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Tag: Planning

The Rhinoceros In The Room (Risk Analysis and How to Tame Your “Unicorn”)

Imagine going to the pet rescue organization in your town to get a new pet, and you look at several adorable dogs and cats, and then the staff person says, “Well, there’s one that we’re not sure we’re going to be able to find a home for. Would you like to see him?”

You’re there to help make a rescue and get a new furry friend, so you say, “Of course!”

The staff member takes you to the end of the row, where there’s an enormous pen with a rhino inside.

You say, “That’s a rhinoceros!” as though the staff person didn’t know that already.

They say, “Yeah! He has a horn. They make great pets because they always go to the bathroom in the same place.” (This is true, by the way.)

You say, “Yeeaaaah…but he weighs 6,500 lbs., has a horn, and can run 30mph.” (This is also true.)

They say, “But they go to the bathroom in the same place every time. Think of how much easier that is than cleaning up after a dog!”

 

It’s a comical episode, but we often do the same thing in risk analysis. The temptation is to come into risk analysis with pre-conceived notions, or even just so intent on committing to the project as is we’re unaware that’s not a unicorn staring us down. Consequently, we discuss how an Australian Shepherd can get bad hips late in life but forget that a rhino can destroy your house by turning around when you call his name.

So, let’s talk about how to recognize the rhinoceros in the room.

 

Overview

Risk analysis is the process of identifying, assessing, and prioritizing potential obstacles or stoppers before they derail your project. It involves a meticulous examination of what could possibly go wrong, the likelihood of such events, the potential impact of those worst-case scenarios, and the strategies for mitigation. We must foresee the unforeseen, prepare for the unpredictable, and make sure that a project is not merely feasible, but in the worst case will not harm business continuity or exceed allowable energy or resource expenditures.

Without a comprehensive risk analysis, projects can easily miss deadlines, overshoot the budget, suffer severe scope creep, or otherwise hinder not just the project in question but the business as a whole. The consequences can range from mild setbacks to catastrophic failures, affecting not just the project but also team morale and organizational reputation.

 

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Methodology

Identification:

The first step is recognizing that a rhino, for all its intriguing attributes, poses certain…ahem, “challenges” as a pet. Brainstorm and list all risks, as absurd or unlikely as they may seem.

 

Assessment:

Next, evaluate each risk based on its likelihood and potential impact. It is truly critical that you measure both sides of the equation; A potential problem that has little impact, like a few users needing help installing new software, probably doesn’t warrant a four-hour meeting and approval from the board of directors before proceeding. Conversely, an unlikely problem with severe consequences, like the credit card system going down on Black Friday, absolutely needs mitigation before proceeding. This is where quantitative and qualitative analysis techniques come into play, understanding the nuance of each risk.

 

Mitigation Strategies:

Finally, develop strategies to manage the risks that warrant attention before proceeding. This could involve anything from contingency planning to risk transfer mechanisms, all aimed at reducing the likelihood of risks or minimizing their impact should they materialize. In the worst case, at least assign a risk owner to keep an eye on a potential risk so nothing sneaks by you.

 

Conclusion:

The discipline of risk analysis in project management is about foresight and preparation. Balance your desire for a pet against the wreckage that overgrown unicorn can bring to your life. Equal parts caution and courage, pragmatism and progress, and dreams and dependability. By thoroughly analyzing risks, your projects are more likely to succeed, and you might even be able to sleep better.

Risk analysis is not just a task; it’s a mindset, a culture, and a practice that distinguishes successful projects from pet rhinos.

Cumulative Cost and Budget Spreadsheet Tool

As both a Project Management practitioner and a College Professor and University Instructor, I have found that there are very few simple-to-use templates for creating a time-based project schedule and budget. This package has a series of 4 Excel spreadsheets (but any standard spreadsheet program should also work) that allow a student or practitioner to build a time-based budget that shows unit activity (scope) planned period (time), and cumulative cost all on one page. It has been created to demonstrate a fictitious but realistic budget for the purchase, installation, and testing of a mid-size local area network of about 200 desktop and laptop computers and  5 servers. The project is expected to take 15 weeks from start to finish with a total budget of $402,200.

4 spreadsheets in total allow readers to copy and build their budget.

Sheet 1,2,3 shows the building blocks of creating a time phase schedule for buying and installing laptops, desktops, and servers. Unit activity and planned unit prices drive the planned equipment budget. Similarly, there are a few human resources planned with daily labour rates driving the total labour cost plan. The summary cost lines from the equipment and labour detail sections are then summed to yield the total planned cost for each week and cumulatively.

