Use Forecasting Basics to Predict Future Conditions

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Basic terminologies of time series and forecasting can be difficult to understand. There are four basic learning points: 1. The definition of forecasting 2. Forecasting as a business and communicative process (not a statistical tool) 3. General definitions used in forecasting (regardless of statistical tool) 4. The statistical/mathematical...

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Six Sigma Tools and the Eight Keys to Risk Management

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Enterprise risk management (ERM), a framework for managing risk across an organization, improves an organization’s ability to accept the right amount of risk to capture strategic opportunities. ERM is made up of eight components, each of which can be supported by the tools and methods of Six Sigma....

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DMAIC Phases Mesh with Project Risk Management

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Effective risk management plays a major role in the final outcome of any business project in terms of its ability to meet cost and time objectives. There are limitations in the amount of risk management that can be done, however, which may make it difficult to reduce uncertainty...

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Structure of PRINCE2: Its Benefits in Project Management

Introduction PRINCE2 (an acronym for PRojects IN Controlled Environments) is a de facto process-based method for effective project management. Used extensively by the UK Government, PRINCE2 is also widely recognised and used in the private sector, both in the UK and internationally. The PRINCE2 method is in the...

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5 Useful (& Free) Project Management Tools for Agile Projects

Introduction If you are a project manager, you probably understand that the choice of project management software plays a crucial role in the success of a project. Agile project management software is one the most popular and widely used tool to meet deliverables and reach deadlines. With its...

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The Role of a Project Manager

Overview of Project Management We hear the phrase “project management” on a daily basis, but few of us know what the term entails and what the role of a Project Manager actually is. There is a misconception that Project Managers are constantly inundated with paperwork and that they...

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What is Agile Project Management?

A Brief History In the early 1990s application development was facing a crisis in that the applications in production aimed at meeting business needs was lagging by as much as 3 years. By the time the applications were produced, business needs had once again changed and projects were...

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