#loadspring solutions

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The Road to Risk Reduction with Primavera Risk Analysis

What should you do – accept, mitigate, reduce or eliminate them? No, we’re not talking about those extra pounds that arrive uninvited at too many of our waistlines. We’re talking about risk in projects and the best way to plan for events that may or may not happen. Primavera Risk Analysis brings users the capability to model risks and understand the budget impacts (cost and time) of different options for handling them. But what is risk and how can we realistically deal with the inevitable complexity? Some quick information on some of the fundamentals involved may help.

Risk or Uncertainty?

The two words are often used interchangeably, but their meanings are in fact different. Uncertainty refers to anything that you cannot be sure about – and whose probability of happening cannot be measured. Changes in the weather and the economy are instances that are often cited. Even if general or seasonal trends may be apparent, these areas are determined by so many different factors that it is impossible in many cases to predict what will happen. Risk on the other hand refers to events you can reasonably model and to which you can attach meaningful measures of probability.

Monte Carlo Models

As soon as a risk depends on more than just a handful of factors, it becomes too complex (in many cases) to try to work out what will happen by pure mathematics alone. So instead of trying, risk modeling turns to Monte Carlo techniques (named after the casino in Monte Carlo), in which randomly generated inputs are fed into a model to yield a series of results. This has two big advantages. The first is that computer processors can use this technique to rapidly produce realistic predictions of the likelihood of a risk materializing. Secondly, these results often lend themselves well to being plotted on a graph for intuitive and immediate understanding by project managers and stakeholders. Primavera Risk Analysis offers a range of visual interpretations for this.

Risk Registers Integrated with Project Schedules

Understanding the nature of risks and having a practical way of assessing their chance of happening is good. So is making a risk register or a record of all relevant risks to see how collectively they might affect a project. Oracle Primavera Risk Analysis offers risk register functionality as well so that you can define new risks or use registers you’ve already defined. It integrates the risk register with information about response or contingency plans to show you cost-effectiveness. It also generates a new ‘risk adjusted schedule’ for your project.

Why So Negative? The Positive Side of Risk

There’s more to risk than just the negative events that can delay delivery or increase costs. Risk in its most general sense includes positive risk as well, meaning opportunities as well as threats. Whether it’s a matter of leveraging the availability of additional resources to enhance project functionality or analyzing the possibility of increasing manufacturing runs to sell more products, potential upside deserves to be factored in just like possible downside. With Primavera Risk Analysis, you can see not only how best to bring your projects in before time and under budget, but how to maximize any chances of boosting return on investment as well. All of which might just also allow you some extra time at the gym for some personal upside, should you be so inclined…

LoadSpring lets you identify the risks associated with managing your project portfolio via its cloud services. Call us about our Primavera Risk Analysis knowledge to learn how you can eliminate potential problems and ensure success for your project. +1 978.685.9715

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Addressing the Six Key Questions for a Successful Project

A major reason behind the failure of most projects in any business environment is often the lack of understanding by the project team members of the actual business drivers for creating a new product or service and what results project leaders are expecting from the delivery of the solution. Even the most simple of IT, manufacturing, and construction projects are best served when providing to their teams, a clear scope and critical success criteria for completion, prior to developing or constructing their solution. For example, the purpose to build a new bridge is obvious, but does your team understand what a successfully completed bridge project looks like? How will you measure that? Is it simply to have a standing edifice in the end or are their additional specifically targeted goals such as timelines, budgets, new technologies, political influences or cultural considerations? Different companies will have different ways of managing their projects which is what separates them from their competition, but at the core, there are basic questions that companies need to ask themselves to ensure that completion of the project and delivering the expected solution is one-hundred-percent successful.

1.      Understand Your Stakeholders?

Most projects at work operate in a very client-supplier manner, where we, being the supplier of necessary services, get paid by the client to successfully undertake a project whose success helps the client in some specific way. So clearly, in such cases, the primary stake holder of the project is the client, and even though he might not have the technical expertise necessary to fully comprehend such a task, it still needs their approval at all major stages. Depending on the skill and role of the chief stakeholder, a project can be simply monitored by that individual or it could be managed closely. Either way, identifying the difference, understanding what data the stakeholder monitors and values is important as it can determine the success or failure of the project.