Sheet 1 shows the numeric data entry only. It was started at row 30 to leave space for a data-driven graphic table to be added later.

Download Sheet 1

 

Sheet 1 15-week budget before a graphic table with input cells yellow. This is the same as sheet one except for the user input cells for unit installations, unit prices, labour days, and labour rates have been shown on a yellow background to ease of use. The other cells are formula-driven.

Download Sheet 1 with Yellow Input Cells

Sheet 2 shows the addition of a data-driven graphic table inserted above the numeric spreadsheet. The instructions for creating the table are:

  1. Select (curser click on) rows 35 and 36 to include all cells from C35 to Q36
  2. Click on the Insert tab from the top of the spreadsheet
  3. Click on the Column Icon
  4. Select (Click on) the top left 2-D column icon

Download Sheet 2

 

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A two-column graphic showing the weekly planned cost and total cumulative will be superimposed on your spreadsheet. It will not likely be properly positioned or sized to line up with your numeric entries and weekly columns. You will need to use your cursor to grab the corners of the graphic table to stretch and position the table to line up with your numeric entries.

Sheet 3 is the same as spreadsheet 2 after the graphic column table has been stretched and positioned to fit above the numerical data it represents.

Download Sheet 3

 

Sheet 4 adds a Gantt chart showing key milestones and dates.

Download Sheet 4

Working Hard, But Not Too Hard!

Working hard is applying a high level of effort, being consistently focused, productive and effective, applying emotional, physical, and intellectual energy. Working hard is rewarding, it leads to personal and organizational success.

Some people say, “Work smarter, not harder.” But working hard is not the opposite of working smart. The two go together. Working smart makes working hard more effective. Working hard without working smart leads to working too hard.

Working “too hard” causes fatigue and burn out, it reduces performance, challenges relationships, creates a cycle of emotional reactions like anger and depression. Challenging work becomes too hard when it can’t be sustained. Sustained challenging work, physical or mental, requires sufficient reward, rest, relaxation, and recovery.

 

Subjectivity

What does it mean to work “too hard”? With two people doing the same work, one might find it too hard and the other too easy.

Some years ago, I managed a project that had a tight time deadline (don’t they all?). We were a core team of six people including myself, all in our late 20’s to early 30’s. For the last month of the project, we were working late into the night, coming in early in the morning, and occasionally doing all night work sessions. We had pretty much cut off our social and family connections for the duration. The work was engaging, state of the art, and creative. The reward was both financially, emotionally, and intellectually rewarding. Team members had bonded, and it often felt as if we were reading one another’s thoughts. We were in Flow. When the project ended, we were both ready for a rest and sad that it was over.

Some family members and friends thought we were working too hard. For us it was a thrilling ride. It’s very subjective. Observers may or may not have an accurate perception of how hard a worker is working in any role as a performer, manager, or executive.

 

Objective Criteria

We can bring some useful objectivity to the question of what working too hard means by defining the characteristic conditions of “too hard”, to overwork, really means.

Working too hard means there is imbalance among the factors – hours worked, rest and recovery, task complexity, competency, work environment, relationships, mental attitude, and physical condition.

 

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Symptoms

Overwork is a principal cause of burnout. In my article Burnout: What It Is and How to Avoid it,[1] I identified the symptoms of – “exhaustion, disengagement, and reduced effectiveness.

  • Exhaustion is loss of energy and fatigue. It occurs when there is too much stress caused by unhealthy performance demands (chronic overwork). It can be a short-term experience following an intensive physical, emotional, or mental activity. Short-term exhaustion can be treated by moderating performance demands and taking rest and recovery time. If it goes untreated and becomes chronic, burnout follows.
  • Disengagement is affected by a sense of not being cared for by leadership and of the futility of the work. People lose a psychological connection to their work. Involvement and enthusiasm suffer. Performers, whether executives, managers, or staff, just put in their time instead of being actively engaged in their work. self-worth suffers. They become cynical and either engage in unnecessary conflict or withdraw to avoid engaging in meaningful debates.
  • Reduced effectiveness is tied to both exhaustion and lack of engagement. With tiredness, less involvement and enthusiasm, performers become less productive and less effective. That results in greater stress as performance goals become more difficult to achieve. Greater stress feeds exhaustion and lack of engagement.”

For observers, becoming disengaged with friends and family is perceived as a symptom of overwork. It may be, depending on how persistent it is, and whether overwork is the cause or work is being used as an escape from challenging relationships.

