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Why it’s high time that Project Managers prioritize Portfolio Management

How do project managers estimate potential returns on doing a particular project? Project portfolio management considers complex processes, analysis and technology of existing as well as future projects finalized. Focused at forecasting success rates and company’s future prospects, portfolio management is an essential area to look into.

Project portfolio management presents a win-win situation for everyone involved in the process. Here is how this happens:

  • Project managers – It provides easy access to team members, so collaborating between them becomes super easy
  • Stakeholders – Continuous supply of feedback regarding progress of the project
  • Team members – Significant improvement in communication with the teammates and leadership capabilities

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PMP Training

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Hones Risk Management abilities in Managers

One must understand that taking bigger risks does not simply equate to bigger rewards. At times, less than intelligent decision making can lead to disastrous consequences. Hence the project managers ought to resort to smart decision making in order to achieve success.

 

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With Project portfolio management, companies could plan smartly for upcoming projects and accurately predict the outcomes. Some obvious questions include –

  • Are the requisite resources and budget for a particular project readily available?
  • Can this project be modeled on an existing project?
  • Would the progress on this project be hindered by any current project?
  • Are the expectations of various stakeholders relevant and what are the avenues where the company would need to compromise on various accounts?
  • Whether the project would lead to meeting the overall objectives as an organization?

Managers can seek help from PPM in several other ways. For instance, they can obtain detailed breakdown of costs, resources, timelines, tasks and overall goals. Depending on the available information, they can take stock of their risk taking capabilities in regards to current projects running in the company. In addition, they can analyze whether it would make perfect sense to go forward with an upcoming project or not! There are a whole lot of possibilities regarding what can be achieved with its help.

How does Project Portfolio Management (PPM) help in risk mitigation?

It is quite incredible to know that PPM can help in significant mitigation of risks. With its help, project managers can obtain a bird’s eye view of the overall project and predict correctly where things can go wrong and mistakes can occur. Hence, corrective action can be taken in time and mistakes could be minimized! A smart manager would take its help to predict potential risks and necessary action be taken well in advance. In this way, potential delays can be avoided, thereby leading to timely delivery of the project and happy customers!

Here is what risk mitigation can lead to:

  • Organizational goals can be aligned with every single proposed project
  • Effective risk and reward management
  • Identification and mitigation of potential design flaws and bottlenecks at an early level

There are an incredible lot of things that could be achieved with portfolio management. Managers are going to find their hands full when they utilize the technique for managing their projects better and letting their companies take intelligent decisions.

Thus, portfolio understanding is an integral part of a project processes.
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Must focus upon portfolios and help the aspirants from beginning.

Explore more about PPM before plunging at any offered course. Probe more and act wisely.

     

How to manage Project Quality

How-to-manage-Project-QualityAnalysts have varying perspectives on what constitutes a quality undertaking. Through our long experience, the Project Quality has recognized 6 key components that enhance venture quality:

Key Success Factor 1: A Good Plan

The Plan, Do, Check, Act cycle is principal to accomplishing undertaking quality. The general project arrangement ought to incorporate an arrangement for how the task supervisor and group will keep up quality measures all through the project’s cycle.

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How a PMP Certification can Boost your Career Prospects

How-a-PMP-Certification-can-Boost-your-Career-ProspectsWith the current condition of the economy, the employment business sector is a to a great degree focused spot. A large number of graduates with comparable aptitude sets are battling it out for the same pool of employments. It’s in this manner critical that you set yourself separated from them; and for those in the venture administration industry, a PMP confirmation is restricted you can do this.

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Topics to prepare for PMP examination

PMPPMP is the top-positioned all-inclusive recognized proficient confirmations of task administration. A PMI PMP qualification upgrades your PM aptitudes, grows your business sector achieve, showcases your capacity to handle discriminating tasks to potential bosses, wins you testing undertakings and builds your pay drastically. PMP exam is directed by the Project Management Institute keeping in mind ensuring the PMP exam hopefuls; PMI tests them on five procedures of venture administration according to PMBOK Guide.

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Project Management Best Practices

  1. PMP Define the Scope and Objectives of the project

Scope is the boundary of the project.  One must try to understand the scope of the project. Understanding the stakeholders is necessary along with their expectations of these people. Defined the scope and objectives, and review the same with the stakeholders.

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Human Resource Management

PMP TrainingEvery organization has a HRM strategy to make the organization success. A company needs to innovate to stay ahead in the chaotic business environment. The approach must be people first. With modern day practices our focus is on deploying HRM practices that are effective for an organization. One must try to align the organizational goals with the strategy. Hence HR department is a vital organ for an organisation. In today’s time HRM practices are taken seriously by the managers. Just like any other important function like production and marketing HRM is an integral part of an organization.

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12 ways to improve productivity at workplace

PMPAn organization is driven by high productivity and efficiency. Employee productivity is the major concern for managers. They need their workforce energetic and highly productive. The work conditions motivate an employee to work. Employee talent is also a valuable asset for an organization. Hence employees must be motivated to keep their good work. Employers need to look into the factors by which the productivity can be increased in the workplace:

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10 ways to get a slipping project back on track

PMP TrainingA project can be derailed due to underestimated tasks, staff leaving the company, resources that are not allocated. There are some practical techniques that can help directing the project on track. Project misses its deadline and is derailed from the objective. Some work can be harder than the ones that are estimated.

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