Friday, December 31, 2010

Prosci's change management methodology

Prosci's change management methodology is based on research with over 1600 participants over the last ten years. What is unique about the methodology is that it comes from real project leaders and teams reflecting on what worked, what did not and what they would do differently on their next projects. At its core, Prosci's methodology is the collective lessons learned by those introducing change across the globe. Based on this research, Prosci's goal has been to develop a methodology that is holistic and at the same time easy to use. The resulting process, tools and assessments have been developed with one goal in mind: that you can put them to use on your projects, building your (and your organization's) own internal change management skill set. Below is a high-level overview of Prosci's methodology.
Research forms the foundation of
Prosci's methodology. To the
right is the geographic distribution
of participants in the latest
benchmarking study. 426 participants
from 59 countries shared best practices
that form the foundation of Prosci's
change management approach.

Certification program - In Prosci's 3-day certification program, learn the underlying concepts and principles and then apply the methodology and tools to a project you bring with support fromone of Prosci's experienced executive instructors.




Do it yourself, online option - Prosci's Change Management Pilot Pro 2010 is an online tool that has step-by-step instructions for applying the methodology, eLearning modules and downloadable templates, assessments and presentations you can use immediately.
Do it yourself, hardcopy - Prosci's Change Management Toolkit presents the entire methodology and guiding principles in a 3-ring binder with a CD-ROM containing templates and assessments.



Key principles:






1.Change management requires both an individual and an organizational perspective
2.ADKAR presents an easy-to-use model for individual change
3.The 3-phase process gives structure to the steps project teams should take




Change management requires both an individual and or ganizational perspective



Individual change management






Understanding how one person
makes a change successfully






Organizations don't change, individuals do. No matter how large of a project you are taking on, the success of that project ultimately lies with each employee doing their work differently, multiplied across all of the employees impacted by the change. Effective change management requires an understanding for and appreciation of how one person makes a change successfully. Without an individual perspective, we are left with activities but no idea of the goal or outcome that we are trying to achieve.






Organizational change management



Understanding what tools we have to help
individuals make changes successfully






While change happens one person at a time, there are processes and tools that can be used to facilitate this change. Tools like communication and training are often the only activities when no structured approach is applied. When there is an organizational change management perspective, a process emerges for how to scale change management activities and how to use the complete set of tools available for project leaders a and business managers.
ADKAR presents an easy-to-use model for individual change






The first step in managing any type of organizational change is understanding how to manage change with a single individual. Prosci's model of individual change is called ADKAR - an acronym for Awareness, Desire, Knowledge, Ability and Reinforcement. In essence, to make a change successfully an individual needs:
.Awareness of the need for change
.Desire to participate and support the change
.Knowledge on how to change
Ability to implement required skills and behaviors
Reinforcement to sustain the change
ADKAR describes successful change at the individual level. When an organization undertakes an initiative, that change only happens when the employees who have to do their jobs differently can say with confidence, "I have the Awareness, Desire, Knowledge, Ability and Reinforcement to make this change happen."
Because it outlines the goals or outcomes of successful change, ADKAR is an effective tool for:
.Planning change management activities
.Diagnosing gaps
.Developing corrective actions
.Supporting managers and supervisors



The 3-phase process gives structure to the steps project teams should take
Prosci's organizational change management process was first introduced in 2002 after the third change management benchmarking study was conducted. Prosci felt that with the third study, there was a strong enough research basis for the process below. This process is built in steps that a project team can complete for a particular change or initiative they are supporting. The methodology includes research-based assessments and templates that are available in the online Change Management Pilot Pro 2010 or hardcopy Change Management Toolkit, or by attending one of Prosci's 3-day certification programs.



Phase 1 - Preparing for change



The first phase in Prosci's methodology is aimed at getting ready. It answers the question: "how much change management is needed for this specific project?" The first phase provides the situational awareness that is critical for effective change management.