Symptoms are the most objective criteria available. It is up to each of us to be aware of our feelings and energy levels to decide if we are experiencing the symptoms of overwork.

 

Self-awareness

“Self-awareness is the ability to “step back” and observe yourself objectively to know your behavior, motivations, feelings, values, and desires. It is knowing your personality and the way you display it in your life.”[2]

Your self-awareness enables you to see whether you are working too hard and if you are, why you are doing it.

 

Doing Something About It

You can do three things about working too hard. 1) You can avoid it, 2) you can correct the imbalance among hours worked, rest and recovery, task complexity, competency, work environment, relationships, mental attitude, and physical condition to stop doing it, or 3) you can continue and suffer the consequences.

You avoid it by establishing a healthy work-life balance. You stop it by identifying the imbalance and correcting it by adjusting your attitude and behavior.

 

For example, you can balance rest and recovery with working on challenging work for long hours, and intensively. That kind of work is often necessary and can be sustained if there is time for rest and recovery.

A supportive work environment, with space for quiet time, and workspaces designed for the kind of work being performed to provide comfort and ease enables breaks and eliminates unnecessary stress.

Healthy relationships, including the ability to manage conflict and expectations, remove unnecessary stress and enable intensive effort.

 

Mental attitude is a key factor. If you believe you are working to hard, you will act as if you were. If you believe that you are working hard and are ok with it, you will be most effective.

If your personal situation is creating the imbalance because of workaholism or anxiety about not working hard enough, you are faced with the task of addressing these causes.

 

If your work situation does not give you the ability to improve imbalance, you are faced with the challenge of making the changes that will protect your health and effectiveness. That may mean taking the risks of standing up to your boss and changing jobs.

[1] https://www.projecttimes.com/articles/burnout-what-it-is-and-how-to-avoid-it/

[2] Pitagorsky, George, “Self-Awareness a Critical Capability for Project Managers”, https://www.projecttimes.com/articles/self-awareness-a-critical-capability-for-project-managers-d23/

7 Effective Strategies to Reduce Attrition in Professional Services Organizations

“According to LinkedIn, the professional services sector has the highest attrition rate among all industries.”

In recent years, the professional services industry has seen a significant rise in employee attrition rates. This is due to several factors, such as sub-optimal utilization, high levels of stress and burnout, lack of proper compensation, poor career growth opportunities, and more.

Failure to address these issues can hinder the PSO’s ability to deliver projects on time and meet client expectations, thereby negatively impacting the firm’s top and bottom lines.

Therefore, it is the need of the hour for professional services firms to create a well-defined retention strategy that will help them maintain a robust talent pool.

This article elucidates the best techniques to reduce PSO attrition and how an efficient ERM tool like SAVIOM can help combat it.

Let’s begin!

 

Consequences of attrition in professional services firms

Employee attrition refers to the exit of resources from the organization for various reasons, such as resignations, retirements, transfers, etc. Frequent resource exits from a PSO can deplete the internal talent pool and have severe consequences on operational workflow.

When experienced consultants leave the PSO suddenly, it results in a loss of institutional knowledge. This also leads to increased training costs and project delays as new substitutes need time to gain proficiency in their roles.

In addition, unplanned attrition leads to last-minute firefighting of resources. It usually results in high-cost recruitments or the selection of inadequately skilled personnel, leading to budget/schedule overruns and substandard quality of deliverables.

Moreover, it adversely affects the team dynamics. The sudden departure of consultants can increase the workload of existing resources, hampering their productivity and leading to high burnout.

Knowing the repercussions of attrition, let’s learn the best methods to overcome them.

 

7 effective strategies to manage attrition in professional service firms

Professional services organizations need to take the following measures to minimize unplanned attrition:

1. Create a robust onboarding strategy for new hires

According to Glassdoor, organizations with effective employee onboarding can increase retention by 82%.

Robust onboarding processes can help new joiners in PSOs acclimatize to team dynamics, roles & responsibilities, and company culture. Therefore, managers must take them through the organizational structure and introduce them to team members. Moreover, the firms can assign mentors who can offer continuous support and guidance to the new hires throughout their journey.

In addition, PSOS can provide induction training to familiarize them with standard operating procedures and performance metrics. Besides, they can offer on-the-job learning opportunities where new employees can shadow their seniors to understand their roles better. This will help them build the necessary skills and knowledge, boost engagement, and lower the churn rate.

