PM
Unit 5Human Resource managementQ1) State the importance of human resource managementA1) The importance of human resource management:1) Hiring decisionsFor the company to grow by leaps and bounds and achieve the goals of high profits, higher sales of the products and services offered, and an improved brand equity in the market along with other crucial ones; You need strong support from internal employees who are adept and talented enough in their job duties and responsibilities.And here comes the role of HRM to hire the employees and staff who are knowledgeable, experienced and highly professional in nature and their approach. In addition, the hired personnel must be well aligned with the values and objectives of the company. Many hiring decisions are based on the experience and competence of the company's human resource management department.2) Training and developmentCompany management must understand and follow the importance of human resource management due to the changing and evolving dynamics of the market. Employees of the firm have to be up to date with the latest technologies and work methodologies to help the firm achieve its goals and objectives. And to achieve the same, employees need training and development.And the HRM department has to plan and run various seminars, programs, orientations, and inductions to evaluate employees based on the latest market developments that in turn will help the company achieve its goals and objectives.3) Performance evaluationsAnnual performance reviews are one of the most important foundations for corporate firms, regardless of their size large or small. And this activity is planned, designed and executed by the human resource management department of the firm and plays a very crucial role in the motivation of the employees, the training and development required, deciding the annual remuneration packages based on performance. of the employees and the general work culture and environment of the company.Therefore, it is imperative that management realize the importance of human resource management.4) Employee motivationThe firm's human resources department plays a very important role in keeping employees motivated to fulfil their assigned roles and responsibilities efficiently and effectively.From annual performance reviews, pay packages, deciding on their roles and responsibilities based on their knowledge and experience, and giving them challenging assignments to fulfil their potential; It comes in the HR department kitty that helps maintain consistent employee motivation levels.5) Solve staff problems and complaintsIn the workplace, quite a few issues, problems and complaints arise among employees of the same department, interdepartments, and even between employees and company management amidst the achievement of company goals and objectives. the role and responsibility of the human resource management department to resolve all employee issues and problems. In addition, the team must keep in mind that the decision made to solve the problem benefits the company and improves the brand equity of the company 6) Policy formulation and complianceTo have a successful streak in the market and the industry as a whole, the business needs to have a well-defined set of standards, policies, and compliance. And they should cover all of the company's stakeholders, including internal employees, customers, investors, suppliers, third parties, and others.Policy formulation and compliance is the duty of the human resource management department taking into account the interests, business ethics, core values, goals and objectives of the company.7) Maintain a positive work environmentIt is also the primary role and responsibility of the human resources department to keep the company work environment healthy and positive in nature. festivals amid merriment and fun, corporate event planning, employee birthdays and work anniversaries celebrations, and even impromptu gatherings and gatherings to ease the rigorous work environment.8) Maintain public relationsWhen the company management realizes the importance of the Human Resource Management department, there is a sudden rise in the company's public relations with industry experts, veterans, suppliers, customers, employees and all other parties. interested.As one of the main tasks and responsibilities of the HR department is to maintain a good, fruitful, healthy and long-term relationship with all the firm's stakeholders, maintaining the different events and corporate functions, keeping them informed about the latest news of the company. firm.9) Attract talentMost job applicants have the parameter of having a positive and resourceful human resource management department as it deals with their issues and problems, if any. And the company is sure to attract talented and quality workforce if it has a well-placed and motivating HR department. Q2) What are the keys to managing people?A2) It is essential for your business to run smoothly. Human resource management will make sure you have the right employees on your team, and practice will help keep everyone satisfied and productive. Below are four keys to human resource management.Assemble and maintain an effective teamHR managers are often responsible for recruiting talent to meet the needs of an organization. Take control of social media, monitor competitor activities, and explore other potential customers who could attract effective new workers to your business.If you pursue a career in HR or executive management, you will also need to learn how to retain the talent you acquire. Pay attention to employees' personalities and be proactive in asking them what they need within the workplace. Do you want a more flexible schedule, a wider range of benefits, or more clearly defined standards? Communicate what you find with your company's executive team and try to accommodate reasonable wishes of employees.Elaborate company cultureYou may be responsible for designing and refining many of your company's policies on hiring and firing, office conduct, and team building exercises. You must also enforce the policies that you write. For example, if you have a policy that prohibits romantic relationships between team members and you discover that someone has violated