Risk Management

Risk Management


As said in University of Vermont (2004), Risk Management is the process of identifying and evaluating the risks associated with activities and operations of an organization; developing a means to control, reduce or eliminate those risks, as well as finance them.

U.S. Department of Transportation (2009), defines Risk as the future impact of a hazard that is not controlled or eliminated. It can be viewed as future uncertainty created by the hazard. If it involves skill sets, the same situation may yield different risk

When considering Risks, there are 3 actions to be performed.

1. Identification of Risks
2. Measurement of Risks
3. Actions

• Before implementing the project we have to consider all the elements which effect you positively as well as negatively.
• Identify the risks and find alternative ways of mitigating the damages caused by the risks (Action Plan)
• Measurement of Risks= Probability*Impact

Accident Prevention

University of Vermont (2004), speaks of the accident prevention methods. 

Risk Management has an active accident prevention program that includes trainings, inspections, 

and surveys. A few examples of this program include:

• safety education and training 

• regular inspections of laboratories 

• regular Fire Department inspections of facilities

• surveys conducted by outside firms to assess risks

                        (University of Vermont, 2004)

Risk Management Steps

• Identification of risks(for every phase in development)
• Analysis
• Assessment
• Ownership
• Actions (proactive & reactive)
• Plan

Types of Risks

• Strategic Risks (Out of control)
• Operational Risks (Can control)

References

U.S. Department of Transportation (2009) Risk Management Handbook. [online] Available at: http://www.faa.gov/library/manuals/aviation/media/FAA-H-8083-2.pdf [Accessed: 20 Jan 2013].

University of Vermont (2004) RISK MANAGEMENT HANDBOOK. [online] Available at: http://www.uvm.edu/~riskmgmt/RiskMgmtHndbk.PDF [Accessed: 20 Jan 2013].

Personal Branding

Personal Branding

"Your Personal Brand is the powerful, clear, positive idea that comes to mind whenever other people think of you. It’s what you stand for—the values, abilities and actions that others associate with you." (Montoya, 2013)
Personal Branding's professional alter ego is designed for the purpose of influencing how others perceive you, and turning that perception into opportunity. It does this by telling your audience three things:

• Who you are
• What you do
• What makes you different, or how you create value for your target market

Why build a personal brand?

As said by Borgan (2013), there are different ways in which the world has shaped you depending on you and your needs. A strong personal brand is a mix of reputation, trust, attention, and execution. What matters to you most is you being capable of sustaining. A personal brand gives you the ability to stand out in a sea of similar products. You have to stand against the rest and show that you are capable.

Some of Today’s Greatest Personal Brands

• Michael Jordan – The Greatest Basketball Player of All Time
• Jimmy Buffett – Purveyor of the Margaritaville Lifestyle
• Walter Cronkite – The Most Trusted Newsman in the Nation
• Madonna – The Genius at Self-Reinvention and Self-Promotion
• Tom Hanks – The Everyman of the Big Screen
• Bob Vila – The Home-Renovation King
• Colin Powell – Noble Leader and Statesman

(Monataya, 2013)

My own Personal Brand

I'm a person with a number of strengths as well as weaknesses. Talking about the strengths, I wish that I'm a person who is dedicated in work and if I want something to be done, I do it in what ever the way possible. I believe I have a good personality developed over a period also I try my best to make a good first impression the people I meet because,  "First Impressions last long". Talking about my weaknesses I think I'm a sensitive person who can sometimes get too sensitive as well. Also I can get distracted easily and loose concentration on the work I'm engaged in.

Following is the brand image I've created for me, based on my qualities. (I'm not a very good artist)

 

References

Brogan C. (2013) Personal Branding for the Business Professional. [online] Available at: http://www.chrisbrogan.com/img/broganbranding.pdf [Accessed: 16 Jan 2013].

Montaya, P. (2013) What is Personal Branding?. [online] Available at: http://www.petermontoya.com/pdfs/tbcy-chapter1.pdf [Accessed: 16 Jan 2013].

Curriculum Vitae (CV)

Curriculum Vitae (CV)

Curriculum Vitae or widely known as CV is an essential component one have to posses who wishes to apply for any job openings. According to European Union, CV is a document to present your skills and qualifications effectively and clearly. University of Kent (2013), CV is an outline of a person's educational and professional history, usually prepared for a job application.

