Newsletter – Jan 2013

 
Jan_LSPM_2013

Jan_LSPM_2013

Newsletter - Jan 2013
PM Essence Q. This can be used as a monitoring tool, but its measures non-financial metric along with financial metric to monitor progress. What is it? A. The balanced scorecard is a strategic planning and management system that is extensively used in business and industry, government, and non profit organization to align business activities to the company strategic goals. It was originated by Dr. Robert Kaplan (Harvard Business school) and David Norton as a performance framework that added nonfinancial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of the organizational performance. The four perspectives that form the balanced score card are 1. The learning and growth perspective,2. The business process pe...
Jan_PMArticle_A4_2013

Jan_PMArticle_A4_2013

Newsletter - Jan 2013
PM Essence Point of Total Assumption S.S.V. Raghavan, PMP Recently, my attention has been drawn to this topic encountered in Project Procurement Management (often featured in the PMP Certification Examination, but never covered in PMBoK, either in the current or any of its previous editions). Invariably, all the references I have made on the subject state that it is a feature of 'Fixed Price Plus Incentive Fee' (FPIF) type of contract. To cite an example, a learned article I came across recently defines the Point of Total Assumption (PTA) thus: “The Point of Total Assumption (PTA) is a point on the cost line of the Profit-Cost curve determined by the contract elements associated with a fixed price plus incentive-Firm Target (FPI) contract above which the seller effecti

Jan_PMArticle_A3_2013

Newsletter - Jan 2013
PM Essence Seven practical tips for effective Project Monitoring and ControllingChetana Koulagi, PMP From a process standpoint, monitoring and control of a project seems straightforward. Nonetheless, the implementation of this process calls for far more maturity and skill from the project manager. While a diligent plan and good execution makes monitoring and controlling a much simpler job, there are many aspects which if unattended to, can lead to pitfalls - such as not knowing the true status of project, not able to predict realistic timelines and in turn not meeting project objectives and losing the confidence of stakeholders. Listed below are seven practical tips that come in handy during this exercise.1. Hope is good - but is not a strategyYou are working towards a...
Jan_PMArticle_A2_2013

Jan_PMArticle_A2_2013

Newsletter - Jan 2013
PM Essence Competency Development as a Structured Process By - Chandan Pahuja, PMP Competence (or competency) is the ability of an individual to do a job properly. Some scholars see "competence" as a combination of knowledge, skills and behavior used to improve performance; There are Four Stages of Competency Development Unconscious Incompetence"I don't know that I don't know how to do this." This is the stage of blissful ignorance before learning begins. The individual does not understand or know how to do something and does not necessarily recognize the deficit.Conscious IncompetenceThough the individual does not understand or know how to do something, he or she does recognize the deficit, as well as the value of a new skill in addressing the deficit...
Jan_SpotLight_2013

Jan_SpotLight_2013

Newsletter - Jan 2013
PM Essence Murali Santhanam, PMP Murali Santhanam presently holds the position of Honorary Secretary & Treasurer of PMI Bangalore India Chapter. He has 32 years of experience in Banking, Technology, Project Management and Business Management. He presently works for IBM as a Senior Consultant. One of the earliest proponents of PMI and Project Management in India, he obtained PMP Certification in 1998 and also obtained additional Project Management Certifications from IBM. He played a key role in building the project management profession consisting of over 4000 project managers within IBM in India. He has been associated with the PMI Bangalore India Chapter as a volunteer right from its inception and had associated himself with some of the programs. He is also a Photograph...
Jan_PMNTArea_A1_2013

Jan_PMNTArea_A1_2013

Newsletter - Jan 2013
PM Essence Mapping of PM process groups, Knowledge Areas in a Medical Surgery By Shikha Vaidh, PMP Unlike in a Pilot's operation, there is no checklist in surgery, it is just the surgeon's experience and intuition that dictates how a procedure is performed.As we understand, everything which has a start and an end and has a specific goal is said to be a project. So a surgery which happens for a specific goal can also be considered as a project. It can be the operations for a Surgeon who is specialized in doing the surgeries as it may be his daily task, but still each surgery can be different for him with a unique start and an end. So the question arises, do the surgeons follow the PM guidelines stated in PMBOK guide - or let's narrate in a different way - ...
Jan_ChapterNews_2013

Jan_ChapterNews_2013

Newsletter - Jan 2013
PM Essence The PM Footprints Program has completed 6 years. The program was launched in 2006 by the PMI Bangalore India Chapter to provide a platform for Project Management practitioners to Share, Learn and Network. Six years and 195 sessions later, the program is attended by members and non-members with the same enthusiasm as the first program. More than 800 unique participants attended the PM Footprints program in the last year. The topics presented in the program cut across industries, technologies and geographies. The Chapter has now extended the Footprints coverage to Mysore and also introduced PM Footprints Card for promoting loyalty to the program.To commemorate the completion of 6 years, the PM Footprints 6th Anniversary Celebration event was held on December 1, 201...
Jan_EditorsNote_2013

Jan_EditorsNote_2013

Newsletter - Jan 2013
PM Essence Editor’s Note Dear Friends, I am happy to share that new revamped Essence is beginning to create ripples of interest in our PM community. I feel good when people approach me to enquire about the details of next release and express their interest to contribute. One can contribute in one or many of the various sections contained in the Essence. Writing an article for Essence provides both a challenge and an opportunity. Opportunity - because, this is a quick way to test drive one's passion for expressing one's thoughts on project management and reaching them to a wide community. Challenge - because one has to extract time from one's busy schedule to pen down the article, which might be lying in a dormant form in one's mind. Spotlight section of this e