Set SMART Goals While Scheduling Your Project Execution

One of the things that separate a highly successful projects from the rest is the ability to set smart goals during the execution of the project. Yes, setting smart goals can be tricky because it involves clearly setting goals to aid the success of the project in a strategic manner.

                               

A goal can simply be put as the end result we wish to see from a project. It could be to increase the level of customer satisfaction through the project. It is important to set goals for the project and also carry actions aimed at achieving the goals. The problem with just setting goals is that there is no real definition or measurable target. It is, however, important to be able to decide the point of success of the goal. These is why there is the need to set a measurable target known as SMART goals.

What Is A SMART Goal?

A smart goal is a more determinate type of goal. It essentially adds some specifics and metrics that can be used to measure and track the progress of the project towards meeting up with the set goal. The word “S.M.A.R.T” is an acronym which we can use to ensure that the project is heading the right way.

S stands for Specific: This helps to establish precisely what the project is to achieve, and have clear objectives.

M stands for Measurable: We need to be able to measure how well we are fulfilling those objectives.

A stands for Actionable: The set goal should be something for which a plan can be formulated. It should also be agreed to by all parties involved in the project. When you are able to set such a goal, you will know that you are on the right path to successful completion of the project.

R stands for Realistic: Dreams are all well and good and important to us, but to set a goal it needs to be something that can actually achieved. There is no point to having a goal which cannot be realized. A goal needs to be something appropriate under the circumstances, something that can actually be done.

T stands for Time bound: A smart goal has a deadline, a point in time at which you aim to have achieved the goals set out.

Setting a SMART goal

There are few things that can help you in setting a SMART goal are. They are discussed below.

The first thing is to prioritize your projects and the goals that relate to them. Once you have been able to decide what your goal is, use your reasoning to figure out what you need to achieve that goal.

Obviously, you cannot have everything your way, and this brings us to the next thing. After setting a SMART goal, you need to prioritize the specific task and complete them in the order of priority.

Then you need to make sure that your focus is on those actions when you are executing the project. You should avoid thinking about something else to prevent distractions. If you let yourself get distracted, it could cause the failure of the whole project.

Setting Smart goals is not an easy task. It is especially difficult to decide on which tasks are the most important. Once you can do that, it becomes easier. The next thing that is difficult to do is focusing on the specific task at hand. All of these difficulties explains why it is not easy to set small goals. However, when you are able to, you stand a better chance at successfully completing your project.

Importance Of Defining A Scope In Project Proposal

One of the challenging tasks in initiating a project is defining a solid scope for the project. The scope of the project is a kind of statement that defines its boundaries. The project scope should clearly define what will be done during the project, and cover items which will not be included. Most of the time, the scope is usually called the Statement of Work. To ensure the perfect understanding of the expectation of the project, it is important that the project scope socializes with all party involved with the project.

                                    

Be that as it may, writing a brief and effective project scope may seem easy at first, however, it is not. As a matter of fact, it is one of the toughest tasks to do in the initiation phase of a project. It is paramount to get it right to ensure the successful completion of the whole of the project. Creeping of the scope of a project is one of the things that impact the scope of the project. It means a change in the scope during the course of the project. Of course, when or how this will happen will not clear but it’s the duty of an effective project manager to plan for it in order to avoid surprises.

All in all, defining a scope of the project proposal is important for the successful completion of the project. The project scope will cover essential elements of the project, such as the expected product of the project, the solution proposed to achieve the results, roles and responsibility of each individual on a project team, the milestones of the project, and other related details. In the scope, the factors on which the success of the project depends must be clearly outlined, including the risks involved in carrying out the project and all associated mitigation. In the event that a third party is involved in the project, all assumptions made must be indicated in the project scope. The scope should also indicate if the project has any exclusions, the project cost, the bill of materials, and a clear indication of what defines the project as successful.

When you have clearly defined scopes for your project, you stand a better chance of successfully completing the project flawlessly. Some benefits of doing so are to:

• ensure clearly defined goals and objectives for the project,
• promote better understanding between the team members,
• reduce risks and ambiguities involved,
• ease the realization and management of the expected outcomes,
• get the team and management committed to successfully completing the project, and
• develop criteria for evaluation and determining the quality of work done.

All in all, the project scope helps the person going through it to get the overview of the project. Once you have successfully documented all the requirements and received a sign-off from the customer to commence the project, you can be confident that with all care taken, your project will be a success. Although there are many other elements that need to be in place, project scope is a right place to start.

