Understanding The Planning Cycle With PG Diploma In Business Management

Understanding The Planning Cycle With PG Diploma In Business Management

Once you are done with the analysis, you now need to choose precisely what the aim of your plan is. Having a clear aim streamlines your focus thereby preventing you from wasting time in non productive issues. Planning is an ongoing process and is not  a one day job. A proper planning cycle as is taught in PG Diploma in Business Management, is to bring together all facets of planning into a single unified process. Planning cycle is a crucial aspect of a lot of PG Courses in India and therefore, today we have come up with a stepwise guide to a successful planning cycle:

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The Art Of Writing A Business Case – A Guide By PGDM College

“Opportunity Does Not Knock, It Presents Itself When You Beat Down The Door.” – Kyle Chandler

A business case is the virtual representation of how your business idea would reap the benefits for the customers as well as the stakeholders involved. As defined by various PGDM Colleges, it is the art of painting a picture for the audience and making them believe in your idea. Therefore a business plan would be successful only when you are fully confident of what you are proposing to your audience.

The Business case is usually a document that explains the core business benefit of the business idea thereby justifying the expenditure of the initiative. It explains thoroughly regarding how the project is aligned with the strategic goals of the organisation.

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The art of writing business case is crucial whether you are doing a project from scratch or joining in the mid way. Take some time out to write up a business case as it will help you understand a lot of crucial facets of the project and who knows you might come up with an even better solution than what is already laid out.

You can find a lot of templates for writing a business case in your PG Diploma Courses, but here is a step wise guide to the approach you should follow while writing it down:

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Step 1 : Identifying The Problem

The base of a business case is the goal it wants to achieve. In other words, if it is not solving a problem, it is not worth hearing. Therefore the foremost step towards writing a business case is to come up with a business problem or create a business opportunity.

Carolyn O’Hara, writes in HBR that you should “Lead with the need.” In simpler terms, figure out the problem or opportunity area, explain it completely, come up with a solution and propose a time frame to deal with it.

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Step 2 : Identify The Alternative Solutions

Once you have completed understood the problem statement, there are two scenarios – first there is already a solution on the table and second there is no definite solution as of now. In the first scenario, many people would just go with the flow without putting any effort to explore for alternative solutions. To all those, I have a single question, “How can you be sure that the project you are taking up is the best possible solution to the defined problem?”

To address this concern, there comes step 2 that is analysing all the alternative solutions. You can follow a 6 step approach to this:

  1. Make a list of all the alternative solutions.
  2. Quantify the benefits for each solution proposed.
  3. Lay down a cost structure for each solution.
  4. Analyse each solution on the basis of feasibility.
  5. Right down the issues and risks associated with each solution.
  6. Document

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Step 3 : Come Up With A Preferred Solution

Now, you have all the solutions, their pros and cons, the costs involved etc. the next step is to come up with the most feasible solution. A word of caution, the preferred solution can be a mix of two or three solutions keeping in mind the best of everything. Do not try to justify a single solution against all parameters as this could take you a much longer time thereby wasting your effort on unimportant issues. Rather, look at each solution with an open mind and finally come up with the best possible way to solve the problem. Remember, till the time you are not convinced with the solution, nobody would ever believe in it.

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Step 4 :  Laying Down The Implementation Strategy

Now, you have a business problem and the best possible solution. The last step is to document it with all your heart. Your business case is not about what you have in your mind rather what you have proposed on paper. So be thorough with your research document a detailed implementation strategy with honestly describing the possible fall outs and how you will handle them if in case they occur. Writing down the possible pitfalls would propose you as a realistic leader and make a positive impression on your audience.

5 Tips To Keep In Mind While Carrying A One-On-One

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The best place to carry one-on-ones is the neutral ground. While doing your Post Graduate Diploma in Management, you will learn about the power of communication in management and one of the best way to ensure a healthy communication is to do it on a regular basis. Many  Post Graduate Diploma Courses, stresses on the importance of the one-on-ones in bridging the gap between you and your team. This not only strengthens your relationship with the team but also creates an energised and motivated environment to work.

