From the moment we gain the ability to reason, all of us start to imagine, plan, get excited about and launch new ideas and projects. These range from long-term life projects to short-term weekend projects. They might be solo projects or projects in which we involve a colleague or an entire community.

All this comes naturally to us, requires no methodological approach and, although some of us obtain better results than others, generally-speaking we all implement projects freely and almost without realizing.

That said, things change when we take these projects away from personal affairs and into the business world. It is only natural for an organization to require actions to be taken in a standardized manner. Just imagine if everyone arrived at the office, thought of an idea and put everyone else to work on it, who in turn had their own way of doing things. It would be chaos; to a greater or lesser degree depending on the personalities of the people who make up that organization, but chaos nonetheless.

It is no secret and should come as no surprise that many organizations in every country around the world operate like this; they are not accustomed to project-based management and apply their common sense. “If I can create a family, buy a house and organize summer camp, I can certainly deal with this project at my organization”. Sometimes, the results are reasonably good, although they are usually inversely proportional to the complexity of the project. The larger the project – with more people, risks and budget costs involved, the greater the chances are for failure.

The Standish Group demonstrates this each year with its Chaos Report. Whether or not its figures truly reflect reality, it seems clear that the majority of projects fail to meet one or more of their targets in terms of scope, quality, time or cost.

If that were not enough, organizations generally tackle more than one project at a time. They usually have several on the go at once, which might range from a few units to thousands. Furthermore, they all share a number of characteristics in common: people, budgets, assets, stakeholders, customers, suppliers, etc. All of them are affected by various projects at the same time.

Complexity is not only to be found within a single project but also in the relationships between the project portfolio and the other factors at and beyond the organization.

This is where project management tyranny begins. Someone – quite rightly – thought “we cannot keep letting everyone here do what they want; we need to create some order, otherwise we will fall apart”. This was the beginning of international organizations, methodologies, methodological brands, certifications, best practices, tools, conferences, specialized departments, consultancy firms and a seemingly endless vocabulary of terms.

It is all necessary and positive. However, when administered axiomatically, it can lead to an organization that becomes a slave to its own processes and tools, which to a great extent will inflate the problems rather than make things easier.

Methodologies, specializations and tools are positive, but lead to process tyranny when applied axiomatically.

 One major step forward in this regard was the incorporation of flexible methods for managing certain types of projects, which although not entirely procedure-free (be careful: flexible does not necessarily mean democratic) have indeed managed to eliminate a number of restraints.

Now, whether with tyranny or without it, all major organizations have generally passed through all these stages: they have a PMO (Project Management Office) with professionals who know what they are doing and have tools capable of transforming chaos into structured information.

That said, this means the organization must be “subjected” to strong procedural requirements, which comes at a very high cost. So much so that professionalized project management may be inaccessible to the majority due to the money required for salaries, consultants and tools. It is costly in terms of organizational effort and stress because procedures need to be designed, compliance with certain steps must be enforced and the already difficult executive profiles must be synchronized. Finally, and above all, it has a price in terms of opportunity cost: all the money and effort being spent on project management (and, above that, on project programs and project portfolio management) is not being spent on anything else. Professionals see themselves forced to set aside a part of their work to focus on administrative tasks.

The price of having a highly professionalized organization in terms of project management is only within reach of very few.

There are some organizations that implement all the above with exemplary maturity and fluidity. But they are not many. At least, they are not many compared with all the organizations that keep trying to complete their projects without jeopardizing their existence.

The democratization of project management is based on providing access to all organizations – regardless of size – to professional, organized and simple project management. It must be equally accessible to a certified specialist as it is to someone who has never heard of PMI, for example.

The democratization of project management consists of bringing to everyone what was previously only accessible to the largest players.

This is how to make project management accessible to all.

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If a business is a living body and research is its heart, projects can be interpreted as energy sources. A whole enterprise is woven around gathering projects, completing them on time using presented methodologies and using proceeds from those projects to trail our research after paying off employees.

