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What is project management?

Project management is a business discipline that involves applying specific processes, knowledge, skills, techniques, and tools to successfully deliver outcomes that meet project goals. Project management professionals drive, guide, and execute company-identified value-added goals by applying processes and methodologies to plan, initiate, execute, monitor, and close all activities related to a given business project in alignment with the organization’s overall strategic objectives.

Project management steps

Project management is broken down into five phases or life cycle. Each phase intersects with any of 10 knowledge areas, which include: integration, scope, time, cost, quality, human resources, communication, risk procurement, and stakeholder management. The phases, processes and associated knowledge areas provide an organized approach for project managers and their teams to work through projects, according to the following outline:

Initiating phase:

  • Integration management: Develop project charter.
  • Stakeholder management: Identify stakeholders.

Planning phase:

  • Integration management: Develop project management plan.
  • Scope management: Define scope, create work breakdown structure (WBS), gather requirements.
  • Time management: Plan and develop schedules and activities, estimate resources and timelines.
  • Costs management: Estimate costs, determine budgets.
  • Quality management: Identify quality requirements.
  • Human resource management: Plan and identify human resource needs.
  • Communications management: Plan stakeholder communications.
  • Risk management: Perform qualitative and quantitative risk analysis, plan risk mitigation strategies.
  • Procurement management: Identify and plan required procurements.
  • Stakeholder management: Plan for stakeholder expectations.

Execution phase:

  • Integration management: Direct and manage all project work.
  • Quality management: Performing all aspects of managing quality.
  • Human resource management: Select, develop, and manage the project team.
  • Communications management: Manage all aspects of communications.
  • Procurement management: Secure necessary procurements.
  • Stakeholder management: Manage all stakeholder expectations.

Monitoring and controlling phase:

  • Integration management: Monitoring and control project work and manage any necessary changes.
  • Scope management: Validate and control the scope of the project.
  • Time management: Control project scope.
  • Costs management: Controlling project costs.
  • Quality management: Monitor quality of deliverables.
  • Communications management: Monitor all team and stakeholder communications.
  • Procurement management: Keep on top of any necessary procurements.
  • Stakeholder management: Take ownership of stakeholder engagements.

Closing phase:

  • Integration management: Close all phases of the project.
  • Procurement management: Close out all project procurements.

Stakeholder expectations

Stakeholders can be any person or group with a vested stake in the success of a project, program, or portfolio, including team members, functional groups, sponsors, vendors, and customers. Expectations of all stakeholders must be carefully identified, communicated, and managed. Missing this can lead to misunderstandings, conflict, and even project failure.

Here are some tips for managing stakeholder expectations.

  • Assemble a team specific to project goals, ensuring team members have the right mix of skills and knowledge to deliver.
  • Leave sufficient time in advance of a project for key individuals to delve into and discuss issues and goals before the project begins.
  • Ensure the project timeline and scheduled tasks are realistic.

Project scope

During the planning phase, all project details must be solidified, including goals, deliverables, assumptions, roles, tasks, timeline, budget, resources, quality aspects, terms, and so on. The customer and key stakeholders work together to solidify and agree on the scope before the project can begin. The scope guides the project work and any changes to the scope of the project must be presented and approved as a scope change request.

Project budgets

Budgets play a large role in whether a project progresses, or if it can be completed. Few companies have an unlimited budget, so the first thing project stakeholders look at in determining whether a project succeeded or failed is the bottom line. This fact fuels the pressure project leaders, and their teams face with each passing day. As such, effective budget management is a primary area of focus for project managers who value their careers. The following are five strategies for maintaining control of your project budget before it succumbs to whopping cost overruns:

  • Understand stakeholder’s true needs and wants
  • Budget for surprises
  • Develop relevant KPIs
  • Revisit, review, re-forecast
  • Keep everyone informed and accountable

Project management methodologies

Most projects are conducted based on a specific methodology for ensuring project outcomes based on a range of factors. As such, choosing the right project management methodology (PMM) is a vital step for success. There are many, often overlapping approaches to managing projects, the most popular of which are waterfall, agile, hybrid, critical path method, and critical chain project management, among others. Agile, which includes subvariants such as Lean and Scrum, is increasing in popularity and is being utilized in virtually every industry. Originally adopted by software developers, agile uses short development cycles called sprints to focus on continuous improvement in developing a product or service.

PMO vs. EPMO

Successful organizations codify project management efforts under an umbrella organization, either a project management office (PMO) or an enterprise project management office (EPMO).

A PMO is an internal or external group that sets direction and maintains and ensures standards, best practices, and the status of project management across an organization. PMOs traditionally do not assume a lead role in strategic goal alignment.

An EPMO has the same responsibilities as a traditional PMO, but with an additional key high-level goal: to align all project, program, and portfolio activities with an organization’s strategic objectives. Organizations are increasingly adopting the EPMO structure, whereby, project, program, and portfolio managers are involved in strategic planning sessions right from the start to increase project success rates.

