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Newsletter - June 2014

 
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PM Essence
Chapter News

- Capt. L. N. Prasad
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Agile Advanced Program (14 PDUs):  A two day Agile Advanced program was held on 3rd and 4th May 2014 at DHI Leadership Centre by the Chapter. This program enables those who want to pursue PMI-ACP certification and fulfil the mandatory 21 contact hour requirement.   
 
Participation in Central Illinois PMI Chapter: On 7th May 2014 the Chapter took part in the PMI 2014 conference of Central Illinois Chapter USA. The Chapter shared its Vision and Experiences, to the Conference participants, through live Skype coverage. 

PM Footprints (1 PDU): This month two Footprints session were held. On 8th May 2014, Mr. Rudresha T Shetty spoke on the topic "Leaping from Water Fall to Agility".  

 

On 22nd May 2014, Mr. Lokesh Venkataswamy, MD, Innomantra Consulting Private Limited, spoke on the topic Functional Innovation Methodology - A systematic approach to accelerate patentable and profitable Ideas”. 

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Outreach Program: The Chapter along with PMI India held a program at L&T Infotech on Project Management profession, various activities of Bangalore Chapter, PMI's certifications etc. The program was received well and nearly 50 members participated in the program.

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PM Enrich Program (7 PDUs): On 31st May 2014, a one day work shop under the PM Enrich program was held at Hyatt Hotel by Mr. Frank Saladis, an internationally known thought leader and speaker in Project Management. The Program was attended by nearly 25 members. The program highlighted the importance of Project Management in a globalized environment which is imperative in today's competitive business dynamics for both sustenance and growth of organizations. 
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Whilst the developed world has accepted this market reality and has already adjusted its business process and other operating, commercial and legal infrastructure to deal with this phenomenon of border less collaboration, the developing world (such as India) is also rapidly gearing itself now to embrace this change.
 
Agile Foundation Program: On 24th May 2014 the chapter conducted a one day Agile Foundation program at DHI leadership Centre.
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PM Essence
DidYouKnow
Q. What is the relevance of Sunk Costs in Project Investment Decisions? 
 
A. The When making business decisions, each option you face has associated future costs and associated future revenues. Typically, you will compare the future revenues to the future costs, and adjust for the timing of the cash flows and for the risks involved. This provides a comparison of the likely profitability of each option.
 
Sunk costs are money that you've already spent on one of the options, before making the decision. Regardless of which option you choose, the money has already been spent.
 
Let's say you have two innovation projects. Project 1 has invested $100K so far. Project 2 has invested only $10K so far. Rationally, we must select whichever project has the best future return for the company. The money spent in the past is irrelevant, because you can't get that money back. If project 2 has better future returns, but you choose to proceed with project 1, you are essentially "throwing

good money after bad".

[Source - Internet]

We like to hear what you think!!

Please complete the sentence below with your thoughts in 10-15 words and send them to. The best entry will win attractive goodies from PMI Bangalore India Chapter.

“A good change management process is very critical for ensuring project success as"............

Please provide your response by 28th June 2014

Chapter will select the best slogan and felicitate the winner during a Chapter event.


In our last edition, we had asked you to express your thoughts in 10-15 words to continue the following sentence

Earned value provides the crystal ball view of my project outcome as .............  and the best response is . . . "it helps analyze if we are spending the project budget at the same speed as work accomplished”

 

... and the Winner is - Vedamurthy Mallikarjunaswamy (Veda), PMP


The Lighter Side of PM
Humor
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PM Essence
Editor’s Note
Raj Dear Colleagues,

Warm greetings from PMI Bangalore India Chapter!

There is a sense of change in the air and our beloved chapter wasn't an exception. New board members have come in, the grueling PMPC 2014 is in the horizon and it was only natural that we reorganized ourselves to cater to the increased set of responsibilities. 
Happy to be taking over the editorial tasks needed for publishing our PM Essence, from this month onwards, from the ever passionate and a very thorough Soumen. Many thanks to him for keeping us in touch with all that is happening at the chapter, the opportunity and the motivation provided to many of us who are willing to share the knowledge and experience with the member community. If there are any mistakes you now know the person responsible.
 
