Importance of Financial Analysis

Money related examination is finished by monetary experts to evaluate the benefit, solidness and reasonability of a business or association. Monetary examiners utilize different instruments and systems to direct money related examination.

These days outsourcing has turned into a typical practice for some organizations. Money related examination can likewise be outsourced. Outsourcing money related examination can be a minimal effort method for leading monetary investigation. Many organizations will be unable to do a money related investigation of their own organization without anyone else’s input as it can be hard to break down the monetary position of your organization just by taking a gander at the budgetary proclamations. Monetary experts observe the benefits and liabilities of the organization and numerous different perspectives and choose the organization’s qualities and shortcomings. Budgetary examination for an organization additionally helps in making a correlation with different organizations in a similar industry.

Outsourcing can have many points of interest for organizations. A wide range of streams are outsourced these days including IT, coordinations, producing, and so on. While outsourcing would mean diminished overhead and operational costs, it likewise has a few drawbacks, for example, the danger of uncovering classified information. When you outsource some portion of your work to another organization, you may need to share private information as a component of the work. A few firms may not be prepared for this. Now and then individuals in your own particular association may not be sufficiently skilled to deal with a few undertakings and complete the occupation, so outsourcing turns into an unquestionable requirement. By outsourcing monetary investigation, you can procure money related examiners outside of your organization who are talented and specialists in their fields. Outsourcing has points of interest since you are giving the employment to individuals who have understanding and mastery in taking care of that undertaking as you might not have individuals with a similar ability sets in your organization. Undertakings are outsourced to those individuals or associations which are represented considerable authority in that field which implies the employment can be totally quickly with better quality yield.

Money related examiners evaluate the past execution of the organization and make examinations with other comparable firms. Utilizing information and methods, they can decide the estimation of an organization and furthermore make an investigation of future execution. Monetary examination can help an organization to enhance its money related position. It is critical to comprehend the money related soundness of your organization. Monetary examiners assess the money related strength of your organization and help you to roll out the expected improvements to your organization. Budgetary examiners can control organizations and people to settle on legitimate speculation choices. In this way, regardless of whether you choose outsourcing monetary examination or do it whatever other wayFeature Articles, realize that money related arranging and investigation is imperative and can enable you to develop your business the correct way. It can help your organization to abstain from committing real venture errors and create benefits.

Home Business Principles to Realize Financial Freedom

Starting your locally situated business is the uncomplicated part, in spite of the fact that understanding your enduring target of monetary opportunity needs much vitality and duty. There are various ways to deal with arrange a home-made venture, however the arrangement beneath outline out some considerable standards you should hold fast to get a steady income from home in any case your home-made exchange.

1. Choose Aims for Success

To remain all ears on what you need to fulfill inside your home-developed exchange guarantee to build up targets. Start with persisting trusts in where you would envision to be monetarily five, ten, even a long time from now. After that you should begin interval wishes for everything about day by day, week by week, and month to month accomplishments. A locally situated business wander won’t take off without wants, consequently do this progression before setting up some other undertakings.

2. Assemble a Pleasing, Professional Home Headquarters

Make an assessment of your home-developed business workstation. Do you work in a little place in your room with a work area and PC? Is it accurate to say that you are for the most part on the kitchen table working amongst lunch and supper? It is safe to say that you are working in the living region however whatever remains of your family appreciate discussion? In the event that you have survived one of the above conditions, at that point you’ll potentially call for change.

Assemble a space assigned only for work. Set up sectional dividers or some sort of hindrance if it’s in another room, to deliver a sentiment space to yourself.

3. Get Systematic

Stuff your new work zone with provisions and apparatus to make working more uncomplicated and efficient. In a limited office space, utilize cupboards and work areas with racks to clearly sort out your rigging. Additionally, hold a timetable, plan book and every day schedule to organize assignments.

4. Keep to a Timetable

It’s easy to get diverted you’re working at home inferable from distrurbance or request to get time off for relaxation exercises. Remember that each time abused today is when in doubt proportional to exactly how much extra function you’ll be doing the following day. Keep a settled work standard every day and program to make certain a flourishing locally established business wander. Extra cash realistic and a bit nearer to monetary opportunity for every hour you utilize working.

