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Top 10 Must Have Project Management Skills of 2021

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Top 10 Must-Have Project Management Skills of 2021

Top 10 Must-Have Project Management Skills of 2021

Project management is a thick-skinned job. It consists of so many other easy jobs all combined together to do a job. This job actually starts from starting up a project, making plans for your project, carrying out these plans, controlling, and concluding these projects as planned. The act of Project Management is more challenging when there is limited time and budget for your project.

In order to successfully start and finish a project, a Project Manager will need all the different necessary skills. These skills may include People Management, Technical Knowledge, and also developing a sustainable process for the project at hand.

Although there are numerous skills that are necessary for a Project Manager, this article presents the 10 most essential skills for a Project Manager, in order to be able to build a successful career with a solid foundation in project management.

1. Leadership

Some people are born to be leaders, while others learn to become leaders while growing. All we know is that leadership is all about taking charge, managing people, and helping them to achieve their goals in life.

According to a survey, so many companies do not invest enough in training their leaders for the future. According to the study, only about 10% of top executives in some companies believe that leadership training in their companies will generate some positive impact.

In order for a company to move forward and grow it is important to have a solid strategy and a clear vision with a road map to success. Not everyone is born with the ability to lead or make someone do some work.

2. Communication

In our world of today, the ability to effectively communicate with others is treated as a very important Management skill whenever a top Project Management skill is discussed. The quality of communication decides the success of a particular project.

A study has also revealed that effective communication can act as a driving force for some workers to be productive while working in the office. It was also revealed that those who can communicate effectively performed 47% better than other average workers.

The study has also revealed that effective communication is a cornerstone to success, and as the saying goes those who learn the art of communication can negotiate financial terms with clients better.

3. Conflict Resolution

The ability to resolve conflicts all depends on environmental and stress levels and as a leader, it is very important to create unity among your team. And a project that is carried out in a stressful environment will be faced with a lot of problems.

According to studies 85% of persons at some level at their workplace deal with conflict every day. And also according to studies a huge amount of time is lost to conflict resolution, but if a leader can devise a means by which the employees or team members can resolve the conflict before it occurs or escalates, this would save the amount of distraction that occurs and amount of time wasted while carrying out a project.

  1. Planning Skills

In order to achieve a vision of the company or complete a project, every leader must possess strategic planning skills. And skillful planning helps to develop small actionable steps to achieve a final goal in view.

Studies have revealed that 92% of the companies that tend to track and compare their company with that of their competitors are doing very well. While another survey has revealed that 76% of successful companies focus their efforts on specific goal which makes the company successful.

5. Risk Management

This skill is all about identification, analysis, and accepting the process of migration when some unexpected things happen. Normally a project is full of so many things that can go wrong, but if preventive measures are put in place to manage these troubles, the loss can be reduced.

It is always wise and advisable to plan ahead of every situation. Before and after every project it is important to know, the best way to manage any type of risk that may be encountered.

6. Cost Management

This skill is also known as accounting, involves planning and controlling the overall cost of the project and also making sure all plans follow your budget. It is one of the most crucial project management skill which helps one to start and finish a project without delays.

Research has shown that cost of a project is the most difficult issue faced by project managers and with so much competition in the market today it is important to keep the cost of your project within your budget.

Therefore, knowing the cost of your project will make it easier for you to decide how much resources and time that should be assigned to each project in hand.

7. Time Management

Time Management as one of the crucial skills a project manager should have, is all about asking the right questions and carrying out duties according to their priorities. If you can manage to divide time to each element of the project at hand then you will not miss any deadline.

A survey has shown that managers waste around 3 hours per day interrupting other workers while working. Managing time is very essential because it gives more space to deal with some unexpected stuff and happenings.

You can do this by setting up deadlines for each project, making to-do lists, getting organized, and delegating tasks can help many project managers to deal with project delays easily.

8. Negotiation

A key skill of every project manager is negotiation. Every project manager has to deal with annoying clients, CEO’s and employees every day. With weak negotiation skills, you can easily encounter troubles.

Among all the top skills that a project manager, negotiation is more crucial than any other, and in order to deal with problems that are encountered daily one must learn how to negotiate easily.

9. Expertise

Each project requires the abilities and expertise to which one can help their team to complete the project at hand. A project manager must develop their skill in all fields, this will help you to understand the scope of the project and also how to deal with employees in a better way.

10. Adaptability

This skill is all about adjusting to the environment to help you overcome the challenges that come along with a project. As a project manager, it is advisable to understand that the act of project management is evolving and at a very high rate and if you don’t get yourself acquainted with new trends you might end up lagging behind in your work.

