Blogs on Operations & Data Science

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.    

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 ‘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 Management About Project Management Essentials You Always Wanted To KnowWhat is Agile?Explore Dynamic Careers in Agile About Agile Essentials You Always Wanted To Know End 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. Project ManagerMost 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. Project Coordinator This 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. Project Management Consultant This 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. Project Team Lead A 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. Resource Manager Resource 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. Business Analyst A 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. Interested in learning about the world of project management? Order Project Management Essentials You Always Wanted To Know here!   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. Scrum Master A 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 The 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 Agile 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 The 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.

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.    

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.