PMOs and EPMOs both help organizations apply a standard approach to shepherding projects from initiation to closure. In setting standard approaches, PMOs and EPMOs offer the following benefits:

  • ground rules and expectations for the project teams
  • a common language for project managers, functional leaders, and other stakeholders that smooths communication and ensures expectations are fully understood
  • higher levels of visibility and increased accountability across an entire organization
  • increased agility when adapting to other initiatives or changes within an organization
  • the ready ability to identify the status of tasks, milestones, and deliverables
  • relevant key performance indicators for measuring project performance

Project management roles

Depending on numerous factors such as industry, the nature and scope of the project, the project team, company, or methodology, projects may need the help of schedulers, business analysts, business intelligence analysts, functional leads, and sponsors. Here is a comparison of the three key roles within the PMO or EPMO, all are in high demand due to their leadership skill sets.

Project manager: Plays the lead role in planning, executing, monitoring, controlling, and closing of individual projects. Organizations can have one or more project managers.

Program manager: Oversees and leads a group of similar or connected projects within an organization. One or more project managers will typically report to the program manager.

Portfolio manager: This role is at the highest level of a PMO or EPMO and is responsible for overseeing the strategic alignment and direction of all projects and programs. Program managers will typically report directly to the portfolio manager.

Project management certification

Successful projects require highly skilled project managers, many with formal training or project management certifications. Some may have project management professional certifications or other certifications from the PMI or another organization. Project management certifications include:

  • PMP: Project Management Professional
  • CAPM: Certified Associate in Project Management
  • PgMP: Program Management Professional
  • PfMP:Portfolio Management Professional
  • CSM: Certified Scrum Master
  • CompTIA Project+ Certification
  • PRINCE2 Foundation/PRINCE2 Practitioner
  • CPMP: Certified Project Management Practitioner
  • Associate in Project Management
  • MPM: Master Project Manager
  • PPM: Professional in Project Management

Project management software and templates increase team productivity and effectiveness and prepare the organization for changes brought about by high-impact projects. CIO.com has compiled the ultimate project management toolkit as well as some open-source project management tools to help you plan, execute, monitor, and successfully polish off your next high-impact project.

Project management software falls into multiple categories. Some tools are categorized as project management software; others are more encompassing, such as project portfolio management (PPM) software. Some are better suited for small businesses and others for larger organizations. Project managers will also often use task management, schedule management, collaboration, workflow management, and other types of tools. These are just a few examples of the project management software and tools available to help simplify project management.

Popular project management tools include:

Project management skills

Effective project managers need more than technical know-how. The role also requires several non-technical skills, and it is these softer skills that often determine whether a project manager — and the project — will be successful. Project managers must have these seven non-technical skills: leadership, motivation, communication, organization, prioritization, problem-solving, and adaptability. It’s also beneficial to have a strategic mindset, have change management and organizational development expertise, agility, and conflict resolution capabilities, among other skills.

Project management jobs and salaries

By 2027, the demand for project managers will grow to 87.7 million, according to PMI, but these hires won’t all be project manager titles. While the more generic titles are project manager, program manager, or portfolio manager, each role may differ depending on industry and specialization. There are also coordinators, schedulers, and assistant project managers, among other roles.

Project managers have historically garnered high-paying salaries upwards of six figures, depending on the role, seniority, and location. Indeed provides a searchable list for job salaries, including some annual project management salaries companies are offering for these roles: 

  • Project manager: Base salary $85,311, bonus $13,500
  • Program manager: $85,796
  • Portfolio manager: $100,742
  • Software/IT project manager: $106,568
  • Project administrator: $62,093
  • Project planner: $69,528
  • Project controller: $90,342
  • Document controller: $74,899
  • Project leader: $130,689
  • Program/project director: $101,126
  • Head of program/project: $128,827
Sun, 04 Dec 2022 11:59:00 -0600 en-US text/html https://www.cio.com/article/228109/project-management-tips-strategies-best-practices.html
Killexams : Minister Updates On Economic Recovery Plan

Minister of Economy and Labour Jason Hayward provided an update on Economic Recovery Plans in the House of Assembly today [Dec 9], speaking on economic diversification, partial certain mortgage programme, infrastructure investment, expanding the resident population, establishing a minimum wage, healthcare, regulatory framework and more.

Mr. Speaker, the Economic Recovery Plan [ERP] combines fiscal responsibility with a clear path to growth, employment, and greater economic development. The ERP comprises 31 priority initiatives focused on seven main themes. It was developed in 2020 in response to the impact of the COVID-19 pandemic. Phase 3, implementation of the ERP commenced in March 2021. A dedicated Project Management Office [PMO] was established in June 2022 to ensure successful implementation of all the initiatives under the ERP; working to monitor, track, report and lend assistance where required.

