PRINCE2 Methodology in Project Management

PRINCE2 Methodology in Project Management

August 1, 2020 Abey Francis
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Project Management

PRINCE2 is one of the world’s most widely used project management methodology. It was originally developed for UK government IT projects, its use has been widened to large projects of all kinds, and it has been taken up internationally in more countries in both public and private sectors such as police forces, telecommunication companies, banks, as well as other large commercial organisations and also used in enterprise resource planning implementations.

PRINCE2 stands for Projects in Controlled Environment and it was developed at a time when the UK government was outsourcing an increasing amount of its work, and the methodology incorporates best practice on the integration of internal teams and external agencies.… Read the rest

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Psychological Contract

Psychological Contract – Meaning and Importance

July 28, 2020 Abey Francis
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Human Resource Management

The psychological contract is certainly an important aspect of the employment relationship as it invisibly binds the employer and the employee through a set of expectations. For the individual in an organisation, the psychological contract is mostly relevant as it directly affects the level of motivation, commitment and morale of that person. Moreover, a positive psychological contract helps to boost the productivity and performance of an employee.

Thus, to gain the commitment and loyalty of individual employees, it becomes essential that organisations put in place appropriate systems to foster the identification of employee expectations and ways to fulfill them. However, expectations are not easily identified, both on the employers and employees side.… Read the rest

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Leader-Member Exchange Theory (LMX)

Leader-Member Exchange Theory (LMX)

July 27, 2020 Abey Francis
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Human Resource Management

Several leadership theories including trait, behavioral, and contingency theories assume that the leader-member relations are consistent, with the leaders interacting with all subordinates homogeneously. But, Leader-Member Exchange Theory (LMX) asserts that leader-member relations are heterogeneous as leaders cannot distribute their limited resources and time to all the subordinates equally. Hence the leader develops unique dyadic relations with each member over a series of exchanges i.e. Vertical Dyadic Linkage Approach (VDL). Leader-Member Exchange Theory (LMX), also called the Vertical Dyad Linkage Theory developed by Graen and his colleagues suggests that leaders cultivate qualitatively different types of relations with different employees. The theory dictates that effective leadership processes takes place when leaders and followers develop mature partnerships and thus gain access to the mutual benefits of this relationship.… Read the rest

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The Portfolio, Programme, and Project Management Maturity Model (P3M3) - Management hierarchy structure

Portfolio, Programme and Project Management Maturity Model (P3M3)

July 25, 2020 Abey Francis
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Project Management

Portfolio, Programme and Project Management Maturity Model (P3M3) is as of now offered by Axelos, a joint wander between the UK Government and Capita which assumed liability for materials in Jan 2014. Prior to this, Office of Government Business (OGC), a division within the UK Government claimed P3M3, which has driven piles of examination in the field of wander organization. The P3M3 is basically based on Capability Maturity Model Integration (CMMI) of Carnegie Mellon College and chips away at a similar technique. At to begin with, something like 1986 and 1991, the Software Engineering Institute (SEI) of Carnegie Mellon College made a primitive adjustment out of the model.… Read the rest

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Kerzner Project Management Maturity Model (KPM3) - Maturity Levels

Kerzner Project Management Maturity Model (KPM3)

July 24, 2020 Abey Francis
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Project Management

Strategic project planning and other phenomenon for successful project has been recognized from several decades. Harold Kerzner has invented project management model innumerably knows as Kerzner Project Management Maturity Model (KPM3). This model is thoroughly possessed acquisition to best strategic management plans for any organization. Additionally this model is excellent medium to gain such excellency in project management system of any organization. Kerzner notifies that this model is considerably fruitful for strategic and multilevel planning for any organization.

Foundation of achieving superiority level in various strategic goals can be illustrated by Kerzner Project Management Maturity Model (KPM3). This model consist five basic levels to enable better understanding of its functionality and proficiency for project management.… Read the rest

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Organizational Project Management Maturity - The Organizational Project Management Maturity Model (OPM3)

Organizational Project Management Maturity Model (OPM3)

July 23, 2020 Abey Francis
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Project Management

The Project Management Institute (PMI) published a standard called Organizational Project Management Maturity Model (OPM3) under the stewardship. For Organizations, the main purpose of the OPM3 standard is to presents an approach to explain an organizational project management and to assess the maturity of the project against a broad-based set of Organizational project management best practices.

Organizational Project Management (OPM) is used to achieve or complete the goals of the Organization by means of projects. Organizational project management is the utilization of skills, techniques, knowledge, and tools to project and organizational activities. In Organizational Project Management Maturity Model (OPM3), the term “Organization” is not limited to an agency, company or society but it applies to a group which is aiming to use their material in the OPM3 standard.… Read the rest

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