April 30, 2018

The vibe of evolution that dresses up the 22nd century demonstrates its major impact on the functional framework of the international commercial world. Present age client fraternity’s constant pursuit for up-graded and impeccable end products has obliged the companies to undertake a vital paradigm shift in their procedure of task execution. And such a change in the modus operandi of companies has affected primarily the approach through which business projects are initiated, implemented, and accomplished. This, in consequence, witnesses the emergence of quite a few novel official trends that have been most willingly adopted by managers across the globe for ensuring the unparalleled status of their completed projects.

Veteran corporatists and expert professionals vow that the below mentioned 10 models of administering projects are going to prove themselves as extremely useful and impactful for 2018’s corporate spectrum:

Higher Importance of PMO – Project Management Office or PMO is the official unit embedded into the organizational structure of a firm and responsible for determining, retaining, and assuring a high benchmark throughout the total time of assignment’s realization. Presence of this body distinctively syncs a corporation’s high-end tactical motive with revenue-motivated project execution. As per the Project Management Institute’s (PMI, USA) factsheet, during the contemporary times, the percentage of companies availing PMOs has grown up from 61% in 2007 to 71% in 2017. The guarantee of acquiring success has also risen to a scale of 38% which in effect establishes PMOs’ worthiness.

Attention to Resource Management – For ensuring that no project work lags behind or gets into a deadlock due to unavailability of human capital with the required skills, the moment’s need is for a well-devised blueprint that retrieves best of benefits from the available workforce. The spotlight needs to be over team leaders who are more prone to know the actual capacity of each staff and can rightfully predict exact criterions for upcoming recruitments. With regards to working at ground level, they are also more competent than managers in handling material assets involved and their holistic enforcement. Their databases require to be enjoined with those of project managers for adept staff and stock centralization and maintenance of persistency at report updating.

Inclusion of Artificial Intelligence (AI) – In an era defined by automation excellence, digital E.Q is indispensable for the prospectively pushing forward projects. Cyber-tonic wisdom is empowered to communicate with involved capital, react with valuable advices when opened up to a specific project proposal, and render such logical notions that augment the competency of the entire procedure. AI is also enabled to pace up the ultimate output by sleeking up project volume through archiving information at a single cyberspace from numerous papers.

The Significance of Soft Skills – Though optimum serviceability and errorless performance are the key hymns to produce awe-inspiring projects, leaders and managers of modern-day must remember that human-beings engaged are not robots but ‘humane’ at the end with limits to output delivery. Rather than creating persistent pressures, supervisors and administrators should often endeavor in giving pep talks and remain in contact with each staff so as to assure unhindered workflow. When it is a team with people of mixed cultures, maintaining consistent interaction is all the more vital to avoid execution drawbacks.

Opting for Kanban Board – This Japanese innovation constitutes of a grid display panel and utilizes Kanban cards for more efficient project management. It is an infrastructural strategy that obliterates multiple steps of work, thereby streamlining implementation and further redresses multi-tasking. The stratagem has been found by managers of present times to be highly situation adaptive and compatible with all three procedures of Agile, Lean and Scrum.

Cloud Computing – In order to guarantee that projects are executed at a rapid pace, are of matchless standard, and also consume lesser than the stipulated budget, 2018 necessitates the cloud server. Also for future amendments of assignments and pulling out collaborative projects with other firms in perfection, cloud-constructed systems stand to be crucial. A scrutiny of universal business map showcases that already 75% of firms have availed cloud technology to preserve impeccability.

Heed to Digital Security – With official communications and tasking becoming more digitalized, contemporary business-houses are growing more conscious about the methods to obtain for making-privy project information and associated global laws in case of a breach. They are willing to invest and acquire best data governance policy and voice out for more rigid rules to limit third-party accessibility and more competent technology for detecting, responding and sturdily safe-guarding against potential hacking.

Android Equipped Staff – Not only for living a smart and healthy lifestyle, but digital gadgets can aid in enhancing the efficiency of project conduction too. Devices such as smart watches, Google glasses, and 3D headsets can very well track day-to-day progress, rectify errors, vigil slacking down of a certain one, and maintain a record of team’s everyday traffic movement. Health tools included in such gizmos moreover bring to the managers the data about each employee’s physical status and as such assist them in planning workforce sequencing.

A Composite Approach – In the current times, it is important for managers to possess knowledge about various infrastructures that enable them to deal triumphantly with all sorts of novel assignments. This way, they will be in a better position to recognize whether to adopt Six Sigma or RAD for a certain project or mix Agile with any of the previous ones for more complicated assignments.

Global Workforce— 2018’s offering of a shared economy allows firms to involve conversant and best-suited professionals from all around the world. At-depth synchronization of various virtual communicative portals adds pace to this initiative and when supervised in a righteous manner, such a spread-out team only enhances the productivity and perfection.

We, at the K.R. Mangalam University, an esteemed educational institution in Delhi NCR, particularly revered for the excellence of the management program, believe that if the management education has to be pragmatic, it should get over the traditional style of book-bound learning and should instead focus on the development of students in all possible spheres of knowledge.  This is why we always ensure to keep our students as well as the faculty updated with all the latest trends and practices that are going to help them in their professional life ahead. To that end, we, at KRMU have adopted a highly practical oriented, industry-driven pedagogical approach to imparting education and aim at grooming each of our student in such a maneuver that they easily get fitted at any professional environ where the above-stated work processes are pursued.

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