5. Try not to Combine Business with Personal Tasks

When you delegate a calendar, tail it. Try not to enable individual tasks to hinder of work. These can be anything from visits from companions or relatives to cleaning the house.. Take a couple of breaks from your PC, however endeavor to avoid getting stirred up in individual errands amid your work hours. Individual tasks can achieve your minds to lose inspiration, and it’ll be hard to go again to a typical work routine a short time later.

Planning Have Opened A New Dimension For Students

With a scope of courses going to the bleeding edge, it has turned into an open field for understudies to have a lucrative profession in this industry. Notwithstanding that there are likewise extra alternatives accessible like ventures, managing an account, protection, fund and stock broking. An ensured budgetary organizer accreditation is a sign of greatness given to understudies and is perceived internationally by all the monetary group. Any understudy anticipating achieve this confirmation must finish the general scholarly projects planned and created by FPSB. Additionally the instruction programs should likewise be issued through an approved training accomplice. Every one of the rules must be checked by the understudy in advance and the school that has cleared this essentials can be considered for higher capability and in addition work involvement.

CFP Certification is the largest amount of Certification worldwide in the field of Financial Planning broadly is regarded by shoppers, experts and industry. There is no denying the way that instruction is without a doubt a noteworthy part of this confirmation. The greatest inquiry that goes to the brains of the understudies before undertaking MBA fund courses is the advantages that they would yield. These include:

Throughout the years there have been numerous associations that have begun to incline toward budgetary organizers over bookkeepers. This furnishes them with capable vocation alternatives as well as open up a skyline of offers ideal out of the school.

Any individual or a customer who approaches a budgetary organizer has long haul arrangements in their psyche as the fundamental point of the organizer is to dissect and find the money related eventual fate of the customer and go for an arrangement of objectives. This makes long haul relationship as well as expands the odds of further referrals.

It is key to comprehend the qualities required from the expert budgetary organizer incorporate brisk basic leadership and mastery in conveying turnkey administrations. The greater part of the income streams incorporate speculations, protection and stock broking, however settling on the correct decision is the way to it.

There is no denying the way that these expert CFP courses are perceived crosswise over 24 nations around the world and the qualifications are sufficient for customer to present their trust to you.

Being a money related organizer implies that you can meet the worldwide benchmark for competencyPsychology Articles, morals and expert practice which are the center esteems in this industry.

Normally organizations search for understudies who have no less than three years of involvement in this industry which is the reason the majority of the top level courses are spread more than three years with the goal that an understudies can accumulate the specialized information as well as get abundant presentation in this market.

How to Attain Financial Stability in your Business

From this definition, securing of assets is by all account not the only target of any endeavor however it likewise incorporates the best use of assets. On the off chance that you need the assets secured to be used in the most ideal way in your business, at that point you should hone a portion of the ways that have driven a few organizations accomplish monetary solidness.

Five Important Tips Towards Financial Stability

1. Financial plan

Have a nitty gritty spending plan on how will spend the assets. You’ll generally profit and spend adequately if just you have inexact the sum required and recorded on how it will be spend. A financial plan makes an unmistakable picture on how much your business has and the measure of cash required to support the deficiency if at all it’s there.

2. Costs

On the off chance that there are superfluous expenses in your business, at that point the best thing to do is to trim them. You just come to take note of these expenses after you have investigated your financial plan.

3. Free from Debts

No business works without obligations. Yes, I don’t differ with this yet excessively numerous obligations may make your business ruined. Before financing your business through acquired cash, it is ideal to make certain that the benefit you are as of now winning is sufficiently adequate to pay the advance in addition to abandoning you with adequate sum. Don’t simply acquire cash indiscriminately; there ought to be a reasonable venture. Never enable your business to aggregate obligations. Continuously pay your bills and leasers each end month.

4. Sparing

Toward the finish of your business budgetary period, be sparing piece of the benefits. The reserve funds helps you growing and furthermore to cater instabilities hazard. Furrowing back of benefits is the less difficult method for financing your business contrasted with bank advances that charge high loan fees.

