Project – GleeYM https://www.gleeym.com GleeYM offers complete risk management , PMO, Mind Mapping, Training and Digital Transformation Servces! Wed, 30 Aug 2023 01:42:18 +0000 en-CA hourly 1 https://wordpress.org/?v=6.9.4 https://www.gleeym.com/wp-content/uploads/2022/01/cropped-gleelogo-1-1-32x32.png Project – GleeYM https://www.gleeym.com 32 32 166212591 Revolutionizing Education: How EdTech Startups Are Changing the Game https://www.gleeym.com/2023/08/20/edtech-startups/ https://www.gleeym.com/2023/08/20/edtech-startups/#respond Sun, 20 Aug 2023 06:29:29 +0000 https://www.gleeym.com/?p=6271

Revolutionizing Education: How EdTech Startups Are Changing the Game?

Summary

The realm of EdTech startups is experiencing a robust surge, driven by the transformative potential of technology to revolutionize the educational landscape. Within this dynamic sphere, there exists a range of compelling investment opportunities that merit attention and scrutiny. These include pioneering innovative teaching methodologies that leverage technology to reimagine traditional educational paradigms, harnessing interactive content creation to enhance learner engagement and comprehension, and offering skill training programs that align with the swiftly evolving demands of industries and job markets.

Moreover, the rise of remote and online learning platforms, propelled by the pandemic’s impact, underscores the need for investments in comprehensive digital educational environments. Cross-cultural education solutions that foster effective communication and understanding in an increasingly globalized world, as well as STEM-focused learning initiatives, which are instrumental in preparing students for the technologically driven future, are additional promising avenues.

Assessment tools that provide insightful analytics for educators and learners, accessibility initiatives catering to diverse learner needs, and social learning platforms that enable collaborative engagement further enrich the investment landscape. Additionally, startups catering to the concept of lifelong learning, where continuous upskilling and reskilling are pivotal, resonate profoundly with the evolving professional landscape.

To evaluate these startups effectively, investors should scrutinize their technological robustness, gauging the scalability of their offerings and their alignment with current market needs. Team expertise, especially in both educational and technological realms, is crucial for executing innovative ideas. Furthermore, startups’ adaptability to swiftly changing educational trends and their ability to stay attuned to the shifts in the industry are paramount considerations for long-term viability.

In this fast-evolving sector, maintaining a keen awareness of industry dynamics is indispensable. Investors who stay informed about emerging educational technologies, evolving learning needs, and shifting market demands position themselves to make well-informed investment decisions that could shape the future of education.

Introduction

EdTech startups have been gaining significant traction and attention in the education industry. The integration of technology into education has the potential to revolutionize how people learn and acquire knowledge. Here are a few aspects to consider when evaluating EdTech startups and the kinds that might be worth betting on:

Innovative Pedagogy

EdTech startups that focus on innovative teaching methods, personalized learning, and adaptive content delivery have the potential to reshape traditional education models. Startups that emphasize individualized learning paths and cater to various learning styles can make a strong impact.

The ascendancy of such startups underscores a departure from conventional pedagogical approaches, ushering in an era where educational content and methods dynamically adapt to individual learner requirements. Amplifying this, Khan Academy (Khan Academy | Free Online Courses, Lessons & Practice) customizes learning paths for students, offering personalized recommendations that address gaps in comprehension and facilitate mastery. Moreover, EdTech endeavors such as Smart Sparrow, known for its adaptive eLearning platforms, demonstrate the capacity to tailor content delivery in real-time, amplifying the efficacy of the learning journey.

As these startups channel technology’s prowess to recalibrate instructional practices, they recalibrate the fundamental tenets of education. Through platforms like Coursera (https://www.coursera.org/), learners access a plethora of courses from top institutions worldwide, defying geographical constraints. Additionally, startups like MasterClass, enlisting luminary experts to impart specialized skills, exemplify how innovative teaching can transcend traditional educational boundaries. Collectively, these initiatives attest to the seismic potential of EdTech startups to engineer a formidable impact on the educational landscape.

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Engaging Content Creation

Startups that create interactive and engaging educational content, such as videos, simulations, virtual reality experiences, and gamified learning, can capture learners’ attention and enhance comprehension and retention.

The emergence of startups dedicated to crafting interactive and captivating educational content marks a transformative shift in the realm of learning. By harnessing the power of multimedia tools such as videos, simulations, virtual reality experiences, and gamified learning methodologies, these enterprises hold the potential to captivate learners and elevate their understanding and retention of complex subjects. An illustrative example is Codecademy (https://www.codecademy.com/), which employs interactive coding exercises and simulations to immerse learners in hands-on programming scenarios, fostering a deeper grasp of coding concepts through experiential learning.

The amalgamation of various engaging elements resonates with learners across different styles, fostering a holistic and inclusive learning environment. For instance, platforms like Coursera offer video lectures enriched with visual aids and animations, translating intricate concepts into digestible narratives, thus facilitating comprehension. Moreover, the adoption of gamified learning, as demonstrated by platforms like Duolingo (https://englishtest.duolingo.com/), taps into the psychology of achievement, incentivizing progress through a sense of accomplishment, thereby extending the duration of active learning engagement.

Skills Training and Professional Development

With the rapid evolution of industries and job markets, EdTech startups that offer specialized skill training and professional development courses could be in high demand. Look for those who partner with industry experts and companies to offer relevant and up-to-date content.