Project management is a key proficiency to master in a business. Whether you are a self employed entrepreneur or a hard working combatant of an enterprise, efficient project management vitalizes business. It ensures that energy of the entire personnel assigned to that specific undertaking is channelized in a precise direction.

Einstein’s theory of relativity proved how time and space are related to each other. In business too, time and human resources are limited and related to each other. Human resources of an organization are bound with the firm for a specific frame of time. Proper project management can result in efficient operation of their skills. This would lead to more plundering of profits and income generation for business.

A suitable project management ensures that less cash burning happens on behalf of more revenue generation. This creates a better return on investment made in human resources and tangible assets. Better project management affects business in two traditions as mentioned:

Short Term Benefits

Managing and leading a project in right direction ensures its well-timed completion. It enables you to embark on more projects and more complex projects hence resulting in skyrocketing profit generation for the company.

While taking up a project we compute cost of all concrete and insubstantial resources utilized to complete the venture. Based on total cost and adding of earnings, we quote the price of project. While subscriptions to software as well as employees costs compensation, an efficient project management ensures that our profits are roughly as we projected.

Long Term Benefits

If your corporation is a small to medium level outsourcing based company, chances are that projects are acquired via online profiles and bidding. While timely completion of a project makes an exceptional reputation on public profiles, it has its lingering benefits too. Client retention starts to happen as a customer whose project was completed timely will surely fancy more of his projects prepared by you.

Apart from retaining a client, more projects will start to come in, further accelerating the business expansion. Time and excellence oriented customers will start getting inclined to get their projects done from you. This will increase quality of projects generating more revenue and providing more experience.

Just like organic linking makes a website popular, real customer’s reference to probable customers will further increase market credibility. More projects will flow in because of customer testimonials affecting the business optimistically.

It has been asserted from an extended time that “A happy customer is the best salesman”. Better project management’s ultimate goal is customer satisfaction and Organization’s profit. Effect of better project management on business is exactly like effect of servicing on a car: Excellent ROI, smooth operation and customer satisfaction.

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Bedside Manner and the Project Manager
By Lonnie Pacelli
So we’ve all been to the doctor. We know the feeling of getting marched into a sterile examination room, given a gown that only covers the front half of your body, asked to step on a scale, prodded with a thermometer, asked to pee in a cup. Then […]

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Choosing a career path after you get a degree in project management is fun because of the many varied job opportunities that you’ll qualify for. However, experts do recommend that you also take the time to become a “PMP certified project manager,”which means getting the additional certification of a project-management professional, to really boost your resume and get the most possible job offers. Let’s look at five great options and how you can get these jobs:

1. IT project manager

As an IT project manager, your job description can include supervising vendor relationships for IT companies and also devising strategies for the company’s product delivery and services they’ll offer in the long term. You’re also likely to be responsible for calculating operation costs, overlooking cloud services and choosing new partners within the tech industry.

Your career path needs to include a bachelor’s degree in an IT-related field such as computer engineering or computer science with a master’s in project management. Next, you’ll need to build experience in working with technology service providers for companies with large numbers of users. As in every position you apply for, you can “upskill” yourself beforehand, which means you build up your resume with additional relevant experience or courses that make you more qualified than the majority of other applicants. In this case, you’d upskill by exposing yourself to working with executives to develop performance metrics, which helps you gain a deeper understanding of enterprise architecture.

2. Legal Project Manager

Working as a legal project manager, your job description is generally to lead teams by creating workflows for efficient legal translations and other main tasks of a legal firm, building client relationships, directing quality-assurance measures, meeting profit-margin targets and training other team members in the department as needed.

To get this job, your career path should involve a relevant bachelor’s degree and master’s in project management. Then you’ll need some experience in supervising litigation-related projects while working for paralegals, attorneys and other legal professionals, which also gives you a background in organizing a large amount of data as well. Get ahead of other applicants by taking courses in desktop publishing and other specialized computer programs most used in legal offices.

3. General Project Management Office

To lead a general project-management office, you’ll have the job description of becoming the contact person for stakeholders and other government-program authorities on behalf of your agency. You’ll also oversee all major project operations and hold meetings to engage the right stakeholders for your business.