Mr. Speaker, International benchmarks suggest that successful implementation of ERP priority initiatives should deliver 1.3 – 1.5% per annum above baseline economic growth from 2023, leading to an improvement in Bermuda’s fiscal position. In 2020 Bermuda’s economy was predicted to contract by 8.5% however, the economic contraction was limited to 6.9%. In 2021, Bermuda’s economic growth exceeded the predicted 3.5%, and real economic recovery was measured at 5.4%. Bermuda economy has continued to expand in 2022 and the Ministry of Finance is predicting annual growth between 2.5% and 4.5% for 2022, leading to full pre-pandemic economic recovery.

Mr. Speaker, the ERP policy initiatives are advancing well with 80% of the 31 initiatives on track, with some of the initiatives having already demonstratedpositive results. The public can view the ERP updates at www.gov.bm/economicrecovery where they are listed under the seven main themes.

Mr. Speaker, I will now highlight progress made on several initiatives under the main themes. Under Theme 1: Economic Diversification, the launch of Bermuda’s casino industry is advancing with the Bermuda Gaming Commission having recently granted license to Hotelco Bermuda Holdings Limited, operating as St. Regis Bermuda Resort. The Department of Workforce Development is working with stakeholders to establish training programmes and development opportunities for Bermudians in the casino industry. Additionally, the legislative framework to establish Bermuda’s Sub-Sea Communications Sector is complete. The Regulatory Authority has posted the application and the requirements on its website and the Business Development Agency is promoting the availability of submarine communication cable licenses.

Mr. Speaker, under Theme 2: Financial Markets, this Government recently announced a Partial certain Mortgage Programme with the Bermuda Commercial Bank to assist with homeownership for over 250 Bermudians. Under the programme, reduced interest rates start at 5% and the standard down payment is halved from 20% to 10%. Also under Financial Markets, the BEDC COVID-19 Support Programme has successfully deployed $6.1 million in loans, grants and guarantees to small and medium sized businesses that demonstrated strong business plans and long-term viability in the post-pandemic economy.

Mr. Speaker, under Theme 3: Infrastructure Investment, significant progress has been made with trenching works for potable water and waste water lines in St. George’s and Southside. $22m has been approved for refurbishment works at the Tynes Bay waste to energy facility to ensure continued safe and reliable waste management. The Shoreside Fish Processing Facility is in advanced stages of planning and consultation. The Bermuda Housing Corporation’s Residential Building Programme is adding 77 units to the stock of affordable housing with 12 projects underway. And $4.5 million has been invested in the construction of electric bus charging facilities at the Dockyard, St. George and Fort Langton bus depots in support of the fleet electrification programme.

Mr. Speaker, under Theme 4: Expanding the Resident Population, the Economic Investment Certificate [EIC] has exceeded expectations. 27 applications have been approved representing 71 individuals and a total $369 million invested. Extension of the Temporary [1-year] Residency Certificate has seen 1,139 applications approved with 163 extensions granted. 170 applications have been received for Permanent Residency Certificates under the January 2022 amendments to Section 31 of the Bermuda Immigration and Protection Act 1956. Additionally, the Repatriation & Mixed Status Families amendments to the Bermuda Immigration and Protection Act 1956 has resulted in 188 applications for Permanent Residency Certificates and Bermudian Status.

Mr. Speaker, under Theme 5: Labour Market and Social Development Measures, the Ministry of Economy and Labour has published a position paper entitled Establishing a Minimum Wage in Bermuda. This paper outlines what a minimum wage is, why it is necessary for Bermuda, and the proposed minimum wage rate of $16.40 to come into force on 1 June 2023. Both the National Reemployment [Jobs] Strategy and Youth Employment Strategy are currently being implemented. A hospitality recruitment drive is planned for Wednesday, 14 December 2022, from 10am – 4pm at the Hamilton Princess. Meanwhile, the third cohort of the Graduate Trainee programme commenced in November. This is a 10-week paid internship opportunity for 15 recent college and university graduates.

Mr. Speaker, under Theme 6: Healthcare, to reduce medicine cost, the Pharmacy & Healthcare Committee is scheduled to conduct the initial phase of drug price regulation in January 2023. And Universal Health Coverage [UHC] is advancing with five priority projects: National Digital Health Strategy, Agree Our Starting Points, Integrated Care Pathways, Develop Pan-System Governance and Merge Government Insurance Funds.

Mr. Speaker, under Theme 7: Regulatory Framework, the Energy Regulatory Sandbox has been established under the Electricity Amendment Act 2022 and has already began to garner interest. Additionally, the draft Blue Prosperity Plan has been published with consultation ongoing.