Against the backdrop of industries and job markets evolving at an accelerated pace, the demand for EdTech startups specializing in tailored skill training and professional development has surged significantly. Such startups, equipped with the agility to cater to emerging needs, are poised to bridge the gap between traditional education and the skills required by the contemporary workforce. An apt illustration of this trend is Udacity (https://www.udacity.com/), which collaborates with industry leaders to design nanodegree programs that equip learners with job-ready skills in fields like data science, artificial intelligence, and autonomous systems.

Furthermore, startups that proactively engage with employers to understand skill gaps and emerging trends can develop content that is not only relevant but also future-proof. EdTech enterprises like LinkedIn Learning (https://www.linkedin.com/) approach, offering courses in areas like data analysis, digital marketing, and cloud computing that cater to the evolving demands of modern workplaces.

Remote and Online Learning Platforms

The COVID-19 pandemic accelerated the adoption of remote and online learning. EdTech startups that provide comprehensive online learning platforms, combining video lectures, interactive assignments, peer collaboration, and assessment tools, are likely to continue thriving.

The profound impact of the COVID-19 pandemic on education was exemplified by the rapid shift towards remote and online learning. In response to this paradigm shift, EdTech startups offering holistic online learning ecosystems have surged to the forefront. These startups, armed with platforms that seamlessly integrate video lectures, interactive assignments, collaborative spaces for peer engagement, and sophisticated assessment tools, have demonstrated an astute understanding of the evolving learning landscape. An embodiment of this trend is Canvas (https://canvas.instructure.com/), an online learning management system that empowers educational institutions with a versatile suite of tools to facilitate remote learning experiences.

The success of these startups is underscored by their ability to replicate the classroom experience in a virtual realm, fostering interaction and knowledge transfer despite physical separation. By incorporating features like real-time chat and discussion boards, platforms such as Google Workspace for Education facilitate active engagement and collaboration among students, mirroring the dynamics of in-person learning. Additionally, startups like Edmodo curate online communities (www.edmodo.com) where educators, students, and parents can seamlessly exchange insights, thereby nurturing a sense of continuity even during periods of disruption.

Language Learning and Cross-Cultural Education

Globalization has made cross-cultural communication and language proficiency crucial. Startups that offer effective language learning solutions and cross-cultural education programs could address a growing need.

The advent of globalization has ushered in a new era where cross-cultural communication and language proficiency have become pivotal skills. In response to this demand, EdTech startups that specialize in offering cutting-edge language learning solutions and comprehensive cross-cultural education programs are poised to fulfill an increasingly significant need. An example of this trend is Babbel (Language for Life – Babbel.com), a language learning platform that employs interactive lessons, speech recognition technology, and culturally relevant content to facilitate effective language acquisition.

These startups hold the potential to bridge linguistic and cultural divides by equipping learners with the tools to navigate the complexities of a globalized world. Duolingo, for instance, leverages gamification to create an engaging language learning experience that has reached millions worldwide, democratizing language education across diverse demographics. Moreover, platforms such as Rosetta Stone (https://www.rosettastone.com/) tailor their offerings to cater to various proficiency levels, ensuring that learners can progress from basic communication skills to more advanced linguistic mastery.

STEM Education

Science, technology, engineering, and mathematics (STEM) education remains essential for preparing students for the future job market. EdTech startups that offer hands-on, interactive STEM learning experiences can have a significant impact.

In the landscape of education, the pivotal role of Science, Technology, Engineering, and Mathematics (STEM) instruction in preparing students for the demands of the future job market cannot be understated. EdTech startups that specialize in providing immersive, hands-on STEM learning experiences are poised to play a transformative role in shaping the skillsets of tomorrow’s workforce. One standout example is Tinkercad (Tinkercad | Create 3D digital designs with online CAD), which empowers students to delve into 3D design and electronics through interactive modules, fostering a tangible understanding of complex concepts.

These startups have the potential to bridge the gap between theoretical knowledge and practical application, instilling in learners the confidence and competencies required to excel in STEM disciplines. LittleBits (littleBits: Electronic Building Kits for Kids | Sphero) offers kits that empower students to build and explore electronic circuits, translating theoretical concepts into physical manifestations. Additionally, platforms like Code.org demystify coding by offering engaging tutorials and puzzles that make programming accessible and enjoyable, thereby nurturing a new generation of tech-savvy problem solvers.

Assessment and Analytics

Startups that provide sophisticated assessment tools, data analytics, and progress tracking can help educators and learners monitor performance, identify areas for improvement, and optimize learning strategies.

In the dynamic landscape of education, the role of startups offering advanced assessment tools, data analytics, and progress-tracking mechanisms cannot be overstated. By integrating these solutions into the learning process, these startups facilitate a comprehensive understanding of performance metrics, enabling educators and learners to pinpoint strengths and areas that require enhancement. An illustrative example is Turnitin (Empower Students to Do Their Best, Original Work | Turnitin), which employs plagiarism detection software and offers detailed feedback to enhance students’ writing skills.

By harnessing the power of data-driven insights, these startups empower educators to tailor instruction based on individual needs, fostering a more personalized and effective learning experience. EdTech platforms such as Edpuzzle (Edpuzzle) allow teachers to gauge students’ comprehension by embedding questions within video lessons, thus enabling real-time assessment of learning progress. Furthermore, startups like Kahoot! capitalize on gamified assessments, transforming quizzes into engaging activities that simultaneously evaluate knowledge and reinforce learning.