HОW SME’Ѕ CАN WІN A TENDER

For Small аnd Mеdіum еntеrрrіѕеѕ tо рrоmоtе thеіr buѕіnеѕѕ, winning thе tender рrороѕаl іѕ іmроrtаnt. Whеthеr іt is free tеndеrѕ оr any оthеr tуре оf tеndеrѕ, wіnnіng gіvеѕ thеm thе ѕсоре fоr expanding their business. In order tо асhіеvе thіѕ оbjесtіvе, іt іѕ nесеѕѕаrу tо knоw thе nооkѕ аnd сrаnnіеѕ of wіnnіng tender proposals.

Bеlоw аrе thіngѕ thаt SMEѕ ѕhоuld do whіlе rеѕроndіng to a рrороѕаl іn order tо improve their сhаnсеѕ оf winning the tender

                               

                            

                            

Undеrѕtаnd every aspect оf the tеndеr

Comprehending аnd figuring оut thе tеndеr is the fіrѕt ѕtер for a ѕuссеѕѕful tеndеr рrороѕаl. Eасh ѕесtіоn of a tender hаѕ its оwn ѕресіfісаtіоnѕ аnd rеԛuіrеmеntѕ. Yоu nееd to go through еасh оf thеѕе sections thоrоughlу tо gеt dеtаіlѕ ѕuсh as сlоѕіng date аnd tіmе, рlасе аnd wау to ѕubmіt thе tеndеr рrороѕаl, соntасt dеtаіlѕ, technical, functional and реrfоrmаnсе rеԛuіrеmеntѕ, Government rіghtѕ and оblіgаtіоnѕ, quality, requirements оf the соntrасt аnd cost summary.

Tо write a wіnnіng tеndеr letter, уоu muѕt undеrѕtаnd аll the іnfоrmаtіоn рrоvіdеd and аѕkеd іn thе tender рrороѕаl.

Knоw whаt is expected of you

Bесаuѕе lаrgе buѕіnеѕѕеѕ too wіll be rеѕроndіng tо the proposals, you nееd to have a реrfесt understanding оf the major things that thе agency еxресtѕ іn terms оf money, ԛuаlіtу, ѕеrvісеѕ, соmрlеtіоn, uniqueness еtс. Sіnсе there wіll bе a ѕtrеngth аnd weakness evaluation of tеndеrѕ, уоu nееd tо cross-check all раrtѕ оf thе tеndеr fоr vulnеrаbіlіtу.

Enѕurе thаt уоur рrороѕаl does nоt vіоlаtе thе bаѕіс terms аnd соndіtіоnѕ. Other assessment сrіtеrіа іnсludе thе technical аdvаntаgеѕ of уоur рrороѕаl, уоur level of competence, rеlаtеd ѕkіllѕ, еxреrіеnсе, quality аѕѕurаnсе requirements аnd аѕѕосіаtеd risks.

Ensure you hаvе all аррrорrіаtе Infrastructure

Unlike оthеr large businesses, оwnіng аdvаnсеd infrastructure саn bе an іѕѕuе fоr SMEѕ. Hаvіng thе appropriate mеаnѕ tо оffеr ѕоlutіоnѕ is vеrу іmроrtаnt. If thе contract agency feels thаt the bidder lооkѕ unрrоfеѕѕіоnаl аnd lacks thе rеԛuіrеd infrastructure for bidding the tеndеr, it will nоt help thе bidder wіn thе tеndеr.

Prераrіng thе tеndеr dосumеnt thе rіght wау

Mоѕt іmроrtаnt of аll is writing thе tender thе right wау. Dеѕріtе having thе rіght рrісіng аnd knоwіng whаt tо dо, there could bе рrоblеmѕ іf thе tеndеr іѕ nоt written thе rіght wау. Tеndеr dосumеntаtіоn is the mаjоr раrt tо рrераrе a wіnnіng tеndеr рrороѕаl.

Tірѕ for a Successful Tender Dосumеntаtіоn

• Kеер thе ѕеntеnсеѕ short, ѕіmрlе and еffесtіvе.
• Gіvе clear аnd соnсіѕе іnfоrmаtіоn.
• Give ѕресіаl attention to the сrіtеrіа thаt іѕ stronger thаn thе оthеrѕ іn tеndеr proposal.
• Addrеѕѕ tо аll the rеԛuіrеmеntѕ in dеtаіl.
• Show уоur аbіlіtу оf gіvіng thе ѕеrvісеѕ оr product іn tіmе. Hеrе you саn mention thе рrеvіоuѕ еxреrіеnсе (іf аnу), аlоng with related сеrtіfісаtеѕ, references аnd ѕаmрlеѕ.
• Give соѕt ѕсhеdulе fоr аll thе іtеmѕ.
• If required you саn аlѕо gіvе thе аddіtіоnаl іnfоrmаtіоn pertaining tо уоur соmраnу, its bасkgrоund, сlіеnt еtс.