5. Expanding

Try not to give your business to have just a single a chance to extend. Rather, differentiate your business by having a few undertakings. This guarantees money related soundness for your business all through. In the event that one of your tasks is running at a misfortune, at that point the rest will manage it. FirstArticle Submission, do research to find out the reasonability of the ventures before contributing on them with the goal that you don’t wind up squandering stores.

Do the financial planning in order to achieve business goals

With a specific end goal to accomplish the budgetary objectives money related arranging is essential. Money related arranging incorporates getting ready for here and now and long haul venture. A few organizations benefit the administration of money related arranging experts keeping in mind the end goal to do budgetary getting ready for their business. While taking any choice for the long haul speculation they counsel the monetary organizer with the goal that they can accomplish business objective and won’t experience the ill effects of any money related misfortune.

There are number of the general population who need to know why budgetary arranging is essential for their business. Back is the blood of any business. It is difficult to accomplish business objective without it so keeping in mind the end goal to run effective business budgetary arranging is essential. It incorporates choice where cash to utilize and where to contribute.

Day and age for monetary arranging

The money related arranging is distinctive for various business. It should be possible for brief span i.e. Venture of cash for short of what one year. In some business longer budgetary arranging is done which is executed for five to ten years. Organizer causes you to get ready for a long time additionally if the span of any venture is two year. It is best for you and your business to do budgetary arranging and execute likewise.

Why to do money related arranging

There are a huge number of reasons which obviously tell about the significance of the money related arranging. There are numerous enormous associations who employ money related organizer with a specific end goal to do monetary getting ready for the business. Organizer has aptitudes and capacities to recognize about the diverse hazard factor and plan them legitimately so as to diminish them. Through legitimate money related arranging any business can files his business objective. Given beneath are a few reasons

Most ideal approach to produce more wage

Many sorts of budgetary foundations give vast enthusiasm on the cash stored in the record. It is the most ideal approach to get extra wage.

Swelling

It helps in the sparing of cash from being misfortune because of swelling. In the event that appropriate money related arranging is done then it is simple for any business to manage expansion issues.

Making of crisis money save

In the event that organization do legitimate money related arranging then it will be simple for the business to spare them at the season of emergencies. Crisis can be emerging at time so monetary arranging encourages them to get crisis money.

Sparing of cash

Through budgetary arranging cash can be spared and that can be utilized for long haul ventures. Numerous organizations do arranging so as to produce money for enormous undertakings. In the event that you need to spare more cash and need to win more benefit then monetary arranging is vital.

Real Estate Investment-A Quick Tour

What is land speculation? The land venture is the speculation of assets in monetary resources or property rights with a specific end goal to get the arrival or money related proclamations. A portion of the ways this can have is the arrival of budgetary return, resource gratefulness, or the recuperation side (for instance, to purchase the land around an extravagance advancement guarantees the perspective of the encompassing green spaces and “holds” the high cost for absence of a contending offer), among others What are the conceivable types of land speculation? Likewise with any venture, land speculation benefit. Notwithstanding, in land contributing there are numerous approaches to accomplish benefit: 1. Purchase and offer purchase, union and re-offer esteem, consequently getting a monetary resource, which can include valueof the accompanying ways:Works By performing reclamation work or renovating can add to property estimation significantly higher than the cost of similar Projects through the outline endorsement of development/extension/change of utilization (eg move from industry to housing)extends the estimation of the property Growing business sector When the market is developing, you can basically get themselves, proceeded for a period recommended and re-offer Buy well

