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What is Agile Project Management and Its Phases?

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What is Agile Project Management?

Agile project management is an adaptive method of product development. It takes into account the iterative and incremental approaches of developing and delivering products to the customer. The focus of agile project management is on value creation and customer centricity. The other important aspects of agile project management are: its responsive nature to the changing requirements, its progressive outlook toward software planning, and leadership shift from command & control to servant leadership.

The scope of some of the projects is well-defined and certain. The traditional or waterfall model of managing the projects is used in such scenarios. The scope of some of the projects is uncertain, ambiguous, volatile and complex. The very nature of agile project management makes it complimentary to execute such uncertain projects. Project Management is a vast subject and involves many new concepts, processes, and tools. This PMP Certification Training Program involves comprehensive class activities based on real-life scenarios to help you understand the concepts well so that you can answer the PMP exam questions well as well as use these in your job.

5 Phases In Agile project management

Envision

This phase can be considered equivalent to the initiating process group in traditional project management. It helps create vision for the project. The vision focuses on the customers and the stakeholders involved in the project. It covers the why, what, how, and who of the project. It defines the product vision, scope, constraints, delivery methodology, and the stakeholders. 

Speculate

This phase can be considered equivalent to the planning process group in traditional project management. This phase expands the envision phase and encourages brainstorming, critical thinking, creative thinking, and collaboration to plan the execution of the project. It translates the product vision into product roadmap, to release level planning and iteration level planning. It determines the workload, product features, estimation, risks, and delivery. 

Explore

This phase can be considered equivalent to the executing process group in traditional project management. It focuses on following the release/iteration plan (as prepared in the previous phase 2 called Speculate) and delivering project features; more specifically delivering potentially shippable products. 

Adapt

This phase can be considered equivalent to the monitoring & controlling process group in traditional project management. This phase focuses on inspection, supervising, modifications, changes, and corrections in the project lifecycle.  The phases Speculate, Explore and Adapt are regularly revisited in order to improve the product delivery and project execution in each and every iteration. This means reviewing actual results versus planned results. This phase covers the improvements needed which are integrated into the next iteration. 

Close

This phase can be considered equivalent to the Closure Process Group in traditional project management. Per the definition of a project given in PMBOK, it has a definite start and a definite end. The expectations of the customers are set at the onset of the project about the endpoint of the project. Not doing so would result in the perception issues among the customers which would result in unnecessary fall-outs. Doing it right, would help celebrate the success of the project. However, before the team ends the project, ensure to analyze all the key findings, knowledge gathered, and lessons learned and pass these along to the next team so that they can benefit.

Agile Mindset & Manifesto:

The agile project management methodologies like Extreme Programming, SCRUM, DSDM, Adaptive Software Development, Crystal, Feature-Driven Development, Pragmatic Programming, were already existing before the agile movement was formalized in 2001 with the publication of the agile manifesto for agile software development.

The original seventeen authors signed a manifesto which contained 4 values and 12 principles. The manifesto stated that:

We are uncovering better ways of developing software by doing it and helping others do it. Through this work we have come to value:

Four Values

  1. Individuals and interactions over processes and tools
  2. Working software over comprehensive documentation
  3. Customer collaboration over contract negotiation
  4. Responding to change over following a plan

Twelve Principles

  1. The highest priority is to satisfy the customer through early and continuous delivery
  2. Welcome changing requirements, even late in development
  3. Deliver working software frequently, from a couple of weeks to a couple of months
  4. Stakeholders and developers must collaborate on a daily basis
  5. Build projects around motivated individuals. Give them the environment and support they need, and trust them to get the job done.
  6. Face-to-face meetings are deemed the most efficient and effective format for project success
  7. A final working product is the ultimate measure of progress
  8. Agile processes promote sustainable development. The sponsors, developers, and users should be able to maintain a constant pace indefinitely.
  9. Continuous attention to technical excellence and good design enhances agility
  10. Simplicity, maximizing the work not done, is an essential element
  11. The best architectures, requirements, and designs emerge from self-organizing teams
  12. At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behaviour accordingly

As per agile practice guide of PMI, agile is a mindset defined by values, guided by principles, and manifested through many different practices.