Important Points when writing the CV

• Font size and Font style have to be formal and very appropriate
• Maintain professionalism
• Make your CV stand out of others.
• The normal font size to be used is 12 but for sub parts make the font size 10
• Do not use underline anywhere in the CV, instead use bold font or CAPS LOCK.
• Keep a margin of 1 inch all around the page
• Number the pages properly (e.g.: Page 1 of 3, Page 2 of 3)
• Do not use graphics (pictures, photos, diagrams)
• Have a header in every page and the full name should appear in every page
• Be Clear, logical and well organized
• When listing qualifications, start from the very recent
• Be Concise: Say only most recent
• Complete: Say everything good in you, you want to say
• Current: Maintain your CV up-to date
• Be Consistent: Use the same format throughout

Sections of a CV

Contact Information

• Full Name
• ˜Mailing Address: Permanent
• E-mail
• ˜Phone number(s)
• 
  

Education

• List most current first
• Include only diploma distinctions
• Always write the school's name correct
• List the titles of Thesis/Dissertation.

Honors and Awards

• List the Most recent first
• Give the title and the date received
•  Mention what is received up to undergraduate level, not before that (only academic and/or professional)
• State about scholarships
• Do not give descriptions

Professional Experience

• Say about anything you got paid for
• List only academic related items
• List most recent first
• No descriptions

Extra Curricular and Volunteer Experience

• List the sports and sport clubs in which you are a member of
• List the clubs you are a member of (e.g.: Rotaract, Leos)
• Do no give descriptions

Professional

• Affiliations
• Activities

Research Experience

 List the most current first

Publications and Presentations

Interests and Added Qualifications

E

Cover Letter

Cover Letter

Cover Letter is the part which made up one's resume. Writing a resume without the cover letter is a fatal mistake
Anderson (2012) says that a cover letter have to always be included in a mailed or emailed resume. It is a part which highlights specific information of one's resume and their background that applies to a specific field or position.
Cover Letters are sent to introduce yourself and to say why you are sending a resume.

Points to be considered when writing a Cover Letter

• Introduce your self (differentiate yourself with the rest and show why you are different)
• Get you noticed
• Convey special information
• Make a note of your accomplishments
• Get someone to re-read

Hints when writing the Cover Letter

• First 20 words or the first paragraph are the most important as the employer makes his first impression based on that. Therefore try as much to use action verbs
• Show your value to the employer and say how can you be of value to the employer
• Use active voice and direct language and grammar, not passive.
• Reflect your individuality: personal strengths, skill set, which are,
• Communication
• Problem Solving
• Analysis
• Interpersonal
• Numerical
• Spell Recipients name correctly
• Sound friendly and polite not pushy.
• Use excellent grammar and correct spellings
• Do not use slang
• Be brief- stick to one page
• Last paragraph must request for an action like for an interview
• Stick to the point
• Proof Read
• Neatness

Have to include

1. Sender's Address and the date
2. Name and address of the person to whom the letter is sent
3. Title of Respect
4. A salutation which is gender neutral
5. The body of the letter
6.  A complimentary close and signature
7. Return Address
8. Reference initials, enclosure notifications
9. Postscript (Convert to PDF)

The body have to include

1.  1st Paragraph: Say the reason for writing
2. 2nd Paragraph: Give a picture of who you are and why they should hire you
3. 3rd Paragraph: Call attention to resume, reiterate, interest, what is next?

References

Capital University Career Development (2012) How to Write a COVER LETTER. [online] Available at: http://www.capital.edu/uploadedFiles/Capital/Current_Students/Student_Services/Career_Development/Content/How%20to%20Write%20a%20Cover%20Letter.pdf [Accessed: 15 Jan 2013].

Development Methodologies

Development Methodologies

Before considering what Development methodologies are it is important to get an idea of what a method is. All of us use methods in our day to day life to accomplish various things. As said by Syed (2013), A method can simply be identified as systematic set of activities for a product or service to surprimize the performance.