Keep іn mіnd thаt thе tуре оf information аnd wауѕ, you рrоvіdеѕ іn thе tеndеr рrороѕаl will hеlр уоu tо ѕtаnd out іn thе grоuр of tеndеrѕ. Sо be ѕurе of whаt уоu аrе providing and dо it wіth full соnfіdеnсе.

Hurdles In A Real Estate Project Investment

Investing in real estate is a very lucrative business. Analyzing the property market where you are going to invest your money is very important. Despite what many people believe, becoming a real estate investor can help you earn huge profits. As long as you go about the business the right way, you can reap huge rewards and achieve the goals that you have set for yourself.



                                  

However, as with every great business opportunities, there are some difficulties to overcome in order to be a successful investor.

Research is the most important thing when it comes to investing in real estate. Good research always plays a vital role in property investment. With the advent of technology today, it is not as time-consuming as it used to be. There are several websites available on the internet that helps a great deal in finding a suitable property, location as well as reasons to invest in it. Take your time to conduct the research and search for the best location. Check for the specifics of the region you are considering to invest in. Analyze the buyers, sellers, rental, and investor in the area. If need be, contact the property agents of that particular location through any means possible and send them quires to find out any question you have about buying, selling and renting of any property in that area. These things may give you enough knowledge about investing in real estate in that particular area. Ultimately, you will be able to get a full picture property business in that region. Below are things you need to know about an area before considering investing in property in that region.

• Population,
• Tax and ownership law,
• Buyer and Sellers of that particular region,
• Temperature and Environment,
• Future projects and Developments,
• Rents of property,
• Management cost,
• Insurance policy,and
• Tourism Industry.

These are some basic things that must be considered before buying property in any region. These things may help to reduce your risk and give you handsome return on your investment. Aside from all of these, you may need to enlist the service of a professional property agent that has the full knowledge of that particular area. This might be necessary because when you are going to buy any property, there are some legal agreements and contracts that you may need to sign. To avoid running into crisis in the process, a professional help is a good option for you. In addition to helping you find a very profitable property, the professional real estate agent will also guide you in making the best choices that will be favorable for you. Also, whenever you want to sell or rent out your property, the help of a professional will ensure that you get a great return on your investment.

All in all, when you educate yourself about the latest market trends and learn various hints and tips on being a real estate investor, you are on your way to success. This will help you break through all the hurdles and ensure your survival in the competitive but lucrative real

Key Elements of Project Execution and Control

Project execution (or implementation) is the stage in which the outlined plan in the prior phases of the project span is carried out without hesitation. The reason for project execution is to convey the project expected results (deliverable and other direct yields). Regularly, this is the longest period of the project management lifecycle, where most resources are used.

                                          

Amid the project execution, the execution group uses every available schedule, methods, and layouts that were arranged and expected amid earlier phases. Unexpected occasions and circumstances will unavoidably be experienced, and the Project Manager and Project Team should manage out of this situation as they grow up.

In the standard division of project management discipline, this stage is called “Project Execution and Control”; the word “control” is incorporated here on the grounds that execution is not a blind implementation of what was composed ahead of time yet a vigilant procedure where doing things obliges understanding of what is being done, and re-doing it or doing it any other way when the activity does not completely comprehend to what was planned. This “control” is a vital part of project management and is an important task of the project manager. Accordingly, it is diverse for project evaluation as by and large considered in aid programs, where evaluation is typically performed by a group unique in relation to the project execution group (e.g. the program manager, the quality support officer, and so forth.), in order to autonomously confirm the quality and the adequacy of the work done.

The key elements of project execution are the ability to work effectively in the team and the ability to remain faithful to project scope while facing unpredicted events and difficulties.

• Conduct Project Execution Kick-off event

Where the Project Manager conducts a meeting to formally begin the Project Execution and Control Phase, orient new Project Team members, and review the documentation and current status of the project. The purpose of Conduct Project Execution and Control Kick-off is to formally acknowledge the beginning of Project Execution.

• Manage Project Execution

Where the Project Manager must manage every aspect of the Project Plan to ensure that all the work of the project is being performed correctly and on time.

