Successful Project Management

The two most important components are the Scope Definition and the Work Breakdown Structure, or WBS, for controlling and managing a successful project. These two components will be used throughout your entire project to ensure that all your work gets completed. They will act as control mechanisms throughout the project to ensure the success of the project.

Every project starts with a Scope Statement. The Scope Definition then elaborates this Scope Statement on. The Scope Definition divides the Scope Statement into major deliverables. These major deliverables are then broken down into the WBS. The WBS is a complete checklist of all the work that must be done so the project can be completed successfully. High-level categories of work are broken down into activities or tasks. Activities or tasks are then further broken down so you can assign a reasonable level of work effort to each activity or task. Many project management professionals use the 80-hour rule.

You can then apply resources, dates, and cost and assign an estimate to your activities or tasks once you have created the WBS. Some of the more common estimating techniques are Analogous (Top Down), Delphi (Bottom Up), and Program Evaluation and Review Technique (P.E.R.T.). Project management models utilize these estimating techniques to improve the accuracy of initial work effort estimates to shrink the variance gap between baselines and actual schedule and cost.

A Responsibility Assignment Matrix (RAM) has various names, but all with the same purpose: to clarify and link resources to the Scope Definition and WBS. It is important to determine the level of involvement and responsibility of that work by each resource as roles and responsibilities are assigned to various work assignments on the project. For example, both the Project Sponsor and the Project Manager are responsible for the projects success, but at different levels. These levels may be defined by who actually does the work, who has input, who is informed, and who approves or signs off on that work.

In plain English; Each individual must sign off and take responsibility for their part in the project. Each project sector must start when scheduled, finish on time and stay within budget.

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Twitter is Terrific!

Facebook is blowing up everyday with new businesses, like pages, embedded platform codes and more…Simply put, Facebook is good for business. But what about the other popular social network platform that is steadily rising in popularity? What about Twitter? I have had many people who are getting into online marketing ask me “So what does Twitter do for businesses?”
So here are a few ideas of how Twitter can be incorporated into your business.

Twitter is a communication platform that helps businesses stay connected to their customers. As a business, you can use it to quickly share information with people interested in your company, gather real-time market intelligence and feedback, and build relationships with customers, partners and other people who care about your company. As an individual user, you can use Twitter to tell a company (or anyone else) that you’ve had a great—or disappointing—experience with their business, offer product ideas, and learn about great offers.

3 equations to measure Social Media

1) Average Interaction Rate AFF/PV= AIR This equation measures how people are interacting with your business online. Simply take the Average Fan/friend (AFF) number which is determined by dividing how many Points of View (PV) people add to your wall by the amount of friends/ fans on your list, this will give you your Average interaction rate. Example: 655/2 = 327 AFF, say you have five of your friends post to your wall, so PV=5 then 327/5 PV = 65.4 AIR
2) Return on Investment Equation: (NFI x CA) – CI = ROI this is determined by taking the amount of friends/fans you have, multiply that by the cost of your advertisement and subtract the cost to Implement the campaign – this will give you a Return on Investment number. Example: 525 x 1.50 = 787.50 – 100.00 = $687.50 ROI per month. However if you are outsourcing social media, you must take in consideration how much you are paying the business to do content management on your social media platforms.
3) Online Production Equation WAO/SMO x .05 = TOP this compares your web traffic to your social media traffic; simply take you Web Analytics from month A and subtract your web analytics from month B, this gives you your WAO (Web Analytic Output) Then take your Social Media followers from month A, subtract from your social media followers from month B; this gives you your Social Media Output (SMO) Now, Divide your WAO by your SMO and multiply that number by .05; this gives you your Total Online Productive Rate. Example: 262/11 = 23.81 x .05 = 1.19 (TOP)

Individually the numbers won’t make sense, but when you compare them month to month through a 12-month period, you will have measurable results that will tell you how effective your social media is in comparison to your web traffic, Because the main objective for social media is to drive traffic to your company website.

Social Media is an Icebreaker!

The affects that social media has on businesses is more than just networking on line, it also acts as an ice-breaker to conversations that people you otherwise would not be talking to. Take Twitter for example, a business woman on her way from California to New York has a delayed flight and is stuck in an airport in Denver. She tweet’s that her plane is delayed and that she is in the café having coffee until her plane arrives. One of her followers who is in Denver could respond to her tweet and meet her for a cup of coffee, or maybe the other persons plane is delayed as well and they are sitting behind her in the same café!

Social media can act as a foot in the door for B2B networking as well. For example, a business man uses social media to drive traffic to his website and through social media finds other interest groups, he then corresponds with another businesses man who share the same interest through social media, they start to find a common ground between each other and after communicating through social media, the two business men meet & start doing business with each other.

Now, remove social media from the playing field and what do you have? A person sitting in the café waiting for a late airline and a businessman working in his office.