Accessibility and Inclusivity

EdTech startups that focus on making education accessible to people with disabilities and those from underserved communities can contribute to a more equitable education landscape.

In the pursuit of an equitable education landscape, the emergence of EdTech startups that prioritize accessibility for individuals with disabilities and underserved communities holds profound significance. By employing innovative technologies and tailored solutions, these startups not only bridge gaps but also pave the way for inclusivity in learning. A prime illustration is Be My Eyes, an app (Be My Eyes – See the world together) connecting blind or visually impaired individuals with sighted volunteers via live video calls, enabling access to visual information.

Through their commitment to accessibility, these startups dismantle barriers that have historically hindered learning opportunities for marginalized groups. Amplifying this mission, Learning Ally offers audiobooks and assistive technology to students with print disabilities, ensuring they have equal access to educational content. Moreover, platforms like eSSENTIAL Accessibility (https://www.levelaccess.com/) implement digital solutions that make online resources and platforms navigable for people with various disabilities.

Collaboration and Social Learning

Platforms that facilitate collaboration and social interaction among learners, enabling them to work together on projects, discuss topics, and learn from each other, can enhance the overall learning experience.

The dynamic shift towards collaborative learning is exemplified by platforms that foster interaction and collective engagement among learners, engendering a richer and more immersive educational journey. These platforms, designed to facilitate seamless collaboration on projects, lively discussions, and shared knowledge acquisition, augment the educational experience by harnessing the collective wisdom of learners. An illustrative example is Slack (https://slack.com/), which empowers students and educators to create channels for discussions, exchange insights, and collectively troubleshoot challenges.

The transformative power of these platforms lies in their ability to mirror the cooperative dynamics of real-world environments, thus fostering essential skills such as communication, teamwork, and critical thinking. GitHub (GitHub: Let’s build from here · GitHub), for instance, serves as a platform for coding collaboration, enabling programmers to work collectively on projects, thereby honing skills relevant to software development. Moreover, Wikispaces provides a collaborative space for co-creating and sharing content, instilling the principles of co-authorship and knowledge sharing.

Lifelong Learning

Given the rapid pace of technological and societal changes, EdTech startups that cater to lifelong learners by offering continuous education, upskilling, and reskilling opportunities are likely to remain relevant.

The imperative for lifelong learning in the face of rapid technological and societal shifts has underscored the pivotal role of EdTech startups that champion ongoing education, upskilling, and reskilling initiatives. These startups, driven by the ethos of perpetual learning, furnish individuals with the tools to adapt and thrive in an evolving landscape. A prime illustration is LinkedIn Learning (https://www.linkedin.com/), which curates a vast repository of courses catering to professionals seeking to augment their skill sets.

As technology continues its trajectory of transformation, the demand for new skills is poised to surge. EdTech startups that specialize in providing opportunities for upskilling and reskilling, such as Pluralsight (https://www.pluralsight.com/), offer vast libraries of courses catering to a wide spectrum of disciplines, ensuring learners are well-equipped to meet emerging job demands. Furthermore, platforms like Skillshare (https://join.skillshare.com/learn/) enable individuals to become both learners and instructors, creating a reciprocal ecosystem where expertise is shared and cultivated.

Conclusion

In conclusion, the burgeoning landscape of EdTech startups presents a compelling narrative of innovation and transformation within the realm of education. As technology continues to wield its influence on learning methodologies, these startups offer a diverse array of investment avenues that encompass everything from personalized teaching techniques to advanced assessment tools. The dynamic shift towards remote learning, the imperative of cross-cultural education, the significance of STEM-focused initiatives, and the demand for lifelong learning solutions collectively emphasize the sector’s far-reaching impact.

Successful investment in EdTech startups necessitates a comprehensive assessment that encompasses not only technological robustness but also scalability, alignment with market trends, and the competence of the founding teams. The interplay between educational expertise and technological innovation is pivotal in shaping the success of these ventures.

In a world where the learning landscape constantly evolves, remaining attuned to industry shifts is pivotal for making informed investment choices. The convergence of education and technology holds the potential to reshape how knowledge is acquired and shared, and investors who engage with these startups stand poised to shape the trajectory of this transformative journey.

EdTech Startups Thrived During COVID-19

GleeYM blog on EdTech Startups

Quora Response to Question

https://www.quora.com/Whats-your-view-on-EdTech-startups-What-kinds-of-EdTech-startups-would-you-bet-on/answer/Yasir-Masood-45?prompt_topic_bio=1

]]> https://www.gleeym.com/2023/08/20/edtech-startups/feed/ 0 6271 Are Caring about the Penalty Clause in a Mega Construction Project? 3 Questions Need to be Addressed! https://www.gleeym.com/2021/02/21/penalty/ https://www.gleeym.com/2021/02/21/penalty/#respond Mon, 22 Feb 2021 00:00:10 +0000 https://www.gleeym.com/?p=2844

Construction Project - Better way to Envisage Your Project's Future. How? 4 Graphs are Enough to Illustrate!