the policy, you may need to fire a team member or move someone to a special department. Such situations involve sensitive emotions, so you need to be able to show empathy while maintaining your determination to follow company regulations.Developing your company's talentThe IT team could be responsible for training employees on how to use the latest technological gadget, and the sales manager could be the one to teach others how to make an irresistible speech. However, the human resources department is generally responsible for initial training. You may need to design an onboarding program for new hires. Depending on the size of the company, you can offer personal training to newer team members.Schedule and conduct training meetings that relate to office policies or procedural changes within the company.Design and management of a benefits packageA MetLife study reported: “There are three distinct and tangible drivers of profit success. First, the right combination of benefits creates loyalty and satisfaction. Second, having more options within a broader range of benefits helps employees of all ages make the right benefits decisions. Lastly, enrolment education is an indispensable way to build confidence in benefit selection and an optimal understanding of all available benefit options. "When designing a benefits package, you need to consider what employees want and help them understand the options available. However, you must also be attentive to the interest of the company. Compare the insurance policies available and look for solid group coverage that won't unduly damage the company's finances.Also, pay attention to the advantages. Offering casual Fridays or free meals occasionally can increase employee happiness and productivity.Human resource management is vital to the success of any company. The keys to successful HR management are to build a strong team, develop talent, and offer attractive yet affordable benefits Q3) What is project monitoring and controlling?A3) Project monitoring and controlling is the process of tracking, reviewing, and regulating the progress in order to meet the performance objectives. It is the fourth process group in project management. Moreover, this process is concerned with: -Measuring the actual performance against the planned performance. Assessing performance to determine whether or not any corrective or preventive actions are indicated. Maintaining an accurate, timely information base concerned with the project output and its associated documentation till project completion. Providing information to support status reporting, progress measurement and forecasting. Providing forecasts to update current cost and current schedule information. Monitoring implementation of approved changes as they occur. Q4) What is the purpose of project monitoring?A4) The purpose of project monitoring and control is to provide an understanding of the project's progress so that appropriate corrective actions can be taken when the project's performance deviates significantly from the project plan. A project's documented plan is the basis for monitoring activities, communicating status and taking corrective actions. Progress is determined by comparing actual work product and task attributes, effort, cost and schedule to the plan at prescribed milestones or control levels within the project schedule. The term " project plan" is used throughout these practices to refer to the overall plan for controlling the project. When actual status deviates significantly from the expected values, corrective actions are taken as appropriate.Project monitoring and control activities take place in parallel with project execution process group activities so that while the project work is being executed, the project is being monitored and controlled by implementing the appropriate level of oversight and corrective action. Corrective action can require revisiting planning process group and updating the project management plan as need with the ultimate goal of bringing the project back in lie with project objectives and limitations improving future execution to avoid repeating the same issues. Q5) Define Planning, Monitoring and Controlling Cycle.A5) The planning- monitoring and controlling cycle is a process that tracks the actual project performance with the planned project management activities. Manage and control process is a control function that takes place at all stages of the project from initiation through closing. The key benefit of this process is that it allows the stakeholders to understand the current state of the project, the steps taken, and budget, schedule and scope forecasts.Through the process of monitor and control, the project manager must be in a position to balance the requirements that arise from different knowledge areas. For example, the project manager can undergo situations, where a project is completed on time, but it has failed to meet the quality standards mentioned in the project management plan. Likewise, the project might have a significant scope, but unfortunately, it has exceeded the time and cost limit. Hence, the process of monitoring and controlling project work is considered extremely important. Q6) Explain the main roles and responsibilities associated with project planning.A6) The main roles and responsibilities associated with project planning are: -* Senior responsible owner: Confirming that the project has a coherent set of plans at the appropriate levels, the SRO will approve plans including any proposed changes to scope, cost or timescale and monitor the impact of plan changes on the business case and stage progress against agreed tolerances.*Project board: - It is responsible for the decision-making process supporting project plan creation, the board will approve all stage and project plans and all associated resource, time and cost implications.* Project manager: - Preparing project and stage plans, monitoring and updating them regularly, the PM will cooperate with the program manager on relevant planning issues and alert the SRO or project board to any potential conditions, preparing exception plans as required.