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.
December 2023: What is the difference between OPM3 and P3M3? Both OPM3 (Organizational Project Management Maturity Model) and P3M3 (Project, Program, and Portfolio Management Maturity Model) are models targeted at assessing the extent of maturity of project management practices in a certain organization or unit. Both models cover the three domains of project management, program management, and portfolio management, and depending on the scoping of the assessment can cover subset of these domains. The key difference between the two models lays in the basis of the reference of the assessment questionnaires and the standards according to which assessment is done. Also the results of the assessment in OPM3 are scores given to several aspects and no certificate is issued, while in P3M3 maturity is based on gradual levels and the result is the achieved level with certification of the achievement. Both OPM3 and P3M3 assessors are qualified individuals, while acquiring assessment certificates in P3M3 requires accredited firms.
November 2023: What is the WBS in project management? The WBS stands for the Word Breakdown Structure, and it's used in planning the scope of projects as a step leading to developing the project schedule. The purpose of the WBS is to decompose the project scope of work into smaller packages that are more manageable, and easier to plan and decompose further into lists of activities to create the time schedule. The value of the WBS is more visible in larger projects, where the scope is extended, while in smaller projects the WBS creation step is sometimes skipped and the time schedule with activity list is created directly. Usually the WBS is depicted in the form of a multi-layer tree shape, with the root being the project name, and subsequent levels are step-wise breaking of the scope into sub-categories, so that the leaf nodes in the lowest level are the final work packages from which the lists of activities are created. Number of levels and depth of decomposition should be proportional to the project size and not overly complicating.
October 2023: What is the purpose of ISO standards? ISO is the most popular international strandardization body, it's based in Swizerland, and involves in its membership national standardization bodies in several countries around the world. ISO standards are developed by committees that are formed by the head office, with representatives from other member countries. These standards are issued in almost all industrial fields, and are adopted, and possibly adapted, by national bodies to be used as local standards. ISO standards are not to be considered a source of knowledge in case you want to learn how to implement a framework or a methodology for some discipline. These standards are in the first place reference checklists, presenting requirements for an entity to be considered conformant with the standard, and are the basis for audit so that a conformance certificate is issued to an entity. ISO certificates are mainly targeted to organizations, but individuals can be certified as consultants or auditors based on a certain ISO standard.
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