Project Monitoring

Project Monitoring Project monitoring is an integral part of the project management. It provides understanding of the progress of the project so that appropriate corrective actions can be taken when the performance deviates significantly from the planned path. It consists of regular systematic collection and analysis of information to track the progress of the project implementation against pre-set targets and objectives. It is an important management tool which, if used properly, provides continuous feedback on the project implementation progress as well assists in the identification of potential successes and constraints to facilitate timely decisions. Effective monitoring of the project is a critical element of good project management. It supports informed and timely decision making by the management and provides accountability for achieving results. It is a key part of project cycle management. It is to be built into the project at the planning stage. It is not an ‘add on’ tool which can be used during mid-way of the project implementation. On the other hand, it is to be woven throughout the project. Project monitoring clarifies project objectives, links activities and their resources to objectives, translates objectives into performance indicators and sets targets, routinely collects data on these indicators, compares actual results with targets, and reports progress to the management and alerts the management about the problems which frequently gets cropped up during the implementation of the project. It provides information to the management whether the project is proceeding as per schedule relative to the targets or there is time over run in the project implementation. It also focuses, in particular, on the efficiency and the use of resources during the project implementation. It provides support to the management in its efforts to complete the project in time and within the budget. Project monitoring...

Data Analysis and Management of Steel Organization...

Data Analysis and Management of Steel Organization A steel organization is very complex in nature. In such an organization, there are a large number of units working in conjunction with each other and there are a large variety of processes taking place simultaneously at all the times, generating huge amount of data. This large quantity of data need to be coordinated, collected, integrated, and analyzed for decision making in order to ensure the smooth running of the processes and units, as well as for the proper functioning of the steel organization. Hence data plays a very important role in efficient management of the steel organization. The speed and quality of the data analysis provide ultimately the steel organization the efficiency as well as a competitive advantage. Further while the majority of the data is generated internally in the organization, some of the data comes to the organization from the sources which are external to the organization. The generated data in the steel organization are worthless in a vacuum unless its potential value is unlocked and leveraged to drive the decision making in the organization. To enable such evidence based decision making, the steel organization needs efficient processes to turn high volumes of fast-moving and diverse data into meaningful insights. The overall process of extracting insights from the large data can be broken down into five stages (Fig 1).  These five stages are (i) acquisition and recording, (ii) extraction cleaning and annotation, (iii) integration, aggregation and representation, (iv) modeling and analysis, and (v) interpretation. These five stages form the two main sub-processes namely (i) data management, and (ii) analysis. Data management involves processes and supporting technologies to acquire and store data and to prepare and retrieve it for analysis. Analysis, on the other hand, refers...

Digitization Process

Digitization Process The information contained in traditional print materials such as important records, minutes of important meetings, original drawings, and other similar documents cannot be preserved for a very long time due to several reasons. As the time pass by, the information contained in these materials fades out, the medium becomes brittle and finally the document becomes unusable. These documents can be lost forever unless there are alternative arrangements for recapturing and reproducing them. Fortunately, technological advances have provided suitable alternatives for the preservation of such valuable documents. Digitization process is of crucial importance for data processing, storage and transmission, because it “allows information of all kinds in all formats to be carried with the same efficiency and also intermingled”. Unlike analog data, which typically suffers some loss of quality each time it is copied or transmitted, digital data can, in theory, be propagated indefinitely with absolutely no degradation. This is why it is a favoured way of preserving information in an organization in the present day environment. Digitization process in an organization deals with strategies, methods and tools used to capture, manage, store, preserve, and deliver content and documents related to organizational processes. It deals with tools and strategies which streamlines the unstructured information of the organization. Digitization is the process of converting information into a digital format. In this format, information is organized into discrete units of data (called bits) that can be separately addressed (usually in multiple-bit groups called bytes). This is the binary data that computers and many devices with computing capacity can process. Text and images can also be digitized.  Similarly digitization of audio and video presentations is also possible. Digitization process is also known as imaging or scanning and is the means of converting hard-copy, or non-digital, records into digital...

Data based Decision making in a Steel Organization...

Data based Decision making in a Steel Organization During the operation of a steel plant a large amount of data gets generated. In a steel organization where there are a large number of units working in conjunction with each other and where there are a large variety of processes taking place simultaneously at all the times, the generated data is many times that of a normal organization. This huge amount of data need to be coordinated, collected, integrated, and analyzed in order to ensure that proper decisions are taken for the smooth running of the units, processes and ultimately the steel organization. Decisions taken based on analyzed data ultimately help in providing the organization a competitive advantage. Even without disturbances, unexpected situations and current rapid production changes in a steel organization are challenging for operators, maintenance personnel and production planners and management who make decisions. Hence, there is a need to have a systematic methodology to structure the decision making situations and to find out the relevant information and other needed factors. The performance of decision making depends on the quality of the decisions taken. Structuring the decision making situation means that all the relevant factors are considered and not forgotten, and action choices are found out and their effects are evaluated. This kind of approach produces cost-effective decisions. Data if collected and stored is only a lot of information available. For data based decision making, the data is to be structured and processed. Inter dependency of the data need to be understood and proper integration is to be done to have meaningful data analysis for decision making. Data is good, but only as good as the systems in place to collect summarize, analyze, make decisions, make action plans, implement interventions, and sustain implementation....

Analytical Thinking Skills for Problem Solving...

Analytical Thinking Skills for Problem Solving Employees of an organization face a large number of problems of various natures in their work life. The employees need to have personal resilience to handle the challenges and pressure which the problems bring along with them. It becomes easier for them to solve those problems if they have analytical thinking approach to the problems, have the required analytical skills with them, and know the use of various analytical tools. Analytical thinking is a powerful thinking process for understanding the parts of a situation. It is defined as the ability to scrutinize and break down facts and thoughts into their strengths and weaknesses and developing the capacity to think in a thoughtful, discerning way, to solve problems, analyze data, and recall and use information. Analytical thinking skills enable the employees to think through issues and to focus on priorities for action.  It not only supports the problem-solving but also helps in judgment and decision-making, and ensures action is followed through. The employees’ capacity to demonstrate analytical thinking skills make them give importance to a rigorous, logical and reflective approach to situations and issues which help in turn to stick to the art of the possible, and prevents burn out. These skills also help the employees to make best use of the resources to secure improvements and to bring results. With analytical skills, employees are able to identify and define problems, extract key information from data and develop workable solutions for the problems identified in order to test and verify the cause of the problem and develop solutions to resolve the problems identified. Employees having analytical skills are able to (i) evaluate information or situations, (ii) break them down into their key components, (iii) consider various ways of approaching...