This edition, as always, brings to you the details of the exciting events that happened at the chapter. Each of these events provided practical inputs to the practitioners as well as help them earn vital PDUs (Professional Development Units) required for maintaining their PMP certification. This edition also covers an interesting discussion on what is "in-scope" and the importance of what is out-of-scope and the transformational effects that an enabling technology like Analytics can have on business. Please also look out for this edition of the lighter side of PM. Happy reading…
 
We want to improve and continue to stay relevant. We would like to hear your feedback and what you would like us do better. Please feel free to drop in a line to This email address is being protected from spambots. You need JavaScript enabled to view it.
Happy Reading!

Warm Regards,

Raj Nandyala, PMP
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Editorial Board

Murali Santhanam, PMP

Rama K., PMP, PMI-ACP

Shikha Vaidh, PMP, PMI-ACP

Soumen De, PMP

Vittal Vijayakumar, PMP

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PM Essence


Managing Scope - Gets PM Article under Microscope

- Chandan Pahuja, PMP

One of the cornerstones of successful scoping of a project is to continuously determine “what is” and “Is Not” included in the project. While “In-Scope” section gets its fair share of time and effort by the Project team under the leadership of a project manager, “the out-of scope” sometime gets left out with little to no focus to meet its own fate. . 

 

While focusing on “In-Scope” helps team keep tab on delivering “what work is required and ONLY that work is done”, sparing rightful time and effort on “Out of Scope” outwardly brings in several project and program level benefits. Stressing on effective scoping is at times misinterpreted as fencing the project to safe guard intrusion from the “UNKNOWN”. Project Managers walk a tight rope in drawing the project deliverable boundary and ensuring those boundaries do not give room to wall their project in isolation from the program.

 

Giving a rightful time and effort towards scoping, especially Out of Scope Area, yields below benefits to the project and programs -

 
 
Getting the “Big Picture” perspective of the Program: 
- One of the common factors contributing to the low confidence of the Project Team towards the project is that they do not have visibility at Program level or in commonly used term “The Larger Cause”. Spending reasonable time on putting clear ownership of “OUT OF SCOPE” tasks helps in teeing the loose ends at program level which ensures that Project Manager has right visibility of Program vision which can be percolated down the team. Additionally, it also helps develop better understanding of deliverable level inter-dependencies.
 
Thoughtful Housing of “Out of Scope” helps in building a well-informed Dependency list:
Housing “Out of Scope” helps create a firm “GIVE and GET” handshake across deliverables of the projects within a program. This helps reduce ambiguity surrounding accountability of the deliverable at an early stage of project planning and puts logical path to achieve the desired objectives. It is often viewed like the web where each stand looks interconnected. Conflicts over deliverable ownership which at times seems inevitable in a complex program can be managed with collaborative focus on “Out of Scope” housing.
 
Develops a sense of Team Work at Program Level:
An End to End scoping effort contributes to the big picture at program level and helps to build program life cycle. It strengthens the commitment of the Project team towards program level objectives and helps to instill confidence towards common program objective. By working in close collaboration to house the deliverables, one fosters a culture of sharing and helping in the workplace, which is essential for inculcating the culture of trust and respect in the system. Rather than treating the colleagues as means to the ends of meeting project objectives, one should show appreciation of what they do for you.
 
Housing the Customer's Requirements to manage Anxiety:
Every customer wants his outlined requirement to be elicited, analyzed and recorded in detail by Project Team. The attention to detail put by the project team in quality scoping plays an important role in giving that assurance of the project being in safe and credible hands. This in turn helps to bolster the rapport in customer relationship and paves way for up sell and cross sell opportunities between customer and the supplier. Scoping outcomes at an early stage of Project Lifecycle decides whether the client will sit at the rear seat and enjoy the project journey or will be watchful with caution throughout the journey. Securing client confidence with his active engagement in project scoping as a “trusted partner” upholds client confidence and creates basis for building rapport.
 
Promoting a “Internal” Customer Relationship Value within the Program:
 
An “Internal Customer” includes anyone in the organization who works together to satisfy the expectations of external clients. Often, the team focused on its own project deliverables loses the sight of how its deliverables interact with those nterdependent deliverables within a program. Effective SCOPING effort helps recognize the internal customers within the organization that in turn improves the service efficiency of the organization towards the client. The ability to deliver a good quality internal customer service is largely a state of mind where requests from colleagues within a program are not interruptions to the success, but a chance to improve internal customer service. Developing an Internal Customer Service attitude involves learning to see oneself as a service provider taking pride in that role and looking for opportunities to exceed expectations of colleagues who are the internal customers.
 
Below are some tips to help an Effective Scoping Exercise:
PMArticle1A
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PM Essence


Business Transformation using Analytics


- Sivaramakrishnan Narayanan, PMP, IBM India Pvt. Ltd.