Characteristics of Agile Life Cycle for product development

The creation of agile manifesto started to simply product development in software industry. However, the characteristics of agile methodologies have made its impact on almost all the industries. The agile way of managing projects is not restricted to software industry only. It is critical to understand that the following characteristics are intrinsic to all kinds of projects, whether they follow predictive or agile (adaptive) life cycles. The focus here is on the attributes specific to the project characteristics managed in agile manner. These characteristics and their attributes are mentioned below.

  • Requirements: The projects which are managed in an agile manner have an intrinsic characteristic of dynamism. The requirements and eventually the scope change occur often and to incorporate such kind of changes, agile and adaptive methodologies are adopted.
  • Activities: One of the other most important characteristics of agile project management that the activities are repeated until near perfect solution is achieved. This can be referred to as iterative approach of creating product.
  • Delivery: The delivery of products/features in agile methodology is done frequently with incremental deliveries. This delivery is potentially shippable product. This is related to incremental way of delivering product.
  • Goal: The goal of agile project management is to deliver value to the customers via frequent delivery by incorporating early feedback.

In general, agile life cycle uses the project characteristics of both iterative and incremental life cycles, i.e., the project team iterate to create the product incrementally. This ensures that the team gets the visibility of the project and gain early feedback from the customer. 

Agile Roles

There are three major roles defined in the agile way of managing projects.

  1. Cross Functional Team members: The cross functional teams are also called as the development teams and are the most critical. Agile teams comprise dedicated team members. Cross functional teams consist of team members with all the skills necessary to produce a working product. The cross functional development teams consist of professionals who deliver potentially releasable product in time-boxed frame. They deliver finished work in the shortest possible time, with higher quality, without external dependencies. The teams are mostly collocated or the team members have the ability to manage any challenges based on location. The teams consist of generalists and specialists and usually work in a stable environment. Agile teams are self-organizing and they themselves decide how to best accomplish their work for each sprint. 
  1. Scrum Master: This role can also be associated with the role of servant leader. This can also be called a project manager, team lead, team coach, team facilitator, or process facilitator. The basic and foremost responsibility of this role is to remove impediments, blockers and barriers during the project execution. This ensures that the sprint stays on track by monitoring progress and facilitating meetings. The servant leaders become teams’ advocate and help them communicate with the stakeholders. All agile teams need servant leadership on the team. People need time to build their servant leadership skills of facilitation, coaching, and impediment removal. 
  1. Product owner: The product owner represents the voice of customers or users. She helps define the product roadmap, backlog, release plans and goals of each iteration. She ranks the work based on the business value of the features and product. She acts like a lighthouse for guiding the direction of the product. She works with the teams daily by providing feedback and direction of future releases. Sometimes, she requests help from people with deep domain expertise, such as architects, or deep customer expertise, such as product managers. Product owners need to be trained on how to organize and manage the flow of work through the team.

Common Agile Ceremonies

The ceremonies in agile project management methodologies are events. Some of these events are planning-based and some of them are feedback-based events. The ceremonies are:

  1. Backlog Preparation: An ordered list of work in agile methodology is called as the backlog. This backlog is presented in story form so that the teams can understand it. The backlog preparation takes the form of progressive elaboration and in this agile way of managing project, there is no need to create all of the stories for the entire project before the work starts—only enough to understand the first release. Product owners might produce a product roadmap to show the anticipated sequence of deliverables over time. The product owner replans the roadmap based on what the team produces. The backlog preparation is one of the layers of the Agile Planning Onion; it is the third layer in the onion. In this, the strategy forms the topmost layer, followed by portfolio, product, release, iteration and daily.
  1. Backlog Refinement: The product owner works with the team to prepare some stories for upcoming iteration in the middle of the iteration. The reason for such meetings is to refine enough stories so the team understands these stories and compare them with other stories in the backlog. These meetings help the team understand the potential challenges or problems in the story. The teams can use spike to understand the risk.  There is no consensus on how long the refinement should be.
  1. Daily Stand-ups: The ultimate goal of daily stand-up meetings is to ensure that all the members of the team are on the same understanding of the project and its progress. The members use this meeting to commit to each other, share problems, and ensure a smooth workflow. This meeting is timeboxed for no longer than 15 minutes. During this meeting, everyone answers the following questions:
  • What did I complete since the last stand-up?
  • What am I planning to complete between now and the next stand-up?
  • What are my impediments (or risks or problems)?