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5 Steps To Practice Mindfulness In The Workplace

5 Steps To Practice Mindfulness In The Workplace

Getting caught up in the web of anxious thoughts could negatively impact our productivity. This pattern could impact the organizational goals in the long run and therefore many top MBA colleges in Hyderabad recommend their students to practice mindfulness. The term mindfulness is often used interchangeably with “meditation.” Practicing mindfulness at work can reap you a lot of benefits. So whenever you have such feelings, all you have to do is let it pass. Just remember, these thoughts do not define you till the time you do not act upon them. Here is a stepwise guide by an expert in Diploma in Financial Management on how to practice mindfulness:

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3 Steps To Positive Thinking – A Way To Be Happy At Workplace

A counselling guide by the best PGDM College in Hyderabad

 

“I became successful due to several reasons. I never gave up and I never let anyone or anything get in my way. I use the power of positive thinking  tackle obstacles and challenges so they don’t defeat me.”– Lillian Vernon

 

Be it in personal life or your work life, the way we handle a particular situation depends completely on our perception of it. Many a times that perception could be correct but sometimes it could be wrong too.  For example, we jump to wrong conclusions very fast or we are very harsh with ourselves for no particular reason and so on. This could cause trouble and make us unhappy.

The most agreed upon definition of stress by the PGDM Colleges was developed by Richard S. Lazarus. He said that it happens when someone thinks that the demands on them “exceed the personal and social resources that the individual is able to mobilize.” This stress in turn can cause the person to panic and hence mess up the situation which ideally could have handled in a better way if you just have the positive thinking and right perception towards the situation.

Most situations are not as stressful as it seems which make us stressed and unhappy in the workplace thereby undermining our confidence level. In one of the best PGDM College in Hyderabad, we not only teach management to our students but also a way to think positively.

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Step 1. Understanding Thought Awareness

The foremost reason to have negative thinking towards the situation is the fear of future. What if I fail? What if my boss scolds me for making the mistake? And so on. Negative thinking damages your confidence which in turn hampers your work, paralyzes your mental skills and harms your performance.

The process of Thought Awareness is the foremost step towards tackling negative thinking and bringing positivity in your work. It is the process by which you try to gather and observe all your thoughts and become aware of what is going in your mind.

You can do this by maintaining a log of all that stresses you at work. When you do this for a particular duration of time, you will notice patterns  and common reasons that stresses you. After this all you need to do is handle those issues on priority and start building a positive life.Related image

Step 2 – Creating Rational Thinking

The next step is to challenge all the negative thoughts you jotted down during Thought Awareness and  challenge them one by one. Looking at each and every thought rationally would help you in identifying all the problem areas that if fixed would automatically ease up the situation for you.

It could be anything such as talking to your boss about the late night meetings that hampers your performance the next day or organise your inbox in order to avoid wasting time on redundant mails and so on. The best way to rational thinking is put yourself in the shoe of an adviser and imagine that these troubles are with someone else and you have to give them a rational advice in order to stay positive. Note all your points in front of each negative thought and start applying these advices one by one. You will feel the change yourself.

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Step 3 – Positive Thinking Exercises

The ultimate step to positive thinking is the day to day practice of all your rational thoughts you jotted down in front of the negative ones. So all you have to do is to talk to yourself about all the affirmative and rational thoughts you have been writing down. Many a times, we think positively throughout but when the time comes, the panic starts to take hold of us and all the positivity goes out from the backdoor.

In order to avoid this, it is always recommended to give yourself confidence and tell yourself all the rational thoughts. This would help you stay calm in the situation and would also make you a good performer and a better team member.

5 Steps To Build Your Brand In Your Company

“Your brand is what other people say about you when you’re not in the room.” –  Jeff Bezos

 

Once you are out of one of the best MBA colleges in Hyderabad and enter into the corporate world, you will realise that the single most important thing to succeed in work is build your personal brand. Be it business brand or product brand or personal brand, the basic steps  to developing a brand are more or less the same. Brands are something that cannot be built overnight. It is a long term process and high level commitment and effort are required for this.