Finally, it is the work of the project manager to keep all the teams well informed and always give the higher authorities daily necessary updates on the progress of a project at hand.

A good project manager should be able to drive out a difficult situation and keep clients happy. Adopting all the above-listed management skills will help you to create a clutter-free environment for your team.

All these skills are easy but very important to project management. And these skills require a little commitment every day in order to make progress with work.

No project management software can make you better or clean your flaws without the necessary and right skills.

Do you have any crucial project management skills that are not on our skills that have helped your teams to finish up big projects and also in time? Please feel free to share your experience and ideas in the comment section below.

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Tips & Tricks

5 best investments to make in 2021

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5 best investments tips of 2021

After a tumultuous 2020, in terms of both the economy and financial markets, what are the best investments for 2021?

  • Cash

The stock market is assessed to still have positive developments in 2021. However, it is difficult for the market to repeat the profitable performance of 2020.

That doesn’t mean the market will plunge in 2021. But it may be time to adjust expectations. And keeping a reserve of cash is a reasonable choice this new year.

Cash serves a much more important purpose in this investment environment as one of the best investments, which is to provide liquidity.

  • Stocks

No one can be sure which way the stock market will go up in 2021, but investing in stocks is always an average choice.

With the potential for economic growth and inflation to increase in the coming year, certain sectors may become worth investing in.

Certain commodities such as industrial metals and agricultural products appear to have good risk/reward ratios in 2021. That implies inflationary pressures, as the global economy begins to return to normal usually new and input prices increase.

2021 is also seen as an important year for people before retirement, after the ‘warning shot’ 2020. Those who are about to retire need to take into account how much money they have accumulated and give it absolute priority. Don’t spend that much money on a place where there’s not as much uncertainty as the stock market.

Another stock area to consider is biotechnology, which represents the cutting-edge healthcare industry. With the effectiveness of a COVID-19 vaccine still in the “too early to say” stage, biotech could continue to be a strong area in 2021 regardless of the overall market.

  • Real Estate

The sector appears to be a mixed bag going into 2021, with consistent increases in residential property prices and instability in the commercial property market. But that’s exactly why, why it might be worth revisiting next year.

Commercial real estate has been negatively impacted by a massive move towards hiring remote workers. Office buildings and many major downtown areas have seen vacancy rates rise sharply, while retail space has been affected by tens of thousands of store closures. However, one year’s misfortunes frequently lead to new investing chances in subsequent years.

Yet another reason to consider investing in real estate is a game against the stock market. Real estate often performs strongly during stock market declines, as investors seek alternative stock investments. Since real estate returns are comparable to the stock market over the past few decades, real estate serves as a natural alternative to stocks in the equity space.

  • Debt repayment

Whether the economy rises or falls in 2021, the experience of 2020, will be a cautionary tale. Millions of workers lost their jobs, tens of thousands lost their businesses, and the stock market made an impressive recovery from the shock of late winter.

The point is, life is unpredictable. At the start of 2020, the stock market was at a record high, housing prices rose, and unemployment was at a record low. General comments at the beginning of the year are smooth sailing ahead.

If 2021 turns out to be as unpredictable as 2020 and even more likely to happen, reducing or paying off debt will be one of the best investments you can make. You may not be able to afford to carry around a 20% interest credit card or even a low-interest home credit line if your job or business is in jeopardy in 2021.

Also, paying with a credit card at 20% interest would be like being locked into a 20% return on investment for several years. Paying off or paying off debt isn’t preparing for the worst, either. But looking at it positively is a preparation for the best.

  • Invest in yourself

Investing in yourself is generally the best long-term strategy. It offers the opportunity to increase your earning potential, which will have a big impact on any other investing activities you engage in.

2020 is proving to be a difficult year for those in at least a dozen different professions. Investing in yourself can be a way to add an important skill that will keep you in your current job or move into another field.

Investing in yourself doesn’t have to be off-limits to improving your career prospects. You can also put your money into other areas of your life, such as improving your health or learning how to invest better. You either will have the potential to improve your long-term financial situation as well as your quality of life.

 

 

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3 Investment tips for success from Canadian billionaires

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canadian billionaires

Canadian billionaires don’t get nearly as much attention as similarly rich Americans from the US.

One reason is that there are so much media in the world in America. This has resulted in a huge amount of attention being focused on these billionaires, especially attention seekers. Many American billionaires, like billionaire Warren Buffett, end up making such huge fortunes that we can’t help but notice.