  2.      Necessity of the Project?

 There could be a number of reasons why a project is being planned and executed. It can range from being a necessity to stay competitive in the marketplace to being an add-on task due to current availability of resources. Not all ideas are worthy of being acted upon and each one should be looked at both independently and in comparison to a portfolio of other potential project investments.  Questions that might be asked include: Does the project fit in your current suite of products or services? Is the organization prepared to diversify and take on additional risk to compete in a new sector of the marketplace? Do we have the skills in place to deliver a solution or will the cost to develop or hire that talent too high for the estimated return? There are any number of questions that could and should be asked when taking on even the smallest of projects as it will divert resources towards a new goal – any of which an organization should be prepared to manage and sustain into the future.

3.      Project Scope?

Scope of a project basically implies the list of goals, costs, tasks and deliverables and deadlines associated with a project. When all these goals are met, then it can be said that "Yes, the project is a success". There are mainly two types of scope - high level scope, which is part of the project charter, and low level scope, which is defined in the document listing the business requirements. For primary completion of any given project, it is however the deliverables that needs to be fulfilled for successful completion, just in case the rest of the variables are tied up due to time, resources or paperwork.

4.     Change in Scope?

Change is inevitable. Just like everything else in business, a project too will undergo some changes in its life. Successful organizations manage change whereas unsuccessful organizations can be brought down by the inability to address even a small change in scope. One of the key components of successful project management is an organization’s ability to formally identify, react to and manage change using a formal change management process. There is no doubt that application of a change process will have eventual impact on the product or service regardless of the industry. Change management does not necessarily have to be complex to be useful but it needs to be adaptable enough to address the impact to quality, cost and schedule for all involved. Coming to an agreement at the inception of a project as to how changes to scope will be managed will no doubt be a major criteria for project success.

 5.      Organization and Communication?

Depending on the size of a company, the communication between the different members, supervisors and stake holders can vary. It could be a flat structure where all members answer to one project leader or it could be a matrix setup that provides for two or more functional and divisional lines of project responsibility. A third option might include a structure where the bulk of the work is performed

by subcontractors. Each of these structures has its own pros and cons. Depending on the nature of the project it is wise to adjust accordingly. Holding regular status meeting and using processes and applications that make needed information available to the appropriate participants is key in delivering a successful project that meets the needs of all involved.

6.      What about Risks?

Any project has to contend with having some level of risk. Attempting to identifying risk before commencing the actual project as much as possible is very important. Equally important is having a process for identifying and managing in flight project risks. Risks can stem from anywhere: including poorly defined product or design requirements, inaccurate cost or schedule estimation, lack of technical experience, or market conditions, etc. By using a risk management process with key components of identification, assessing, mitigating, monitoring, and informing about risk, you improve your opportunity to reduce risk impact and improve the quality and performance of the project.

Once all these questions are addressed, you and your team are ready to handle any project that has been assigned to you.

Just remember, once you are ready to begin, you are not alone. If your IT department does not have limitless time and resources, a project management solution like SpringBoard 7.0’s cloud portal can be quite powerful. It will free you from the heavy lifting of Cloud-based PM software, data management, reporting, training and more.  In the end, the goal is to boost productivity and get a higher return on your investment of time and resources.

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Reengineered SpringBoard™ 7.0 Provides More Power for More Users

Wilmington, MA – LoadSpring Solutions, a pioneer in Project Management (PM) software cloud services, has released a completely reengineered version of SpringBoard™, the company’s iconic Cloud access portal. Its launch and preview will occur at the 2013 Oracle OpenWorld conference.

SpringBoard is known globally as the foremost gateway to securely hosted Project Management applications, data, training and support. It is used by thousands of enterprise-level organizations to access three options of custom Cloud environments: SpringBoard Cloud, SpringBoard for Private Cloud and SpringBoard for Global Cloud.

With the advent of Version7.0, SpringBoard now offers LoadSpring’s most powerful and flexible Cloud interface to date. It has been re-designed from the ground up, offering higher levels of Project Management control and flexibility.

This newest version is extremely intuitive to use, not only by power users, but key players within the Project Management team—executives, managers, administrators, field contractors and collaborators.