When you purchase beneath the market cost, can backpedal to offer at market cost along these lines acquiring an advantage Assignment of position-may surrender rights, for example, surrendering a position in a preparatory contract of offer, since the purchaser will pay a premium to the underlying speculator Highlight properties now and again it is conceivable to make a highlight of a property eg a house with an expansive field where you can highlight a piece that will serve to fabricate another house. In these cases the benefit can be created by offers of shares coming about because of, or offer of a gathering, leaving the rest far beneath the genuine cost or no cost Buy and offer property-pay purchases these cases umimóvel, recouped and leases up. At that point the property is sold to a financial specialist keen on settled salary and valuation is finished by correlation with other conceivable utilizations of cash, for example, bank stores or interest in securities and shares.Buy-purchase for execution, get ready available to be purchased and rent, and the benefit to net rents, in addition to the valuation of the property Housing can get yourself a small amount, a building or an arrangement of units and rents to showcase prices.Before you lease should recoup (if still utilized), prepare (alternatively apparatuses and furniture) and set the principles, for example, the objective client, the sort of requesting ensures (underwriter bank ensures, and so forth.)

The sort contract and the agreement term.Trade, administrations and industry-for this situation the objective client is an organization and along these lines may not be important to redesign the space and hardware. Notwithstanding, it is critical to characterize the kind of organizations that would prefer not to permit the space being referred to (eg a bar night in a private building), the sort of guarantee, the kind of agreement and its span. It is likewise vital to the transaction of attempts to be done and state in which the occupant consents to leave the property.Other-there are elective types of speculation wage, for example, parts of the cases incorporated into occasion resorts, lodgings worked by real universal systems, etc.Other approaches to benefit from land, there are numerous different approaches to benefit from land

Waste Management Solutions: Five Crafty Ways To Reuse Plastic

Every year there is approximately 333,557 tons of plastic waste tossed into the ocean. Plastic pollution is a toxic hazard that threatens the habitats of ocean and land wildlife. In addition, the mass production of plastic contributes to the dilution of natural resources and increases the burning of fossil fuels.

Waste management companies across the globe are seeing an uptick in plastic pollution-and most are encouraging people to avoid it. Sometimes, plastic is unavoidable-however reusing it can minimize production which is important for the environment. Here’s a look at five crafty ways to reuse plastic materials.

1. Refill Plastic Jugs

Milk jugs, plastic orange juice cartons, and gallon water jugs are great for lemonades and punches. Although it’s encouraged not to use them for drinking too long, it doesn’t mean you have to throw them right in the recycling bin. Fill them with non-consumable items such as glue, dishwashing detergent, or an anti-freeze mix.

2. Make Plastic Bags Useful

One of the biggest headaches for a waste management company is plastic bags. Most of these bags aren’t biodegradable and eventually will end up in oceans or streams. Plastic bags can be used for a variety of projects, including:

– Carrying school lunches

– Making fashionable purses and bags

– Worn as booties over shoes

– Piping bags for cake decoration

The most damaging type of plastic bags come from the grocery store. Avoid using them by purchasing reusable shopping bags or asking the cashier for a paper option.

3. Turn Water Bottles Into Wire

Every day, people throw away thousands of plastic water bottles that end up in a waste management facility or landfill. Water and small plastic soda bottles are comprised of a thicker plastic and are perfect for making wire. Use industrialized scissors, wire cutters, or a utility knife to cut thick or thin strips of plastic. These makeshift wires are great and prevent purchasing and using plastic zip ties.

4. Keep the Bottle Caps

Caps from soda bottles and plastic jugs are hard to recycle-however, they can be used for an assortment of projects. Conserving bottle caps can be useful for things such as:

– Creating a push cushion ring for sewing

– Decorative art projects

– Making jewelry such as earrings, rings, and necklaces

– Fusing them together to make pill holders

Most bottle caps aren’t biodegradable and linger in a waste management facility for awhile. Large bottle caps can also be used as a buffer between furniture legs and flooring-especially fine grain wood and carpets.

5. Turn Two-Liter Bottles Into Planters

Two-liter bottles have an array of uses. A popular option is cutting it in half and using the top piece as a funnel. However, the bottom half of a two-liter bottle can be used to create a planter. Plastic planters are great for small plants such as herbs and succulents.

Alternatives to Reducing Plastic Waste

Waste management companies, scientists, and environmentalists can agree that plastic waste is a growing problem for Mother Earth. Reusing plastic materials isn’t always a viable option, however, there are alternative means such as recycling, using glass and ceramics, and avoiding the purchase of non-recyclable plastic items.

