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Risk Management Many times it so happens that a project is delayed or needs extra money to be pumped in by the organization to complete the work. However, after completing the project when the organization performs the post-mortem, they see that many of the reasons causing such problems can be avoided by proper advanced planning; i.e. by adopting the risk management principles. The risk management plan is a plan that identifies future risks and prepares a contingency plan to deal with them. Many professionals think this plan is separate and isolated; however, this is a wrong assumption. The risk management plan is an integral part of the project management plan and it is developed along with it. This plan defines the guidelines that how you will identify the project risks and techniques to manage them. This plan aims to minimize the threats' impact and increase the probability of opportunities. Three steps are required to develop the project risk management plan. These steps are a

What Is Poka - Yoke? Poka - Yoke is a strategy for performance excellence. The Simple meaning of Poka-yoke or Mistake Proofing is to eliminate Mistakes. It is a methodology that is used to strive toward zero defects by either preventing or automatically detecting defects.? Poka Yoke is a Japanese term literally defined as 'mistake proofing. It is often used in the context of designing devices, that prevent defects from being made or, if they are made, from moving to the next process. Poka-yoke can be used wherever something can go wrong or an error can be made. It is a technique, a tool that can be applied to any type of process be it in manufacturing or the service industry. History of Poka - Yoke The phrase Poka-Yoke originates from the Japanese words yokeru = to avoid poka = inadvertent errors Poka-yoke was coined in Japan during the 1960s by Shigeo Shingo who was one of the industrial engineers at Toyota. (poka-yoke techniques to correct possible defects + source inspection to

     How to improve the efficiency of an organization? Lean, Agile, and Six Sigma strategies are mostly used in IT organizations to increase the effectiveness and efficiency of work. Let’s read more about the Agile strategy. Many companies use Lean, Agile and Six Sigma to improve IT organizations' effectiveness and efficiency. Difference between Lean, Agile, and Six Sigma The Lean Method is a set of tools developed to reduce the waste associated with the flow of materials and information in a process from start to finish. The goal of Lean is to identify and eliminate non-essential and non-value-added steps in the business process in order to streamline production and improve overall quality. The Six Sigma methodology is based on the concept that issues or defects, due to process variation, can be reduced using statistical tools. The ideal goal is to fix a process so that it will be 99.9997% defect free or produce only 3.4 Defects per million opportunities. For example, this could m

  Project management is really a term that in certain respects appears ubiquitous, yet in reality, it appears to certainly be relatively limited to big business. While this might be the situation, the underpinnings of project management are in fact fairly simple and may be adapted by virtually anyone. But, before we obtain too much down this path I believe it is essential to take a look at what project management is...and what exactly it is not. First, project management is really a methodology. At its core is really a framework that enables efficient usage of time, but most importantly this methodology/framework helps be sure that the goal of the project is in fact achieved. Second, it should be understood that that need considering a task, there should be a particular "start date" and "end date." When the project has no official beginning or a specific date to terminate, obviously this is a process. It is essential to differentiate involving the two. A task is un

project delivery The process by which a building project is delivered to its owner may be divided into the following three phases, referred to as the project delivery phases. Although there is usually some overlap between adjacent phases, they generally follow this order: • PREDESIGN PHASE During the predesign phase (also called the planning phase), the project is defined in terms of its function, purpose, scope, size, and economics. This is the most crucial of the five phases, and is almost always managed by the owner and the owner’s team. The success or failure of the project may depend on how well this phase is defined, detailed, and managed. Obviously, the clearer the project’s definition, the easier it is to proceed to the subsequent phases. • DESIGN PHASE. The design phase begins after the selection of the architect. Because the architect may have limited capabilities for handling the broad range of building-design activities, several different, more specialized consultants are u

The important divisions namely; cost ascertainment, cost presentation, and cost control are covered through cost accounting. The cost presentation serves as a link between ascertainment and cost control. The management of every organization is interested in the maximization of the profits through minimization of wastages, losses and ultimately cost. Under the circumstances mentioned above, frequent reports on all functional areas of the business to achieve these objectives are to be submitted to the management at frequent intervals. different types of reports Register now for   Free  and Get  Study Materials  and Examination Guidance Click here to Register The most commonly used management information reports are budgets, revenue statements, costs reports, statistical information, cash flow statement, fund flow statement, and report consisting of the details regarding capital expenditure. Budgets quantify the intentions of the management in financial figures. Detailed budgets are prepa