Managing risks

managing risks

The term ‘risk’ is defined in financial terms as ‘the chance that an investment’s actual return will be different than expected’. But in Project Management Body of Knowledge, project risks are defined as uncertain events that will have an effect on project objectives like scope, cost, schedule, quality etc. The impact can be positive as well as negative. Positive risks are called opportunities and negative risks are called threats. By this definition they are like two sides of a coin. Depending on the individual’s appetite for risk, one will view the same event as a threat or an opportunity. For example, making a mega blockbuster movie with Rajnikanth is an opportunity for Director Shankar. For others it is a threat. If you are a risk lover, you will sleep less but eat more and if you are risk averse you will probably sleep more but eat less.

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Continuous self-improvement cycle

Inspired by the Plan Do Check Act cycle for continual improvement, I came up with this continuous self-improvement cycle.

Listen – The biggest impediment to learning and development is lack of listening skills. To learn new things, one should be always curious like a child and non-judgmental. By Listen I mean all forms of observation with inquisitiveness. If you want to loose weight, you should see fit people and get inspired. Ask them questions and listen. Make note of their habits which are different from yours.

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What is your intelligence type?

multipl-intelligences

Howard Gardner proposed the theory of multiple intelligences in 1983. He proposed spatial, linguistic, logical-mathematical, bodily-kinesthetic, musical, interpersonal, and  intra-personal intelligent types. This idea is very attractive due to the suggestion that every one can be smart in one way. But many, especially psychologists criticize it for its lack of empirical evidence. They support the prevailing theory of general intelligence.  They argue that thousands of studies support the importance of intelligence quotient (IQ) in predicting school and job performance, and numerous other life outcomes.

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Project Integration Management Simplified – Guest Post by Sambit Daspatnaik

integration mgmtSambit is a good friend and colleague from CSC. He has over 12 years of experience in the areas of Project Management, Delivery Management and Software Development in the Health Care, Logistics and Manufacturing domains. He experience includes Project Planning, Budgeting, Reporting, Risk management and Team management. He maintains 2 blogs to share his knowledge on project management and methodologies @ – http://sambit-daspatnaik.blogspot.in/ and http://sdaspatnaik.blogspot.in/ After reading the article below, make sure you visit his blog to read his other well researched articles.

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PMBoK Version 5


Happy Deepavali to you all. The November month PMP program is starting on 17th instead of 10th Nov to accommodate some as participants request to go home for Deepavali. BTW, there is a doubt in many PMP aspirants mind if they should wait for PMBoK 5 to be released. PMBoK 5 is getting released in Dec 2012. PMP exam is going to be based on PMBoK version 4 till the end of July 2013. If PMP is in your new year resolution finish it before July.

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10 tips for passing PMP exam

1. Read the PMBoK 5th edition three times before taking the exam. In that, use mind mapping to take notes, once. On scope, quality and procurement knowledge areas, there will be some questions straight from inputs / tools and techniques / output; In risk management the order of events (the risk life cycle) is important; In quality management you get many questions on planning and QC tools etc. So reading PMBoK is crucial. If you can get some experiences PMs to explain PMBoK concepts, from beginning to end, with examples and stories, you should grab that opportunity. Technical documents can be boring to read by yourselves.

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MS Academy Dec month PMP boot camp photos

By God’s grace, we had 27 PMs participating the December month PMP boot camp. They were from IBM, HCL, Wipro, Visteon, Patni, Cognizant, Dell, PayPal, Verizon, Frost and Sullivan, BWIR, TelcorIndia, 3i infotech, and Lycos.

When I founded MS Academy in December 2009, I thought I will give myself one year to evaluate the results from the venture. At the end of November 2010, when I took stock, I was happy with the impact we made in the market, especially the terrific positive impact on the confidence level of the Project Managers who attended our training programs, but the bottom line from a business view was not very encouraging.

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November month PMP boot camp photographs

Hope you got a glimpse of the new MS Academy PMP Question bank online.

The Nov month PMP boot camp went well with 12 PMs participating this time. They were from HP, CA Technologies, HCL, TCS, Paypal, Enoah, Symantec, iNautix, Softcrylic and Vlinksys. I invited Mr.Balajee Viswanath who is a senior software project manager, currently leading the PMO efforts at Visteon Software to hand over the certificates. Balajee attended the MS Academy PMP boot camp in October and cleared PMP within 10 days from course completion. He shared tips on how to prepare for PMP exam. He recommended that the participants take all elements of the boot camp like EZ Dump, Baseline tests, stretching exercise etc. seriously, attempt a few question banks after the boot camp and just go give the exam with confidence.

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MS Academy goes green – Online PMP Question bank

Save Paper Save Trees Save Earth. Please don’t print this e-mail unless you really need to.

Some of you could have noticed this sentence in our email signature. But we were printing at least a 1000 sheets to administer tests in our PMP training program every month. We wanted to go green and so we explored options to conduct our PMP baseline tests online. Some of our students suggested moodle !Lo and behold! we have an MS Academy PMP Question bank online.

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Oct month pmp boot camp photos and Mr.Chandrashekar’s visit

The October month MS Academy PMP boot camp concluded well this Sunday (10th Oct) with 12 PMs from IBM, Wipro, Visteon, HSBC, CSC and Graderesults joining us. I had invited Mr.Chandrashekar Kalluri VP-HR and training, Laserwords, to distribute the certificates on the last day and share his experience. Mr.Chandra shared his experience of the same PMP training that MS Academy conducted at Laserwords itself. He said, “After Ganapathy and team conducted PMP training at our place, we are all talking only in PMBoK terms. We have formed study groups. We organize special classes for additional inputs. For example I am planning to take a session on HR and communication. The CFO is going to conduct a session on cost etc. I suggest that you also use group study to be successful in this exam.

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Photos from Sep month PMP boot camp and Ram’s visit

The September month PMP boot camp concluded well on 19th Sep with 15 PMs from Wipro, TCS, HP, RR Donnelley, Oracle, iNautix, CSS Corp, Mahindra Satyam and Omnitechsys participating this time. I heard the feedback I have been wanting to hear all these months – “We are going to cherish the memories of this PMP boot camp much more than even clearing PMP” “This training can be done just for learning sake. PMP is just a by-product”. I forward all the compliments to my trainers who are making this program a great success.

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August month PMP boot camp photos and updates

The August month PMP boot camp concluded well with 14 Project Managers joining the program this time. They were from CSC, TCS, Aricent, HCL, Ford, iNautix, Laserbeam Software, Focus Infotech and Keane Consulting. The average experience of this team was high (12+ years) and it showed in their focus and performance in the tests.

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