of scissors metaphor, particularly, is a great example (used from start to finish) that I will definitely propose to my students!” -Andrea Patrucco, Ph.D., Assistant Professor of Supply Chain Management, The Pennsylvania State University “A good balance of theory and practicality. I’m an operations director, and I wanted to learn a bit more about supply chain management without taking a course or going too technically into the details. McDonough has provided an informative yet readable book on the subject. Some of the approaches felt like an MBA case study, and I appreciated that. I like that McDonough follows the production pipeline of scissors, as this was an easy-to-understand process with details on how to structure and improve the operations and supply chain process. The book provides a comprehensive overview yet also goes into detail appropriately. The strategist in me really enjoyed the Planning and Control Systems chapter. Overall, McDonough provides a good balance of theory and practicality. I recommend this book both to students and practitioners.” -Henry C. Alphin Jr. Higher Education Administrator, Researcher, and Economic Development Professional How to Order Operations and Supply Chain Management Essentials You Always Wanted To Know Order Operations and Supply Chain Management Essentials from our website or from Amazon.com. Happy Learning!  

It’s not you, it’s me. Stakeholder management realities we must acknowledge.   Remember that time you had a client that nearly made you apocalyptic? You know, the one who offered vague project goals, endlessly changed their mind, and provided inputs after the deadline. Or the time when your project team wound up with “too many cooks in the kitchen?” If you’ve worked as a project manager, you’ve undoubtedly encountered at least one of these scenarios.   How did this happen? I found myself asking this question repeatedly, especially when I worked in the Account Service at marketing and advertising agencies. I’d be assigned a client, review the original business development RFP and pitch, be provided a core project team based on anticipated scope, then host a kickoff/discovery meeting. Everything would kick off “by the book,” then BAM! Confusion, frustration, misaligned expectations. In my experience, this usually occurs during the Execution phase when it is time to actually produce the deliverables, but it can happen anytime (and multiple times) throughout a project. Before you meet your team at the water cooler to grumble about your nightmare client, take a breath. I’ve found that many times when I instinctively wanted to blame my client for project dysfunction, it was something I could have managed more closely, lessened the severity of, or perhaps even avoided altogether.Here are some crucial artifacts that need to be a touchstone for your projects. These will help you manage expectations and create transparency about roles and responsibilities.   These can sometimes seem like a grind getting everyone onboard, but trust me — these will save you some headaches and provide an objective reference document as you navigate stakeholder management. Don’t forget to return to these documents throughout your project to revalidate accuracy and to ensure everyone remains on the same wavelength. Templates linked below. Project charter Stakeholder matrix (Another tool for more ongoing analysis is Airtable. It’s user-friendly and syncs with Asana.) Meeting agenda Asana (Project management tool I strongly recommend. This is also the tool used throughout the Google Project Management Certificate courses). Here’s the reality: Stakeholder management is tough! It’s nuanced and dependent not only on relationships and connections, but also on trust, expertise, and individual stakeholder agendas. Keep learning and try to stay in the mindset of improvement rather than blame others (this is easier said than done)!   Intrigued about the organized world of Project Management? Now that your interest in project management is piqued, your next question might be: Where can I learn about project management? If you’re a project manager or a team leader who’s facing such issues, you might want to know about the world of project management where similar problems exist—and are solved. We can help with that. Project Management Essentials You Always Wanted To Know equips employees transitioning into project management roles with the essential information they need to handle major, large-scale projects. You’ll learn how to plan and initiate projects using the WBS system and how to successfully execute them, with a final project closure at the end. Don’t worry if you’ve not heard of these terms and are feeling overwhelmed by their seeming complexity—just read this book to find out everything you need to know about Project Management.