 

2. Assign professionals to suitable projects based on skills & interest

It is important to align the resources’ skills with suitable work as it increases productivity and engagement. Therefore, before assigning consultants to projects, managers must gain comprehensive visibility of their attributes, such as skills, qualifications, availability, experience, etc.

Moreover, managers must also consider the consultants’ interests when assigning them to projects. It improves their motivation and overall job satisfaction, making them less likely to seek opportunities elsewhere. Thus, competent allocation can minimize the risk of disengagement, burnout, and turnover significantly.

 

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3. Offer compensation packages as per market standards

“According to a Qualtrics survey, employees who are satisfied with their pay and benefits are 13% more likely to continue working for their current employer.”

Compensation is one of the most influential factors that shape the consultants’ decision to remain with the existing firm or seek new opportunities. Moreover, adequate compensation establishes a compelling proposition for consultants to be more productive and efficient.

Consequently, PSOs must offer competitive remuneration packages aligned with market standards to retain top-tier talent. In addition, they must consider providing performance-based variable pay and benefits such as health insurance, paid time off, incentives, etc. Incentivizing employees signals the company’s appreciation for their contributions, fostering prolonged tenure.

 

4. Provide stretch assignments to junior consultants periodically

Stretch assignments are a common practice in the professional services industry. These assignments are designed to test and upskill the capabilities of the consultants. Therefore, allocating junior and intermediate associates to such exercises helps them prepare for new challenges and grow professionally.

For example, a financial firm can assign junior auditors to specialized assignments focused on data analytics. This initiative enhances the auditors’ proficiency in this field and helps them streamline financial analysis processes. Thus, stretch assignments accelerate employees’ career trajectories, keep them engaged, and curb attrition.

 

5. Leverage senior consultants for strategic and leadership roles

Senior consultants often experience job monotony over time, which can lead to disengagement and, eventually, unplanned attrition. Therefore, managers must deploy them to strategic or leadership roles beyond their day-to-day activities that help them showcase their learnings and contribute to bigger organizational goals. For instance, an IT firm focuses on upskilling its team with emerging technologies like Generative AI and Datafication.

For this, the firm can assign senior consultants to conduct training sessions, mentoring programs, and workshops. Moreover, they can identify senior consultants who can utilize their skills and expertise to drive strategic initiatives such as building a robust talent pipeline. As a result, it improves their engagement and curbs attrition.

 

6. Formulate individual development plans for each employee

One of the primary reasons for high attrition rates in PSOs is the lack of career development opportunities. Therefore, to retain top talent, managers can create IDPs (Individual development plans) to help consultants pursue their career aspirations and enhance their professional attributes.

For example, in an IT consultancy firm, a software developer wants to improve proficiency in Django. So, managers can enroll them in an online course or facilitate in-house training sessions by experienced developers. This personalized training module increases engagement and lowers their likelihood of leaving the organization.

 

7. Develop a 360-degree holistic feedback system

Implementing an efficient feedback mechanism helps PSOs analyze each consultant’s performance and identify areas of improvement. It also allows resources to understand their strengths and weaknesses. Moreover, it serves as an opportunity for managers to show appreciation for consultants’ hard work.

A holistic system provides a two-way communication channel that helps PSOs eliminate workplace bias and quickly resolve internal conflicts based on employee feedback. This enhances transparency and fosters mutual trust between employers and employees. As a result, it enhances consultants’ work performance and job satisfaction, reducing the chances of unplanned attrition.

Next, let’s explore how resource management software can help.

 

How does advanced ERM help professional services firms reduce attrition?

Adopting futuristic resource management software like Saviom can empower service firms to devise a well-structured retention strategy to retain top talent.

  • The 360-degree visibility into consultants’ attributes enables competent allocation. When employees leverage their skills, it enhances their performance and motivation, thereby reducing attrition.
  • Forecasting and capacity planning features enable managers to forward plan future resource requirements and prevent excesses/shortages of consultants.
  • The competency matrix allows supervisors to identify professionals to be considered for stretch assignments and helps facilitate training programs.
  • Real-time BI reports like utilization, forecast vs. actual, etc., enable identifying and rectifying over/underutilization, lowering burnout and unplanned attrition.
  • The open seat feature helps consultants to apply for project vacancies. When they work on projects of their interest, it improves their engagement and minimizes turnover.

 

Wrapping up

Skilled consultants are the backbone of every PSO. Consequently, it is imperative for firms to cultivate a positive work environment that enhances job satisfaction and contributes to the retention of skilled professionals. By integrating the aforementioned best practices with ERM software, PSOs can effectively manage unplanned attrition and ensure sustained profitability.