• Manage CSSQ (Cost, Scope, Schedule, and Quality)

Where the Project Manager must manage changes to the Project Scope and Project Schedule, implement Quality Assurance and Quality Control processes, control and manage costs as established in the Project Budget. CSSQ is the acronym for a project’s inextricably linked quadruple constraints: Cost, Scope, Schedule, and Quality. Its purpose is to ensure that the project outputs are delivered with the expected quality in the time and cost limits defined in the project plan document.

• Monitor and Control Risks

Where the project develops and applies new response and resolution strategies to unexpected eventualities. Risk Monitoring and Control is the section of Project execution where the Project Manager and Project Team put in practice what decided in the earlier phase of project risk planning and apply adequate responses in case of the occurrence of risks. Risks are potential future events that can adversely affect a project’s Cost, Schedule, Scope or Quality (CSSQ). In prior phases, the Project Manager defined these events as accurately as possible, determined when they would impact the project, and developed a Risk Management Plan.

Falling trend in stalled projects continues

The refreshing findings of the 68^th Survey of Projects Investment in India, conducted by Projects Today, saw a sharp fall in the projex stalled. The latest quarter ended September 2017 saw 113 projects worth Rs 69,032 crore being stalled. This was the lowest stalled projex figure in the last six quarters.

When compared with the previous quarter’s statistics, it indicates a fall of 64.7 percent. And when compared with the stalled projex of a year ago, it indicates a fall of 9.8 percent.

A similar trend was seen in the private sector too. In the latest quarter ending September 2017, 23 projects worth Rs 51,025 crore were stalled as against 14 projects worth Rs 47,169 crore stalled in the same quarter last year. In the preceding quarter, 48 projects worth Rs 1,26,043 crore were stalled.

The government sector, which has taken the mantle of keeping the projex cycle moving, saw 30 projects worth Rs 18,006 crore being put on the back burner as against 67 projects worth Rs 69,300 crore in the preceding quarter.

The three major projects stalled during the last quarter were HSMC India’s semiconductor unit at Prantij in Sabar Kantha district, worth Rs 29,013 crore, due to lack of funds; a Rs 10,900 crore Chandigarh Metro Rail Project as it was not found feasible for a short distance; and Tata Power’s 3×660 MW coal-based power unit at Tiruldih in Saraikela Kharsawan district of Jharkhand, due to coal linkage issues.

Among the states, Gujarat was the biggest loser with projex worth Rs 29,467 crore vanishing in the form of nine projects. The state accounted for 43 percent of the total projects stalled during the last quarter, followed by Chandigarh with projex worth Rs 10,900 crore in the form of a single project. In Karnataka, 16 projects worth Rs 3,114 crore got shelved during the last quarter.

5 Essential Skills Of A Functional Project Manager

For effective management, there are some skills that a project manager needs to possess. Without a doubt, the role of a project manager is a tough one. Not only do you need to make sure that you look after your team, you need to be sure that your interests align with those of the superior management.

Below are the 5 most important skills to have in order to be a successful project manager.

 

Planning

Project planning is a critical stage of any project, and a project manager should be highly skilled in scheduling in order to create a workable project plan. Sometimes this may feel like crystal ball territory, as you’ll be estimating timescales for much of the planning, but with experience, you’ll get better at this. Much as an excellent cook will be able to time all the elements of a Sunday roast to perfection, so the best project managers are the ones who are able to see which tasks need to be done first and how to get everything to come together by the end of the project.

Risk management

This refers to risks associated with a project. These include things like the final product going out of date, another company releasing the product before you do, going over budget or not being able to solve a specific problem. Your role will be to identify and control or mitigate these risks from actually happening.

Communication and influence

Project managers need to be able to communicate in all directions with optimum effectiveness. From customers to the senior management, from the public to experts in the industry, you’ll need to be able to speak with authority and influence at all levels. Also, you will need to be able to figure out who needs information from you and when, as well as how. Improving project communication also means facilitating effective communications between members of the same project team and it is an essential project management skill.

Resource management

In the world of project management, resource allocation might well involve sharing physical resources to make sure everyone has what they need, but more important than this will be the sharing of the people resources to get your project done. You will need to be able to match the right people to the tasks in your project schedule at the right time in order to keep everything flowing smoothly and to make the most of the resources that are available.

Budget management

This means being able to list down and cost the budget for all of the necessities of your project for the successful completion and delivery. From this, you will be able to form a forecast, and present your investors with a schedule of the budget detailing what payments you need and when. For bigger projects, you might even be appointed a financial analyst to take care of this for you, but you’ll need to at least have a grasp of financial terminology so you can understand what they are reporting.

Although managing is a tough task, you can master the skills above in order to make a difference and be a successful project manager.