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PRINCE2 Project Management applications

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Management is the application of the talents, aspirations, and skills necessary to bring about a profitable endeavor.   In today’s world, project management has expanded from the traditional view and now includes all projects-solutions to critical business processes, merger and acquisition strategies, product launch andwheel Reports ( studied by why over 60 percent of organizations fail to achieve their annual budgets), market analysis, nonprofits, government departments, military, and more. As outlined on a  prince 2 Certification belfast course.

Project management (or project management services, as we commonly refer to it) consists of thefollowing:

  • project planning.
  • creation and utilization of project plans.
  • site review and planning.
  • project launch.
  • evaluation.
  • program/job completion.
  • risk identification and management.
  • site visit reports/reviews.
  • activity tracking.
  • budget development.
  • progress feedback
  •  visibility of all project related activities.

Preparing for Projects

Let’s start with work done before the creation of a project schedule.   This will depend on the type and size of your current work.   The list below will help identify the project management work needed to be done.   The quantity and quality of work to be done is not a question, but a question of priority.   The first step is to determine what projects should be completed this year.   The availability of all resources in the company usually determines the level of priority.   Determine the amount ( schedules of the projects) and review the need for those resources required to complete the projects.   Don’t leave projects in the queue without scheduling them.   If your workload is coming according to your schedule, then by not checking on the status you may be neglecting them.

The amount of projects to be managed presents a problem.   Before deciding how much you have to be managed in the next five years, evaluate how viable the programs your company has to offer are.  These tests and assessments are valuable tools in determining if the assignments are worth proceeding with.   Plan to then make the calculation to determine how much you will spend on each project over the time period in given economic times, so you can determine which projects can compensate your budget.

Estimate how long it will take to complete a project and estimate one to two years of workload to be held in reserve for new projects not to exceed 10% of current workload.   In addition to projects in the screen that require your supervision (post-implementation sustainment and/or after-implementation) take into account in your plan:

  • plans created by outside
  • programs you decide to sponsor
  • those with budget to pay for
  • projects you will supervise
  • those with potential for low risk and / or high profit
  • the number of individuals with available resources
  • potential shares of future revenues

Use this list to establish your assumptions for those new projects.   With these estimates in mind an expert will be able to work out the scope of work required to complete one of your projects and in what amount.   The method in which the amount will be estimated can vary, but the end result is going to be a budget.

After the schedule has been determined, we need to analyze if it will fit into the present and future needs of the company.

This analysis is called 5-S.  It is a word that represents the longest list of ideas, questions, and concepts that an entrepreneur can write down, start to write, and then review to get a sense of priorities, milestones, and resources required to reach a goal.   Starting from these questions, an hypotheses are formulated and then it is quantified using the information available.

Which aspect of the company would need the most attention?

Which would require the finest use of resources?

What would need to be done to bring this program to a welcome acceptance?   This is the feasibility question.   Using this information, a budget can be used.

The budget is the monetary value associated with the cost of a project.   After a budget has been developed, you must determine a payment schedule.

A budget can be built for individual programs as well as programs for whole departments and entire businesses.

From here, the next problem will be to estimate how long it will take to complete a project, based on the described costs, milestones, and any changes in the required resources, and then estimate a task completion time schedule after the project has been completed.

The questions listed would be used to build a schedule.

And here is where the matching process might begin.

For example, a cost estimate of a new wedding channel needs to be made.

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News Update

Delhi HC issues notice on plea challenging non-PDS guidelines limiting rations to 20 lakh people

The court while issuing notice granted time to the respondents to file a reply. The matter is listed for further hearing on June 25.

Antrix-Devas dispute: Supreme Court refuses to entertain plea seeking directions to restrain liquidator

“The Company (Devas) fraudulently raised foreign investment of Rs 579 crore and subsequently illegally transferred 85% of the investment out of India to its subsidiary in USA in the guise of investment and services fees etc,” the ED investigation revealed.
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