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How do project managers perform risk management? What techniques do they use to manage project risks?Why Risk Management is Important?Risk management saves time and money! This is very very important. Because, with the risk management, you are evaluating any unexpected things that can happen during the project and take appropriate actions upfront. And if any risk happens, since you are prepared and have an appropriate risk response plan, the risk will impact your project less, compared to be caught unprepared.Let’s consider that there is a risk that one of your project resources might resign in near future. Since you know this, you asked the project resources to prepare a handover document which will include their list of activities and how they performed them and keep it up to date. In case this risk happens, in other words, the resource resigns, a new project team member will be able to hand over his activities easily. But if you do not make these kinds of risk planning, your new project resource might get lost on what to do and how to do it once he starts to project.What Is Reserve Analysis?Project management must have a reserve to accommodate risks if there are any remaining risks after completion of the risk management activities. As we described earlier, you cannot transfer or mitigate all risks of a project. If there are risks, you might have reserves to accommodate those risks to minimize the impacts of risks when they occur.Reserve analysis is a technique used by the project manager and the project team. The objective of reserve analysis is to maintain and manage the projects better. So how does reserve analysis help? After Estimate Activity Resources and Durations processes, the estimated cost and/or schedule might still have risks of change. Reserve analysis helps the project manager to accommodate these risks to minimize their impacts.Two Types of Reserves in Reserve AnalysisThere are 2 types of reserves that must be taken into consideration during reserve analysis:The first type of reserve in reserve analysis is contingency reserve. Contingency reserves are time reserves or buffers. For instance, in a software project, if a software developer is estimating a screen development activity as 5 days, but stating that it might take up to 8 days due to risks, extra 3 days here is contingency reserve. Because risks will cause activity completion delays respectively. That’s why this type of reserve is important in reserve analysis.The second type of reserve in reserve analysis is management reserve. Management reserves are extra funds for unseen risks. Let’s consider that in a construction project, estimations show that groundbreaking will cost around $200,000. But due to the geological area of the project, you might hit big rocks and that would cause to cost up to $240,000. And the extra $40,000 will be your management reserve to accommodate the risk of hitting big rocks during groundbreaking activity. The management reserve is an important term for reserve analysis because it is an additional fund for unseen risks.You can read more about risk management in What is the Relation Between Reserve Analysis and Risk Management? article.
How do I answer a technical project manager interview to stand out?.#Tips, tricks for the question: How do I answer a technical project manager interview to stand out.Below are top 10 hack tips for your job interview, I hope it helps.##TOP 10 HACK TIPS FOR YOUR JOB INTERIVEWS1. Secret weapon: tell your career stories at your job interviewYou’re prepped and ready to totally nail this job interview. You’ve rehearsed your elevator pitch—in front of the mirror, even. You’ve committed the entire job description to memory. Heck, you even drove a practice route to the interview location to make sure you knew exactly where to park.So, when the meeting finally rolls around, you’re feeling cool, calm, and collected. That is, until the interviewer jumps right in with the dreaded, “Tell me about a time when…”Suddenly your mouth is dry, your mind is blank, and you have a mental facepalm moment. Why, oh why, didn’t you think to prepare for these types of prompts?Yes, those requests for real-world examples—also known as behavioral interview questions—are frustrating. But, they’re also an extremely common part of the interview process.Your best bet is to have a few stories prepared and ready to go for your next interview. Here are the six big ones you should make sure to have in your arsenal. They’re general enough that they can be used for a variety of questions, but specific enough that the person asking will feel like he or she’s getting a good, solid, detail-filled response.Related materials:+ Top 10 career stories for your job interviews: 10CareerStories.blogspot . com+ Free ebook 395 interview questions withanswers: InterviewQuestions88 .info/2014/12/free-ebook-395-interview-questions-with-answers-pdf.html2. Know about the company:Spend time to know about the company’s background and various activities of the company. Knowledge about the company will make you look serious for the job. Also if you have time, read about the competitors.Know the basic stats on size and state of the company, and try to develop a view on the top 3 strengths and the top 3 weaknesses/issues the company faces. If you can think through and be prepared to articulate how you can reinforce the strengths and help make progress against the issues, then even better.Pro Tip:• Set up Google News Alerts for the company and industry you are interviewing for. It shall give you timely news alerts and much needed information & talking points! You can also refer to Social media, website, google search etc. to get more information. Also you can search for people/friends on LinkedIn who are already working in the company and talk to them.