Mr. Speaker, I have briefly highlighted some of the progress and successes achieved to date under the Economic Recovery Plan as this government works to ensure that Bermuda not only recovers from the pandemic, but continues to thrive with fiscal responsibility, economic growth, employment and greater economic equity.

Thank you, Mr. Speaker

Thu, 08 Dec 2022 21:46:00 -0600 text/html https://bernews.com/2022/12/minister-update-economic-recovery-plan/
Killexams : Daily Markets: Global PMI Reports Paint Today's Picture No result found, try new keyword!Investors will be digging through a sea of November Service sector PMI data today, looking to determine not only the true pace of the global economy but the prospects for further downward ... Sun, 04 Dec 2022 23:02:00 -0600 text/html https://www.nasdaq.com/articles/daily-markets%3A-global-pmi-reports-paint-todays-picture Killexams : Week Ahead - The Calm Before The Storm
Boat sailing into the storm

Arsen Volkov

EU

There are a number of economic releases on the calendar next week but it’s almost entirely made up of tier two and three data. That includes final PMIs, revised GDP and retail sales.

The most notable events for the EU over the next week are speeches by ECB policymakers ahead of the last meeting of the year a week later – including President Lagarde on Monday and Thursday – and the final negotiations on the Russian oil price cap as part of a package of sanctions due to come into force on Monday.

UK

Compared with the soap opera of the last few months, next week is looking pretty bland from a UK perspective. A couple of tier two and three releases are notable including the final services PMI, BRC retail sales monitor and consumer inflation expectations. I’m not convinced any will be particularly impactful, barring a truly shocking number.

Russia

The most notable economic release next week is the CPI on Friday, which is seen moderating further to 12% from 12.6% in October, potentially allowing for further easing from the CBR a week later.

South Africa

Politics appears to be dominating the South African markets at the moment as efforts to impeach President Cyril Ramaphosa go into the weekend. The rand has seemingly been very sensitive to developments this week, with the prospect of a resignation appearing to trigger sharp sell-offs in the currency and the country’s bonds. Under the circumstances, that could bring weekend risk for South African assets depending on how events progress over the coming days.

On the data front, next week brings GDP on Tuesday and manufacturing production on Thursday.

Turkey

Ordinarily, especially these days, inflation releases are widely followed but that is less the case for a country and central bank that has such little interest in it. Official inflation is expected to ease slightly, but only to 84.65% from 85.51% in October, hardly something to celebrate. The central bank has indicated that its easing cycle will now pause at 9%, so perhaps another reason to disregard the inflation data.

Switzerland

A quieter week after one of repeated disappointment on the economic data front. Whether that will be enough to push the SNB into a slower pace of tightening isn’t clear, although it has repeatedly stressed the threat of inflation and need to control it. The meeting on 15 December remains this month's highlight while next week has only unemployment on Wednesday to offer.

China

The PBOC announced on 25 November its decision to cut the reserve requirement ratio for banks by 25 basis points, lowering the weighted average ratio for financial institutions to 7.8% and releasing about 500 billion yuan in long-term liquidity to prop up the faltering economy.

In response to the various property crises that have emerged in the real estate sector over the past year or so, i.e. debt defaults by real estate companies, mortgage suspensions leading to unfinished buildings, and real estate-related non-performing loan crises, the Chinese government has issued a new 16-point plan.

Focus next week will be on the Caixin services PMI, trade data, CPI release and the protests. China’s strict zero-Covid measures are hammering growth and the public is clearly becoming increasingly frustrated. It will be a fine balance between managing protests and easing Covid-zero measures to support growth in a country not used to the former.

India

The RBI could potentially bring its tightening cycle to a close next Wednesday with a final 35 basis point hike, taking the repo rate to 6.25%. While the outlook remains cloudy given the global economic outlook, there is some reason to be optimistic. The tightening cycle may soon be at an end; the economy exited recession in the last quarter and Indian stock hit a record high this week, something of an outlier compared with its global peers.

Australia & New Zealand

Recent figures show that inflation (YoY) in Australia rose to 7.3% in the third quarter, compared to the target range of 2%-3%. The RBA began to weaken their hawkish stance in the past two months, raising rates by just 25 basis points each time to bring the official rate to 2.85%. The market is currently expecting a 25 basis point rate hike next week as well. Also worth noting is Australia’s third quarter GDP trade balance figures.

New Zealand inflation (YoY) surged 7.2% in the third quarter, compared to the RBNZ’s inflation target range of 1%-3%. Previously, the RBNZ had been raising rates by 50 basis points but that changed last month as they ramped it up with a 75 basis point hike. The current official rate is now 4.25%.

Japan

The Japan Tokyo CPI rose by 3.8% year-on-year in November, up from 3.5% in October and the 3.6% expected. Ex fresh food and energy, it increased by 2.5%, up from 2.2% and above the 2.3% expected. Japan’s manufacturing PMI fell to 49.4 in November, the worst in two years, with both new export orders and overall new orders declining and falling below 50 for the fifth consecutive month, which aligns with the unexpected 0.3% fall in Japanese GDP in the third quarter. Japan department store sales rose 11.4% year-on-year in October, down from 20.2% in September.

