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PMP: 3 Must-Haves to be a Great Project Manager

Great project managers are rare, but hey, they are there. And they are valued because they possess the right knowledge, perform efficiently, and marshal their troops  effectively showcasing superior personal skills.

Yes, if you can garner the right amount of the three must-haves listed above, no one can stop you from being a great project manager (PM).

The must-haves are summarised below:

Must haves to be a Great PM.png

 

Word: Verbiage

Verbiage [Noun]

Sentence: Information overload is everywhere, from non-stop news to rat-a-tat email inboxes. At the receiving end of this deluge of verbiage is the human brainyour brain— metaphorically endowed with a vacuum cleaner that sucks up information; a container for short-term memory; a blender for integrating information; a memory bank for storing long-term information; a garbage disposal for getting rid of information; and a recycling machine extraordinaire. (Source: hbr.org)

Meaning: Containing a lot of unnecessary words; Excessively lengthy or technical

How To Remember?

Too many “verbs“, too many words! And we don’t like too many unnecessary words, do we now?

Remember thus!

Synonyms?

Verbosity; Prolixity; Superfluity; Redundancy.

Antonyms?

Brevity; Pithiness; Succinctness.

For more words, click here! 

Verbiage

Picture Credit: www.askingsmarterquestions.com

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Word: Abiturient

Abiturient [Noun]

Sentence: Each syllable counted. Each word had a power of which, until then, I had been oblivious. The air in the classroom was loaded with awareness. Till today mere boys, we discovered a might within ourselves that had remained hidden hitherto by our poor self-perception. All at once, every Abiturient was a well of knowledge, a source of ideas, a person of talent. (Source: The Oxymoron Factor: Franek: Stranger in My Land by Frank Stiffel)

Meaning: A student (especially in the German education system) who has just joined a university or is going to a university after having taken the secondary school final examination

Check the meaning of the word “Novaturient” by clicking here.

How To Remember?

Connect this word with “Novaturient“: The word “Nova” originates from the Latin “Novus” meaning “New“. “Novaturient” thus should remind you of someone who wants a new life!

Similarly, when we leave school to join a university, it indicates a new “turn” in our life. Thus, “Abiturient“!

Remember thus!

For more words, click here! 

ABI-GES-HP-01-0205_rkk.indd

Picture Credit: www.cp-monitor.de

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Business: BCG Growth Share Matrix Part I

In a world with unlimited resources, you would not have to worry about allocation of resources. Well, you would not have to worry about a lot of things – poverty, hunger, strife. War? We cannot say that for sure.

But as we are dealing with limited resources, we can only allot so much to the different priorities in our lives or businesses. And you would want to put money behind the ones that have earned the highest priorities by promising you the highest returns.

BCG Growth Share Matrix helps you make that decision – the decision about behind what endeavor you should allocate what percentage of your total resources. It uses two fairly intelligible dimensions to do that – Relative Market Share of the product which acts as a proxy for the amount of cash it generates for your overall business, and Market Growth Rate of the product which would tell you about the amount of cash the product requires (higher the growth rate, more is the cash required to sustain that growth). Fairly simple, right?

Also, understand this: if the relative market share of one of your products is high, you have earned a competitive advantage for yourself in that product line. Hence, relative market share acts as a proxy for competitive advantage too.

Likewise,  if the market growth rate for another of your product is very high, that means that the product line is attractive as an option to invest. Who doesn’t like growth! Thus, market growth rate acts as a proxy for industry attractiveness. 

Now Bruce Henderson of the Boston Consulting Group considered it wise to bring competitive advantage (proxy:  relative market share) and industry attractiveness (proxy: market growth rate) on the same sheet and provide us with valuable insights.

Lets look at the matrix now:

picture_bcg_matrix

Picture Credit: www.valuebasedmanagement.net

In the follow-up article, we would look in the various aspects of the matrix above – the cash flow, the earnings and the strategy you should take when dealing with cows, dogs, question marks and stars. Till then, we would be better off thinking about what other proxies can we use for both competitive advantage and industry attractiveness?

Post your suggestions in the comments section below!

Amartya Dey, India

Other Articles by the Author:

Other resources:

Word: Ameliorate

Ameliorate [Verb]

Sentence: What the trio of economists found is that the spectacular growth in incomes at the peak has so outpaced the small increase at the bottom from public programs intended to ameliorate poverty and inequality that the gap between the wealthiest and everyone else has continued to widen. [Source: www.nytimes.com]

Meaning: Make (something bad or unsatisfactory) better

How To Remember?

You “rate” something in the hope that it becomes better, right? Or else, why go through the trouble of rating!

