June 2024: What is Project Funneling? A project funnel is a tool used in the practice of project portfolio management. It's a filtration technique for project evaluation and selection, where the funnel is divided into stages, and a certain filtration action is taken at each stage. The wide end of the funnel receives proposed project ideas unfiltered, coming from several sources inside and outside the organization. Evaluation criteria are decided in advance by the project portfolio management team, so that the total population of proposals under consideration is reduced at each stage of the funnel, when those proposals not meeting evaluation criteria are eliminated. Such criteria will include assessment of the project estimated cost, time, risk, ROI, and how fit is it to the organization's strategic goals. Selection at the final stage of the funnel will include scoring and prioritization step, so that the finally approved set of projects are allocated resources within the available resource limitations in the organization by priority, in terms of budget, materials, staff, etc.
May 2024: What are risk avoidance techniques? There are different strategies for dealing with identified risks in any endeavor. If risks are not bearable and can't be accepted to cope with and will lead to failure to achieve the end goal, then the best strategy is to avoid those risks. Avoidance techniques will highly depend on the nature of the endeavor being pursued, and the characteristics of the identified risk, in terms of probability of occurrence, and expected impact on time and cost and other considerations. Techniques to avoid risks generally will include elimination of the source or the cause from which the risk is emerging, or changing the sequence of activities in the schedule to take preventive action and get around the risk. In cases risks are inevitable and can't be avoided, they have to be accepted and accounted for in both time schedule and budget by adding extra buffers to allow to take actions to deal with the risk when it happens.
April 2024: What is the relation between Capacity Management and Demand Management? Capacity and demand are managed as two sides of a balance. The purpose is to keep capacity of resouces available to deliver products and services as sufficient and efficient as possible in light of the predicted demand. There is a mutual effect between the two sides, while demand implies how much resources are needed to fulfill this demand, the capacity limitations of available and attainable resources will imply how much demand the business is ready to receive and fulfill. Capacity management involves resource planning and management, supplier management, supply chain management, inventory management, and other relevant processes. Demand management involves market research, customer relationship management, product and services planning and development, and other relevant processes. Shortage of resources will lead to loss of business opportunities due to unfulfilled demand, while excess of resources will lead to extra costs of acquisition and storage of resources not utilized due to less demand.
March 2024: What is Ethical Behavior in Business? Ethical behavior is expected in all aspects of life, but it has special attention in business interactions. Ethics, both at the individual and corporate levels, are catalyst for success in relationship building with several stakeholders, and maintaining a good image of the business. Ethics in business context would refer to behaviors that are honest, sincere, and truthful with other parties in any dealings. Despite ethical behavior is expected as a common sense, it's not legally binding unless proven by contracts or documented evidences that support claims of unethical behavior. Trust is built between different parties over time based on successful past experiences, however it shouldn't be substitute for a documented agreement between the involved parties that specifies their responsibilities and protects their rights and interests. While ethical behavior is supposed to be common sense, it may be misinterpreted by some people based on their conceptual believes, and sometimes misled by personal desires.
February 2024: Where 'Value' lies in ITIL 4 Service Model? In ITIL 4, services are managed through a Service Value System (SVS), which receives as an input the opportunity or demand identified by market research or direct customer request, and produces as an output the realized value expected by the ultimate user in the form of the delivered services or products. At the core of the SVS is the Service Value Chain (SVC), within which the actual creation of the value happens, and has the same inputs and outputs in the SVS. The requirements and specifications of the opportunity or demand are transformed into the final value through the mechanism of the activities that happen across the SVC. The feedback loop in the SVC indicates updating the specifications based on the measurement of the realized value, and it helps both in meeting requirements and in continual improvement.
January 2024: How Product Development and Portfolio Management are related? Developing a new product is concerned with understanding market needs and targeting a customer segment to identify potential opportunities for products of interest. Requirements and features of each proposed product are analyzed, in order to determine how long time and how much cost will it take to develop the new product. Development of each product is considered a standalone project, and all product development projects are managed under the portfolio management umbrella. Resource limitations will mandate prioritization of the list of proposed products, to filter and select the final accepted products that will proceed to production. Evaluation, selection, and prioritization are practices of portfolio management, and are done based on criteria defined for each product that include valuation of risk, cost, time, and expected return, among other factors.
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