Key Words

Construction, penalty, Delay, Contractor, Client, Owner, Construction Project, Project Delivery, Project Controls, Brown Field, Green Field, Cost Estimates, Schedule, Integrated Cost Risk Analysis, Risk Register, Execution, Planning, Remote Area, Skilled Labor, Material Handling, Bulk Material, Construction Equipment

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QUANTITATIVE RISK ANALYSIS

Summary

Delays in construction projects can lead to hefty penalties. These cost implications shouldn’t be overlooked and should be planned for in a variety of ways by both contractors and subcontractors. The importance of understanding and planning for these delays shouldn’t be underestimated, considering that contractors and subcontractors are often the ones responsible for paying the penalties. By understanding the consequences of delays, you can work to prevent those delays and avoid paying the penalties!

Read article on Project Cost and Risk analysis: 

https://www.gleeym.com/2021/02/16/accessroad/

Case Study

Access Road Construction Project that is required to be done well before commencing process plant construction. The project schedule, schedule and cost risk analysis have already been discussed in the previous article.

As per the penalty clause in the contract, $5,000/day penalty will be imposed to the contractor in case of delay for each day after the target date. Interestingly, there is no cap on penalties.

Top Risks

The top identified risks are:

  1. Flash Flood
  2. Delay in Delivery of Material
  3. Unavailability of Skilled Labor

 

Is it important to focus on Access Road Construction for mega Complex remote project? 4 Figures Depict a Complete Story!

Important Consideration

The construction industry is a high-risk, high-reward industry. It’s important for builders, contractors, and subcontractors to have a thorough understanding of the full cost implications of delays in construction projects. Understanding the potential penalties for delays can help your business plan better and potentially reduce your overall cost.

Construction delays can be a result of many different factors, but they are rarely the fault of the contractor doing work. The best way to avoid being placed in that situation is to make sure your project is documented with proper project controls. One of the factors to consider when maintaining project controls is the role that cost plays. It’s hard to estimate cost without knowing the impact of the delay you’re facing, which is why it’s so important to analyze the cost risks before projects begin. It’s also vital to integrate the risk analysis into your schedules and plans so that you can have well-executed plans that are also cost conscious. By making sure you understand cost implications before you plan, you can be sure that you have a plan that works well for your business!

Risk assessment for a mega complex construction project-www.gleeym.com/qra
Pic. 1 - Risk Assessment for Mega Complex Projects

Delays can happen to anyone who’s involved in construction projects. Contractors, subcontractors, and builders are required to understand the cost implications of delays. Knowing the penalties associated with uncompleted projects can provide valuable insight into how much money is available to complete a project. If you’re involved in a construction project, you should be aware of the different types of penalties that may be implemented. The most notable of these penalties are completion delays, mobilization delay, and liquidated damages.

Construction risk assessment-www.gleeym.com/qra
Pic. 2 - Construction Risk Assessment Services by GleeYM

Project Scenario

Project complete target date is 26-8-2021 with the cost estimates of $9 M.

The project owner put a penalty clause that if the project delays after the contractual deadline i.e., 26-9-2021, then there will be a penalty of five thousand ($5,000) dollars per day.

This analysis provides an equal opportunity to the client and the contractors including subcontractors to revise the schedule accordingly and negotiate the timelines and the budget.

Why to develop a model and run a Monte Carlo simulation? The simple answer is to forecast your project execution while planning in present.

QUANTITATIVE RISK ANALYSIS

There are three important questions that can be addressed for a client and a subcontractor:

  1. What are the chances that the project schedule will be delayed, and cost overrun?
  2. What will be the 50th percentile for a penalty in case of project delay?
  3. What will be the probabilities of occurrence of different possible outcomes for a penalty?

Quantitative Risk Analysis

GleeyM Offer services to identify risks and perform Quantitative Schedule Risk Analysis (QSRA) and Quantitative Cost Risk Analysis (QCRA) for mega complex projects!
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Probability distribution graph by www.gleeym.com/qra
Pic. 3 - Probability Distribution for a Project Schedule

There is 50% (mean) chance that project will be delayed by 62 days. Furthermore, there is 80% chance that project will be delayed by 85 days.

Project cost overrun distribution graph by www.gleeym.com/qra
Pic. 4 - Probability Distribution Graph for a project Cost

There is 50% chance that the project cost overrun will be $4.474 M. Whereas cost overrun will be $3.194M between P50 – P80.

Penalty

Penalty S-Curve by www.gleeym.com/qra
Pic. 5 - Penalty S-Curve

It’s crystal clear that based on the current schedule and mapped uncertainties and risks; the penalty will be substantial.

As per the contract, the penalty will be $5,000 per day. Therefore, there is a 50% chance that the penalty will be $160 K in case of project delay beyond the contractual deadline of 26-9-2021.

What if a project delays further? Then from a distribution graph, there is an 80% chance that the penalty will be $325 K.

The question is what will be the monetary benefit to the contractor? How to address it while negotiating the contract and mitigate plans during the project planning? In case of delay, will there be an impact on CAPEX? Will there be an impact on OPEX?

Kindly give your comments and like our articles for more updates!

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Conclusion

Integrated risk analysis is an equally important for both Client and Contractor. Risk Based Decision Making is required to demonstrate ALARP/ALARA. By incorporating what if analysis in ITB, contracts and planning will definitely help to forecast project health and EVM.