Get yourself on this career path by getting a bachelor’s degree in a business-related field and a master’s in project management; plus, PMP certification is critical here. Then, jump ahead of the job-seeking pool by getting experience with managing smaller projects like data warehousing and using programs like Microsoft Project, Microsoft Visio and the entire suite of Microsoft Office. It’s worth it to always train yourself with the latest versions of these programs as well.

4. Real Estate Project Manager

If you become a real-estate project manager, your job description will feature managing a team that directly supports its clients and meeting the financial goals for a company dealing in commercial real estate or real-estate investment management.

This career path requires a bachelor’s degree in architecture, business, accounting or engineering as well as a master’s in project management. You’ll then need at least two years working in an accounting job and real estate license training. To become better-qualified for the best jobs in this field, you should also be a master of the latest versions of the Microsoft Office Suite and gain experience using any real-estate management systems in a smaller agency.

5. Marketing Manager

A marketing manager has the signature job description of generating more sales for their firm by developing new marketing plans, which can involve working with other local organizations and outside brand advocates to gain more publicity. They have to give presentations, create new promotions, work with human resources to manage the company’s relationship to its community and serve as a brand ambassador at various outreach programs as well.

The career path of a marketing manager starts with a bachelor’s degree in marketing or other advertising-related fields. Then you’d get a master’s in project management and work at trade shows to gain some hands-on experience. In order to greatly upskill your profile, you should also take extra courses in public speaking and build a portfolio of projects that you’ve managed the publicity for where you can track the results with some solid numbers to impress your next potential boss in an interview. Then take it a step further by getting some practical work experience in the field you want to promote to understand the foundations of an industry completely from the inside out.

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What Challenges Will Project Managers Face a Decade from Now?
By Kiron D. Bondale
The hurdles which today’s project managers face are likely to be replaced by new threats over time. For example, when the profession first started to be formalized, the tools weren’t available to facilitate highly virtual projects and hence the advantages and disadvantages of […]

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In today’s world, almost every firm is taking up innovation as a culture in the company. It can definitely be challenging especially when it comes to exchanging the traditional work culture for the innovative culture. However, bear in mind that it is absolutely not impossible. So how can you create the culture of innovation in your company? Let’s find out.

1. Define What Innovation Means

Most people think about expensive gadgets and devices once they hear the word innovation. The word innovation has different meanings depending on different types of people in the world. The most significant factor when creating an innovation culture in your company is to understand what the word innovation means in the first place. The next factor will be to determine the kind of innovation that the company requires. For example, if you happen to be in the marketing field, you can adapt a new metric scheme as an innovation technique. Communication is important when implementing a culture of innovation. This is why a team of innovation is quite important.

2. Set Up the Right Innovation Team

An idea is the origin of innovation. Every idea must be carefully analyzed, examined and fine-tuned. Ultimately, it must be integrated into the company’s daily activities to encourage better team achievement. Setting up a specific group of individuals to organize and supervise the addition, analysis and implementation of these ideas will guarantee that these ideas will translate into innovations.

3. Set Aside an Ample Budget for Innovation

Many people fear taking up innovation as they see it as an extra cost. Definitely innovations do come up with big overheads but at the end of the day the rewards are equally big. An estimate of 33% of the I.T budget was assigned to innovation and business opportunity as stated by a past CEB survey. This movement is anticipated to rise as many companies are aware of the need to innovate in order to stay competitive. Allocating a clear cut budget and a firm support system for innovations will, in turn, develop more innovators in the firm.

4. Utilize the Power of Millennials

Presently, millennials are taking over the workplace while post-millennials will join the workforce in the near future. Regarding the addition of this new probability, business leaders should adjust to the emerging dynamics in order to train the innovation culture of the younger generation. Millennials have a powerful urge regarding action. The leadership team can definitely profit from the younger generation who could turn out to be your innovation champions.