• Search company on Glassdoor. com. I find that there are typically elements of truth to the themes that surface there, and it is a good way to get a feel for what to expect culturally and again this preparation can help to inform your questions3. Ask questionsYou should always have some questions for your interviewer to demonstrate your interest in the position. Prepare a minimum of five questions, some which will give you more information about the job and some which delve deeper into the culture and goals of the company.Related material:+ Best 12 questions to ask employers: InterviewQuestions66.blogspot. com+ InterviewTips365. info/2014/12/free-ebook-82-secrets-to-win-every-job-interviews-pdf.html4. Make good first impressionsA cardinal rule of interviewing is to be polite and offer warm greetings to everyone you meet from the parking attendant to the receptionist to the hiring manager. Employers often are curious how job applicants treat staff members and your job offer could easily be derailed if you’re rude or arrogant to any of the staff. When it’s time for the interview, keep in mind that first impressions the impression interviewers get in the first few seconds of meeting you can make or break an interview.Remember that having a positive attitude and expressing enthusiasm for the job and employer are vital in the initial stages of the interview; studies show that hiring managers make critical decisions about job applicants in the first 20 minutes of the interview.Related material:+ Top 35 tips to prepare for your job interview: 35JobInterviewTips.blogspot .com5. Structure your answerMost people see a job interview as a passive experience where they answer questions and are confident of securing the job if they answer the questions asked correctly. Rather, see an interview as an opportunity to answer or respond to questions following a guide or plan on the subject of interest. Your answers should emphasize how your skills will be of relevance to the company. To improve how to answer questions in the interview, draft 5 points and have both short and long answers to each point. Nevertheless, you are required to pay attention or listen carefully during the interview. Ensure you carry out proper research on the company before an interview to enable you to prepare appropriately for questions the interview is likely to ask.Related material:+ Top 42 common interview questions withanswers: 42InterviewQuestionsWithAnswers.blogspot .com6. Bring examples of your workI have been called several times by hiring managers who expressed their delight at some of my candidates who came to the interview session with samples of their work. You also have the opportunity to do this. Make the most of printed words, it shows how prepared you are and this alone might just set you apart from other candidates. Idea: Some candidates take a copy of their most recent written review to the interview. Obviously, you should only do this if your evaluation is outstanding. Perhaps you could come with a graph or a chat that illustrates the actions you took that saved your old company some money or even how you improved their business.Always couch your examples with the following line of logic:• This was the situation at the time.• This is what I did to remedy the situation.• My actions yielded these results.7. Clarify your "selling points" and the reasons you want the job.Prepare to go into every interview with three to five key selling points in mind, such as what makes you the best candidate for the position. Have an example of each selling point prepared ("I have good communication skills. For example, I persuaded an entire group to ..."). And be prepared to tell the interviewer why you want that job – including what interests you about it, what rewards it offers that you find valuable, and what abilities it requires that you possess. If an interviewer doesn't think you're really, really interested in the job, he or she won't give you an offer – no matter how good you are!8. Dress for SuccessPlan out a wardrobe that fits the organization and its culture, striving for the most professional appearance you can accomplish. Remember that it’s always better to be overdressed than under and to wear clothing that fits and is clean and pressed. Keep accessories and jewelry to a minimum. Try not to smoke or eat right before the interview and if possible, brush your teeth or use mouthwash.9. Practice, practice, practice.It's one thing to come prepared with a mental answer to a question like, "Why should we hire you?" It's another challenge entirely to say it out loud in a confident and convincing way. The first time you try it, you'll sound garbled and confused, no matter how clear your thoughts are in your own mind! Do it another 10 times, and you'll sound a lot smoother and more articulate.But you shouldn't do your practicing when you're "on stage" with a recruiter; rehearse before you go to the interview. The best way to rehearse? Get two friends and practice interviewing each other in a "round robin": one person acts as the observer and the "interviewee" gets feedback from both the observer and the "interviewer." Go for four or five rounds, switching roles as you go. Another idea (but definitely second-best) is to tape record your answer and then play it back to see where you need to improve. Whatever you do, make sure your practice consists of speaking aloud. Rehearsing your answer in your mind won't cut it.10. Thank Interviewer(s) in Person, by Email, or Postal MailCommon courtesy and politeness go far in interviewing; thus, the importance of thanking each person who interviews you should come as no surprise. Start the process while at the interview, thanking each person who interviewed you before you leave. Writing thank-you emails or notes shortly after the interview will not get you the job offer, but doing so will certainly give you an edge over any of the other finalists who didn’t bother to send thank-you notes.If you have any questions, pls leave your comment below.
