Virtually all projects run into problems and challenges. At times even with the best planning, issues can pop out of the woodwork to disrupt your progress. However it’s surprising how many projects come unstuck due to mistakes which could be avoided with more care and attention, the kind of mistakes that project methodologies, tools and techniques, should help you avoid.
Here are some of the common management screw ups:
The Project Management Institute (PMI) is the leader and the most widely recognized organization in promoting project management(PM) best practices. It was founded in 1969 and started offering the Project Management Professional (PMP) exam and Certified Associate in Project Management (CAPM) certifications in 1984. These exams are gaining lots of popularity and demand in all areas of business and have become the industry standard certification for PM.
PMI certifies managers as professionals, or PMPs. The certification process requires that a candidate document 4,500 hours of work experience (roughly 4 to 5 years of experience) and pass an online exam. Below shows the PMP exam details:
The operational risk requirements of Basel II (International Convergence of Capital Measurement and Capital Standards) place a heavy emphasis on the identification, assessment, monitoring and control of operational risk. The ultimate requirement for reserving capital against operational losses are closely linked to the actions that a bank needs to take to manage these risks. Keeping a banks capital allocation against Operational Risks is a hands-on business, based on controlling and mitigating risk.
Credit risk is well catered for in exceptional detail. Credit risks are clearly understood by all players, for credit is the reason why banks exist. In the current mad scramble to meet the Basel II requirements, credit risks have been getting the lion’s share of attention while far less attention has been given to the operational risk issues. Basel II is more than just reserving capital against credit and operational risk. Now for the first time, banks have to take into account the operational risk aspects as well.