Many of Canada’s top billionaire families are still doing business regularly, quietly building huge fortunes in long-standing businesses. Let’s take a closer look at three ways Canadian billionaires have built their fortunes.

Focus on staples

Many Canadian top billionaires made their fortunes focusing on staples; these are the kinds of things you consume every day.

The food-focused Weston family has since grown into Loblaw Co, Canada’s largest food retailer, including corporate and franchise supermarkets operating under 22 market and regional segment banners, as well as such as pharmacies, banks and apparel. The family fortune also includes Weston Foods, one of North America’s leading bakeries, as well as numerous real estate properties. There’s nothing appealing about any of these businesses, but they generate decent total returns over time.

Loblaw stock has quietly become an excellent stock over a long period of time. Over the past 10 years, if you reinvest all your dividends, the stock has grown at a 9.71% annualized rate. That’s enough to turn an initial $10,000 investment into something worth more than $25,000.

Although Loblaw doesn’t have much room for expansion right now, the company still has growth paths. It can gain market share by improving online ordering options. And it could move into other business areas, as it has with financial services and real estate.

Diversification

Many of Canada’s richest people made their fortunes focusing on the family business, pursuing outside investments only after they were already extremely wealthy. That never happened to Jim Pattison, a billionaire living in Vancouver who has practiced diversification since the early days of his empire.

Today, the Jim Pattison Group owns properties such as car dealerships, grocery stores, outdoor advertising, radio stations, and food production. It also has stakes in several major Canadian companies. None of these assets are particularly attractive, but Pattison’s long-term focus and relentless drive forward have earned him an estimated net worth of $5 billion.

However, not everything Mr. Pattison touches turns to gold. But his diversification ensures all losses are manageable.

Long-term orientation

The little secret of many of the top billionaire families is that they invested decades before they actually became rich.

Take, for example, the Richardson family, which has quietly built up an estimated fortune of more than $6 billion. The family began when Mr. James Richardson emigrated from Ireland in the 1820s. He and his sons founded the company in 1857. It eventually moved to its current home in Winnipeg in the early 20th century. and the family has focused on growth ever since.

It’s hard to have that kind of long-term thinking, especially in these present days. There are simply too many great things for us to spend money on. But as the Richardsons have demonstrated, that kind of long-term approach will make you – and your heirs – astonishingly rich.

 

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4 ways billionaires manage their wealth

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millionaires wealth

Philanthropy is one of the ways billionaires manage their own wealth.

Billionaires always know how to create material wealth and have a plan to preserve it. Here’s how billionaires manage their fortunes.

Billionaires Start a business

Research shows that 917 self-made billionaires have created more than $3.6 trillion in wealth globally. 23% of those billionaires started their first venture before the age of 30, and 68% did so before turning 40. For centuries, entrepreneurship in America and Europe spurred the first wave of innovation in modern history. However, wealth creation is cyclical.

Billionaires Create Wealth

Billionaires exhibit similar personality traits, including an intelligent risk-taking appetite, a strong focus on business, and a strong work ethic. However, they built their fortunes in different ways.

In the US, for example, the financial services industry is the leading industry for self-made

billionaires (30%) with assets per billionaire in this sector averaging $4.5 billion.

However, research shows that Asian billionaires tend to be younger than other billionaires, with an average age of 57 years. This number is 10 years younger than American and European billionaires. Because a significant proportion of Asian billionaires grew up in poverty (25%) compared with 8% in the US and 6% in Europe.

Billionaires Preserve Their wealth

More than two-thirds of the world’s billionaires are over 60 years old and have more than one child. This means that the preservation of assets, the transfer of assets and the legacy are always a matter of concern for them. Research suggests that wealth declines over time, especially as families grow.

As billionaires get older, they face the difficult decision of what to do with the business that made them rich, keep or sell all or parts of the business.

The report shows that most billionaires in the US and Europe choose to keep their businesses as they are (60%), a third (30%) sell shares through initial public offerings (IPOs). or sell trades and withdraw 10% cash.

The majority of withdrawers become financial investors, investing on their own, seeking specific risk-reward goals and/or entrusting investments to family offices or personal financial advisors. 57% of European and 56% Asian billionaire families take over the family business when the patriarch/founder retires compared to 36% in the US.

Charity

Research shows that the philanthropic efforts of today’s billionaires, such as supporting education,

healthcare, and philanthropy, tend to focus on efforts that deliver tangible, measurable results.

They want to know how many people they have helped with their donation, see if their health

and living conditions have improved. In the US, “tangible philanthropy” donated through organizations is common.

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