Every day of your life you apply the phases of project management, whether it’s a DIY project, e.g. painting a room, remodeling a house, or planning a birthday party. Though the complexity, budget, and timeline vary, each of these activities equip you with underlying skills that are essential to successful project management. Ok, so what are these phases? And, what are these skills? Unless you’re studying project management terminology in a formal course, it’s likely you’ll think of Initiation as “starting something new,” of Planning as “planning how to do the thing you’re starting,” Execution as “doing the tasks” outlined in Planning, Monitoring and Control as “seeing if things are going well, making sure tasks are being completed, and if not, making adjustments,” and Completion (or Closing) as “dotting the i’s and crossing the t’s.”     Now for the skills you learn by pretty much just being an adult. These aren’t neatly situated within phases. They are, however, recognizable. Here are some top skills you learn and continuously hone as you’re planning parties, completing DIY projects, or working on a set of tasks with others that culminates to a unique, time-bound endpoint. Stakeholder management (This is the industry way of saying “getting key people onboard, bringing them along, and managing and delivering on expectations.) Written and oral communication Organization (and finding what works for you) Time management and prioritization Critical reading (understanding project details, what your tasks are specifically, and what is needed for a deliverable) Flexibility and adaptability (This is more evident in certain project management frameworks, e.g. Scrum as opposed to Waterfall, but you’ll be hard-pressed to work in an environment where there isn’t a hybrid of these two.) Budget management and expense tracking Collaboration and teamwork Project management tools, e.g. Asana   Does all this sound familiar? It should. Why? Because you already know more than you think about managing projects. However, it’s not enough to stumble upon these skills or simply work your way through projects and project tasks. Intentional and strategic application of these skills along with acknowledgment of which phase of the project management process is crucial for long-term success, especially when you’re leading teams. I’ve worked with individuals who have a laundry list of credentials, yet lack the finesse and understanding of nuance required to truly gain buy-in and succeed at being a stakeholder manager. To translate what you already know into a formal grasp of project management, start with the basics and resist the temptation to say, “I already know that, so I’ll just skip this section.” Even if you know some of the industry basics and can envision how you’d put this into practice, reinforcement is important. Similar to one of the greatest movies of all time, Karate Kid, we must muscle through painting the fence or “wax on, wax off” to actually learn. Here’s an example you may take for granted. Imagine the  Initiation phase or, as we referred to as “starting something new.” Pop quiz! How do you actually know you’re starting a project? To make a career out of project management you’ll need to be able to articulate this. The Project Management Institute (PMI) should be your primary resource. In the example above, this is their definition: “All projects are a temporary effort to create value through a unique product, service or result. All projects have a beginning and an end.” Here is a glossary of project management terms provided by PMI that will help you on your journey. Ultimately my advice is to approach project management knowing you’ve already acquired some skills, be disciplined in learning about the methodologies, terminology, and industry best practices, and be humble enough to acknowledge that successful project management is both an art and a science.    Intrigued about the organized world of Project Management? Now that your interest in project management is piqued, your next question might be: Where can I learn about project management? If you’re a project manager or a team leader, you might want to know about the world of project management where similar problems exist—and are solved. We can help with that. Project Management Essentials You Always Wanted To Know equips employees transitioning into project management roles with the essential information they need to handle major, large-scale projects. You’ll learn how to plan and initiate projects using the WBS system and how to successfully execute them, with a final project closure at the end. Don’t worry if you’ve not heard of these terms and are feeling overwhelmed by their seeming complexity—just read this book to find out everything you need to know about Project Management.    