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]]> https://www.gleeym.com/2021/02/21/penalty/feed/ 0 2844 Is it important to focus on Access Road Construction for mega Complex remote project? 4 Figures Depict a Complete Story! https://www.gleeym.com/2021/02/16/accessroad/ https://www.gleeym.com/2021/02/16/accessroad/#respond Tue, 16 Feb 2021 18:56:01 +0000 https://www.gleeym.com/?p=2646

Real Estate Development Project - Better way to Envisage Your Project's Future. How? 4 Graphs are Enough to Illustrate!

Keywords

Access road construction, Mega complex project, Construction project, Schedule delay, Cost overrun, Sensitivity analysis, Uncertainty, Risks, Weather, Flash flood, Energy, Oil & Gas, Mining, Monte Carlo simulation, What if analysis, Distribution graph, Cost risk analysis, Risk drivers, Schedule risk analysis, Integrated risk analysis

Summary

Energy and mining projects are complex and mostly being executed in remote areas. Site accessibility, weather, uneven terrain, and mobility are the factors that make it more difficult to execute remote area projects. After asset acquisition and getting all necessary permits, the construction of an access road to actual site area is a topmost priority.

Flash flood is unpredictable and can be showstopper in hilly terrain. Analyzing the impact of flash flood, using Monte Carlo simulation, helps to examine the various scenarios and plan mitigation actions to minimize the risk.

Case Study

The construction of access roads is an extremely important that needs to be done at the right time. Any delay in construction can delay the site access and mobilization of team and equipment for field development, and It also needs to be done with the best equipment and materials available, keeping in mind the specific needs of the client.

Flash Floods are unpredictable. Mostly, water follows its path, but it changes its direction depending upon the water quantity and pressure, etc.

Project Schedule

Level I project schedule is shown in fig. 1:

Level I Schedule developed by Gleeym for schedule and cost risk analysis
Fig. 1- Level 1 Schedule

Uncertainty and Risk

There can be a long list of  risks but considered only three (3) top risks.

  1. Flash Flood – Recurring flash flood from May to Sep to hamper Access Road Construction and Plant site.
  2. Delay in delivery of Bulk Material to site
  3. Unavailability of Skilled Labor

Risks were mapped to the activities along with the uncertainties.

Monte Carlo Simulation

After schedule check, mapping uncertainties and risks to schedule activities ran the Monte Carlo Simulation. The “Distribution Graph” is showing the results for a schedule in fig. 2:

Access Road S curve performed by GleeYM
Fig. 2 - Distribution Graph (S Curve) for a Schedule

With uncertainties and risks, the chances of meeting target date are almost 0%. The distribution graph shows that there will be a 50% (mean) chance that the project will be completed on 22-10-2021 i.e., 57 days.

What about the time-phased cost? The “Distribution Graph” is showing the results for a cost in fig. 3:

Time phase distribution graph for cost by Gleeym
Fig.3 - Distribution Graph (S Curve) for a Cost

With uncertainties and risks, the chances of meeting target estimated costs are almost 3%. The distribution graph shows that there will be 50% (mean) chance that extra cost will be $ 1,445,705. Furthermore, there will be an 80% chance that total project cost will be around $11.72 M.

Probability Cash Flow performed by Gleeym
Fig. 4 - Probabilistic Cash Flow (PCF)

What if to visualize the impact of Flash flood to schedule only? The “Distribution Graph” is showing the impact of Flash flood to a schedule in fig. 5.

Analyzing impact of single risk to a schedule. What if analysis
Fig. 5 - What if Analysis with Flash Flood Risk Only

With only Flash flood risk, the chances of meeting target date are almost 0%. The distribution graph shows that there will be 50% (mean) chance that schedule overrun will be 29 days. Furthermore, there will be an 80% chance that project completion date will be 29-10-2021 i.e., 34 days.

 While access roads can be constructed by any means necessary, it is much more cost-effective to use specialized contractors trained in their construction. Each contractor has specific standards that must be met before they begin any work.

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SOFTWARE

QUANTITATIVE RISK ANALYSIS

MIND MAPPING No. 1 SOLUTIONS

TRAINING THAT WORKS FOR YOU. HOW? DISCUSSES

 

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Conclusion

Access roads are crucial for any oil and gas project, not just for safety but also to allow construction equipment to enter the site, move materials, and complete the project. 

This is a story of a project that will be started out with a big dream and ended with great success. Nothing is easy; everything is challenging, but the results will be rewarding.

Question

Question: What if to build a bridge to over come the impact of a Flash Flood?

 

Answer: I will discuss it in the next article.

 

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]]> https://www.gleeym.com/2021/02/16/accessroad/feed/ 0 2646 1 big reason, why to choose Long Lead Item as a “Focused Activity”? https://www.gleeym.com/2021/01/31/llirisk/ https://www.gleeym.com/2021/01/31/llirisk/#respond Sun, 31 Jan 2021 23:55:47 +0000 https://www.gleeym.com/?p=2154

1 Big Reason, Why To Choose Long Lead Item As A “Focused Activity”?

Keywords

Construction Procurement, Procurement Strategy, Long Lead Item, Gas Process Facility Construction, Sensitivity Analysis, Monte Carlo Analysis, Procurement Risk,  Distribution Graph, Cumulative distribution graph, Quantitative Schedule Risk Analysis, Quantitative Cost Risk Analysis

Summary

In mega complex project, managing risk is a necessity to ensure that your project is not derailed by unexpected events.

The world of construction procurement is a complex one. New processes, regulation, complex supply chain and complicated standards are popping up rapidly, making it difficult for construction companies and even for clients to stay on top for smooth execution.