An Introduction to the Scientific Theory of Management

Scientific management theory was proposed by Frederick Winslow Taylor in the first decade of the 20th century, is the first coherent theory of administration. According to this theory the same principles of management can be applied to all social entities. The governing policies for our homes, farms, state, business, and church, have the same underlying principles. It emphasized on improvements in the lower level of the company rather than at top management. It aimed at studying the relationship between the physical nature of work and the physiological nature of the workmen. It stressed upon specialization, predictability, technical competence and rationality for improving the organizational efficiency and economy.

PRINCIPLES

Taylor gave the following four principles which according to him can be used universally:

-Construct a science for each element of a man’s work.

-Scientifically select, train, teach and develop workmen.

-Management should fully cooperate with workers.

-The division of work and responsibility between management and the workers must be shared equally.

Scientific management, according to Taylor, involves a complete mental revolution on the part of workers towards their duties, work, fellow men and their employers; and on the part of managers, towards their employees and their problems.

TECHNIQUES

The techniques of scientific management facilitate the application of principles of scientific management mentioned below:

FUNCTIONAL FOREMANSHIP: Under this, a worker is supervised and guided by eight functional foremen. Four of these are responsible for planning viz. Order-of-work-and-route-clerk, Instruction-card clerk, Time-and-cost clerk, Shop Clerk. The other four are responsible for execution and serve on shop floor namely, Gang boss, speed boss, inspector and Repair boss.

MOTION STUDY: It involves the observation of all the motions comprised in a particular job and then determination of best set of motions.

TIME STUDY: It is used to determine the standard time for completion of work.

DIFFRENTIAL PIECE RATE PLAN: Under this plan, a worker is paid a low piece rate up to a standard, a large bonus at the standard and a higher piece rate above the standard.

EXCEPTION PRINCIPLE: It involves setting up a large daily task by the management, with reward for achieving targets and penalty for not meeting it.

CRITICISM/OPPOSITION

Scientific management came to be criticized and opposed by various sections for the following reasons:

-It was concentrated on the shop floor. It did not stress on the higher levels of management.

-It was criticized as a mechanistic theory of organization as it neglected the human side of the organization. It treated worker as a machine and sought to make it as efficient as machine itself.

-It was criticized on the ground that it underestimated and oversimplified human motivation by explaining human motivation in terms of monetary aspects only.

-It was also opposed by the managers due to two reasons. First, they would lose their judgment and discretion due to the adoption of scientific methods. Second, their work and responsibilities increases under Taylorism.

The Importance of Project Closeout and Review in Project Management.

Description

The well known English phrase “last but not least” could not better describe how important the project closeout phase is. Being the very last part of the project life-cycle it is often ignored even by large organizations, especially when they operate in multi-project environments. They tend to jump from one project to another and rush into finishing each project because time is pressing and resources are costly. Then projects keep failing and organizations take no corrective actions, simply because they do not have the time to think about what went wrong and what should be fixed next time. Lessons learned can be discussed at project reviews as part of the closeout phase. Closure also deals with the final details of the project and provides a normal ending for all procedures, including the delivery of the final product. This paper identifies the reasons that closeout is neglected, analyzes the best practices that could enhance its position within the business environment and suggest additional steps for a complete project closeout through continuous improvement.

Project managers often know when to finish a projects but they forget how to do it. They are so eager to complete a project that they hardly miss the completion indicators. “Ideally, the project ends when the project goal has been achieved and is ready to hand over to customer” (Wellace et. al, 2004, p156). In times of big booms and bubbles, senior management could order the immediate termination of costly projects. A characteristic example of that is Bangkok’s over investment in construction of sky-scrapers, where most of them left abandoned without finishing the last floors due to enormous costs (Tvede, 2001, p267). Projects heavily attached to time can be terminated before normal finishing point if they miss a critical deadline, such as an invitation to tender. Kerzner (2001, p594) adds some behavioural reasons for early termination such as “poor morale, human relations or labour productivity”. The violent nature of early termination is also known as ‘killing a project’ because it “involves serious career and economic consequences” (Futrel, Shafer D & Shafer L, 2002, 1078). Killing a project can be a difficult decision since emotional issues create pride within an organization and a fear of being viewed as quitters blurs managerial decisions (Heerkens, 2002, p229).