For those looking to transition into Supply Chain jobs, the wide range of career choices available might seem daunting. The field of supply chain management is composed of several functional areas and diverse interconnected activities that span across disciplines. We talked about some of these functional areas and the specific skill sets required in Operations and Supply Chain Management Essentials 101.  In this blog, we’ll explore some of the exciting career options that are available in supply chain and operations management. We’ll also take a look at the courses you can enroll in if you’re interested in pursuing a career in supply chain management. Quick links in this blog: Supply Chain Management Career Options List of Courses That Will Help in Supply Chain Management How Operations and Supply Chain Management Essentials Will Help How to Order Operations and Supply Chain Management Essentials You Always Wanted To Know Supply Chain Management Career Options The Covid-19 pandemic affected the way supply chains usually functioned. With disruptions across industries and across the world, several core operations were temporarily suspended. However, as industries started to churn pre-pandemic levels of output, supply chains resumed their natural course. Hiring across supply chain operations has picked up its pace and is as active as ever. As Robert Bowman states in The Supply Chain Industry’s Dilemma: Great Career, Too Few Candidates, “The supply chain needs people. Desperately.” In the UK, for example, the Logistics industry is suffering from transportation shortages due to the pandemic, as stated in a news report by Bloomberg.com. Given the increasing importance of supply chain and operations jobs, let’s take a look at some of these career options that you can pursue in supply chain operations management. Supply Chain Analyst A supply chain analyst is involved in planning, managing, and executing major, large-scale projects. This job role consists of collecting relevant data from across sectors and analyzing the data to bring about improvements to the supply chain system. It also encompasses creating systems to gather data and identifying problem areas to cut down on inefficiencies in the supply chain. A supply chain analyst oversees inventory shipping processes and develops standards for areas like packaging and delivery. For this role, job seekers require an analytical mindset and basic knowledge of logistics and supply chain management processes. Knowledge of project management is also required in order to handle large volumes of data and processes spanning multiple departments, both within and outside the organization. Operations Improvement Operations improvement refers to optimizing the operational processes and procedures of the organization. Operations and Process improvements are carried out in organizations to identify areas that can be improved. The job of an operations improvement professional is to restructure policies and execute improvements in internal processes so that the outcomes are achieved in a timely manner. This job role requires individuals to have critical thinking skills and the ability to work cross-functionally across departments to coordinate outcomes. Business Analyst Business analysts conduct research and development to identify the organization’s functional and technical needs and requirements. They focus on creating business solutions for business needs and identifying business areas that require improvements. Business analysts are responsible for bridging the gap between information technology and business processes by using data analytics. They create reports and provide executives and stakeholders with data-supported recommendations. This job role requires strong technical skills, I.T. skills, financial modeling skills, and analytical skills. Procurement Management Procurement Management involves creating procurement strategies and devising profitable sourcing strategies for the organization. Procurement managers are tasked with the responsibility to discover long-term, mutually-beneficial partnerships and negotiate advantageous terms and conditions with external vendors. This job role requires excellent people management skills and the ability to foresee changes in events, thus preparing a plan for risk management of supply contracts. Lean Six Sigma Lean Six Sigma focuses on lean management and achieving high-quality performance in project processes, based on a zero-waste and continuous improvement approach. Six sigma involves several methodologies that are used to plan projects and designate responsibilities for optimum performance and fulfillment of individual, project, and company goals. The responsibilities of this job role involve instructing teams and directing the analysis, planning, and implementation of projects so that the entire project process is accomplished in the best way possible. For this job role, individuals require adequate leadership and decision-making skills in order to successfully manage the human resources of the organization. Management Consulting Management consultants conduct qualitative and quantitative analysis to come up with a solution to the client’s problem. In management consulting, professionals create financial models, collect business intelligence and also develop plans and business strategies to support new business development activities. Management consultants are responsible for helping companies and clients solve business issues by providing advice and helping to identify as well as address business challenges. This job role requires individuals to have creative work ethics, skills in handling clients, and expertise of organizational structures. List of courses that will help in Supply Chain Management Supply Chain Operations is a vast field. The job roles described above are just some of the many career options available in the field of supply chain and operations management. You can choose to major in Operations and Supply Chain Management, or focus on a specialization within this field, like Business Process Management or Sourcing Management. Take a look at some of the courses you can take that will prepare you to work in the field of supply chain operations.   