* Project management office: - Administering project change control procedures, maintain planning standards and procedures and updating and maintaining all project, stage, team and other relevant plans under the direction of the project manager.Monitoring is about assessing what work has been completed for a program or project including costs, risks and issues. In addition, the SRO and board will routinely monitor if the business case continues to be viable and in alignment with strategic objectives. This usually takes the form of the production of documentation and reports at key stages. Monitoring is used to oversee progress of products, outputs ad outcomes.Controls usually relate to stages in projects and are established to control the delivery of the project's outputs. In project management, controls are:-* Event driven: - meaning that the control occurs because a specific event has taken place, examples are end stage reports, completion of a project initiation document and creation of an exception plan.* Time driven: - meaning controls are regular progress feedbacks, examples, include checkpoint and highlight reporting.Controls then assist with both monitoring and reporting by provision of required review points such as end stage assessments. This does not replace the need for the board to maintain an overall view of progress. Q7) What is human resources software?A7) Human resources software is meant to assist employees and management perform to their full potential and is implemented by companies of all sizes to spice up productivity and overall employee satisfaction.Effective HR software will integrate recruiting, onboarding, workforce management, scheduling and time management, payroll solutions, and strategic human capital management.Human resource software is usually mentioned as human resource management systems (HRMS), human capital management (HCM), and human resource information systems (HRIS). Although each term sounds different, they all refer to the system a company uses to effectively manage employees. Q8) Why to use HR software?A8) If you've ever worked in an office, ran a company, or owned your own business, chances are you're familiar with human resources. Whether it refers to the term or a department, at its core, HR is about people. But have you ever thought about the actual system in place to help ensure that a company's staff perform to their full potential? Human resources software, or human resources software, is designed to do just that.People are elaborate and contain countless components. Similarly, a number of functions can comprise HR software, from recruiting, onboarding, and payroll to time management, performance, and retention. Just like people are diverse, there are different types of HR software solutions. There is traditional local software, which is installed and used on individual computers. However, today, cloud-based software is more prevalent and often preferred, mainly due to its advanced features and accessibility. Taking technology one step further, cloud software can be mobile-friendly, meaning that employees can access important information not just from their desktops, but from anywhere, anytime via your laptops, smartphones and tablets.UltiPro®Ultimate Software's human resources software, UltiPro®, is a unified cloud-based solution that puts people first. It's attractive, easy to use, and designed with multiple generations in mind. From hiring to retirement, UltiPro simplifies HR so employees can focus on what they do best every day, instead of spending valuable hours filling out stacks of forms or worrying about getting paid on time. In addition, UltiPro offers features such as comprehensive performance analysis, so managers always know who is high performing or even who is at high risk of leaving. Q9) Write short note on Project management office. A9) Administering project change control procedures, maintain planning standards and procedures and updating and maintaining all project, stage, team and other relevant plans under the direction of the project manager.Monitoring is about assessing what work has been completed for a program or project including costs, risks and issues. In addition, the SRO and board will routinely monitor if the business case continues to be viable and in alignment with strategic objectives. This usually takes the form of the production of documentation and reports at key stages. Monitoring is used to oversee progress of products, outputs ad outcomes.Controls usually relate to stages in projects and are established to control the delivery of the project's outputs. In project management, controls are:-* Event driven: - meaning that the control occurs because a specific event has taken place, examples are end stage reports, completion of a project initiation document and creation of an exception plan.* Time driven: - meaning controls are regular progress feedbacks, examples, include checkpoint and highlight reporting.Controls then assist with both monitoring and reporting by provision of required review points such as end stage assessments. This does not replace the need for the board to maintain an overall view of progress. Q10) Explain the Design and management of a benefits package.A10) A MetLife study reported: “There are three distinct and tangible drivers of profit success. First, the right combination of benefits creates loyalty and satisfaction. Second, having more options within a broader range of benefits helps employees of all ages make the right benefits decisions. Lastly, enrolment education is an indispensable way to build confidence in benefit selection and an optimal understanding of all available benefit options. "When designing a benefits package, you need to consider what employees want and help them understand the options available. However, you must also be attentive to the interest of the company. Compare the insurance policies available and look for solid group coverage that won't unduly damage the company's finances.Also, pay attention to the advantages. Offering casual Fridays or free meals occasionally can increase employee happiness and productivity.Human resource management is vital to the success of any company. The keys to successful HR management are to build a strong team, develop talent, and offer attractive yet affordable benefits.
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