5. Utilize Innovation Champions Within the Company

The face of the company should be an influential brand ambassador. Adding the human factor is a very effective way of enhancing customer relations. In addition to rewarding staff members who are innovative, make them the company’s innovative champion. The idea can be really attainable and less terrifying by simply putting a face on the innovation campaigns.

6. Offer Incentives

Aside from developing a platform where staff members can propose their innovative ideas, give incentives. Some firms offer paid vacations and cash gifts. Other firms have a points system where the accumulated points can be used as cash. Furthermore, some firms even host parties and events to bring light to their new innovators.

7. Collaborate for Innovation

Every now and then, members of another team can provide new solutions. You can encourage your team players to find new innovative ways by developing a culture of collaboration. Remember, two heads are better than one. Employees tend to feel more empowered when they can contribute to other groups. Additionally, collaboration with external bodies such as universities, research organizations and even government agencies can lead to innovations that can only be attainable when leaders get ideas from outsiders.

Conclusion: Start Innovating

An innovation culture assessment can help you measure your competitiveness among the other highly innovative companies. The length of time your company has been in the business does not matter. Creating a culture of innovation is pretty good for business management. Go ahead and start the culture of innovation, you will be amazed by the results.

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The life of a project manager is definitely not a bed of roses. As deadlines keep coming closer, budgets get more stringent, and the complexity of tasks increase, completing a project within the defined window becomes Herculean indeed. Thankfully in today’s digital age, a few project management tools have come up to make the manager’s work a little easier.

Here is a look at the top 10 tools favored by project managers available today. Next time you feel frustrated with the various demands of a challenging project, you know that there are virtual tools to fall back on.

1. Nutcache

This is a collaborative project management tool that relies on the cloud. The integrated expense management and invoicing system enables efficient billing. Moreover, you can efficiently monitor project progress, delegation of tasks, create lists, cards and enjoy other features that help you organize your project well. Nutcache is a handy little tool for keeping all your projects on the right track.

We Reviewed Nutcache

2. Asana

Asana is a great tool for tracking progress of a collaborative project. With its interactive dashboard, tracking the status of a project does not require physically meeting up as users can monitor completion of tasks and even delegate assignments. Document sharing is possible as well, and users can start conversations on a particular task, share images, attachments and links, and also sign up for email notifications. Asana was founded in 2008 by tech moguls Dustin Moskovitz and Justin Rosenstein. It’s user list includes big-ticket names like Dropbox, Pinterest and Uber.

We Reviewed Asana

3. Trello

Trello makes project management fun. With an interactive platform that imitates the convenience of sticky notes, you can organize project cards, assign tasks and share documents with ease. There is an option for holding discussions and the team gets email notifications any time a change is made on a project card. It is web compatible and can be used both on iOS and Android platforms. Tumblr, The New York Times, and The Verge are loyal users.

We Reviewed Trello

4. Podio

Podio not only helps you track project’s status, schedule meetings, have virtual delegations, and set up progress points, but it also caters to your organization’s requirement of generating CRM, recruitment processes and sales leads. With its unique data visualization features, unlimited storage, peer recognition options and streamlined communication platform, Podio is a project manager’s new best friend.

We Reviewed Podio

5. Evernote

Evernote is another popular project management tool that can be used over multiple digital platforms and makes the project organization much easier. The tool enjoys huge popularity because it has multiple features that enable the sharing of handwritten notes, small comments, documents and even long research documents. You do not even have to prepare slides for presenting notes.

We Reviewed Evernote

6. Azendoo

Azendoo comes equipped with a simple interface, 10 GB of storage and is compatible with both Android and iOS. It is simple to use, can monitor progress status and makes task delegation simple. Emails can easily be converted to tasks and you can even sync your timetable with the calendar. Companies like Nike, Cisco and Toyota use Azendoo.

We Reviewed Azendoo

7. Flow

Flow is simple yet wonderful. Behind a simple interface, it packs numerous features in a punch that let you plan, monitor and prioritize tasks. The online chat option and direct messaging service enables you to interact with team members on a more personal level which is certainly better than sending out generic emails. Paypal and Tesla use Flow.