Supply Chain Management The course on supply chain management focuses on how the entire process of the supply chain functions, right from the point of origin to the point of purchase of a product. Professionals aiming for a career in supply chain management need to be able to effectively handle and oversee multiple supply chain channels, processes, and activities. This course involves several subset areas of supply chain management—operations management, procurement, warehouse and transportation management, for example—so taking this course will provide a holistic and in-depth overview of the major aspects of supply chain and operations management. Course offered by: Rice University, Kingston University London, Arden University Berlin   Aviation Management and Operations This course has been designed for professionals who want to secure a career in airport management, air safety, aviation marketing, among other areas. Combining aviation and business, the fundamentals of this course focus on aircraft systems, aerodynamics, and business practices in the aviation industry. This course offers the necessary aviation and business skills required by professionals aiming to land a job in aviation supply chain management. Course offered by: Western Michigan University, American University in Switzerland Business Process Management This course is required for professionals who are tasked with managing business processes and activities in an organizational setting. As a business manager, business analyst, IT manager, or Information manager, you need to know how organizations work and how the beginning-to-end business process can be improved. Today, there is increasing demand for professionals with a certification in business process management; according to Mordor Intelligence, the business process management market is expected to reach a value of $4 billion by the year 2026. Course offered by: Boston University, University of California Berkeley, University of San Francisco Service Operations Management Service operations management deals with achieving competitiveness, cost-effectiveness, and efficiency in service operations in businesses. This course explores the designing of effective service delivery systems, quality management, the impact of information technology, etc., across a variety of industries in the service sector. Course offered by: Columbia Business School, ICMS Global Sourcing Strategies and Application This course elaborates on the processes of identifying, qualifying, and negotiating procurement contracts of goods and services from sources across the globe. In this fast-paced world, it is necessary for sourcing managers and individuals working in procurement to know how to implement global sourcing strategies, structure purchasing departments, and learn how to evaluate and select suppliers based on pre-defined criteria. Course offered by: Northcentral Technical College, Michigan State University, NYU Stern Supply Chain Planning and Execution Supply chain planning focuses on planning as the starting point of the supply chain and the execution of plans through the framework of the supply chain architecture. This course examines the day-to-day working of the supply chain plan and how to ensure that scheduled activities are completed on time. For supply chain managers, operations professionals, and individuals working in broad areas of the supply chain, knowledge of supply chain planning and execution is a basic requirement. Course offered by: National University, Walton College, Sloan School of Management  How Operations and Supply Chain Management Essentials Will Help Maybe you’re a student planning to study supply chain operations, or you are a professional making the transition to this field. Or maybe you want to opt for a management position in supply chain operations and are looking to understand what goes on behind the scenes in creating a product. Whatever the case is, you require a basic understanding of how supply chains work as well as an overview of the entire process of supply chains and operations management. That’s where our book, Operations and Supply Chain Management Essentials You Always Wanted To Know can help. As the name suggests, this book contains a brief yet detailed overview of the essential concepts and practices of supply chain operations management. Through the example of a simple pair of scissors, which is taken up throughout the book, author Ashley McDonough takes the reader on a journey that highlights the interconnected stages of the supply chain. How to Order Operations and Supply Chain Management Essentials You Always Wanted To Know Order Operations and Supply Chain Management Essentials You Always Wanted To Know from our website or from Amazon.com. Happy Learning!  