Recognition

The most direct reason that Project Closeout phase is neglected is lack of resources, time and budget. Even though most of project-based organizations have a review process formally planned, most of the times “given the pressure of work, project team member found themselves being assigned to new projects as soon as a current project is completed” (Newell, 2004). Moreover, the senior management often considers the cost of project closeout unnecessary. Sowards (2005) implies this added cost as an effort “in planning, holding and documenting effective post project reviews”. He draws a parallel between reviews and investments because both require a start-up expenditure but they can also pay dividends in the future.

Human nature avoids accountability for serious defects. Therefore, members of project teams and especially the project manager who has the overall responsibility, will unsurprisingly avoid such a critique of their work if they can. As Kerzner (2001, p110) observe, “documenting successes is easy. Documenting mistakes is more troublesome because people do not want their names attached to mistakes for fear of retribution”. Thomset (2002, p260) compares project reviews with the ‘witch hunts’ saying that they can be “one of the most political and cynical of all organizational practices where the victims (the project manager and the team) are blamed by senior management”. While he identifies top management as the main responsible party for a failure, Murray (2001) suggest that the project manager “must accept ultimate responsibility, regardless of the factors involved”. A fair-minded stance on these different viewpoints would evoke that the purpose of the project review is not to find a scapegoat but to learn from the mistakes. After all, “the only true project failures are those from which nothing is learned” (Kerzner, 2004, p303).

Analysis

When the project is finished, the closeout phase must be implemented as planned. “A general rule is that project closing should take no more than 2% of the total effort required for the project” (Crawford, 2002, p163). The project management literature has many different sets of actions for the last phase of the project life cycle. Maylor (2005, p345) groups the necessary activities into a six step procedure, which can differ depending on the size and the scope of the project:

1. Completion

First of all, the project manager must ensure the project is 100% complete. Young (2003, p256) noticed that in the closeout phase “it is quite common to find a number of outstanding minor tasks from early key stages still unfinished. They are not critical and have not impeded progress, yet they must be completed”. Furthermore, some projects need continuing service and support even after they are finished, such as IT projects. While it is helpful when this demand is part of the original statement of requirements, it is often part of the contract closeout. Rosenau and Githens (2005, p300) suggest that “the contractor should view continuing service and support as an opportunity and not merely as an obligation” since they can both learn from each other by exchanging ideas.

2. Documentation

Mooz et. al (2003, p160) defines documentation as “any text or pictorial information that describe project deliverables”. The importance of documentation is emphasized by Pinkerton (2003, p329) who notes that “it is imperative that everything learned during the project, from conception through initial operations, should be captured and become an asset”. A detailed documentation will allow future changes to be made without extraordinary effort since all the aspects of the project are written down. Documentation is the key for well-organized change of the project owner, i.e. for a new investor that takes over the project after it is finished. Lecky-Thompson (2005, p26) makes a distinction between the documentation requirements of the internal and the external clients since the external party usually needs the documents for audit purposes only. Despite the uninteresting nature of documenting historical data, the person responsible for this task must engage actively with his assignment.

3. Project Systems Closure

All project systems must close down at the closeout phase. This includes the financial systems, i.e. all payments must be completed to external suppliers or providers and all work orders must terminate (Department of Veterans Affairs, 2004, p13). “In closing project files, the project manager should bring records up to date and make sure all original documents are in the project files and at one location” (Arora, 1995). Maylor (2005, 347) suggest that “a formal notice of closure should be issued to inform other staff and support systems that there are no further activities to be carried out or charges to be made”. As a result, unnecessary charges can be avoided by unauthorized expenditure and clients will understand that they can not receive additional services at no cost.