The poor PMI and retail sales data may have reinforced the BOJ’s view that domestic demand is weak and CPI inflation is largely input and cost driven and, therefore, unsustainable. The central bank will likely continue to pursue an accommodative monetary policy, especially in light of the current poor global economic outlook.

Final GDP for the third quarter is in focus next week, with the quarterly figure expected to be negative meaning the economy may be in recession. Lots of other releases throughout the week but the majority, if not all, are tier two and three.

Singapore

Singapore’s CPI for October was 6.7% (YoY), below expectations of 7.1% and the 7.50% reading. GDP for the third quarter (YoY) was 4.1%, below expectations of 4.2% and 4.40% previously. On the quarter, it was 1.1% down from 1.50%. Next week the only release of note is retail sales on Monday.


Economic Calendar

Saturday, Dec. 3

Economic Events

  • ECB President Lagarde chairs a roundtable on “The Global Dimensions of Policy Normalization” at a Bank of Thailand conference

Sunday, Dec. 4

Economic Data/Events

  • Thailand consumer confidence
  • OPEC+ output virtual meeting
  • ECB’s Nagel and Villeroy appear on German television

Monday, Dec. 5

Economic Data/Events

  • US factory orders, durable goods orders, ISM services index
  • Eurozone Services PMI
  • Singapore Services PMI
  • Australia Services PMI, inflation gauge, job advertisements, inventories
  • China Caixin services PMI
  • India services PMI
  • Eurozone retail sales
  • Japan PMI
  • New Zealand commodity prices
  • Singapore retail sales
  • Taiwan foreign reserves
  • Turkey CPI
  • European Union sanctions on Russian oil are expected to begin
  • ECB President Lagarde gives a keynote speech on “Transition Towards a Greener Economy: Challenges and Solutions”
  • ECB’s Villeroy speaks at a conference of French banking and finance supervisor ACPR in Paris
  • ECB’s Makhlouf speaks in Dublin
  • EU finance ministers meet in Brussels
  • The US Business Roundtable publishes its CEO Economic Outlook survey

Tuesday, Dec. 6

Economic Data/Events

  • US Trade
  • Thailand CPI
  • RBA rate decision: Expected to raise Cash Rate Target by 25bps to 3.10%
  • Australia BoP, net exports of GDP
  • Germany factory orders, Services PMI
  • Japan household spending
  • Mexico international reserves
  • South Africa GDP
  • Georgia’s US Senate runoff
  • The first-ever EU-Western Balkans summit is held in Albania
  • Goldman Sachs Financial Services conference

Wednesday, Dec. 7

Economic Data/Events

  • US Trade MBA mortgage applications
  • China reserves, Trade
  • Australia GDP, reserves
  • Eurozone GDP
  • Canada central bank (BoC) rate decision: Expected to raise rates by 25bps to 4.00%
  • India central bank (RBII) rate decision: Expected to raise rates by 25 bps to 6.15%
  • Poland central bank rate decision: Expected to keep rates steady at 6.75%
  • Singapore reserves
  • Germany industrial production
  • Japan leading index
  • BOJ’s Toyoaki Nakamura speaks in Nagano
  • EIA crude oil inventory report
  • Foreign policy forum is held in Moscow with Russian Foreign Minister Lavrov speaks at a foreign policy forum in Moscow.

Thursday, Dec. 8

Economic Data/Events

  • US initial jobless claims
  • Australia trade
  • Indonesia consumer confidence
  • Japan GDP, BoP
  • Mexico CPI
  • New Zealand heavy traffic index
  • South Africa current account, manufacturing production
  • ECB President Lagarde speaks at the European Systemic Risk Board’s sixth annual conference
  • SNB’s Maechler participates in a panel discussion
  • ECB’s Villeroy speaks at the Toulouse School of Economics
  • European Defence Agency holds its annual conference in Brussels

Friday, Dec. 9

Economic Data/Events

  • US PPI, wholesale inventories, University of Michigan consumer sentiment
  • China CPI
  • Russia CPI
  • China PPI, aggregate financing, money supply, new yuan loans
  • Japan M2
  • New Zealand card spending, manufacturing activity
  • Spain industrial production
  • Thailand foreign reserves, forward contracts
  • Portuguese PM Costa, Spain PM Sanchez, and French President Macron attend a meeting in Spain

Sovereign Rating Updates

  • United Kingdom (Fitch)
  • EFSF (Moody’s)
  • ESM (Moody’s)
  • Netherlands (Moody’s)
  • Saudi Arabia (Moody’s)

Original Post

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

Fri, 02 Dec 2022 14:47:00 -0600 en text/html https://seekingalpha.com/article/4562115-week-ahead-the-calm-before-the-storm
Killexams : 7 Best Construction Project Management Software of 2023 No result found, try new keyword!Read on to learn more about the best construction project management software. Why we chose it: Fieldwire gives users the tools to build project plans, view and share drawings, create schedules ... Wed, 30 Nov 2022 10:00:00 -0600 text/html https://www.nasdaq.com/articles/7-best-construction-project-management-software-of-2023 Killexams : PMI launches diversity and inclusion certificate training

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If you already have an account please use the link below to sign in.