It is the responsibility of the process owner to not let the daily stand-up meetings become status meetings. Besides this, let this meeting not become a problem solving event.

  1. Demonstrations/Reviews: This ceremony helps periodically demonstrate the working product to the customer. This event helps the team gain early feedback on the features (in the form of user stories) of the product. Since the product owner represents the voice of customers or uses, it is her responsibility to check the demonstration and either accept or reject the user stories. As a general guideline, demonstrations happen at least once every 2 weeks. Demonstrations help the teams to set in the right direction if they are progressing in the wrong direction. This becomes a basic component of agile projects (incremental delivery based on iteration/flow). The ceremony of demonstration/review refers to the principle # 7 of Agile Manifesto.
  1. Retrospectives: Principle # 12 of Agile Manifesto is: “At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behaviour accordingly.” Post demonstration/review ceremony, the iteration asks for a meeting which would help team understand the improvement areas, correction areas, and the behaviours, actions and work to keep for the next iterations. In general, the team looks back to learn, contemplate, improve and adapt to the best practices. Teams need to learn about the product and/or process. The meeting is all about looking at the qualitative (people’s feelings) data and quantitative (measurements) data to uncover the root causes, developing contingencies, mitigation strategies, and action plans.

Conclusion

The management of projects in agile manner reflects non-traditional ways of executing projects. It embodies the 4 values and 12 principles as laid down in the agile manifesto. The 5 ceremonies compliment the effective and efficient ways of delivering values to the stakeholders which in turn takes the holistic approach of 5 phases of agile project management.

About The Author

Techcanvass is an Information Technology certifications training Organization for professionals. It offers internationally recognized certifications in the fields of Project Management and Business Analysis. It is a premier Authorized training partner (ATP) of Project Management Institute (PMI), USA and a premier Endorsed Education Provider (EEP) of International Institute of Business Analysis (IIBA), Canada. Founded by IT professionals, Techcanvass is committed to making learning a more structured, practical and goal-oriented exercise. We also provide consulting services in the fields of Project management and Business Analysis.

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5 Key Benefits Of Hiring A Forensic Accountant

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Facing financial confusion can be stressful. When seeking clarity, consider hiring a forensic accountant. They scrutinize financial records, revealing hidden facts. This guide explains five key benefits of hiring a forensic accountant. First, forensic accountants help uncover fraud. They examine records to identify discrepancies. Second, they assist in legal issues. Their expertise supports court cases effectively. Third, forensic accountants ensure accurate financial reporting. Mistakes get corrected swiftly. Fourth, they enhance financial transparency. You gain clarity and confidence in your finances. Lastly, they support businesses in mergers and acquisitions. Forensic accountants evaluate potential risks and safeguard interests. When considering accounting services in Spring Valley, a forensic accountant can offer these invaluable benefits. Understanding your financial situation brings peace of mind. By utilizing their skills, you protect yourself and your business. A forensic accountant not only solves immediate problems but also helps prevent future issues, ensuring long-term stability.

Uncovering Fraud

Fraud can occur in any organization, often unnoticed until significant damage is done. Forensic accountants specialize in detecting fraud by examining every transaction with a keen eye. They identify inconsistencies and unusual patterns that might indicate fraudulent activities. This vigilant approach can save organizations from substantial financial loss and reputational damage. A forensic accountant’s analysis provides evidence that can support legal action against fraudulent parties. According to the FBI, white-collar crimes, including fraud, are a major concern, making the role of forensic accountants even more critical.