In order to build a reputation or your personal brand, you need to prove yourself worthy time and again. Proving your caliber and presenting yourself competitive and responsible would make easy for people to put their trust in you. This would eventually help you gain their loyalty. After all, as we quoted Jeff Bezos in the beginning, it is all about what people are talking about you behind your back that matters in your brand.

With this in mind, here is an expert guide from one of the renowned MBA College in Hyderabad. Check out these 5 steps that would help build your brand:

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Step 1 – Be Clear And Specific

 

In the process of building your brand, the foremost step is to decide what your brand means to you. In other words, how you want people to perceive you. For example you could be a good team person who is always ready to help others at the same time never compromise on the deadlines being given to you.

You should always keep in mind that your brand promise should not be something very general. For example quality or intelligence. It should be something specific and attainable and should be in tandem with the overall organizational values. So quality or intelligence is something of a broad statement that any individual or company can make. What would make your brand stand apart is that how your brand specifically breathe and live quality.

 

Step 2 – Be Authoritative

Once you have established that what your brand stands for and what it promises, the next step is to market it aggressively. Be authoritative and flaunt it. Make others believe that you are an expert in your field. Communicate your message with conviction and powerful words. Prove it with actions and create strong examples for others to follow.

 

Step 3 – Be Consistent

As I said, building your brand is a long term process so what you need is to be consistent and keep proving yourself on the brand promise you have established for yourself. Get your brand message out in the open and do not waiver on it. Many a times, people give up on their brand message just when people start to recognise it. So be consistent and committed to your brand message as consistency is the critical element in building your brand.Related image

Step 4 – Be Honest

In the current scenarios where transparency and honesty are the most sought after traits in the workplace, these can be your most crucial tools while building your brand. There is no harm in saying “No”, so never agree to something which you would not be able to deliver and whatever you have raised your hand to, just complete it with full dedication within time. Integrity can go a long way in your brand and reputation.

Step 5 – Be Relentless

In order to understand this point, you need to remember that you are not the only one who is trying to build his brand. People are hearing a lot of brand promises and forgetting after 5 minutes. So not only you need to keep proving yourself again and again, you also have to keep reminding people of you brand message. Get it out as much as you can. With your consistent action and right brand marketing you will be successful in creating your brand image.

How To Succeed In Your Post Graduate Diploma Courses Internship

Internships are one of the most important part of post graduate diploma in management. The students not only get to learn in an actual work environment, but they also learn to handle pressure at workplace. Students doing Post Graduate Diploma Courses often get scared of ‘boil the ocean’ type of projects. But there is nothing to worry about. Below are the points you should keep in mind in order to be successful in your internship:

  1. First of all these projects may look scary but they are designed this way to see how you work under stress and pressure.
  1. The foremost rule in an internship should be to keep calm and don’t panic when you are handed over the project. You are new and nobody expects you to come up with a perfect solution. All you need to do is to focus on your approach and break it down to bite sized pieces.
  1. Once you start working, it is very important to keep your supervisor informed. You can choose any channel of communication your boss feels comfortable. The alignment at key milestones such as plan, drafts of recommendations and the final work is a must to do.
  1. Being successful in your internship is not only about the final delivery. It is a lot more than that. How well do you adapt to the norms of the company? Do you respect other people’s time? Do you respond effectively to the coaching you are getting?

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  1. Therefore, how you do the work is just as important as the work output itself that is how you treat others, how you work with them and how you get things done.
  1. Being service oriented is the most important part of summer internships. You are being paid to provide some service and create value for the company. Excelling in this can help you get a full time job offer as well with the company. If it feels that you are adaptable to their environment and would be able to handle the work situations, they would want to keep you as a full time employee. Many interns get job offers if they excel in their internships.
  1. Last but not the least is to take lead in completing your project. Influence the direction of your project by asking for feedback from your leaders on the approach you are following. You can propose the question in a way, “I know you are really busy and I don’t want to waste your time. I also want to make sure that I’m on the right track and moving the project(s) forward so that the result is useful for you and the team. What method of keeping you apprised of progress works best for you – do you prefer weekly/daily emails or meetings or phone calls or something else?”