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Phone: +44 (0) 1858 438800

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Thu, 08 Dec 2022 13:44:00 -0600 en text/html https://www.professionalpensions.com/news/4061418/pmi-launches-diversity-inclusion-certificate-training
Killexams : Soft growth in business conditions in November The general slowdown in growth across the non-oil economy had direct impacts on purchasing and employment in November, said the PMI report. — File photo © Provided by Khaleej Times The general slowdown in growth across the non-oil economy had direct impacts on purchasing and employment in November, said the PMI report. — File photo

Businesses in the UAE witnessed a moderation of operating performance during November as growth in new orders slowed to a 14-month low amid concern over a global slowdown weighing on sales and confidence, a survey showed on Wednesday.

The UAE Purchasing Managers' Index (PMI), a composite indicator designed to supply an accurate overview of operating conditions in the non-oil private sector economy, shows that amid softer rises in activity, purchasing, and employment, new business rose at the weakest pace since September 2021 and activity growth eased.

According to the latest data, the PMI fell to 54.4 in November from 56.6 in October. “Companies continued to enjoy relatively mild price pressures, but there were signs that concerns of a global slowdown had weighed on sales and confidence,” the S&P Global UAE PMI report said.

Companies reported a modest increase in staff numbers during November, one that was softer than October's recent high. The rise in job levels was one of the fastest seen in the past five years, helping to somewhat alleviate capacity pressures.

Despite the November slowdown, the outlook for the economy at large looked bright. Abdullah bin Touq, Minister of Economy, said on Tuesday that 2022 has been a great year for the UAE economy with trade crossing Dh1 trillion and re-exports crossing Dh300 billion for the first time ever.

“We expect GDP growth of 6.5 per cent this year. I hope it will be more this and the next. To double the economy to Dh3 trillion by 2031, we need to grow seven per cent every year,” he said.

The International Monetary Fund also sounded upbeat about the UAE’s economic growth and forecast an expansion of over six per cent for 2022 last month, a significant increase from 3.8 per cent last year. Central to the projected fast-track expansion in the years to come will be Comprehensive Economic Partnership Agreements (Cepa) that the UAE plans to sign with 26 countries in the next 7-8 years.

David Owen, economist at S&P Global Market Intelligence, said thePMI fell back from its post-pandemic highs to a 10-month low in November, pointing to a slowdown in growth across the non-oil economy.

“New business rose at a particularly weaker pace, amid concerns of strong market competition and a global economic slowdown. Confidence about future output fell to its second lowest for 15 months, leading firms to pull-back hiring growth from its recent high,” said Owen.

He said the headline practicing of 54.4 suggests that the UAE businesses are still enjoying robust growth, a feat that is becoming more difficult to achieve in the global economy. “Adding to this, UAE firms are seeing little pressure on input costs, which rose at the softest pace for three months and only marginally,” added Owen.

The general slowdown in growth across the non-oil economy had direct impacts on purchasing and employment in November, said the report. “Input buying rose at the slowest pace since August, with growth softening markedly from October's over three-year high. That said, the upturn was still sharp and contributed to a further increase in inventories,” said the report.

Wed, 07 Dec 2022 00:19:40 -0600 en-AE text/html https://www.msn.com/en-ae/money/news/soft-growth-in-business-conditions-in-november/ar-AA150tWh
Killexams : PMI Hosts Largest Community of Project Professionals at PMI® Global Summit 2022

PHILADELPHIA--(BUSINESS WIRE)--Dec 5, 2022--

Project Management Institute (PMI) held PMI Global Summit 2022, its largest annual gathering of project, program, and portfolio professionals at Caesar’s Palace in Las Vegas from 1-3 December. The event included opening keynote remarks from Futurist and Best-Selling Author Amy Webb and closing keynote remarks from Innovator and CEO of Uncharted Jessica O. Matthews.

The three-day conference brought together 3,500 project leaders in person, and more than 3,000 virtual attendees to learn from key players in the industry and earn PDUs and gain valuable knowledge as they network with individuals across the profession. During the event, more than 140 subject matter experts and speakers held various educational sessions on courses ranging from strategic alignment to agility and transformation. PMI also held a newly revitalized awards celebration, themed “ILLUMINATE!”, honoring Ideas and Outstanding Teamwork.