When an organisation plans to start a project, there’s a need to adopt an effective framework to ensure the project is managed successfully. For this reason, most organisations opt for the agile approach. Agile working may seem like a business buzzword, but it is actually an iterative way to complete tasks in a complex work environment. In this article, you’ll learn how to adopt agile processes in your organisation, how the agile way of working differs from traditional project management and the characteristics that underpin an agile organisation. Before we begin, let’s look at the agile way of working. What is the Agile Way of Working? The word “Agile” simply means the ability to move quickly. When applied in the context of project management, agile working involves team collaboration, frameworks, processes and the use of technology to find the most appropriate way of working to carry out a particular task. With agility, a company can identify impediments or changes at an early stage and adjust to them accordingly and quickly. In other words, a team can work with more flexibility at a faster pace within the timeframe and budget of a project. Characteristics of the Agile Way of Working As we mentioned earlier, an agile way of working enables teams to work more efficiently in the best way possible. However, there are different ways companies approach agile working. In this section, you’ll learn 4 characteristics that underpin an agile organisation. Transparency Adaptability Customer-focused Flexibility 1. Transparency Organisations that apply an agile way of working are transparent in the way they work and communicate. The agile approach to project management enables an organisation to have a shared understanding of their work progress by integrating information radiators such as Kanban boards. As a result, team members can know what work is being done and how it is done at every stage of the project. This level of transparency helps to create a unified environment where team members can accept their errors and collaborate efficiently. 2. Adaptability Another important characteristic of agile working is the ability to adapt to changes throughout the project lifecycle. The fact that the agile approach enables teams to break down one big task into smaller time-boxed sprints creates room for adaptability. At each stage, a team can deliver value to the product owner, obtain feedback and make improvements throughout the project lifecycle. The goal is to obtain changing customer requirements, make changes and prevent any significant delays at the end of the project delivery. 3. Customer-focused An important aspect of agile approach is that it is customer-focused. It’s not just about building a solution, it’s also about ensuring that your product can solve your customers’ problems. This means that agile project management involves frequent customer collaboration with the aim of increasing efficiency. For example, feedback loops during agile product development enables customers to experience the product and solve their problem in real life. As a result, there’s a reduced wastage of time and resources. 4. Flexibility When it comes to flexibility, you may think remote working, working four times a week or maybe resuming work earlier or later in the day. However, flexible agile work processes entails the ability of a team to adopt new technologies and respond to change as quickly as possible to improve product efficiency. How the Agile Way of Working is Different from Traditional Project Management Traditional project management and agile project management are two contrasting processes, each with its own pros and cons.So, it’s important to understand the attributes that differentiate them. Traditional project management involves a linear approach and depends solely on upfront planning with little customer involvement. In this approach, the product manager is in charge of the entire project and is accountable for the product delivery. Agile project management on the other hand, is an iterative approach to project management that enables a team to collaborate effectively, be flexible and obtain customer feedback for improved product development. Ideally, the agile framework breaks down a project into smaller time boxed sprints that enables a team to make changes during the product life cycle. Having a knowledge of both methodologies, you may ask yourself what process is right for you. The agile framework allows for more flexibility and is more aligned with the current needs of the modern industrial environment. However, the best way to decide is to consider the team dynamics, scope, budget, etc. of the project that’s to be developed. Then you can pick the right methodology. What are the Basics of the Agile Way of Working? The 12 key principles of agile project management were created back in 2001 where there was a need for an improved approach to helping organisations be more flexible, adaptable and productive. They are as follows: Satisfy customers through early and continuous delivery Create room for adjustments late in the project Deliver value frequently Break the silos for your project Build projects around motivated individuals The most effective way of communicating is through face-to-face interactions Working software is the primary measure of progress Maintain a sustainable working pace Continuous attention to good design improves agility Apply simplicity when implementing agile Self-organising teams bring the most value for the customer Regular reflection on work enables a team to be more effective Benefits of the Agile Way of Working No doubt, an agile framework can provide tremendous benefits to an organisation. Here are some of them: Reduced risks Agile framework involves time-boxed sprints that enable a team to make necessary changes during the product life cycle. As a result, there’s reduced risks of creating a product that may not be in line with the customer’s needs. Improved team performance Since agile teams are self-organized, they have full control over their choices. The team also collaborates more efficiently when they rub minds regarding challenges and project statuses. Greater customer satisfaction In agile processes, the customer is involved in the decision-making process of the product development. As a result, product teams can make changes according to the customer’s feedback. This ensures that they deliver value to the customer and the final product matches the customer’s needs.   Conclusion The agile way of working is a sustainable and effective way of managing projects. In the complex, ever-changing work environment, an agile approach can help you and your team be more flexible, effectively manage risks and projects. Learn more about how you can manage the complexity of modern projects. The 4th edition of Project Management Essentials You Always Wanted To Know provides accurate and authoritative information on project management best practices.  