4. Project Reviews

The project review comes usually comes after all the project systems are closed. It is a bridge that connects two projects that come one after another. Project reviews transfer not only tangible knowledge such as numerical data of cost and time but also the tacit knowledge which is hard to document. ‘Know-how’ and more important ‘know-why’ are passed on to future projects in order to eliminate the need for project managers to ‘invent the wheel’ from scratch every time they start a new project. The reuse of existing tools and experience can be expanded to different project teams of the same organization in order to enhance project results (Bucero, 2005). Reviews have a holistic nature which investigate the impact of the project on the environment as a whole. Audits can also be helpful but they are focused on the internal of the organization. Planning the reviews should include the appropriate time and place for the workshops and most important the people that will be invited. Choosing the right people for the review will enhance the value of the meeting and help the learning process while having an objective critique not only by the team members but also from a neutral external auditor. The outcome of this review should be a final report which will be presented to the senior management and the project sponsor. Whitten (2003) also notices that “often just preparing a review presentation forces a project team to think through and solve many of the problems publicly exposing the state of their work”.

5. Disband the project team

Before reallocating the staff amongst other resources, closeout phase provides an excellent opportunity to assess the effort, the commitment and the results of each team member individually. Extra-ordinary performance should be complemented in public and symbolic rewards could be granted for innovation and creativity (Gannon, 1994). This process can be vital for team satisfaction and can improve commitment for future projects (Reed, 2001). Reviewing a project can be in the form of a reflective process, as illustrated in the next figure, where project managers “record and critically reflect upon their own work with the aim of improving their management skills and performance” (Loo, 2002). It can also be applied in problematic project teams in order to identify the roots of possible conflicts and bring them into an open discussion.

Ignoring the established point of view of disbanding the project team as soon as possible to avoid unnecessary overheads, Meredith and Mandel (2003, p660) imply that it’s best to wait as much as you can for two main reasons. First it helps to minimize the frustration that might generate a team member’s reassignment with unfavourable prospects. Second it keeps the interest and the professionalism of the team members high as it is common ground that during the closing stages, some slacking is likely to appear.

6. Stakeholder satisfaction

PMI’s PMBoK (2004, p102) defines that “actions and activities are necessary to confirm that the project has met all the sponsor, customer and other stakeholders’ requirements”. Such actions can be a final presentation of the project review which includes all the important information that should be published to the stakeholders. This information can include a timeline showing the progress of the project from the beginning until the end, the milestones that were met or missed, the problems encountered and a brief financial presentation. A well prepared presentation which is focused on the strong aspects of the projects can cover some flaws from the stakeholders and make a failure look like an unexpected success.

Next Steps

Even when the client accepts the delivery of the final product or service with a formal sign-off (Dvir, 2005), the closeout phase should not be seen as an effort to get rid of a project. Instead, the key issue in this phase is “finding follow-up business development potential from the project deliverable” (Barkley & Saylor, 2001, p214). Thus, the project can produce valuable customer partnerships that will expand the business opportunities of the organization. Being the last phase, the project closeout plays a crucial role in sponsor satisfaction since it is a common ground that the last impression is the one that eventually stays in people’s mind.

Continuous improvement is a notion that we often hear the last decade and review workshops should be involved in it. The idea behind this theory is that companies have to find new ways to sustain their competitive advantage in order to be amongst the market leaders. To do so, they must have a well-structured approach to organizational learning which in project-based corporations is materialized in the project review. Garratt (1987 in Kempster, 2005) highlighted the significance of organizational learning saying that “it is not a luxury, it is how organizations discover their future”. Linking organizational learning with Kerzner’s (2001, p111) five factors for continuous improvement we can a define a structured approach for understanding projects.

This approach can be implemented in the closeout phase, with systematic reviews for each of the above factors. Doing so, project closure could receive the attention it deserves and be a truly powerful method for continuous improvement within an organization. Finally, project closeout phase should be linked with PMI’s Organizational Project Management Maturity (OPM3) model where the lessons learned from one project are extremely valuable to other projects of the same program in order to achieve the highest project management maturity height.