In the end, a last piece of advice. Use your internship for what it is made – a job try-out. You are an intern. No one expects a lot from you. This is the perfect opportunity for you to learn while making mistakes.

Lessons Learnt From Essentialism By Greg Mckeown

The take of one of the Top 10 MBA colleges in Hyderabad

 

“Essentialism is not about how to get more things done; it’s about how to get the right things done. It doesn’t mean just doing less for the sake of less either. It is about making the wisest possible investment of your time and energy in order to operate at our highest point of contribution by doing only what is essential.” ― Greg McKeown

While teaching in one of the Top 10 MBA Colleges in Hyderabad, we recommend students to read many books. One such book is  Essentialism – The Disciplined Pursuit of Less. Once out of the MBA college in Hyderabad, you will be faced with a lot of challenges and this book has important lessons that would help you some with some of the hurdles of life at the same time setting you on the path to success. Below are three lessons you must learn from this book and adapt in your life:

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Lesson 1 – The Power Of NO

“…either we can say no and regret it for a few minutes, or we can say yes and regret it for days, weeks, months, or even years.”

All our life, we struggle to say this small yet powerful two letter word. What is it that refrains you from saying NO? For many people, their caution to not hurt anybody makes them unable to say no to people but doing this can have dire consequences. “If the answer isn’t a definite yes, then it should be a no.” You may end up hurting yourself by putting yourself off your own priorities and thus suffering eventually or you may end up hurting that person by refraining him from being independent and tackle with his challenges himself.

Lesson 2 – You Are The Major Asset You Have

“The best asset we have for making a contribution to the world is ourselves. If we underinvest in ourselves, and by that I mean our minds, our bodies, our spirits, we damage the very tool we need to make our highest contribution.”

This may sound selfish but this is a fact. Investing in oneself over others is your duty. How can you expect others to be any good to you if you are not good to yourself. Remember the old school quote, “God helps those, who helps themselves.” This does not mean, you should not help others, but you should do so only if you can. You are no good at all to others if you are sleep deprived and drained of energy. You might end up messing  the work for others even more. So treat yourself as an asset and invest in it.

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Lesson 3 – Routine Is A Powerful Tool

Have you read about Stanford Prison Experiment or watched the movie? It was conducted by Dr. Phil Zimbardo who took a bunch of students and created a prison like situation with half of them as guards and other half as inmates. In few days, prisoners started suffering from depression and stress and guards started showing some unusually cruel character traits. The experiment got escalated to such level that it had to be shut in the middle only.

Greg McKeown says on this experiment, “If simply being treated in a different way conditioned these Stanford students to gradually adopt these negative behaviors, could the same kind of conditioning work for more positive behaviors?” In simpler words, “Treat others the way you want to be treated.” It is totally up to us where we decide to channel our energies. If we focus on good things, everything positive would start flowing towards us automatically.

4 Ways To Deal With The Problem Of Conflict Of Interests At Workplace

So the  truth is that conflict and leadership go hand in hand and as a good leader it is your duty to address every conflict in a productive and healthy fashion. Your prime fundamental should be “Don’t fear conflict; embrace it – it’s your job.” No matter how much you run away from it, conflict of interest at workplace is unavoidable and all you need to have is the ability to recognise it, understand its nature and bring quick and just resolution to it.

Many students go for PG courses in India for further growth in career and while you do that, this you can learn from your day to day work scenarios from your own leader. Where there are two or more individual minds, there is a chance of conflict and the only reality is you just can not escape it and trust me when I say this, conflict never resolves itself. In fact, if not addressed in time, it can escalate to an even bigger problem.