If you don’t have sufficient funds, it’ll be a major challenge to complete a project successfully. A well-planned budget is essential to develop a project on the right foot and make the best use of available resources. This article will provide insight into what’s involved in determining an appropriate budget for your organization as well as the benefits it provides. Before we begin, we need to define what a project budget is. What is a project budget? A project budget is an estimated cost of all the tasks, milestones and activities involved in a project. In other words, it is the total amount of money that you need to complete every phase of a project. The project budget includes material, operating and labor costs. A project budget is important during the development of a project. Without a project budget, your project could lead to waste of resources, money and may even end up incomplete. Now that you’ve learned the definition of a project budget, how do you determine the appropriate budget for your project? You’ll learn about this in the next section. 5 techniques for determining the appropriate budget for a project Project budgeting can be challenging. However, the budget of a project depends on the nature of the industry and complexity of the project. The more complex the project, the more difficult it will be to determine the right budget for a project. Here are 5 techniques you can use to determine a well-planned budget for a project: 1. Bottom up estimation Bottom up estimation involves the estimating of a project in the most detailed possible way. Rather than estimating a project in a general sense, each part of the project such as milestones, tasks are estimated and then rounded up to get the estimated project cost. A disadvantage of this approach is that it takes more time to complete but the detailed time and cost estimate of a project improves the chances of meeting the estimated project cost. 2. Top down estimation Top down estimation is the opposite of the bottom up approach. This approach involves taking the estimated project cost and then breaking it down into smaller fractions. The type of budget estimation is ideal if you already have a fixed budget cost. A downside to this approach is that it’s less detailed compared to the bottom up estimate. It can be hard to predict the total cost of a project without understanding the project scope and plan. A way around this challenge is to understand how each milestone and task in the scope affects the initial fixed budget. 3. Analogous estimation This type of estimation is normally ideal if you’re not new to project management. Analogous estimation leverages past project data to determine the cost of your current project. An advantage of this approach is that it provides a better way of estimation during the early stages of a project especially when few details of the project have been identified. 4. Three-point estimation Three-point estimation presents a more realistic approach to determine a project budget. It allows you to establish a weighted average based on the best, worst and most likely budget cases. Since you’ll be evaluating project costs from different perspectives, you’ll arrive at a more realistic budget. An upside to this approach is that it reduces the chances of going over budget because your project plan will include every detail of your estimates. 5. Parametric estimation As the name implies, parametric estimation is an estimate based on parameters that define specific parts of a project such as costs, complexity, duration and then apply them to the current project. An upside to this approach is that it can be used in complex and diverse projects. The benefits of an effective project budgeting Project budgeting goes beyond just knowing what an entire project would cost. A well-planned budget provides the following benefits: 1. Helps establish guidelines A well-planned budget enables you to set clear expectations at the start of a project. In some cases, a project may have the need to accomplish several priorities. When you have an effective project budget, the project manager can know how much he can spend on any particular project. 2. Helps prioritize different parts of the project Another benefit of a project budget is that it helps you set clear priorities during project development. There may be some situations where the available funds may not be enough to complete a project. In this case, you can work on the tasks with the most priority while you put other tasks on hold. 3. Promotes future thinking and planning Like we mentioned earlier, there may be some situations where the fixed project budget may not be enough to complete a project. Having a placed budget enables you to plan ahead. For example, when you prioritize tasks due to insufficient funds, you should know the additional funds you will need to complete the entire project. 4. Cost estimating With an established budget, the project manager can determine the amount of money that can be spent on each phase of the project. As a result, you can determine whether the fixed budget will be enough to complete the project. 