March 2018: What are decision support tools? Decisions are made at all levels on everyday basis. Management science therefore is devised to help managers make optimum decisions in light of stipulated constraints in the business environment. Along with defining decision making as a scientific process, algorithms and tools are invented to support this process. The suitable algorithm and tool are chosen based on the nature of the problem to be addressed, so that the process itself is efficient and the modeling of the problem is relevant, yielding the best possible overall process and outcomes. Modeling a problem for decision making is the step that prepares the input to be fed into the decision support software tools that automate and facilitate the application of the scientific algorithm to calculate the optimum solution. Models have many forms and several tools can be used for different models.
February 2018: What is EFQM model? The European Foundation for Quality Management (EFQM) model is one of the most adopted models for organizational excellence. This model consists of a set of nine criteria, divided into 5 Enablers (Leadership; People; Strategy; Partnerships & Resources; and Processes, Products, & Services) and 4 Results (People Results, Customer Results, Society Results, and Business Results), which collectively support the axis of Learning, Creativity, and Innovation. Each of these criteria provides guidance points for how to achieve organizational excellence related to this aspect. The model also specifies a set of eight Fundamental Concepts, that govern and surround the implementation of the nine criteria. The advantage of this model lies in its maturity, since it's been developed and enhanced over long time, in addition to applicability on general types of organizations.
January 2018: Why do you need to have a PMO? A Project Management Office (PMO) is a special purpose organizational unit that's considered a catalyst for project success in project-based organizations. It is a unit that acts as a central orchestrating authority and a center of excellence for project management. Types of PMOs vary depending on the functions assigned to this unit and its level in the organization. It can be associated with senior management level and covering strategic roles like portfolio management, or it can be providing execution direction for projects and programs across their lifecycle, or it can be a repository for standardizing the project management methodology within the organization and development of the project managers skills. Launching and continually improving and maturing a PMO in your organization will have a direct positive effect on your bottom line results.
December 2017: Are you suffering from escalating commitment? Most likely you have gone through this experience without realizing it. Escalating commitment can happen when you are immersively focused without recognizing the wider scope of consequences of continuation of an activity. It is defined as continuing to be committed to an endeavor that has been showing repetitive evident signs of failure, and continuing to add resources to it aiming at changing the the track back to success. It's some sort of illusion and denial of admitting the fact that the endeavor has failed and should be discontinued to limit losses and to release resources for use in other potential initiatives. Reasons behind escalating commitment can be shortage of information that the endeavor is no longer viable, or personal threats or interests for the decision maker. This is not to be confused with persistence and belief.
November 2017: How do you manage relationships in business? Many aspects of management activities are sort of managing relationships with various parties in different directions. You are either dealing with suppliers and you need to manage relationship with them to guarantee successful delivery of results from them, or managing relationships with customers to maintain and retain their loyalty and satisfaction on continual basis, or managing relationships within your business hierarchy related to internal transactions and exchange of services and information among teams and departments, or other kinds of relationship. The purpose and success criteria for each kind of relationship management depends on the particular type of the relationship, and expectations of each party regarding the roles and responsibilities of the other party, and the capacity in which you are entering into this relationship.
October 2017: Why is it important to challenge your assumptions? All human activities, be it in business or in personal life, involve some sort of assumptions. Those assumptions are a main source of risks, unless they are questioned and validated and accounted for in plans. The problem with assumptions is when they are taken as facts and decisions are made on that basis. So, as a best practice, assumptions should be factored out, documented, discussed, and validated, then continually reviewed and checked for validity as work progresses throughout the activity under consideration. Validation of assumptions is done based on assessment of accuracy, reliability, probability, and impact, and it is done by the team in charge of managing the endeavor. Don't wonder when you analyze some failure to find it eventually boiling down to some wrong assumption that went overlooked.
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