Six-Figure Passive Income Streams

Royalty ChequesWhen I was growing up, I never even imagined that one day I will become an author. It was a chance encounter with Dan Poynter, author of 130+ books, which opened the world of possibilities for me. At that time, never in my wildest dreams did I realize that it was possible to generate six-figure passive income streams from books.

More than ten years of long hours and a hundred thousand dollars of trials-and-errors later, I finally figured out a way to write a book, any book in any topic, which can predictably generate a six-figure passive income stream each time. That’s when I realized that my parents were wrong because they told me that “money doesn’t grow on trees.” Books are printed on paper which came from trees. So, money can grow from trees. But I have to give them some credit because electronic products and books don’t need trees to generate income for me day in and day out even when I am asleep! Read more …

Be open for options not obligations

Be open for options not obligations.Organizations are not obligated to continue with a strategy that is not working. They have the option to change course. They don’t need to maintain the status quo for a poor performing product. They can make it better.

Are you happy with your current relationship? You have the option to make it better. Is your outlook in life bringing you down? You have the option to change it or change your attitude towards it. Do you practice your faith based on your own volition? Don’t let others force you to believe what they believe.

When you see a dire situation, keep in mind that there are always options. Oftentimes, resistance to change presents itself as an obligation (sunk cost, emotional attachment or political correctness) but in reality, several options exist. You just need to be open to these options.

Sample Exam Questions: Project Management Professional (PMP)®

PMI PMPTo help project managers pass the latest Project Management Professional (PMP)® exam by PMI, I worked with my fellow project management experts in Canada, U.S. and U.K. to put together more 1,000 practice questions based on the PMBOK® Guide (Fifth Edition).

Unlike most of the sample exam questions which were written by individuals, this book offers an unmatched variety of questions from multiple authors from different countries. We conducted peer-reviews, engaged a team of technical editors and worked with content editors to ensure the clarity and accuracy of every single question.

We are extremely proud of this book—more than 800 exam-quality questions with detailed answers and explanations, plus more than 200 fill-in-the-blank, true/false, and short answer questions to help you prepare for the exam.

Project Resource Overallocation: Why a Blank Resource Pool is Bliss

Microsoft Project Share ResourcesIf you manage multiple projects using Microsoft Project and you use common resources on some or all of them, you know how difficult it is to resolve resource overallocation. Here is one simple trick—use a blank resource pool.

Assume that you have Project A and Project B.

  1. Create a blank Microsoft Project file and call it “Resource Pool”
  2. Open Projects A and B
  3. Select Window / Arrange All to see all open files
  4. Select Project A and click on Tools / Resource Sharing / Share Resources
  5. Select “Use resources” from “Resource Pool” and “Pool takes precedence”, and then click on OK
  6. Repeat for Project B
  7. Switch to the Resource Pool and click on View / Resource Usage
  8. Insert the Project column to see which project is causing the over allocation

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Outsourcing of PMO Functions for Improved Organizational Performance

Outsourcing PMOThis book presents the research results of outsourcing PMO functions. The research used case studies from multiple countries and surveys from 104 project professionals across multiple industries and PM roles.

It became evident that outsourcing PMO functions can positively impact organizational performance—and how proper management governance and standards practices contribute to favourable results.

I found the PMO Functions Outsourcing Criteria very useful because it highlighted what organizations should consider if they are planning to outsource their PMO functions. All of the organizations who participated in the case study outsourced their project methodology and tools. Half of them outsourced project manager development; a different half outsourced project delivery altogether.

If your organization is planning to outsource its PMO functions, this book is a must. You’ll know that you have your facts straight instead of relying on anecdotal information from others.

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Finding Faults vs. Seeking Solutions

Project Management ProblemsWe live in an imperfect world. Most projects are fraught with problems. Why is it then that some people prefer to find faults instead of seeking solutions to problems? That’s because it is easier to whine. It’s easier to complain. It’s easier to do nothing.

If you find issues or problems in the office or in your projects, start seeking for solutions instead of focusing your efforts on finding faults on others or the “system”. It is better to be a part of the solution instead of the problem.

Doctoral advisors ask PhD candidates not to plant a tree of knowledge but to simply add a leaf to that tree. You don’t need to solve world hunger. You simply need to contribute a small piece to the solution. If you cannot lead or follow, then get out of the way!

A Fast Way To Book Project Meetings

Project Schedule ManagementYou know how challenging it is to schedule meetings with other individuals.

It is not that bad if the meeting attendees work for the same organization because you can usually view their availability. However, trying to book a meeting with individuals outside of the organization is a totally different ballgame. You can exchange a dozen e-mails with the project team and still not achieve a consensus.

Thanks to Doodle, you can now easily send meeting invitations to different individuals and have them vote on their preferred time(s) based on their availability. With just two e-mails, one to send the poll and the other one to book the meeting, you can schedule meetings in no time at all.

Doodle charges a small annual fee but you can easily get it back through increased efficiency and reduced aggravations!

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Risks and Rewards of Virtual Project Teams

Virtual Project ManagerAlthough it is challenging to manage a virtual team within a company, it is even more challenging to manage an international team of independent contractors (e.g., elance, oDesk, etc.).

In the past ten days, I quickly assembled a project team of 11 independent contractors (assistants, researchers, writers and testers) from the USA, India, Philippines and Romania to help my business grow. The speed at which I hired (and fired) them was unbelievable!

One contractor went AWOL. The other decided to end the contract. And, the third one had an emergency. So far, I’m fairly happy with the remaining eight in my team and they completed tasks that would have taken me hours to do by myself. I am still exploring this unchartered territory but if there is something I learned so far, I need to “hire slowly and fire quickly”.

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Easy Enhancement to Project Dashboard Reports

Project Dashboard IndicatorA typical project dashboard includes a RAG status (Red, Amber [Yellow] or Green) either at the overall project level or for each key deliverable.

Green means the project is progressing as planned; Yellow serves as a warning for potential problems; and Red indicates actual problems. However, the RAG status does not show if the project will get better or worse by the next reporting period.

To address this issue, add a RAG indicator (steady, up or down). A Green “steady” indicates that the project is on track and you expect it to be on track in the foreseeable future. A Green with a “down” RAG indicator indicates that the project is trending towards problems. In contrast, a Yellow status with an “up” RAG indicator indicates that things are getting better and the project status may soon turn to Green.

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Small Successes Perpetuate Progress in Projects

Project SuccessThe biggest challenge that managers face in a large project is how to get started.

How am I supposed to overcome what appears to be an insurmountable challenge? It is easier to give up, procrastinate and make excuses.

Although a work breakdown structure (WBS) provides a formal approach to subdividing a project into manageable tasks, it is far easier to ask the question: What is the next step? Don’t worry about the monster project holistically. Simply ask yourself, what is the next step?

If you can achieve a small success on that next step, you can ask the same question again, and again, and again. Before you know it, your project will be well on its way because success, no matter how small, breeds success. Go ahead and perpetuate progress in your projects. Turn small successes into a big success!

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