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Monthly Archives: August 2016

7 Steps of Project Management

7 Steps of Project Management

7 Steps of Project Management

1. Project management starts with the development of an executable plan developed by a combination of data analysis, key player discussion, and personal observation.

2. A key component of any plan is an accurate assessment of the organization’s financial & human resource capability. A plan is not an executable one if the human resources are not skilled and aligned to successfully execute, and the organization cannot financially support the initiative.

3. Project management responsibilities include accomplishing the activities identified in the plan, meeting the key milestone delivery dates, and working within the financial budget to achieve the overall objectives defined.

4. A key component of any effective project manager is to measure the end point / desired result objectives and the starting point for the initiative. Status updates need to include not only qualitative feedback but continual quantitative measurement as well .

5. An effective project manager will assimilate the initiative into the organization’s day to day management. Sustainability is a key component of any project. If the project becomes part of the culture, it is more than likely to be successful. On the other hand, if the project becomes another thing to do, it more than likely will not be successful.

6. Project management should provide documented status updates to the key operating personal for constant reinforcement of alignment on progress to the stated objective. Successful results are both well defined in objectives and dynamic in terms of implementation. This requires constant, visible communication.

7. Finally, project management takes passion and persistence to be successful. This is a very human process to influence change to be executed. There will be many operational roadblocks to not progress. The issues need to be heard and understood, with flexibility on approach, but a good project manager keeps laser focus on the stated objective.

Inventory Management and Cash Flow

Inventory ManagementCash flow is the lifeblood of any business and inventory management is the plasma to that lifeline. Inventory Management to keep accurate and minimize on hand to sales is critical to cash flow that feeds all critical elements for any business, including;

Revenue Growth
1. Looking for revenue growth either by increasing activity with current customers , or mining new opportunities in their respective industry.

Service & Quality
2. Focusing on providing quality product and excellent customer service to all its clinets

Portfolio Growth
3. Expanding its product portfolio and menu offering to continually differentiate itself in the industry the firm competes

Typical Inventory Management issues that any firm faces to maintain accuracy and positive cash flow

1. In a firm it is not untypical when asked “who is responsible for maintaining inventory integrity and accuracy “for either no one or everyone to respond” , which translates to actuallyno responsibility in the company.

2. Processes rely on individuals as opposed to being systemic and well understood and executed throughout the organization.

3. Physical inventories are viewed as a “count” as opposed to a reconciliation against the company’s perpetual inventory and books & records.

4. ERP item master data information is not maintained , and transactions go unreconciled.

5. There is not an easy to manage physical layout in place to make inventory management and reconciliation easy to manage and maintain.

6. Obsolete products are “pushed” to the side without being dealt with resulting in poor facility utilization and less than optimum cash flow.

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