Outputs of Phase 1:



.Change characteristics profile
.Organizational attributes profile
.Change management strategy
.Change management team structure
.Sponsor assessment, structure and roles



Phase 2 - Managing change


The second phase of Prosci's process is focused on creating the plans that are integrated into the project activities - what people typically think of when they talk about change management. Based on Prosci's research, there are five plans that should be created to help individuals move through the ADKAR Model.



Outputs of Phase 2:
.Communication plan
.Sponsor roadmap
.Training plan
.Coaching plan
.Resistance management plan



Phase 3 - Reinforcing change
Equally critical but most often overlooked, the third phase of Prosci's process helps project teams create specific action plans for ensuring that the change is sustained. In this phase, project teams develop measures and mechanisms to see if the change has taken hold, to the see if employees are actually doing their jobs the new way and to celebrate success.

Outputs of Phase 3:
.Reinforcement mechanisms
.Compliance audit reports
.Corrective action plans
.Individual and group recognition approaches
.Success celebrations
.After action review



Conclusion:

The linkage between individual change management and organizational change management is the key - and is what sets Prosci's approach apart from other change management methodologies. There are numerous models available that address individual change. There are also numerous models available that give guidance and structure to project activities for change management resources.

The difference with Prosci's methodology is that it integrates individual change management and organizational change management to ensure the achievement of business results.

The image below shows the connection between the change management tools developed in the organizational change management process and the phases of individual change described by the ADKAR model. This picture is the essence of effective change management and is the core of Prosci's change management methodology.


Connecting organizational and individual change management

Three easy ways to begin applying Prosci's change management methodology:

Certification program - In Prosci's 3-day certification program, learn the underlying concepts and principles and then apply the methodology and tools to a project you bring with support from one of Prosci's experienced executive instructors.

Do it yourself, online option - Prosci's Change Management Pilot Pro 2010 is an online tool that has step-by-step instructions for applying the methodology, eLearning modules and downloadable templates, assessments and presentations you can use immediately.

Do it yourself, hardcopy - Prosci's Change Management Toolkit presents the entire methodology and guiding principles in a 3-ring binder with a CD-ROM containing templates and assessments.

Saturday, December 11, 2010

The Microsoft .NET Framework

The .NET Framework is the infrastructure for the Microsoft .NET platform.
The .NET Framework is an environment for building, deploying, and running Web applications and Web Services.
Microsoft's first server technology ASP (Active Server Pages), was a powerful and flexible “programming language”. But it was too code oriented.
It was not an application framework and not an enterprise development tool.
The Microsoft .NET Framework was developed to solve this problethis is microsoft for net frame work

Net frame work a very hard work but now we have great microsoft for this difficulty solved easily.

Hardware and Software specifications

Hardware and Software specifications.
This section elaborates on the functional requirements of the application. The SRS itself can be divided into module, each module having specifications. In order to carry out the project, the following hardware and software is required.
Software Requirements:
· Operating System : Window XP
· Web technologies : ASP.NET with HTTP
· Server : ISS-5.0

Hardware Requirements:
· Processor : Pentium 4
· Speed : 633mhz
· Ram : 512
· Hard disk : 40GB
· Monitor : 17”

Thursday, November 25, 2010

DERIVATTIVES / DERIVATIVE INSTRUMENTS.

DERIVATTIVES / DERIVATIVE INSTRUMENTS.
A derivattives is an instrument , value of which is derived from the value of another investment / asset.Called a underliying asset or security. A brief description on derivattives are given below;

(1)-Forward Contracts.
A forward contract is an agreement made between two parties to exchange an asset at a specified price at a specified date. Because it is a contract , the buyer is obliged to purchase the asset the seller is obliged to sell at the predetermined price ( the exercise price ) on the specified date ( the expiration date ).

•The buyer of a future enters into an obligations to buy on a specified date.
•The seller of a future is under an onligation to sell on a future date.