As a project manager how were you able to figure out the financial benefit to the project?I have choosen to copy and past here some of my lessons From RIT . The common financial measures used to evaluate projects are: Payback Period, Net Present Value, and Profitability Index. Each of these measures provide a view into the financial viability of a project based on different monetary approaches. The estimates used for these calculations are typically established and provided by the organization. For example, the finance department or a company's executives would know the cost of capital investments and can provide a project manager with the required rate of return that a project must be able to achieve in order for it to be considered profitable.Organizations use these financial measures to prioritize projects as most organizations have limited resources with which to work. Those projects with better financial indicators would typically be prioritized higher than those with less attractive financials. This prioritization helps an organization to narrow down the list of projects they will initiate and those that may have to seek better options for viability.Net Present Value (NPV)Profitability Index
How can we switch from manual testing to a non-IT project management after 5 years in manual testing?The question I would pose you back would be “Why would you want to do that?”Are you very good at manual testing? Do you have attention to detail, and an eye to catch an aberration/deviation from the expected behavior? Are you thirsty to find out how the software would be behave in various situations/combinations?If your answer for all of the above is a big “Yes”, then don’t shift. If your answer is tentative, or if you are not fired by testing (as defined by the actions above), then you can go ahead and consider shifting.But be careful that there will be various push-pulls from different directions. Brands, corporates would want you to become an automation engineer, but you may not necessarily like that. There could be a better salary from Project Management/Automation, which you would desire. Consider all such factors and then make the call honestly after deciding what you really want.All the best!
What is your most terrifying experience as a Project Manager (or similar), that lingers with you to this day? How did it turn out in the end?Working in a highly corrupt environment with young engineers following the footsteps of their seniors is more painful and agonizing.Back in 2006–2007, I was working as Project Manager on a BPR project to turn around the electrical utility into a profitable venture.My boss was a German Ph.D. doctor working with IAEA who used to be with us for a week every month and I was to look after the project in his absence.A bunch of 9 project leaders working under me were corrupt to the core and were more into conspiring against me rather than focussing on their assignments.All the project related documents were required to be signed by me in the absence of my boss. But they (project leaders) used to wait for my boss to turn in and get the documents signed.Since my boss hailed from Germany, so he was working on Theory-Y to interact with the team. I personally believe keeping in view of the psyche of locals or to be more precise with the PLs working under me to apply Theory-Z.Me being sincere to my work and to my boss, I used to tell him about how should he deal with the team but he was of the view to give the team members a free hand to work.One of the team members was a bachelor in HR [let’s call him X] was assigned to work on refurbishing the existing Training Center. The civil engineer (not directly reporting to me) assigned to the project was shy of contacting me and instead he showed the design to X.X instead of showing the design to me to get it signed, asked the civil engineer to redesign it according to his ‘whims’ and waited until the doctor returned from his international assignment.The doctor didn’t have a clue how much water has gone from under the bridge, signed the re-designed document. The work of refurbishing the Training Center got underway. I used to inquire from X about the progress on the project and he used to tell me that everything is going as planned and he is diligently working to get the project completed on schedule.Since I was asked by my boss not to intervene in the working of PLs unnecessarily, so I used to just inquire about the progress. One evening while leaving for home, I planned to visit the construction work at the site to get the first-hand feel of the project work.I got flabbergasted to see that the reconstruction work was halfway through and almost all the walls of the rooms were 1 to 2 feet away from the pillars, wasting spaces in between.I blew the whistle and get the doctor know what went wrong. He got extremely angry and called an urgent meeting to discuss the issue. After a 2.5 hours long heated debate, he came to the conclusion that it was his (doctor) mistake not to listen to my advice and pronounced to the entire team that mine and his ethical values were the same and he regretted not to pay heed to my advice.Though I am no more part of the organization yet the Training Center in question is at its place with that faulty design making me feel bad about myself, why on earth, I delayed my visit to the site, while it was under construction.
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