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.
December 2022: What is Digital Transformation? Digital Transformation, also known as digitization, is recently a frequently mentioned term, and a trend in the business and IT communities. It refers to transforming operations and technologies from the manual or traditional form, to the digital computerized, most commonly online, form. Utilization of cloud computing and internet based technologies is increasingly a key part of such transformation. This will involve integration of separate systems related to management of various aspects of a business, like sales and customer relationship management, procurement and supply chain, finance, HR, etc. Integrating the end to end cycle of a business allows for additional opportunity of business intelligence and data analytics for more insightful decision making throughout the compete process flow.
November 2022: How to select your professional certificates? Most people are pursuing professional certificates for continual professional development and career advancement. Taking in consideration the array of certificate offerings available from several providers, you need to define some criteria for prioritization and selection of the certificate in which you are going to invest your time and money. For example, you can assess a certificate based on criteria like: how much is it credible? how relevant is it to your career targets? how much is it valued in the profession you are working in? how long will it sustain and does it need continual renewal? how much is the cost and the expected return on your salary pay? how long time will it take from start until receiving the certificate? Accordingly, you will sum up the total score of each certificate you are considering and rank them based on higher score to assign priority.
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