References

1. A Guide to Project Management Body of Knowledge, 2004, 3rd Edition, Project Management Institute, USA, p102

2. Arora M, 1995, Project management: One step beyond, Civil Engineering, 65, 10, [Electronic], pp 66-68

3. Barkley & Saylor, 2001, Customer-Driven Project Management, McGraw-Hill Professional, USA, p214

4. Bucero A, 2005, Project Know-How, PM Network, May 2005 issue, [Electronic], pp 20-22

5. Crawford K, 2002, The Strategic Project Office, Marcel Dekker, USA, p163

6. Department of Veteran Affairs, 2004, Project Management Guide, Office of Information and Technology – USA Government, p13

7. Dvir D, 2005, Transferring projects to their final users: The effect of planning and preparations for commissioning on project success, International Journal of Project Management vol. 23, [Electronic], pp 257-265

8. Futrel R, Shafer D & Shafer L, 2002, Quality Software Project Management, Prentice Hall PTR, USA, p1078

9. Gannon, 1994, Project Management: an approach to accomplishing things, Records Management Quarterly, Vol. 28, Issue 3, [Electronic], pp 3-12

10. Heerkens G, 2002, Project Management, McGraw-Hill, USA, p229

11. Kempster S, 2005, The Need for Change, MSc in Project Management: Change Management module, Lancaster University, [Electronic], slide 16

12. Kerzner H, 2004, Advanced Project Management: Best Practices on Implementation, 2nd Edition, Wiley and Sons, p303

13. Kerzner H, 2001, Project Management – A Systems Approach to Planning, Scheduling and Controlling, 7th Edition, John Wiley & Sons, New York, p594

14. Kerzner H, 2001, Strategic Planning For Project Management Using A Project Management Maturity Model, Wiley and Sons, pp 110-111

15. Lecky-Thompson G, 2005, Corporate Software Project Management, Charles River Media, USA, p26

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The Importance of Import and Export

No matter how rich a country is, how small or big it is, no nation is self-sufficient. It will never be totally independent from the rest and have everything it needs. Every country, no matter how powerful it is, needs raw materials from other countries to produce products that it needs or that is needed by other countries. In short, every country is involved in import export transactions.

Hundreds of years ago, Europe, the Far East and the United States were already importing and exporting goods between themselves and other countries. It had already set up a simple system of trading and global sourcing, albeit on a smaller scale. Today, import and export has become a very important part of the economy. This business has flourished into a more sophisticated but convenient, smoother and safer business. Risks are minimized with more international trading laws that aim to protect both importers and exporters. Regulating and governing bodies such as the World Trade Organization (WTO) has streamlined the export import system. Trade agreements like the North American Free Trade Agreement (NAFTA) have greatly contributed to the growth of the industry.

It is also now highly possible for small countries to go beyond the borders of their countries and reach out to a wider marketplace that can bring in products and supplies that they need. The businesses in these countries can benefit from having lower product costs and have a competitive edge over bigger countries. The demand for more imported products is growing exponentially and businesses are taking these import export opportunities seriously. There are new international markets open for both importers and exporters that have brought in a lot of opportunities for companies to lower production or buying costs and make higher profits.

Because of global sourcing, businesses have access to more product and technology choices that are up to international standards that are otherwise not available in that particular place. Importing products offers an alternative source of supply so there is reduced dependence on local suppliers for products that may have a limited supply. Exporting products give countries a chance to expand its market outside its territories.

With more information available to the businessmen following the advent of the internet and advancement of technology, all types of businesses can take advantage of the many import export business opportunities available. It is not so surprising for a processor to be exported from the Philippines to Taiwan for assembly into laptops.

Singapore then imports the laptop for Asian distribution then re-exports it back to other countries within its Asian sales territory.

Advanced trade systems have given businesses the assurance that transactions can flow smoothly and securely. Several companies have seamlessly integrated its import export business transactions with its operations by bringing in professional manpower that understands the intricacies of the business and who have undergone import export training courses.

With enough information and assistance from knowledgeable personnel, businesses are able to take advantage of the many import export business opportunities for both purchasing and marketing as well as make use of business systems that can help the company achieve maximum advantage in the international market.