AGEFI Luxembourg – Mars 2019 :
In the banking industry continuing professional development is of great value as it ensures you to stay competent in your profession. It is an ongoing process and continues throughout a professional’s career. The desired result of well-planned continuing professional development is that it optimizes the employer, the employee and his or her career.
Why is Continuing Professional Development (CPD) so important?
CPD is both important for:
Organisations as it encourages a healthy learning culture where the employees feel fulfilled and effort is made to retain these valuable resources; Individuals as it helps to become more effective professionals. With the aid of training and learning these individuals will become more confident and it will increase their capability and compliment their career ambitions. Moreover;
• Continuing professional development guarantees you to keep pace with other peers in the banking world;
• CPD ensures you to keep and improve the knowledge and skills that you need to deliver a professional service to your clients;
• Continuing professional development will help to keep your knowledge up to date: you are more aware of changing trends in your banking profession; nowadays the pace of change is faster than ever, so do not stand still as you will be left behind with outdated knowledge and skills;
• CPD also enhances team spirit: you become more effective in the workplace, moreover it will assist you in advancing in your career and move into new positions in which you can lead, manage, influence, coach and mentor others.
• CPD broadens your set of interests; experience is a great mentor, but it does not mean that you keep doing what we you before, with a more focused CPD, new possibilities, new knowledge and new skill areas are opened;
• CPD will also help to advance the core knowledge within banking;
• Last but not least CPD can also lead to increased public confidence in banking professionals and their profession as a whole.
The Agile Invasion
Agile project approach is hot. And this is not a surprise, it guarantees in a swift way – and with lesser costs – a minimum viable product. Focus is not on the destination (delivery of a desirable/minimum viable product), but on the journey to this desirable product.
Agile tends to avoid losing time & effort in preparing complex plans & expensive budget forecasts too much in advance, as requirements are likely to be altered during sprints, and short iteration with quick delivery of added value is key. Self-organizing Agile teams work in short sprints and continuously deliver smaller parts, so that you can anticipate a changing environment. The key question during this journey is: which smart things can we pick up in order to arrive earlier at our destination?
Agile developers do not waste time on preparing of large & complex architecture documents and functional designs, which are seldom consulted afterwards. These developers move fast and agile and arrive at their destination faster.
What is Risk Management?
Risk Management identifies, analyses and responds to risk factors throughout the life of a project and in the best interests of its objectives. Proper risk management implies control of possible future events and is proactive rather than reactive and intertwines with change management.
Risk management assists organisations and individuals to decide:
how much risk we would accept to pursue our objectives
the necessary actions to deal with risk and uncertainty in order to pursue objectives.
It is important to recognise that risk management is not about eliminating risk but managing it.
The most important steps of risk management are:
1. IDENTIFY RISKS
Risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on the project objectives. Different organisations define risk slightly differently, but essentially, risk is the impact of uncertainty (‘manage’ the unknown) on corporate strategy, business plans and objectives. Risk is the possibility that something may happen and:
- Affect the achievement of objectives, or
- Cause uncertainty of outcome, or variability of an expected outcome
In order to identify a risk or uncertain event, we have to know the objectives or the expected/desired outcome first.
A project failure can be considered as project that has not delivered its required expectations. In case the project can meet both the business ambitions and all stakeholder requirements, then it can be considered as a success.
However, in reality, expectations of the customers and stakeholders keep on changing constantly, inhibiting the project team to deal with issues and to achieve project goals. But the question is why do project fail? Project failure occurs if the projects are late, crossed their budget, does not deliver the business value as expected or deliver the wrong product.
A failing project is one with severe slippage in schedule, budget, or quality. The reasons for project failure refer to the lack of presence of success factors for the project. We refer hereunder to the top reasons for the project failure to answer the question why a project fails. In addition, the Catalogue of Catastrophe provides a database of samples that can serve as a platform for discussing the causes of project failure together with an official listing of 8 categories for common project failures. Afterwards we deep-dive in the different layers of project failure and as conclusion we elaborate on how to eliminate or overcome project failure.
Is HYBRID the new buzzword? We have hybrid cars, hybrid grapes, hybrid generators…what about hybrid project management? What is the foundation of this hybrid trend?
From the sixties until late in the 20th century, project managers used the Work Breakdown Structure, or WBS, to manage complex projects. It was the only game in town and every project manager was trained to use this method.
Upon release of the desktop version of Microsoft project in 1984, the WBS, or waterfall as some would call it, became much easier to handle. Managers could plan and share their projects with their teams and the executive managers.