According to Eric Leighton, LoadSpring’s founder and CEO, “It’s all about continual improvements.” adding that, “Our aim is to support the needs of every key user and enterprise, every time”

Enhanced Capabilities

SpringBoard allows users to tap the power of the Cloud, with such enhancements as:

A greatly improved user experience: SpringBoard’s redesigned, more intuitive user interface adds practicality and simpler navigation.

GlobalView Reporting. Uses realtime geosite mapping to let administrators see which team members are logged in, anywhere on Earth. A simple click on our GlobalView map creates an instant report of who's doing what aiding in license management issues.

PM Social: This team-centric advancement links project members through a private, assignment-based messaging system.

Fully Integrated Solution

SpringBoard 7.0 is fully compatible with both new and established PM innovations, such as:

SpringBoard Connect, which gives users the freedom to access data from multiple applications—directly through the SpringBoard interface

SharePoint Connector, which allows the viewing and updating of information bi-directionally in Primavera P6 and Primavera Contract Management.

Mobile device versatility. LoadSpringMobile allows field personnel to interact with project data, using a wide range of mobile devices.

About LoadSpring Solutions

Founded in 1999, LoadSpring® is a Project Management Solutions company that is dedicated to PM software and the people who use it. The firm’s intuitive, user-friendly SpringBoard control panel, combined with their Professional Services Group, makes life simpler and easier for Project Managers and IT teams. These professionals see LoadSpring as specialized problem-solvers, helping them make smarter, timelier business decisions. LoadSpring supports Fortune 100 companies in industries such as: Architecture/Engineering/Construction (AEC); Manufacturing/Heavy Equipment; Real Estate Services; Financial Services; Gas; Energy/Utilities; City, State and Federal Government; Entertainment; Healthcare and others.

For more information, contact Stacey Witt at [email protected] or visit www.loadspring.com.

LoadSpring Solutions, Inc. 187 Ballardvale Street, Suite B-210, Wilmington, MA 01887 Copyright© LoadSpring Solutions Inc., 2013. All Rights Reserved.

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The New SpringBoard 7.0 Portal and LoadSpringMobile

If you’ve ever been faced by a need to have a mix of executives, project managers, schedulers, engineers, contractors and consultants use a project management suite of applications, you’ll know how important access management is. That access needs to correspond exactly, no more and no less, to what each person needs. Executives in construction projects may not want to see more technical detail; contractors in manufacturing teams should not be authorized to see financial information. 

In the Forefront of Cloud Access Control for Project Management 

It’s the role of the SpringBoard Portal from LoadSpring on one hand to make the power of cloud-based project management available to users; and on the other hand, to ensure that access remains secure and strictly controlled. A variety of user profiles in a team means access to a variety of project management applications and their reports, including project scheduling, cost accounting and engineering documents. When a user connects through the cloud for authentication, SpringBoard validates and opens access to the information and applications they need. 

Enhancing Performance, Usability and Project Team Interaction 

SpringBoard 7.0 and LoadSpringMobile take this “what you need” approach still further. It re-engineers the functionality already present in version 6.0, such as the single sign-on, the performance indicators, and the self-registration to add features that now enhance speed of access, usability and team interaction giving them: 

A new, redesigned user interface for streamlined access. All the reporting, access and support that users appreciated before is still there; now it’s even easier to tap into and use.

Location awareness for improved performance. SpringBoard Global Cloud will automatically route users to the LoadSpring global data center that is closest to them. They will get an extra guarantee of speed and efficiency while transporting data around the world to ensure no conflicts.

PM Social to increase team cohesion. SpringBoard 7.0 has an integrated assignment-based messaging network. It’s the project management counterpart to social media, helping to improve the quality and timeliness of communications between team members. 

Mobile, Multiple Application Data… SpringBoard 7.0 Does it All 

The solid, practical functionality that carries through into this release and the new features to enhance cloud-based project management all work with two further smart solutions from LoadSpring:

LoadSpringMobile. This gives your teams easy and efficient access to SpringBoard 7.0 and their project management applications from mobile devices such as smartphones and tablets.

SpringBoard Connect. Use this functionality with SpringBoard 7.0 to manage data from multiple applications in one place, including information on project status, schedules, costs and more.

Seeing is believing – so come and see SpringBoard 7.0 at the 2013 Collaborate tradeshow.