PM4K DISCUSSION 003: TOP #1 CHALLENGE FACED DURING TEMENOS T24 IMPLEMENTATION

For all of us who have managed Temenos T24 implementation projects, we know about the challenges we've faced during implementation. Implementation challenges are not specific to T24 only; but all projects face minor/major challenge(s). The objective of this discussion is to focus on T24 implementation projects and understand, what in your opinion is the most recurring and fatal challenge that you've faced during your T24 implementation? Most importantly, how did you (your team) manage to overcome it? Let's continue Sharing & Learning.

 

[Mathew@PM4K]

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PM BASICS 007: DECUPLE CONSTRAINTS

(: This PM4K post is dedicated to my beautiful girlfriend who celebrates her birthday today :)

Here's hoping that the PM BASICS series at PM4K is helping you acquaint yourself to the basic concepts of Project Management.

In the last PM BASICS post, we discussed the evolution of a project’s Triple Constraints to what PM4K called the Sextuple Constraints. In trying to keep up pace with the advancement in the profession of project management, it is only obvious to be on the look out for more advanced ways to manage projects. Continuing with the PM BASICS series, in this post we take a step further in this direction and discuss the advancement of the Sextuple Constraints to what PM4K refers to as the Decuple Constraints of a project.

* Scope/Quality: Refer to the PM4K post titled PM BASICS 006: SEXTUPLE CONSTRAINTS

* Time/Schedule: Refer to the PM4K post titled PM BASICS 006: SEXTUPLE CONSTRAINTS

* Cost/Resource: Refer to the PM4K post titled PM BASICS 006: SEXTUPLE CONSTRAINTS

* Communication: Communication is the lifeline of a project. The ability to manage it is the most important quality that the Project Manager should have, because almost 90% of a Project Managers time in a project should go in managing communications related to the project.

* Risk Management: Any uncertain event is a Risk. These could be Negative (Threats) or Positive (Opportunities) in nature. In simple words, as a Project Manager, it is your job to constantly be on the lookout for Threats & Opportunities in order to 'Minimize' the Threats & 'Maximize' the Opportunities.   

* Leadership: The most important resource to any project is its Human Resources. Thus, the capacity to lead a team to achieve the desired end result calls for Leadership capabilities.

* Tactical Thinking: The art and skill of employing the available means to accomplish an end result keeping in mind the environment around is Tactical Thinking. This is an indispensable quality that should be used by the Project Manager to steer his/her project through the various obstacles that it is bound to face on its way to successful implementation.

Hopefully as Project Managers we realize that, gone are the days when Project Management was only about managing the Triple Constraints. We are at a stage where the profession of project management demands continuous advancement to the way how projects are managed. This is where we hope that the Decuple Constraints gets you thinking and helps you keep focused on some of the critical aspects of project management.

 

[Mathew@PM4K]

HTTP://WWW.ANISHMATHAIMATHEW.BLOGSPOT.COM

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PM BASICS 006: SEXTUPLE CONSTRAINTS

Here's hoping that the PM BASICS series at PM4K is helping you acquaint yourself to the basic concepts of Project Management.

In the last PM BASICS post, we discussed the most basic version of the Project Triple Constraints i.e. Scope-Time-Cost. With the increase in project implementation complexities, even the Triple Constraints have evolved. Gone are the days when Project Management was only about managing the Triple Constraints. Continuing with the PM BASICS series, in this post we will take a look at the evolution of a project's Triple Constraints to what PM4K calls the Sextuple Constraints.

 

The Sextuple Constraints consists of:   

* Scope / Quality: Although monitoring 'what' will be done as part of the project scope is important; equally important is the quality of the output of the project. Delivering poor quality project scope is as unacceptable as not completing the project scope (if not worse).

* Time / Schedule: Although monitoring 'when' the project will start & finish is important; equally important is monitoring the schedule of how the project tasks will progress through the various stages. This enables the project managers to take corrective actions in case any critical task (that can delay the entire project) is delayed.

* Cost / Resource: Although monitoring 'how much' will be spent on the project is important; equally important is monitoring to ensure that the right resources are being used in the right manner to achieve the project objective.

Considering that the stakeholders have become more demanding and feel the need to be more involved in their respective projects, it will be true to say that the Triple Constraints of the project have evolved to become what PM4K refers to as the Sextuple Constraints. This means, more balls in the air for the project manager to juggle ;)

 

[Mathew@PM4K]

HTTP://WWW.ANISHMATHAIMATHEW.BLOGSPOT.COM

Do join our growing online communities on Blogger, Twitter, Facebook, LinkedIn & NetworkedBlogs. Most importantly, please do come back for more.

 

PM BASICS 005: PROJECT TRIPLE CONSTRAINTS

Here's hoping that the PM BASICS series at PM4K is helping you acquaint yourself to the basic concepts of Project Management. Continuing with the PM BASICS series, in this post lets look at the most debated topic in the profession of Project Management; Project Triple Constraints.

These Triple Constraints are also commonly referred to as ‘The Iron Triangle’, ‘The Triple Triangle’ or ‘The Triple Trap’.

Every project is constrained in different ways. In its most basic form (which is what we will be covering in this post), it consists of Scope-Time-Cost which is commonly referred to as a project's Triple Constraints:

• Scope: What work will be done as part of the project? What unique product, service, or result does the customer or sponsor expect from the project?

• Time: How long will it take to complete the project? When will it start? When will it finish?

• Cost: What will it cost to complete the project? What is the project’s budget?

A change to any of the triple constraint, inadvertently has the potential to alter the other constraints. To balance out these, often competing, constraints throughout the project is one of the most challenging duties of a Project Manager. Which one of the 3 constraints, do you think is the most important of them? Although a typical answer to this question would be, "All are equally important"; this is definitely something we should discuss in detail in a PM4K Discussion soon.

 

[Mathew@PM4K]

HTTP://WWW.ANISHMATHAIMATHEW.BLOGSPOT.COM

Do join our growing online communities on Blogger, Twitter, Facebook, LinkedIn & NetworkedBlogs. Most importantly, please do come back for more.