June 2023: What is SAP system? SAP is a popular system used in many organizations, and the word is so popular that it's considered a type of systems by its own, while it's in fact just one sort of ERP (Enterprise Resource Planning) systems, being propably the most well known ERP system. SAP is a company name, and they develop and release various packages of ERP system, hosted and on-site installed, fitting different purposes for different organization types and sizes. You can also hear the word SAP in training course catalogues, as there are many certifications that qualify users for different roles in the SAP system, and these training courses are provided by partners of the SAP company. In addition to SAP, there are other ERP systems that are worth mentioning, including those developed by large enterprises like Oracle and Microsoft and others.
May 2023: What is the Blue Ocean Strategy? The Blue Ocean Strategy is one of the marketing strategies that avoids competition and focuses on new unbenetrated markets or products. The term blue ocean signifies calm water with few navigators and fishers, and plenty of fish to catch. Blue Ocean markets can be found by inventing new products or services that target a customer segment for which a need exists but no supply fulfill this need. Alternatively, a new market is penetrated where providers of an existing product or service are not available. Companies can achieve the Blue Ocean Strategy by building on other marketing startegies, like differntiation and cost leadership strategies. The term Blue Ocean is sometimes opposed to the Red Ocean term, to signal the situation where many competitors exist and sailing and catching are hard to do. Blue Ocean marketing strategies may work for a short term, meanwhile a competitor enters the market, unless your product is not imitable, or your market is so unique and difficult to benetrate.
April 2023: What is ROI? ROI is a popular abbreviation that stands for "Return on Investment". This term is used in many contexts where investment of any sort is made, and it's required to understand how profitable is this investment based on the expected or actual return. ROI is used for informed decision making, along with other calculations, that guide the decision maker whether to proceed or not with a certain investment. Return on investment in most cases is calculated in financial terms, when a specific amount of money is invested in some project or endeavor, and the return is expected to be financial. In other cases, return can be non-financial, when intangible results are targeted, like motivating an audience, or promoting an idea or image. Intangible results are still measurable in quantitative terms, using techniques like scoring.
March 2023: What are Project Management standards? There have been initiatives to develop international standards for project management since a number of years, most notably when the ISO organization created the technical committee (TC 258) for project, program, and portfolio management in 2011. In contrary to the project management frameworks developed by professional bodies that serve as basis for commercial professional certifications, these standards are developed by representatives from national standardization bodies in countries who are members in ISO. This committee has released a number of standards, covering project, program, and portfolio management guidance, concepts, and governance, as well as specialized standards for earned value management and work breakdown structure. In addition to ISO, there are other international bodies, like the African organization (ARSO) which develops standards more focused on inter-continent requirements.
February 2023: What is Earned Value in Cost Management? Tracking costs in management of projects and other contexts will involve calculation of what's referred to as Earned Value. At any time during the progress of a project, there would be a planned cost that should have been expended up to this moment, and an actual value of expended cost. Another number is the equivalent monetary value of the work that has been done up to this moment, which is referred to as earned value, meaning the calculated value of the already acquired work that has been completed. Applying a series of equations and calculations, and by referring to these cost values, you can consequently calculate the estimated actual cost at the end of the whole project, and based on that you can adjust expenditure of remaining activities to avoid ending the project over the planned budget.
January 2023: What is SWOT Analysis? SWOT analysis is one of the tools used in strategic planning. It's an acronym that stands for "Strengths, Weaknesses, Opportunities, Threats". This analysis aims at identifying what are the key sources of each of these four categories so that appropriate actions can be planned to capitalize on strengths, alleviate or eliminate weaknesses and their impacts, seize and benefit from opportunities, avoid and alleviate potential threat risks. Note that strengths and weaknesses are considered coming from internal sources within the entity being analyzed, while opportunities and threats are coming from the external environment. On the other hand, both strengths and opportunities are positive points to be enhanced, while weaknesses and threats are negative points to be minimized.
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