We Reviewed Flow

8. Casual

A great tool for all the start-ups out there, Casual scores with its simple workflow and the ability to automatically document all online sessions. Do not go solely by the name because Casual’s versatile features mean some serious business.

We Reviewed Casual

9. Huddle

Besides the ubiquitous project tracking, monitoring and document sharing features, Huddle scores on the cyber security front. With the government of the United Kingdom and United States as some of their users, Huddle has your data protected while you can concentrate all your efforts solely on the project timeline.

We Reviewed Huddle

10. OneNote

This one is a personal planner, an organizer and also a project management tool that is compatible across all digital platforms and can be viewed both online and offline. You can save webpages to refer to later, share clips of board discussions, receive notifications and even set up a One Note inbox.

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Conclusion

With these options, collaborative projects have certainly become easier to handle. If you are a project manager, you know where to look before starting your next project charter. Good luck.

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The process of project management requires agile big data analysis during every stage. The mezzanine finance property development will pass through many capital funding stages: planning, development, construction and sales. Other projects could involve a new clothing line, beverage or the merger of two companies.

Financial analyst programs allow you to compare the debt, risk and cash flow for different projects. Learn how this software can be beneficial to project managers. There will also be a list of five free financial analyst software programs that can help you manage your capital, project and workforce.

How Big Data Improves Project Management

Project managers can use big data to gauge the financial impact of various construction decisions, such as material, labor and equipment costs. Adjustments to lower risk could be quite beneficial in the long run by making more capital available at a lower price. The financial performance analysis project report allows all stakeholders access to the same big data. Furthermore, adjustments can be made in real-time as risk parameters change.

Mezzanine Finance Property Development

Land development has become extremely sophisticated with many partners working together to provide the financing, expertise and logistics needed for success. Mezzanine financing allows real estate developers to raise the necessary capital by offering an ownership or equity interest in the development. This debt tends to be subordinated to senior lenders.

A high quality financial analyst is becoming as essential for real estate developments as a bookkeeper or accountant is to a small firm. A financial analyst might be categorized either as an 1. All-Around Renaissance Professional or 2. Specialist. The process of project management may require a combination of both analyst types.

Aggregating Data & Notes

During the planning stages for your mezzanine finance real estate development project, your financial analyst should identify which data should be collected by your staff. The data, notes and statistics should be sent to your data entry team for deposit in your database. Real-time data processing, tracking and analysis can ensure that the bottom line profit goals are met.

Avoid “Garbage in Garbage out” = GIGO

The quality of your reports will only be as high as the data inputs. A good computer database allows you to store all your construction data and financial management notes for usage later. The experienced financial analyst can pick-and-choose which is relevant for each report.

Finance for construction will be more readily available when you can quote your financial figures off-the-top-of-your head. Improve your construction finance by giving your decision makers the real-time data processing tools needed for success.

Criteria for Selecting Financial Analyst

The right financial analyst will create detailed reports, deliver real-time data and notify the decision makers of any important changes in the financial health of the real estate project. Cash flow, risk management ratios and occupancy rates are some of the important statistics that must be tracked. Here are some key criteria for selecting the best project financial analyst:

• Connection to Lenders
• Scalable Capital Requirements
• How accurate are their forecasts?
• Conflicts of Interest
• “What have you done for me lately?”

Some financial analysts may have a banking background. This connection may open doors to help your project raise capital down the road. The best analysts will have high accuracy rates for their forecasts. Ask for a sample of the financial analysts work.

There may also be potential conflicts of interest. In the lucrative property development field, some analysts might want to become investors and vice versa.

What have you done for me lately?

The property market is fast-paced. Some skills become out-dated quickly. Determine if the financial analyst has been working on the most important land projects recently.