Procurement (including contracts) is a key focus activity, especially the long lead items. Project schedule provides only a deterministic value. What if there is a delay in delivery of Long Lead Items to a site?

The distribution graph is showing, there is only a thirty three percent chance to meet the target date. If the anticipated risks occur, then What will happen? Of course, the construction, pre-commissioning, commissioning, and operations will be delayed. It will not only hamper CAPEX, but OPEX will also be impacted.

Quantitative Schedule Risk Analysis (QSRA)

Quantitative risk analysis is a computer-based method of analyzing the probability of a risk occurring and quantifying its effect on the project. It can be used to estimate expected costs and rate schedules for various projects i.e. Quantitative Schedule Risk Analysis (QSRA) & Quantitative Cost Risk Analysis  (QCRA)

Quantitative risk analysis (QRA) is a set of techniques that helps to prioritize and manage risk within a quantitative project. QRA tools assist decision makers in identifying the most critical risks and cost drivers for their projects, enabling them to make informed decisions about the future course of action.

Quantitative risk analysis (QRA) is the process of determining how likely it is that a particular investment decision will be successful. To do this, you need to quantify the potential risk in your project and assign a probability to each risk.

Procurement of Material and Long Lead Item (LLI) - A Focused Activity

It is important to understand that the quantitative risk assessment process will allow you to determine the level of risk that your project faces. What is the probability of events occurring? How likely are things to go wrong? In order to make sound decisions about strategic direction, you must have accurate information about the risks facing your project. 

A Gas process facility is a mega complex Greenfield construction project. According to the level-I schedule; a deterministic project completion duration is 966 days. After validating schedule, validate the schedule followed by Monte Carlo Simulation (MCS). Procurement of Material and long lead item was considered as “Focused Activity.” It’s second main driver after the construction for schedule delay and cost over run.

It’s a common phrase that “Knowing Long lead Items (LLI) early will speed up the construction execution.” It’s nota reality in areal world of executing mega complex projects. There are many factors internal and external that influence timely delivery Long Lead Item (LLI) to site. Few factors are:

  • Design data
  • Purchase Requisition (PR)
  • Purchase Order (PO)
  • Shipment
  • Load and Unloading
  • Damage during shipment
  • Damage during road transportation
  • Insurance
  • Manufacturing location
  • Single source/sole source
  • Long lead Item dates are missing in schedule
  • Various versions of schedule within the project – very common in mega complex projects.
  • Date for delivery at a site
  • Shop drawing submittal
  • Date plus design data
  • Shop drawing approval data
  • Fabrication/manufacturing schedule
  • Fabrication start
  • Quality control, inspection and third party inspections
  • Manufacturing Site visit
  • FAT
  • Fabrication completion
  • Shipping Date
  • SAT
Above all the procurement process time line set by the procurement department should also be known. Normally for a mega project to issue a PO might take six (6) months.
Gleeym offers Quantitative schedule & cost risk analysis using Monte Carlo Simulation.
Fig 1 - A Cumulative Distribution Graph for a Finish Date

A Table -1 is showing percentile, cost and contingency reserved required for making risk-based decision regarding schedule. It’s the management choice to choose P50 or P80 for a cost contingency reserves. 

Table 1 for Schedule contingency reserve
Table 1- Schedule Contingency Reserve
Fig 2- A Cumulative Distribution Graph for a Cost

A Table -2 is showing percentile, cost and contingency reserved required for making risk-based decision regarding cost. It’s the management choice to choose P50 or P80 for a cost contingency reserves.

Cost Contingency Reserve
Table 2 - Cost Contingency Reserve

Conclusion

It’s the management choice to choose P50 or P80 for a contingency reserve. The Organization usually prefers P80. Determine the contingency reverse is the one (1) biggest reason!

During a project start the level of information is low and risk is high. Therefore, it is recommended to run the Monte Carlo Simulation (MCS) at the beginning of project phase or before gate approval of a previous phase. It will support management to make a decision under uncertainty. A monte Carlo simulation is a requirement for making risk-based decision. It’s not optional!

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]]> https://www.gleeym.com/2021/01/31/llirisk/feed/ 0 2154 You Will Never Thought That Knowing Strategic Planning With Mind Maps Could Be So Beneficial! https://www.gleeym.com/2020/12/28/strategicplanning/ https://www.gleeym.com/2020/12/28/strategicplanning/#respond Tue, 29 Dec 2020 01:43:23 +0000 https://www.gleeym.com/?p=2009

Keywords

Planning, Strategic Planning, Strategic Goals, Scheduling, Mind Mapping, Mind Maps, Direction, Leadership, Business, Growth, KPI

You Will Never Thought That Knowing Strategic Planning with Mind Maps Could Be So Beneficial!

Introduction

Strategic planning is an important part of business operation. It can help you to determine your objectives and plan how to achieve them. When a business owner is not clearly communicating their purpose, they can lose business to a competitor who has a better understanding of what they want to accomplish.

When it comes to developing and implementing strategic plans, it’s important to make sure you are following the right formula. It doesn’t matter what size of business you are in, there will always be a need for a strategic plan. An effective strategic plan will help your business grow and flourish.

GleeYM offers strategic Planning
Pic-1 Planning

What is strategic planning?