5. Quick access for documentation There are cases where you may need to retrace your steps during project development. With a project budget, you can always go back to evaluate project expenses and know how funds have been used during the phases of the project development. Some examples of popular project management software with budgeting features When you begin the process of project budgeting, automation can be helpful especially if you’re dealing with a complex project. Here are some examples of project management software with budgeting features. 1. Forecast Forecast is an AI powered software that enables organizations to predict project costs. It offers a visual budget that has an overview of revenue, cost and profit. This way, you can see how the time entries affect the project budget. 2. Orangescrum Orangescrum is an open source project management software that enables you to view your entire project budget in one screen. With Orangescrum, you can define budget, add billing rate, monitor your budgets and reports in real-time. 3. Scoro Scoro’s project budgeting software enables you to view your organization’s financial performance in real-time. Scoro allows you to create a separate budget for each project. You can also keep track of the budget against actual income and expenses. Conclusion Project budgeting may seem like a difficult task in project management but it is crucial to ensure your project is developed successfully. With a well-planned project budget, you reduce the chances of going over budget and increase profits. Learn more about how you can manage the complexity of modern projects in the 5th edition of Project Management Essentials You Always Wanted To Know. This book provides accurate and authoritative information on project management best practices.

“DISCIPLINE IS CHOOSING BETWEEN WHAT YOU WANT NOW AND WHAT YOU WANT MOST”, quoted by Abraham Lincoln. When one applies his/her knowledge, skills, tools and techniques to manage a project to achieve certain objectives, it is called Project Management. Kalpesh Ashar, in his book “Project Management Essentials You Always Wanted to Know”, refers to the Project Management Institutes definition of Project – “A temporary endeavour undertaken to create a unique product, service, or result ”.   Projects have become an integral part of our everyday life. Projects are undertaken to bring about some change in the existing scenario, either in personal or professional life. Although projects have been executed for decades now, it is only much recently that the need has been felt to manage projects using a scientific approach. Projects executed using a scientific approach ensures greater chances of achieving project goals. Much still lies in how efficient a project manager is in the organization and utilization of resources.   Typical responsibilities of a project manager include: Planning, Executing, and Closing Projects.The resources he/she manages include people, budgets(finances), technology and Intellectual Property and Data rights.     Projects at Work: New product development Enhancement in existing product Feasibility Study Developing a software application     Projects in Personal Life: Wedding event management Planning a birthday party Vacation Planning and booking Home improvement     Pre-requisites of Managing a Project: Even though every project is different, they have two things in common : A predetermined Timeline and a Unique Outcome or goal. A project cannot carry on forever. Every project also delivers something unique or different than the outcome of the other project.Every project is started to meet certain objectives.Although it is felt that only the project manager does project management, it is usually not true. Every person working on a project is performing activities that help in achieving the Project Objectives.   Management By Objectives: Setting clear and realistic targets/objectives. Periodic evaluation of the achievement of the targets. Implementing corrective action, if required, to bring performance in line with the targets.   These are further elaborated in Project Management Essentials Book by Vibrant Publishers.   Constraints of Project Management: Every project has the following 6 constraint:   Scope: The project needs to deliver a certain scope. Time: The project needs to complete within stipulated time frame. Cost/Budget: The project needs to be done within the stipulated  budget. Resources: The work on the project demands lots of resources – human resources, machinery, and raw materials. Quality: The final product will only be accepted if it meets certain quality parameters. Risk: Several uncertainties might come in the way, which should be managed properly by the project managers.   The above constraints compete against each other and a project manager needs to juggle between them. The detailed steps and tools to successfully execute a modern day project and manage all its complexities are outlined succinctly in the book: Project Management Essentials you always wanted to know – 4th Edition      