Supporting Legal Proceedings

Legal cases involving financial disputes require thorough evidence and expert testimonies. Forensic accountants play a crucial role here. They analyze complex financial data and present their findings clearly and concisely in court. Their expertise can significantly influence the outcome of legal proceedings. Whether it’s a divorce case involving asset division or a corporate lawsuit, forensic accountants provide the necessary support. Their ability to explain financial intricacies simply makes them valuable witnesses in legal contexts. The Department of Justice often relies on forensic accountants to assist in prosecuting financial crimes.

Ensuring Accurate Financial Reporting

Accurate financial reporting is essential for any business. Mistakes in financial statements can lead to incorrect assessments and decisions. Forensic accountants review and verify financial records, ensuring everything adds up correctly. They identify errors and discrepancies, providing solutions to correct them. This accuracy helps businesses maintain integrity and trustworthiness. By ensuring reliable reporting, forensic accountants prevent potential financial missteps that could harm a company’s future.

Enhancing Financial Transparency

In today’s business world, transparency is key. Stakeholders demand clear and honest accounts of a company’s financial health. Forensic accountants help achieve this by making sure all financial dealings are transparent and easy to understand. They shed light on the company’s financial activities, helping management and stakeholders see the true picture. This clarity builds trust not only with investors but also with employees and customers.

Assisting in Mergers and Acquisitions

Business mergers and acquisitions involve complex financial evaluations. Forensic accountants are crucial during these transitions. They perform due diligence, assessing the financial health and risks associated with potential deals. By identifying hidden liabilities, they protect companies from making costly mistakes. Forensic accountants provide insights that help negotiate better terms, ensuring a smooth and successful transition.

Comparison Table: Forensic Accountant Benefits

Benefit Description
Fraud Detection Identifies and prevents fraudulent activities.
Legal Support Provides expertise in financial legal cases.
Accurate Reporting Ensures correctness in financial statements.
Transparency Improves clarity in financial operations.
Mergers & Acquisitions Assists in evaluating and securing business deals.

Engaging a forensic accountant brings stability and protection to your financial dealings. Their skills go beyond traditional accounting, offering security and clarity. Embrace the expertise of forensic accountants to safeguard your finances against uncertainties and fraud. Their role is pivotal in resolving financial challenges and ensuring accurate and honest financial practices. By choosing a forensic accountant, you take a proactive step in protecting your financial interests.

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How Accounting Services Help Businesses Stay Compliant Year Round

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Keeping your business compliant is crucial. Laws and regulations shift constantly, placing pressure on you to stay informed. Without proper guidance, you might face penalties or legal issues. Fortunately, accounting services can help. By keeping accurate records and filing taxes on time, you stay compliant throughout the year. Accounting professionals offer a steady hand, guiding you through complex rules. They identify risks and find solutions, ensuring nothing is overlooked. Hallandale Beach business advisory firms offer expertise that goes beyond numbers. They provide peace of mind, knowing your business is protected. Whether you’re a small startup or an established company, accounting services ease the burden. You focus on growth while they handle financial details. This support helps you avoid pitfalls and make informed decisions. Remember, compliance isn’t just a once-a-year task. It’s a continuous process that safeguards your business every day. Don’t wait until problems arise. Act now and secure your future.

Understanding Compliance

Compliance refers to following laws and regulations set by government agencies. These rules cover tax filings, employee wages, and environmental standards. When you comply, you protect your business from legal trouble. However, staying compliant requires understanding many rules. Accounting services provide clarity, helping you navigate these demands efficiently.

The Role of Accounting Services

Accounting services play a vital role in maintaining compliance. They manage your financial records, ensuring accuracy. Accurate records are essential for tax preparation and audits. Accountants also stay current with tax laws, informing you of changes that affect your business. This proactive approach prevents costly errors.

Benefits of Professional Guidance

  • Expert Advice: Accountants offer insights that help you make informed decisions.
  • Risk Reduction: Identifying potential risks early saves resources and time.
  • Time Savings: Focus on core business activities while experts manage compliance.

Table: Key Compliance Requirements

Requirement Description Frequency
Tax Filings Submitting federal, state, and local taxes Annually/Quarterly
Payroll Records Ensuring accurate wage and hour reporting Ongoing
Financial Audits Reviewing financial statements for accuracy Annually

Choosing the Right Service

When selecting accounting services, consider your business needs. Look for firms with a proven track record. Read reviews and ask for recommendations. Ensure they understand industry-specific regulations. Quality services can make a significant difference in compliance management.