It is the process of identifying and aligning your goals with your company’s vision, mission, and core values. Strategic planning allows an organization to identify strengths, weaknesses and opportunities that can be leveraged to improve organizational results. It also identifies the key areas in which resources should be allocated.

No matter how much you think you know about marketing or sales, one thing’s for sure: there are more things that should be on your business’s list than those that are. which includes a step-by-step approach to developing a strategic plan for your company.

A Strategic planning is a critique of the business and its goals, using data to identify opportunities and weaknesses. The implementation of strategic plans should be a regular part of business management.

Pic-2 Strategic Planning

Mind Mapping

Mind Mapping is a great tool to use in order to implement strategic goals. But, I think many people view these mind maps as merely a tool, and not something that can be used strategically. In this article I want to show you how you can use mind mapping strategically to achieve greater success with your business or website. Mind maps are a diagrammatic method of visual thinking that is used to create concepts, ideas, or relationships. They are created using eight different symbols that represent basic elements of human thinking.

If you’re new to strategic planning and goal setting, consider utilizing a mind map as your vehicle for developing your strategic goals. Mind maps are an effective way of organizing your thoughts so they can be easily communicated to others.

GleeYM offers strategic planning with Mind Maps.
Pic-3 Strategic Planning with Mind Maps

Mind maps are used by some companies to implement strategic goals, but they may not be as effective as other planning and decision making tools. If you’re still in the process of figuring out how to use a strategic mind map, use this blog post to discover whether or not they are the right tool for your business.

Mind maps are a very useful tool in strategic planning, not only because they help to clarify the key points of your message and the objectives you want to achieve with it, but also because they provide a visual representation of your thoughts and ideas.

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]]> https://www.gleeym.com/2020/12/28/strategicplanning/feed/ 0 2009 Digital Product Development and Decision Making Under Uncertainty https://www.gleeym.com/2020/10/20/digitalproduct/ https://www.gleeym.com/2020/10/20/digitalproduct/#respond Wed, 21 Oct 2020 03:05:26 +0000 https://www.gleeym.com/?p=1961

Digital Product Development and Decision Making Under Uncertainty

Digitization is dominating in this era of 2nd machine age. A webinar. Worth watching it. Isn't?

The failure rate is high in case of product Development. Technology, competitors, and market dynamics are the key factors, but one can’t ignore cost and schedule.
Cost and schedule model development is the starting point to plan the development of a digital product.
Whether it’s agile, scrum, or waterfall, planning is utmost to avoid financial loss.

@RISK helps to model uncertainty to cost and schedule. @RISK has the capability to analyze the schedule without using any scheduling software and apply uncertainty.

Whether it’s agile or scrum or waterfall methodology, developing schedule and cost estimate are essential.  

 

<div id=”wi105″><div class=”sq_wiki_content” style=”position: relative;clear: both;background: white;font-size: 14px;color: #333;max-width: 500px;margin: 5px auto 5px auto;padding: 13px;border: 1px solid #DDD;-webkit-box-shadow: 0 1px 0 #DDD;-moz-box-shadow: 0 1px 0 #ddd;box-shadow: 0 1px 0 #DDD;”><a id=”w_0″ class=”sq_wiki” href=”//en.wikipedia.org/wiki/Decision_theory” title=”Decision theory” style=”display: block;font-weight: 700;color: #0074B7;line-height: 1.4em;margin-bottom: 5px;text-decoration: none;”>Decision theory</a><div class=”sq_wiki_text” style=”font-style:italic;color: #333;”>re-evaluation of what useful <span class=”searchmatch”>decision</span>-<span class=”searchmatch”>making</span> requires. The area of choice <span class=”searchmatch”>under</span> <span class=”searchmatch”>uncertainty</span> represents the heart of <span class=”searchmatch”>decision</span> theory. Known from the 17th</div></div></div><div><br style=”clear:both” /></div>

<a href=”https://www.gleeym.com/2021/02/11/5waysrisk/” title=”5 Ways Risk Management Software Can Help Your Business. Are You Still Not Considering Risk Software?” style=”font-style:italic;color: #333;”>https://www.gleeym.com/2021/02/11/5waysrisk/</a>

Also visit following link to watch recorded webinar

Capital Project Petrochemical Process Plant, IRR, and NPV Analysis – Webinar

Digital product development and decision making under uncertainty - www.gleeym.com/qra
Pic-1 Digital Product Development
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]]> https://www.gleeym.com/2020/10/20/digitalproduct/feed/ 0 1961 Capital Project Petrochemical Process Plant, IRR, and NPV Analysis – Webinar https://www.gleeym.com/2020/08/25/capitalproject/ https://www.gleeym.com/2020/08/25/capitalproject/#respond Tue, 25 Aug 2020 22:10:20 +0000 https://www.gleeym.com/?p=1607

Capital project for the petrochemical process plant (downstream) is slightly different from other capital projects. It requires estimating Total Installed Cost (TIC) plus Owner cost in order to find the complete project cost. Cost estimation for petrochemical process plant is comprised of equipment specification and definite plant facility information.

In this case study, there are 2 products that will be sold in two regions. The price strategy is different so the IRR and NPV will be calculated for base case and under uncertainties and risks. Then we’ll compare the IRR and NPV under different scenarios.