Agile Project Management Essentials: Navigating the Basics

In the dynamic landscape of project management, Agile methodologies have emerged as a transformative approach, fostering adaptability and collaboration. Understanding the essentials of Agile Project Management is crucial for navigating the complexities of modern projects. This guide will take you through the basics, providing insights into Agile principles, methodologies, and the key components that make it a powerful framework for project delivery.

 

I. Introduction to Agile Project Management

What is Agile Project Management?

Agile Project Management is an iterative and flexible approach to project execution that prioritizes adaptability, collaboration, and customer satisfaction. It emphasizes incremental progress, allowing teams to respond to changing requirements and deliver value consistently.

Why Choose Agile Project Management?

Agile is chosen for its ability to address the limitations of traditional project management. Its iterative nature accommodates changes, encourages client involvement throughout the process, and promotes a more efficient and responsive project delivery.

 

II. Agile Principles: The Foundation of Flexibility

1. Customer Satisfaction Through Continuous Delivery

Agile places a premium on delivering valuable, working solutions regularly. This ensures continuous feedback from stakeholders and enables the team to adjust course based on evolving requirements.

2. Embracing Changes Throughout the Project

Unlike rigid project plans, Agile welcomes changes even late in the development process. This flexibility allows teams to adapt to emerging priorities and ensures the final product meets the client’s evolving needs.

3. Collaborative Team Dynamics

Agile emphasizes collaboration among cross-functional team members. The collective expertise contributes to more holistic problem-solving, fostering a sense of shared ownership and accountability.

 

III. Agile Methodologies: Scrum, Kanban, and More

1. Scrum: A Framework for Team Collaboration

Scrum is one of the most popular Agile methodologies, emphasizing iterative progress, short development cycles (sprints), and frequent team collaboration. It is particularly effective for complex projects with changing requirements.

2. Kanban: Visualizing Workflows for Continuous Improvement

Kanban focuses on visualizing workflow, limiting work in progress, and enhancing overall efficiency. It’s a versatile approach suitable for both project management and continuous improvement processes.

3. Lean Agile: Streamlining Processes for Efficiency

Lean Agile combines principles from Lean manufacturing and Agile methodologies to eliminate waste, optimize efficiency, and deliver maximum value to customers.

 

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IV. Key Components of Agile Project Management

1. User Stories: Understanding Client Needs

User stories are concise descriptions of desired functionalities from an end user’s perspective. They serve as the foundation for planning and executing Agile projects.

2. Sprint Planning: Iterative Development Cycles

Sprint planning involves breaking down project tasks into manageable units and prioritizing them for iterative development cycles. This ensures regular delivery of functional components.

3. Daily Stand-ups: Enhancing Communication

Daily stand-up meetings, or scrum meetings, provide a platform for team members to discuss progress, challenges, and goals. These brief, focused sessions foster communication and collaboration.

 

V. FAQs About Agile Project Management

Q1: How Does Agile Project Management Differ From Traditional Approaches?

Agile differs by prioritizing adaptability, collaboration, and customer satisfaction over rigid plans. It welcomes changes throughout the project and encourages continuous delivery of value.

Q2: Is Agile Project Management Suitable for All Types of Projects?

While Agile is versatile, its suitability depends on project characteristics. It is highly effective for projects with evolving requirements, complex problem-solving, and a need for regular client feedback.

Q3: How Do Agile Teams Handle Changing Client Requirements?

Agile teams address changing client requirements through continuous communication and flexibility. The iterative nature of Agile allows teams to adapt and adjust project priorities as needed.

Q4: What Are the Common Challenges in Adopting Agile Project Management?

Challenges may include resistance to change, difficulty in transitioning from traditional methods, and the need for a cultural shift within the organization. However, these challenges can be addressed through proper training and change management.

Q5: Can Agile Principles Be Applied Outside of Software Development?

Absolutely. While Agile originated in software development, its principles can be applied to various industries, including marketing, product development, and even non-profit initiatives. The focus on collaboration, adaptability, and value delivery is universally applicable.

 

VI. Conclusion: Navigating Project Flexibility with Agile

In the realm of project management, mastering the basics of Agile is synonymous with embracing adaptability and collaboration. Agile Project Management provides a framework that aligns with the evolving needs of today’s dynamic projects. Whether you’re a seasoned project manager or new to the field, understanding these essentials is the key to navigating the complexities and unlocking the full potential of Agile methodologies in your projects.