After completing your PG Diploma in Business Management, you surely do not want to become a weak leader who is unable to deal with his subordinates. Below are five keys to addressing conflict of interest at workplace:

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  1. Set Rules for Acceptable Behavior

Setting a standard of Acceptable behaviour in a workplace is a positive and an essential step towards avoiding conflict of interest. Create a framework for decision making by encouraging team building, sound business practices in work, talent management and leadership development. Setting proper guidelines would help avoid conflict of interest in the long run as everyone would be at the same page from the very start.

Also while hiring, have a well described job profile so that the people know exactly what is expected of them. This would not only ensure an effective communication but also allow an articulated chain of command.Image result for Conflict Prevention

  1. Conflict Prevention

Even though you cannot always prevent conflicts to occur, but being proactive in this field can go a long way in conflict prevention. Always be on a lookout for areas of potential conflicts. By acting proactively in a decisive and just fashion, you can manage to prevent a lot of conflicts from ever arising. If still a conflict happens, the best way to deal with it is sift action.Related image

  1. The Importance Factor

Being a good leader, you need to learn to pick your battles and sometimes would have to avoid conflict just for the sake of it. However, there can be some issues that are so sensitive that the conflicts would arise, they would be important enough to be resolved as well. When there is a lot at stake, people would do whatever it takes to reach to an agreement by closing various positional and philosophical gaps.

  1. Conflict as a Learning Opportunity

In other words, “I entered into a conflict and I survived,” that is whenever you are addressing a conflict and come out triumphant, it teaches you a lot of lessons for future. You become more confident as a leader. You learn how to twist a conflict and  use it for the betterment for the company. For example, having a conflict in the team is a great opportunity for team building and developing accountability in people. This not only will simulate innovation but would also create an open environment where people would feel free to discuss and put forth their points without fear. As they say, there is always an upside to the difference of opinion, you now have two good solutions to the same problem.

3 Reasons Why Smaller Teams Are More Efficient Than Bigger Teams

“If You Can’t Feed A Team With Two Pizzas, It’s Too Large.” – Jeff Bezos (Founder and CEO Amazon)

 

A common rule followed at Amazon, the reason behind this is pretty simple. More people means more thoughts, more communication, more politics, more chaos and more of everything that would slow the process even further. As fascinating as all of this sounds, it is indeed true. Many studies have shown that smaller teams are much more productive and faster when it comes to a particular task than a larger team.

A report called “The State of The American Workplace,” has found that smaller companies often have more engaged employees. If we look into the statistics, almost 42% of the small company employees were engaged at work against only 30% of the employees at large companies. In our PGDM College in Hyderabad, we stress a lot upon team building and teaching out students to work in team.

Our professors of PGDM in Hyderabad feel that small teams work better. There are a lot of stories to back this conclusion. Below is a list of three such studies:

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  1. Social Loafing

A study done by Alan Ingham in 1970s on the concept of ‘social loafing’ concludes that the tendency to make an effort by any individual decreases as the size of the team increases. The reason behind this it is difficult to extract the full potential of each person in a bigger team. So every individual thinks, “I do not really need to work as hard as I can as there are other people who can fill the void and anyways nobody would ever know how hard I am pulling individually.”

  1. Ringelmann Effect

Ringelmann Effect is the tendency of each team member to become less productive as the size of the team increases. Professor Maximilien Ringelmann was a French Professor of agricultural engineering who based this concept on an experiment. He arranged a tug of war competition and noted that when there is only one person pulling the rope, he gives his 100% but as the number of individual increases, the individual effort goes down.

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  1. Relational Loss

You must have noticed this all your life. A class at school is always divided into small groups of friends and as this group of friends increases, it tends to break further into sub groups and so on. So why this happens? A study conducted by professor Jennifer Mueller based in San Diego describes this concept as “Relational Loss.” It says that as the size of the team increases, each individual feels less and less supported by others. A perception grows among the individuals that how would a single manager be able to provide support to such large group of people. Also how would he be able to evaluate each person properly, thus growing a sense of uncertainty that your work won’t be appreciated, thereby adversely affecting the productivity of each individual.

The ‘two pizza rule’ can be a good basis to maintain the efficiency and productivity of the organisation. The smaller teams are not only more agile and nimble, but are also more innovative and successful.