Two Financial Analyst Software Programs

Financial analyst programs offer quite a range of functions: basic number crunching, displays, reports and trend identification. Different projects might prefer one over another. Here are two of the top financial analyst programs:

1. ReadyRatios: Upgrade from Microsoft Excel with a software program that provides the proper templates for satisfying International Financial Reporting Standards (IFRS) with the free ReadyRatios software. This allows users to analyze and report on more than 40 general real estate ratios, indicators and values. This is best for international land projects.
2. RealData: The free RealData Real Estate Investment Analysis Software Version Professional Edition 17 allows financial analysts to identify trends and forecast future potential for cash flow, risk and capital investments. Since 1982, RealData has been providing this tool for decision-making, reporting and analysis. Add your company logo to your reports with RealData. This latest version is ideal for international property developments.

Each project has its own characteristics requiring a different type of graph, report or analysis. Find a good financial analyst program for your project and let the system crunch the numbers for you. Learn what make a high quality finance specialist who can give your project the leverage its needs to be successful.

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Cloud Computing gives a company the advantage of technology in a very competitive and ever-changing business environment. Whether the people are glued to their mobile phones, tablets and computers, cloud computing can grant access to information right at the tip of their fingers.

Cloud Computing Overview

Keeping it simple, cloud computing works by storing and accessing information over the Internet. It can give SMEs or small and mid-sized enterprises the programs and tools that are needed to work online in the same way as they are equipped in a machine. A stable and reliable internet connection is all that is really needed. Cloud computing is perfect for any type and size of businesses since it provides an excellent solution in numerous ways, data can easily be accessed at any time even when away from the office, thus making more businesses turn to cloud computing.

Importance of Cloud Computing

One of the best things about cloud computing is that it can help save a business’ time and money by encouraging productivity as well as enhancing collaboration and driving innovation. While there are still others that doubt on the safety of the cloud, SME cloud adoption is increasing. In fact, the New Jersey Institute of Technology presented evidence why businesses need to apply cloud technology, and it turns out that the cloud computing adoption’s top drivers consists of the following: upgraded data backup services, 24-hour access to data, flexibility in the amount of capacity needed, cost savings and the cutting down of on-site infrastructure needed.

In addition, here are the many reasons why your small business needs cloud computing:

1. Inexpensive: With cloud computing, there is great utilization and an abundant work flow especially in the face of heavy load. The cloud provider will make use of the hardware requirements, thus lowering the costs. Keep in mind that hiring an IT support onsite can cost too much since skilled IT specialists are extremely expensive.
2. Efficient: Cloud computing is great when it comes to efficiency, especially when power is involved. A data center of your own can lead to servers not being used efficiently, which eventually results to energy being wasted. But with a provider, the power used is directly proportional to the usage.
3. Flexible: For any company that needs more bandwidth, making use of a cloud-based service means that demands can be met immediately as their remote servers accommodate a huge capacity.
4. Robust: Safe storage and data is extremely necessary to businesses, and once they decided to go for a cloud based service, there’s no need to worry when it comes to disaster recovery.
5. Accessible: Access is also very important for numerous businesses. With cloud computing, it can allow employees to be in sync and at the same time work on documents side by side. This can also mean that businesses can make maximize use of their employees since they can work away from the office.

Keeping the Data Secure

Cloud safety is all about searching for the right vendors and enforcing technology that focuses on both data encryption and identity verification. Businesses need to put in mind that data safety doesn’t work on its own. They need to be more strategic especially when adopting security systems.

One surefire way to protect important information is to code data as it enters, rests and leaves the cloud and this could be done by weighing data loss prevention tools. DLPs are the ones that monitor data leakage and they make sure that the transportation of data to and from the cloud are secure.

Cloud computing is one of the most substantial trends with regards to shaping technology for the small business market. In general, if you are aiming to grow your company and are limited when it comes to your finances, cloud computing provides numerous benefits.

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Who Killed Project Management? A Baker’s Dozen of Project Management Do’s and Don’ts
By Rebecca Staton-Reinstein
Being a Project Manager is not for the faint of heart. If you don’t enjoy nearly impossible challenges, lots of criticism, the ground constantly shifting under your feet, and contradictory demands from powerful people, consider another way to make a living.
When […]

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