Alternatively, you can also remember it as the opposite of “deteriorate” which means to worsen things.

Synonyms?

Improve; Amend; Better; Enhance; Enrich; Help; Meliorate; Refine; Upgrade.

For more words, click here!

ameliorate

Ameliorate your learning skills, buddy! 

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Word: Farrago

Farrago [Noun]

Sentence: Johnson knows what to dislike and is unflagging. Ivan Illich writes “a farrago of sub-Marxist cliches, false analogies, non sequiturs, false or bent facts and weird prophesies.” [Source: www.nytimes.com]

Meaning: A confused mixture

How To Remember?

Read “Farrago” as “Far” + “Ago”. An incident occurred so far ago that you do not quite remember it well. You are confused as to what exactly happened.

Remember thus!

Synonyms?

Clutter; Hodgepodge; Medley; Melange; Mishmash; Motley; Montage; Smorgasbord.

For more words, click here!

Farrago.jpg

Picture Credit: www.buzzfeed.com

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On Power

Power is access.

The ones with the most power have the most access. Use a simple thumb rule: count the number of rooms you have access to in your organization. If you have more access than some other counterpart of yours, then you are more powerful in the organization structure. Likewise, in the social structure, the driver of an MP might be more powerful than most of us. He has access to more people, more homes, more offices.

schedulingsystempoweruser

Access needs to be legitimate.

Of course, you can just barge in. But is that access legitimate? Can you replicate it across time and geography? If not, then such one-time access does not count for much.

Access to information counts the most.

KnowledgeIsPower_dilbert

The “rooms” were used as a metaphor. One may even say that power is access to information. If you can have all the information sitting from your room, you would be the most powerful person on planet earth.

Power is the source of all corruption.

Current flows whenever there is a potential difference. The same can be said about corruption. Wherever there is difference in power levels, there would be corruption ( in either tacit or explicit way). To eliminate corruption, you need to demolish the power structures. To demolish power structures, you need to make access of public to information free and easy. Hence, technology.

We need better technocrats to make the lives of our people better.

Technocrats who understand the social structure, technology and the need for equal development are better poised to drive change than even bureaucrats. It is because without technology, you cannot possibly hope to make information free and accessible to all.

Amartya Dey, India

Other Articles by the Author:

Picture Credit:

Word: Eponymous

Eponymous [Adjective]

Sentence: The Burmans of Dabur and industrialist GM Rao’s eponymous business empire have painstakingly drafted their own constitutions which other family-run businesses such as the Chennai-based Apollo Hospitals are drawing inspiration from. [Source: www.forbesindia.com]

Meaning: Named after a particular person or group

How To Remember?

“Eponymous” gives a name to the “Anonymous”! Remember thus!

For more words, click here!

eponymous.png

[Check a list of eponymous companies by clicking here.]

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Word: Impecunious

Impecunious [Adjective]

Sentence: The foragers and farmers and fishermen of the old Chez Panisse fantasy still figure, but now as an unseen impecunious peasant horde combing beaches and redwoods for the chanterelles and Santa Barbara spot prawns that genius chefs transform into visionary distillations of a mythical Northern California experience that no successful entrepreneur would waste time living. [Source: www.nytimes.com]

Meaning: Having little or no money

How To Remember?

The “-pecun-” part of “Impecunious” should remind you of the word “Pecuniary“. (Click here to check the meaning of the word.)

Pecuniary” is related to money. “Impecunious” should remind you of someone who does not have any!

Synonyms?

Penniless; Penurious; Poor; Indigent.

Antonym?

Wealthy.

For more words, click here!

Impecunious.gif

Gif Credit: www.teen.com

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Bosses Type.001: The Kangaroo

The Kangaroo hops around. It looks marvelous as it hops around. Remarkable. Always with a trick hidden in its pouch, you never know what its going to surprise you with next.

kangaroo-hopping.jpg

The Kangaroo is good at networking because it does not stay hidden in its closet, you see. Well hopping around has its benefits and controlled well, it can take you places.

The Kangaroo is mostly a generalist, lacks expertise. Not that it stops the Kangaroo from sharing its expertise through expert comments. This is not the only way through which the Kangaroo may irritate you or impede you from working productively. The worst part is its lack of focus.

It would keep on shifting goals for you, hopping around. It can be a pain to work under the Kangaroo. That said, like every other boss, it can be managed too. Yaay!

How?

Now that is a big question. How! By staying calm. By being organized. By focusing and cutting all the noise. And considering that it might just be an opportunity to learn all the work because you would have to do all the work. Do not take it negatively.

Remember!

If you have managed the Kangaroo even once in your life, you can manage any client, any number of clients. No problem.

Amartya Dey, India

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