Like coastal cities seeking shelter from successive onslaughts of blizzards and floods, today's enterprises are striving to come to terms with their own extreme conditions. Business leaders concerned with how they will weather the storms are questioning whether traditional techniques will continue to work. In an environment that has little resemblance to the past, old ways of decision making and management are breaking down.

 

Today's leaders sense an inflection point, an opportunity to revisit their use of information, or analytics, and fundamentally alter the way in which they conduct business. While advanced analytic methods have been available for some time, today's tools and techniques provide superior insight and predictability to support management decision making and actions. 

 

Today, Executives focus on supplementing the standard historical reporting with emerging approaches that make information come alive. These include data visualization and process simulation, as well as text and voice analytics, social media analysis, and other predictive and prescriptive techniques. New tools like these can make insights easier to understand and to act on at every part of the organization, and at every skill level.  

 

Many of us probably have hadyears of experience with “analytics”, so what makes them relevant now?

 

A couple of things have happened to make analytics matter in today's marketplace.

 

1. The rapid increase in the amount of readily accessible data available within organizations in recent years. Organizations are collecting and capturing more data than ever.

 

2. The significant increases in computational power combined with advances in data storage and analysis capabilities, both within companies and in the marketplace.

 

3. The global recession has made organizations much more wary of “gut instincts” and created a much greater needed to differentiate a company/product/service from its competitors.

 

Not surprisingly, organizations that use analytics in the most mature way are more likely to outperform their competitors than those who are just beginning to adopt analytics. Top performers are more likely to use an analytic approach within their business processes than to rely on intuition. Some organizations need luck to succeed; top performers make their own luck by embedding business analytics to their business.

 

According to a recent study of nearly 3,000 executives by the MIT Sloan Management Review and the IBM Institute for Business Value, analytics-driven organizations do, in fact, see greater success in the market. These companies have the ability to get a clear view of the situation from a common, connected source of information. As a result, they can anticipate and shape business outcomes to consistently outperform their competitors.The joint IBM/MIT Sloan Management Review study (Title: “Analytics: The new path to value”) has found that: 

 

Companies that invest in Analytics have better insight and hence are better able to manage business performance. They lead their peers with 33 percent higher revenue growth, 12 times more profit growth, and 32 percent higher return on invested capital.

 

Those that perform well are able to leverage analytics to know the odds before they place their bets. Top performers are 15 times more likely to predict and prepare for the future by evaluating trade-offs proactively.

 

Basing decisions on facts, not instinct, creates tangible returns. Organizations that have well-established analytics capabilities are three times more likely to be outperforming their peers than those who are just getting started.

 

The research also points to the value of applying a comprehensive set of Analytical capabilities to improve business outcomes.

 

How to embed Analytics into the Organization

 

The Process-Application-Data-Insight-Embed (PADIE) technique is a simple means by which an organization can operationalize insights drawn from data.

 

The PADIE technique helps users across the organization understand from the start the full impact of Analytics as it applies to a specific business challenge. This technique enables business and analytic teams to work together to create analytic models based on use cases that show analytics in action.

 

The PADIE technique is executed in three steps:

 

Step 1 – Document existing processes and applications.

Step 2 – Identify data and insight that can solve pain points and create value.

Step 3 – Embed analytic insight.

 

Reaping Business Benefits from the use of Analytics

 

Once Analytics has been embedded into the day to day operations of the business, Organizations will be able to reap the benefits from it.

 

Three strategic areas where analytics drive competitiveness and differentiation for organizations are as follows:

 

1) Achieve maximum growth through the use of customer analytics;

2) Reducing exposure to accelerating risk that may negatively impact the organization, and

3) Escaping the paralysis created by regulatory uncertainty.

 

Organizations are no longer relying on intuition to fill information gaps. Instead they are using new analytics to make decisions in an entirely different way. Driven by intelligence rather than intuition, organizations can gain speed, agility and timing to execute winning maneuvers. They learn what's coming at them from myriad directions. They have insight into customer desires. They can better anticipate supply chain constraints and competitors' countermoves. They are able to extract the precise information they need – highly relevant and contextualized – and predict the most likely outcomes of key decisions and events. Given the nature of today's business environment, no enterprise can choose to leave benefits like these on the table. Only those enterprises that can skillfully adopt integrate and deploy the benefits of enterprise wide analytics and optimization will be prepared to shape their own future.