Every project is started with the intention of meeting certain objectives. When the Project Manager along with the respective team applies his or her knowledge, skills or tools and techniques to manage a project in order to achieve those objectives, it is known as Project Management. For the project to be successful, it has to go through five project management phases. It starts with Initiation, followed by Planning, Execution, Monitoring & Control and Closure. Monitoring & Control, in parallel with the other phases, helps monitor the particular phase and take appropriate control action, called corrective or preventive action.     The phases may not always happen one after the other. There is certain degree of overlap between the phases. Monitoring & Control is a phase that starts almost in the beginning of the project and goes almost till the end of the project. Execution phase is generally the one that takes most amount of time and consumes most amount of resources and hence, incurs most of the project budget.     Phase 1: Project Initiation: As the name says this is the start of the project. The goal of this phase is to define the scope of the project at the broad level. It usually begins with a business case. During this phase you will be researching about the project – whether this project is feasible or it should be undertaken or not? Stakeholders will be giving their say whether this project is a go-to or not. If the stakeholders are convinced then the project charter will be given to you which will include business needs, stakeholders and the business case.     Phase 2: Project Planning: The focus of this phase is to develop a roadmap for developing the project. This phase is key to successful project management. This phase commences with setting goals. S.M.A.R.T. and C.L.E.A.R. are the two popular methods for setting goals.     C.L.E.A.R. Goals: This method ensures that the goals have been thoroughly vetted. Specific: Ask yourself the following questions: Who, What, Where, When, Which and Why. Measurable: Some criteria should be developed in order to measure the success of the goal. Attainable: Set priority and identify the most important goals, and then proceed accordingly Realistic: The goals set must be realistic and achievable. Timely: A proper time-frame should be created in order to achieve the goal.     S.M.A.R.T. Goals: A method developed while taking today’s fast paced businesses into consideration Collaborative: The defined goal should inspire all the employees to work together Limited: The scope should be limited as well as manageable Emotional: The defined goal should tap into the passion of the respected employees. This helps in optimizing the quality of the work. Appreciable: The defined goal should be divided into smaller tasks so that it can be achieved quickly. Refinable: The scope of the project should be flexible. Therefore, in the different situations’ goals can easily be refined.     In this phase, the scope of the project is defined and a project management plan is already developed. It involves identifying the cost, quality, available resources, and a realistic approach to achieve the respective tasks. In this phase following documents are required to be created by the Project Manager:     Scope Statement: Defining the business needs, benefits of the project, objectives, deliverables, and milestones. Work Breakdown Schedule: Visual representation of the different tasks assigned to the various team members. Milestones: Defining the high-level goals that need to be met throughout the project. Gantt Chart: A timeline that can be used to visualize the project timeline. Communication Plan: A proper communication plan in order to communicate with the team members, stakeholders, and other respected authorities. Risk Management Plan: Identify all the foreseeable risks. Example: unrealistic time and cost estimates, customer review cycle, budget cuts, changing requirements, etc.     Phase 3: Project Execution As already discussed above this phase is the longest one in the project development cycle. During this phase deliverables are developed and completed. A lot happens during this phase such as status reports, meetings, development updates and performance reports. Some of the tasks completed during this phase: Develop Team Assign Resources Execute Project Management Plans Set up tracking systems, etc.     Phase 4: Project Performance / Monitoring This phase is all about managing project progression and ensuring that everything happening aligns with the project management plan. Project Managers will be using the KPIs (Key Project Indicators) in order to determine whether the project is on track or not.     Phase 5: Project Closure This phase represents the completion of the project. Meetings are hold in order to evaluate project failures, etc. This is especially helpful to understand lessons learned so that improvements can be made for the future projects. The above text is an excerpt from Kalpesh Ashar’s book, Project Management Essentials You Always Wanted to Know. Read more about Project Management and its different phases in  Project Management Essentials You Always Wanted to Know, by Vibrant Publishers.