A lot of authors consider method and methodology as synonyms. However as said by Professional Dissertation Writers(2013), 'method' is a procedure which is definite, established and logical. Also can be termed as a systematic way of accomplishing something. However,  a 'methodology' is referred to as a theoretical analysis of methods appropriate to a particular field of study or to the body of methods which are used in a certain branch of knowledge. Simply, according to the author's understanding method is a techniques while methodology is an application of this technique.

Why use a Method?

It is very important to use a method in crucial activities to make sure they succeed. Following are a few reasons why one should adopt a successful method to accomplish their tasks.

• To define what is done by the doer
• To define the way in which the things are done
• To improve productivity using the right method
• To provide milestones

WATERFALL DEVELOPMENT METHOD

As said by McCormick(2012), since the time this methodology was first published in 1970 by Winston W. Royce it was widely used in the field of software development. Following is an image depicting the different steps of the waterfall methodology.

Waterfall Methodology
(Source: McCormick(2012))

According to McCormick(2012), in the waterfall method it is designed in a manner in which until the preceding phase is completed one cannot move to the next phase of development. This method flows in downward, similar to water rushing in a waterfall from a height.

Imbuesys(2013), says that a waterfall methodology structures a project into distinct phases with defined deliverables from each phase. The phases are named different, depending on the companies requirement and particular flavor. But the basic idea of each stage is as defined below.

• Phase 1: Capture what the system will do, requirements
• Phase 2: How the program will be designed
• Phase 3: The actual Programming
• Phase 4: Full System Testing
• Phase 5: Implementation
• Phase 6: Review and Maintenance

(Imbuesys,2013)

EVOLUTIONARY PROTOTYPING

Evolutionary prototyping is another method of system development used. As said in Huibao Technology (2013), in Evolutionary Prototyping a requirements phase is conducted and from the results collected from that phase software system design is produced. Then the design phase is conducted from the deliverables of the architecture including hardware and software, communication, software design (UML is produced here). Implementation code is produced from the deliverables of the design phase. This phase is the longest phase of the software development life cycle. This phase is the longest and the main focused phase of the life cycle because this is where the code is produced. Next comes the Testing phase. The implementation is tested against the requirements to make sure that the product is actually solving the needs addressed and gathered during the requirements phase.

Given below is an image defining the evolutionary prototyping graphically.

Source: CrackMBA (2012)

SPIRAL METHODOLOGY

"The spiral methodology reflects the relationship of tasks with rapid prototyping, increased parallelism, and concurrency in design and build activities. The spiral method should still be planned methodically, with tasks and deliverables identified for each step in the spiral." (Imbuesys,2013)

As said in Burback(1997), the spiral methodology fixes some of the problems introduced by the waterfall methodology. SQA (2007), in their letter speaks of a few advantages of spiral methodology. The design flexibility in spiral method allows changes to be implemented at several stages of the project; the process of building up large systems in small segments makes it easier to do cost calculations; and the client, who will be involved in the development of each segment, retains control over the direction and implementation of the project. Also the client's knowledge of the project grows as the project grows, so that they can interface effectively with management.

Following is an image given in Imbuesys (2013) of the Spiral Methodology

Spiral Methodolgy
Source: Imbuesys (2013)

Given below are a few other methodologies given in Imbuesys(2013)

• Adaptive Project Framework  
• Agile Software Development  
• Crystal Methods  
• Dynamic Systems Development Model (DSDM)  
• Extreme Programming (XP)  
• Feature Driven Development (FDD)  
• Information Technology Infrastructure Library (ITIL)  
• Joint Application Development (JAD)  
• Lean Development (LD)  
• PRINCE2  
• Rapid Application Development (RAD)  
• Rational Unified Process (RUP)  
• Scrum  
• Spiral  
• Systems Development Life Cycle (SDLC)  
• TenStep Project Management Process  
• Waterfall (a.k.a. Traditional)

References

CrackMBA (2012) Evolutionary Prototype Model. [online] Available at: http://crackmba.com/evolutionary-prototype-model/ [Accessed: 10 Jan 2013].