Also visit following link to watch recorded webinar

Digital Product Development and Decision Making Under Uncertainty

Petrochemical plant project management - www.gleeym.com/qra
Pic-1 Project Management
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https://www.gleeym.com/qra/ – for services detail

 

Quantitative Risk Analysis

GleeyM Offer services to identify risks and perform Quantitative Schedule Risk Analysis (QSRA) and Quantitative Cost Risk Analysis (QCRA) for mega complex projects!
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https://estore.gleeym.com  – All solutions for Website, Graphics, 2D animation, Doodle videos and Explainer Animated Videos.

Unique Services for Software Selection and Implementation

GleeYM can help you with a valuable service to pick and incorporate risk management software for decision making and meeting strategic goals!
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Mind Maps for Business Profitability

Want to tell your story in a creative and memorable way? Well, the GleeYM can help you.
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]]> https://www.gleeym.com/2020/08/25/capitalproject/feed/ 0 1607 Risk Register – Doodle https://www.gleeym.com/2020/07/15/riskrdoodle/ https://www.gleeym.com/2020/07/15/riskrdoodle/#respond Wed, 15 Jul 2020 04:37:03 +0000 https://www.gleeym.com/?p=1557

RIsk Register - Doodle, a Visual illustration! How?

he Risk Register, risk log, a repository to record, analyze and store risk data.

According to IRM’s A Risk Practitioners Guide to ISO 31000: 2018:

“The nature and extent of communication of the information contained in the risk register throughout the risk architecture of the organization also help define the risk management context.”

The Risk register is a proportionate, aligned and dynamic document to tell risk stories to all the stakeholders. contained key risk information for risk assessment.
The risk register communicates and provides information to the stakeholders both ways. Top management looks for project risk (as a whole) and Key performance indicators to visualize overall project health. It is only possible by connecting the dots and present data in the form of interactive charts. Focus on risk analytics to quantify, measure and envisage uncertainties to deal with upcoming challenges of global expansion and fourth industrial revolution or second machine age. Counter challenges of digitizing with digital data. Risk visibility with infographics in risk register can be a game-changer.

GleeYM offers strategic planning with Mind Maps.

Risk Register – Doodle , a visual illustration in an easy way!

Also read: https://www.gleeym.com/2019/11/20/communicate-with-risk-register/

My post related to Risk Register template was viewed by 30,000 people and more than 15,000 people have downloaded the template. I have made this doodle to describe the simple steps required to capture information in the risk register.

QUANTITATIVE RISK ANALYSIS

RISK MANAGEMENT SYSTEM

TRAINING THAT WORKS FOR YOU. HOW? DISCUSSES

MIND MAPPING SOLUTIONS

 

Quantitative Risk Analysis

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Workshop Facilitation

GleeYM Offers Workshop Facilitation to help you to make the best decisions for your business and projects.
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Mind Maps for Business Profitability

Want to tell your story in a creative and memorable way? Well, the GleeYM can help you.
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Webinar - Watch it for Free

Capital Project Petrochemical Process Plant, IRR, And NPV Analysis – Webinar
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]]> https://www.gleeym.com/2020/07/15/riskrdoodle/feed/ 0 1557 Why Project Fails https://www.gleeym.com/2020/05/26/why-project-fails/ https://www.gleeym.com/2020/05/26/why-project-fails/#respond Tue, 26 May 2020 20:39:14 +0000 https://www.gleeym.com/?p=1528

Why Project Fails - A Mind Map, Explained more than 30 Areas

Why project fails? This is one of most asking question among the project management community. Even organizations are spending millions of dollars for project success.

I would like to offer you the services of Mind maps to transform your ideas into reality. Whether its:

1- Project Management Planning and Scheduling

2- Project Controls and Project

3- Project Portfolio Analysis

4- PMO setup and PMO optimization

5- PMO Standards, Procedures and Process Improvements

6- Product Development

7- Workshop Facilitation Virtually

8- Risk Management

9- Organizational Planning

10- Digital Transformation and Change Management

Open to hear from you.

 

Given below is the mindmap why project fails:

Why Project Fails - A Mind Map developed by GleeYM
Why Project Fails

MIND MAPPING SOLUTIONS

Visually Perceive Your Ideas. Really, How?

Creative and Critical thinking requires out of the box, rational and objective thinking. Idea generation with one-line statement is just a kick start. Perceiving, communicating and winning an idea requires transforming and shaping information into presentable form. Mind Map helps to generate, relate ideas.

Above all, a great team exercise to get buy-in from the stakeholders in a cohesive environment. While Decision tree helps to evaluate alternate ideas and select the best alternative after performing Expected Monetary Value (EMV) analysis etc. Agile and scrum methodologies are talking about progressive elaboration.

In this era of digital transformation reshaping the idea generation and presentation is important. Remember connecting the dots sequentially helps to transform the idea into product. Gear up your idea by converting it to actions to achieve goals and objectives within specified time and budget.

Communicating with stakeholders is not easy. Requirements and expectations are different. Also, power and interest level are different too for every stakeholder. Therefore, need a tool to communicate effectively. Mind Mapping helps to interact visually and it’ best for story telling and finding solutions to the problems.

Mind map illustrates an idea in a structured way. By connecting a dots, perceiving an idea is much more easier.  Tell us your requirements, GleeYM Inc. is here to help you and save your million of dollars before making decision under uncertainty. Plan and validate your idea before executing. GleeYM Inc. will help you to transform Mind maps to Gantt chart in order to develop schedule and cost estimates. 

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Risk Management with Mind Maps

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