February 2017: How to move from data to wisdom? The concept of DIKW (Data-Information-Knowledge-Wisdom) refers to transformation of raw, directly collected data to forms that can be more expressive and informative for building conclusions and making decisions. Raw data, e.g. measured numbers, log events, etc., by themselves don't indicate a complete idea, they need to be processed and analyzed for more understanding by adding context to them so that data is turned into information. Further analysis of information and correlation between various pieces of information adds more context so that we now have more insight on circumstances and acquire knowledge. Building further on this knowledge to make decisions, recommendations, and take relevant actions forms the ultimate wisdom intended from collecting data from the beginning.
January 2017: How to select performance KPIs? KPIs are called 'key' for a reason, they are the most indicative metrics that summarize the status and performance of the activity in question, and they are usually used in dashboards and status reporting for that purpose. KPIs are composed of more primitive metrics that are measured directly as raw data, so that the compound KPI can express the intended meaning. Selection and composition of KPIs is very important in order for those KPIs to give the correct information as basis for decision making. If the sources of the data used to calculate the KPI or the method by which it is calculated are inaccurate and not in line with the meaning expected from this KPI, then everything to be built on the result of this KPI will be consequently mistaken.
December 2016: Are you accountable or responsible? We know about the responsibility assignment matrix, which in its most common form defines the Responsible, Accountable, Consulted, and Informed roles within any activity, while 'R' and 'A' are sometimes confused. Responsible is the person or group in charge of performing the activity or getting it done, either by themselves or through subordinates, e.g. technician or team leader. Accountable is the person or group who are to be held accountable for the end result, regardless of whether they are involved in performing the activity or not, e.g. a department manager. One can be accountable and responsible at the same time for some activity. And for any activity, there need to be only one designated accountable role, and at least one responsible.
November 2016: What is the difference between capability and ability? At the personal level, as well as at organizational level, when describing an entity as being "able" has a different connotation than being "capable". One can be capable of doing something in terms of his skills and qualities, but not able to do it because of not having what it takes, the enablers. Capability should not be defined as an ability, capabilities are qualities, while abilities are powers. Ability includes capability, that's capabilities + enablers = abilities. For example, an entity can be possessing knowledge and expertise (capabilities) but doesn't have the resources and systems (enablers) to be able to use that knowledge and expertise in operational activities (abilities) to get outcomes.
October 2016: How to evaluate benefits of a project? Cost-benefit analysis is on the key techniques widely used for weighing the potential of a certain initiative under consideration for evaluation and selection purposes, as well as in making the business case of a project. While costs are more straightforward and usually clear and tangible, benefits are a bit more tricky. Not all benefits are direct financial revenue, benefits can be in the form of cost savings, increased productivity, or intangible benefits like morale or image. The main issue with quantifying benefits is that it's mostly subjective, and values are estimates that have some confidence/uncertainty ratio. Valuation and scoring models and defined criteria will make the process more realistic.
September 2016: What is the difference between Business Case and Business Plan? In addition to the naming similarity, there is also relationship in the meaning and use of each of the two documents. A business case is a decision making support tool, to prove the 'case' of a proposal, project, idea, or any kind of initiative, showing why it is worth pursuing. As such, the contents of a business case are the explanation of the proposed subject, market study clarifying the need and potential, financial feasibility, and risks expected and any alternative possible solutions. While the business case is used before the initiative is approved, the business plan is planning for execution, including how the initiative organization is structured, funding sources, action plans, etc.
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