What is project risk management? Risks are inherent in any organizational environment, stemming from various sources such as internal stakeholders, processes and recurring problems. Understanding and managing these risks are essential, especially for new projects, as these challenges tend to recur. Identifying and tracking risks early, adjusting stakeholder expectations and applying the right tools and […]
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The importance of stakeholder management in project management. Initially, it may seem that only a few people, such as project owners and the team, are interested in a project’s success. However, in reality, there are many stakeholders, some of whom may not be as supportive. Identifying and managing these stakeholders is crucial for project success.
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Understanding the project lifecycle is essential for structuring work and making it manageable. A project life cycle comprises various phases, each representing a collection of logically related activities that culminate in specific deliverables. These phases, such as initiation, planning, development, and testing, require different expertise and processes. For instance, while the architecture design phase demands
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1. Agile Vs. Traditional Project Management Agile and traditional project management represent two distinct approaches to managing projects, each with its own strengths and applications. Traditional project management, often referred to as “Waterfall,” is a linear and sequential approach where the project is divided into distinct phases such as initiation, planning, execution, monitoring, and closure.
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Every business needs a way to track its income and expenses. This is where accounting systems come in, with two main options: cash basis and accrual basis. Understanding the difference between these two will help you pick the right system for your business. Cash Basis Accounting Think of cash basis accounting as tracking money in
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In bookkeeping, debits and credits are foundational concepts used to record financial transactions. They form the basis of double-entry accounting, a system that ensures accuracy and maintains the balance in the accounting equation: Assets = Liabilities + Equity. Let’s use some practical examples to illustrate the concept: Debit (Dr): Office Supplies (Asset) $500Credit (Cr): Cash
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Power BI is a powerful business analytics tool developed by Microsoft that allows users to visualize and analyze data from various sources. It enables businesses to create interactive reports and dashboards, providing insights into their operations, performance, and trends. Data Preparation and Cleaning Techniques Taming messy data is a key step before creating insightful reports
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Projects vary in size, scope, and duration, involving anywhere from a single individual to thousands of people and spanning from a single day to several years. IT projects specifically utilize hardware, software and networks to achieve a particular outcome. Examples include: What is IT Project Management? In practical terms, IT project management includes activities such
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It is important to choose meaningful names in code to reveal intent. Good names should answer questions about why a variable, function, or class exists, what it does, and how it is used. If a name requires a comment to explain its purpose, then it doesn’t reveal its intent clearly enough. Here is an example
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Affiliate marketing comes in three forms: Unattached, Linked, and Engaged. Affiliate marketing is a collaborative strategy where different parties work together to promote and sell products or services. The three key parties involved are sellers/product designers, affiliates/publishers, and customers. Sellers provide products or services for sale and may also handle marketing efforts. Affiliates promote these
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