Huibao Technology (2013) evolutionary prototyping model. [online] Available at: http://www.huibao.com.tw/plastic-injection-molding/mockup/evolutionary-prototyping-model.htm [Accessed: 10 Jan 2013].

imbue systems (2013) Methodologies. [online] Available at: http://imbuesys.com/QA%20Docs/Methodologies.pdf [Accessed: 10 Jan 2013].

mccormickpcs (2012) Waterfall vs. Agile Methodology. [online] Available at: http://www.mccormickpcs.com/images/Waterfall_vs_Agile_Methodology.pdf [Accessed: 20 Jan 2013].

Professional Dissertation Writers (2013) Understanding The Difference Between Method And Methodology With Professional Dissertation Writers. [online] Available at: http://www.professionaldissertationwriters.com/topical-tips-from-professional-dissertation-writers/understanding-the-difference-between-method-and-methodology-with-professional-dissertation-writers/ [Accessed: 10 Jan 2013].

SQA- UK (2007) Advantages of the Spiral Model. [online] Available at: http://www.sqa.org.uk/e-learning/SDM01CD/page_10.htm [Accessed: 10 Jan 2013].

Stanford Edu (1997) Spiral Methodology. [online] Available at: http://infolab.stanford.edu/~burback/water_sluice/sluice6.25.97/ws/node53.html [Accessed: 10 Jan 2013].

Project Management and Development Methodologies

Project Management

Project

 what is a project?

According to Project Management Institute(1996) cited in Burke(1999) project is "a temporary endeavor undertaken to create a unique product or service. Temporary means that every project has a definite end. Unique means that the product or service is different in some distinguishing way from all similar product or services."

Also Turner(2013)cited in Burke(1999) defines project as "an endeavor in which human, (or machine), material and financial resources are organized in a novel way, to undertake a unique scope of work, of given specification within constraints of cost and time, so as to deliver beneficial change defined by quantitative and qualitative objectives."

Stages of a Project

As said in Burke(1999), most projects have to go through a four phased life cycle, where the phases are,

• Concept and Initiation Phase: starts the project by establishing a need or opportunity for the project by establishing a need or opportunity for the product, facility or service. The feasibility of proceeding with the project is investigated and on acceptance moves to the next phase
• Design and Development Phase: uses the guidelines set by the feasibility study to design the product and develop detailed schedules and plans for making or implementing the product.
• Implementation or Construction Phase: Implements the project as per the baseline plan developed in the previous phase
• Commissioning and Handover Phase: Confirms the project has been implemented or built to the design and terminates the project.

                                                                                                                    (Burke, 1999)

Modesto & Tichapondwa (2012) too talks about the stages which have to be there in a successful project in their point of view. Which are,

1. Define the problem
2. Brainstorm Alternatives
3. Plan the project
   (i) Specify what has to be done
   (ii) Decide roles
   (iii) Decide how a task is to be done
   (iv) Set target dates for each task
   (v) Determine cost
   (vi) Establish resources required
4. Brainstorm Alternatives
5. Implement the plan 
6. Monitor the Project 
7. Close the Project

                                                             (Modesto & Tichapondwa, 2012)

Considering the above, there has to be a decent set of steps

Project Management

According to Modesto & Tichapondwa (2012), Project management is the facilitation of the planning, scheduling and controlling of all activities that must be done to achieve project objectives.

As defined by the body of knowledge, cited in Burke (1999) project management is "... the application of knowledge , skills, tools and techniques to project activities in order to meet stakeholder's  needs and expectations from a project". Burke have further simplified the above definition as the project manager is the one who is required to "make the project happen".

Westland (2003), also gives his opinion on project management as Project management is the skills, tools and management processes required to undertake a project successfully.

Considering the above definitions it is clear that project management is composed of a set of components which have to be looked into and project managers have to fulfill their duties well in order to output a successful project as expected from the customer.

Burke (1999) say that projects will generally be divided into phases or stages to provide better management control which is also termed as project life cycle which is discussed above in this letter. 

References

Burke (1999) Project Management Planning and Control Techniques. 4th ed. Sussex: Promatec.

Modesto & Tichapondwa (2012) [online] Available at: http://www.col.org/SiteCollectionDocuments/SuccessProjMgt.pdf [Accessed: 30 Dec 2012].

Westland (2003) Project Management Guidebook. [online] Available at: http://www.thoughtware.com.au/documents/method123-ebook.pdf [Accessed: 9 Jan 2013].