Staying Informed

Staying informed about regulatory changes is essential. The IRS website provides updates on tax rules. Subscribe to newsletters from trusted organizations. Many accounting firms also offer seminars and workshops. These resources keep you ahead, reducing compliance risks.

Conclusion

Compliance is critical for business success. Accounting services offer the expertise needed to manage complex regulations. They ensure accurate records, timely tax filings, and risk identification. By choosing the right service and staying informed, you protect your business. This proactive approach prevents legal issues and supports growth. Keep compliance a year-round priority. Secure a trusted accounting partner today and focus on what matters most: your business’s success.

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How Certified Public Accounting Services Strengthen Financial Decision Making

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Certified Public Accountants (CPAs) play a key role in improving your financial decisions. Whether you’re an individual or a business, their skills help manage your finances better. By choosing the right tax preparer in Attleboro, MA, you find a partner who brings expertise to your financial challenges. CPAs do more than just prepare taxes. They provide clear insights into your financial health, helping you make informed choices. You won’t have to guess about your financial standing or upcoming obligations. With their guidance, you avoid costly mistakes and maximize your resources. CPAs understand the complexity of finances and can translate that into simple, actionable advice. They empower you to take control of your money, ensuring every financial move aligns with your goals. This support creates a foundation for strong financial decision-making, giving you peace of mind today and security for the future.

Understanding CPA Services

CPAs offer various services that enhance your financial decisions. Their role extends beyond traditional tasks. They analyze your financial records, ensure compliance with laws, and offer strategic advice. These services are crucial in helping you navigate financial complexities. CPAs specialize in tax planning, auditing, and financial reporting. Their focus on compliance ensures you align with regulations, reducing the risk of penalties. They also help you plan for the future by identifying potential financial opportunities and challenges.

Benefits of Engaging a CPA

Working with a CPA brings several benefits. You receive expert advice on financial matters. This advice helps you understand your financial situation and make informed choices. CPAs help you manage risks by identifying potential financial pitfalls. You benefit from accurate financial reporting and strategic tax planning. This accuracy reduces errors and gives you confidence in your financial data. CPAs also provide insights into cost-saving opportunities, enhancing your financial efficiency.

CPA vs. Non-CPA Tax Preparers

Aspect CPAs Non-CPA Tax Preparers
Education Extensive accounting education Basic tax preparation courses
Certification Licensed and certified No formal certification
Services Offered Comprehensive financial services Limited to tax preparation
Compliance Ensures full compliance May lack compliance expertise

Tax Planning and Compliance

CPAs excel in tax planning and compliance. They help you navigate complex tax laws, ensuring you maximize your deductions. CPAs stay updated with tax regulations by accessing resources like the Internal Revenue Service (IRS) website. This expertise helps you avoid penalties and optimize your tax returns. They assist in strategic tax planning, allowing you to make proactive financial decisions.

Financial Forecasting and Analysis

Financial forecasting and analysis are crucial for informed decision-making. CPAs use their skills to predict future financial trends. They analyze your financial data to identify patterns and forecast outcomes. This analysis helps you plan for future expenses and investments. CPAs provide clear reports that outline financial trends, giving you the information needed to make sound decisions.

Choosing the Right CPA

Choosing the right CPA involves considering several factors. Look for someone with the right expertise and experience. Verify their credentials to ensure they hold the appropriate certification. Consider their range of services and ensure they match your needs. Ask for references to understand their track record. Communication is key; ensure they can explain complex financial concepts simply. Their ability to translate financial data into actionable advice is crucial for your decision-making.

Conclusion

CPAs provide essential services that strengthen your financial decision-making. They offer strategic insights and ensure compliance with regulations. Their expertise helps you navigate financial complexities confidently. By working with a CPA, you gain a partner committed to enhancing your financial health. This partnership empowers you to make informed choices, securing your financial future. Choose a CPA who aligns with your goals and provides the guidance you need to succeed.

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