“Global Summit provides a unique opportunity for our community to gather and share ideas, grow their networks, and celebrate their successes,” said Pierre Le Manh, President and Chief Executive Officer of Project Management Institute. “As this year’s event comes to a close, we’re energized by our community’s passion and excited to continue being a trusted resource and home for project professionals across the globe.”

At the event, leaders discussed the latest PMI® Pulse of the Profession® report, a report created from a premier annual global survey of project professionals, launched earlier this week. The survey found that organizations that prioritize power skills – including communication, problem-solving, collaborative leadership, and strategic thinking – perform better against multiple key drivers of success.

As another way to bring the Global Summit programming to our community, on 1 December, PMI held the final installment of the award-winning Virtual Experience Series 2022, featuring educational sessions livestreamed from PMI Global Summit, including our opening keynote Amy Webb, and an abundance of great content and exhibits. Don’t miss out on this opportunity to learn, network, and earn 9+ PDUs. On-demand access will be available through 31 January 2023. Learn more here.

Registration for PMI ® Global Summit 2023 will open in early 2023.

About Project Management Institute (PMI)

Project Management Institute (PMI) is the leading professional organization for project management, and the authority for a growing global community of millions of project professionals and individuals who use project management skills. Collectively, these professionals and "changemakers" consistently create better outcomes for businesses, community, and society worldwide.

PMI empowers people to make ideas a reality. Through global advocacy, networking, collaboration, research, and education, PMI prepares organizations and individuals at every stage of their career journey to work smarter so they can drive success in a world of change.

Building on a proud legacy dating to 1969, PMI is a not-for-profit, for-purpose organization working in nearly every country around the world to advance careers, strengthen organizational success, and enable project professionals and changemakers with new skills and ways of working to maximize their impact. PMI offerings include globally recognized standards, certifications, online courses, thought leadership, tools, digital publications, and communities.

Visit us at www.PMI.org, www.projectmanagement.com, www.facebook.com/PMInstitute and on Twitter @PMInstitute.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221205005544/en/

CONTACT: MaryKate Dougherty

External Communications Specialist

MaryKate.Dougherty@pmi.org

KEYWORD: UNITED STATES NORTH AMERICA NEVADA PENNSYLVANIA

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SOURCE: Project Management Institute

Copyright Business Wire 2022.

PUB: 12/05/2022 11:00 AM/DISC: 12/05/2022 11:02 AM

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Mon, 05 Dec 2022 02:20:00 -0600 en text/html https://www.joplinglobe.com/region/national_business/pmi-hosts-largest-community-of-project-professionals-at-pmi-global-summit-2022/article_0e1b6249-1e83-55a8-b368-a621da71107d.html
Killexams : PMI Kerala chapter wins global recognition

Project Management Institute (PMI) Kerala Chapter has been awarded for its outstanding contribution to professional and community engagements as the winner of the Global Best Chapter Award at the PMI Global Summit held at Las Vegas, USA.

The PMI Chapter Awards program provides recognition of volunteer efforts and acknowledgement of their contributions towards achieving the objectives of project management impact through professionalism, volunteering, and social support initiatives. 

PMI Kerala Chapter has been serving the project management community for the past 19 years.

PMI Kerala has won the global award in recognition of its flagship programs like organic farming, introducing project management concepts to school students and college student forums under the Academic Outreach initiative, empowering women leadership, cross-continent professional development events, and assistance to Government organisations in developing project management practices, said Jayakishore S.R, President, PMI Kerala Chapter. 

Mon, 05 Dec 2022 23:00:00 -0600 en text/html https://www.thehindubusinessline.com/news/pmi-kerala-chapter-wins-global-recognition/article66230074.ece
Killexams : The long and short of it: PMI Electro Mobility looks to tap private bus operators with its 13.5-metre electric bus

PMI Electro Mobility Solutions Private Limited, which started making electric buses in 2017 to meet the intra-city transportation needs of state transport undertakings (STUs), now plans to add private transport operators as customers. To this end, the homegrown EV maker is gearing up to launch India's first electrically-propelled 13.5-metre bus for long-haul routes.

The Delhi-based firm revealed that while it will be making the chassis in-house, the tech expertise for the powertrain will be derived from its Chinese collaborator Beiqi Foton. It would be priced at Rs. 1.5-2 crore (ex-showroom, India) and will largely be serving customers in tier-1 cities such as Delhi, Mumbai, Bengaluru and Kolkata.

“It is very clear that in the long-haul and intercity bus space, the number of government-run transport undertakings are fairly less as there are more B2B (business to business) buyers such as private transport operators. Unlike the gross cost contract (GCC) model in STUs, ticketing and operational incomes, etc., are done by us in B2B sales,” said Manvi Jain, Director, PMI Electro Mobility, adding, “Our R&D team is already working in close coordination with Foton on a 13.5-metre bus and it should be available by March 2024.”

Jain clarified that it will initially be selling the 42-seater (plus driver) bus and the sleeper version (with 32 seats) will be added later.

Having already deployed over 1,000 electric buses in the 7-metre (Rs 80-90 lakh), 9-metre (Rs 85 lakh–1.1 crore) and 12-metre (Rs 1.2-1.5 crore) segments for short- and medium-haul routes, PMI’s upcoming product will be for 3-5-hour routes such as Delhi to Agra.

To be built at its existing facility at Dharuhera, Haryana, which is already churning out 1,500 e-buses a year, the new e-bus will be 50% localised in the first phase and will be completely indigenised in the subsequent phase.

PMI Electro Mobility, a subsidiary of PMI Coaches, has sold 1,000 units of Electric buses till date aims to sell 10,000 units in the long term.  The projected numbers also include e-buses it will be introducing for schools and corporates.

Tech specs of the upcoming model

With a 288 kWh (Kilowatt hour) battery pack, the new bus has a claimed range of 200-250 km on a single charge, and a charging duration of 30 minutes (80 percent charge) to 1.5 hours (full charge).

Without sharing any sales target for this model, Jain said the long-haul buses will largely be catering to operators who are replacing their existing fleet of diesel or CNG-driven buses.

In her view, the real disruption by any OEM for such buses will be in terms of price points in order to really make a meaningful mark in any segment. “The capital cost of EV buses is more but the running cost is substantially lower, therefore making it a viable mode of transportation over the period and also helping lowering the carbon footprint,” added Jain.

Market size and untapped opportunities

As per TechSci Research, a management consultancy that specialises in market analysis, a total of 369 electric buses were sold in India in FY21, rising to 1,186 buses in FY22, and is projected to reach more than 4,300 units by FY28.

As per Bus & Car Operators Confederation of India (BOCI), there are 19 lakh buses plying across the country, of which private operators own a fleet of 17.49 lakh vehicles and the balance 1.51 lakh vehicles are operated by STUs.

BOCI claims that there are more than 20,000 private bus operators in the country.  It anticipates that 5% (87,450 units) of the total count of private buses will be electric in the next five to seven years.

However, Prasanna Patwardhan, president, BOCI, believes reaching the target of 5% penetration depends on multiple factors such as a) developing a common charging infrastructure network b) availability of right battery capacity bus and the bus itself for the purpose and c) availability of project financing on a long-term basis to private bus operators.

According to TechSci Research, the number of electric buses on the road reached 3,023 in FY22, adding that nearly 13% of buses sold were electric that year. Furthermore, the Indian electric bus industry is expected to grow at a compound annual growth rate of 24.6% in the coming years, it said.

That will probably be driven by economics, TechSci Research claims that the cost of operating a diesel bus is Rs 70–80 per kilometre, while the cost of operating an electric bus is Rs 50–60 a km. Considering both electric and diesel buses travel 150 km per day, the overall operating cost for electric buses works out to be 27-35% lower than that of diesel ones, as per the research firm.

In India, while there are no OEMs currently selling a 13.5-metre bus run on batteries, there are clutch of them that offer diesel-fuelled ones. As per TechSci Research, some of the key players present in the 13.5-meter bus segment selling diesel buses are Volvo Group India Pvt. Ltd., Tata Motors Ltd., Ashok Leyland Ltd, and Daimler India Commercial Vehicles Pvt. Ltd (See table below).

13.5 metre bus table

“The 13.5-meter bus segment can offer nearly 20% additional sleeper seats and nearly 10% more seating capacity than 12-metre buses, along with more battery capacity for intercity travel at a competitive price range. In coming years, bus travel agencies may consider 13.5-metre electric buses for intercity travel to maximise revenue per trip,” said Karan Checi, research director at the consultancy.

Additional plans

PMI Electro Mobility is also working on an electric school bus which it says will be available soon. It is also working on a range of electric light and medium commercial vehicles it aims to launch in the next 18 months.  Plans are also afoot to invest about Rs 250 crore to establish a manufacturing facility in Chakan, Pune, via its 70:30 joint-venture with Foton India.  The earmarked amount will come from internal accruals.

“Our plan was whenever this Pune facility gets ready, the product that we get out of that facility will be commercial vehicles apart from buses. As per our internal market research, if we set up our Pune facility, there are a lot of these FMCG companies there which require trucks for garbage, refrigeration and other applications. So I think that last-mile connectivity will be a very big customer base for us,” said Jain.
Wed, 07 Dec 2022 19:10:00 -0600 en text/html https://www.moneycontrol.com/news/business/the-long-and-short-of-it-pmi-electro-mobility-looks-to-tap-private-bus-operators-with-its-13-5-metre-electric-bus%e2%80%8b-9622091.html
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