These obligations relate to a standard quantity of a specified asset on a fixed future date at a price agreed today.
Types of Futures
(1). Commodity futures,
Based on underline commodities & could be used to hedge an underline commodity position or to speculate on the commodity.
(2). Index Futures,

Based on stock indexes.
(3). Interest Rate Futures.
Based on movement in interest rates & could be used to hedge diposits or borrowings or speculate on interest rate movements.
(4). Currency Futures.
Based on foreign exchange rates between two specified currencies & could be used to hedge underlying currency positions or to speculate on currency movements.
(3)-Options.
An option is a contract that confers upon the buyer the right , but not the obligation, to buy or sell an asset at a given price on or before a given date. All the comments related to standard quantities , specified assets , fixed future dates & price agreed today that we noted for futures still apply for options as well.

In the definition above , on option was discribed as being the right , but not the obligation to buy or sell. The right to buy & the right to sell are given different names, as follows ,

•The right to buy is known as a call option.
•The right to sell is known as a put option.

(4)-Swaps.
A swap is a contractual agreement evidenced by a single document in which two parties. Called counter parties, agree to make periodic payments to each other.In other words , it is the transformation of one stream of future cash flows with another stream of future cash flows with different features.

Swaps have become one of the most important & flexible instruments available to banks & corporate treasurers for asset & liability management.Like other hedging & treasury management models, swaps themselves are not instruments for rising new funds. They are transacted to make new or existing cash flows more attractive, Swaps are often combined with bond issues to achieve particularly favorable funding costs. They also allow a borrower , unable to raise funds efficiently in the bond markets , acces to fixed rate finance. For banks, the swap market provibes a means of laying off risk when they are providing clients with medium-term fixed rate loans. Bank can also make profits from trading swaps.

Sunday, November 14, 2010

EFFICIENT CAPITAL MARKET of EMH & ( Efficient Market Hypothesis ).

Efficient Market & EMH.
In an efficient capital market, security prices adjust rapidly to the infusion of new information. And therefore current security prices fully reflect all available information. This is to as an informationally efficient market.

Why Capital Markets Should Be Efficient ?

Following set of assumptions imply an efficient capital market:
1 .A large no of profit maximizing participants analyze & value securities, each independent of others.
2 .New information regarding securities comes to the market in a random fashion, & timing of one announcement is generally independent of others.
3 .Profit maximizing investors adjust security prices rapidly to reflect the effect of new information.
4 .Because security prices adjust to all new information, these security prices should reflect all information that is publicly available at any point in time.

Efficient Market Hypothesis (EMH).
The three (3) forms of efficient market hypotheses are:

1. Weak for EMH.-----The week for EMH assumes that current stock prices fully reflect all security market information. Including the historical sequence of prices rates of return trading volume data & other market generated information. This hypothesis implies that past rates of return & other market data have no relationship with future rates of return.
2. Semi Strong Form EMH.-----This assets that security prices adjust rapidly to the release of all public information; that is, current security prices fully reflect all public information, The semi strong for EMH encompasses the weak form hypothesis, because all the market information considered by the weak form hypothesis, such as stock prices, rates of return , trading volume is public. Public information also includes all non-market information such as earnings & dividend announcements price earnings ratio, dividend yields,book value etc. This hypothesis implies that investors who base their decisions on any important new information after it is public should not derive above average risk adjusted profits from their transactions, because the security price already reflects all such new public information.
3. Strong Form EMH.-----The strong form EMH contends that stock prices fully reflect all information public & private sources. This means that no group of investors has monopolistic access to information relevant to the information of prices.Therefore this hypothesis contends that no group of investors should be able to consistently drive above avarage risk adjusted rates of return.This hypothesis encompasses both the wake form & semi strong form EMH.Further , the strong form EMH extends the assumption of efficient markets, in which prices adjust rapidly to the release of new public information to assume perfect markets , in which all information is cost free & available to everyone at the sometime.

Tuesday, October 26, 2010

Management of Bookstore


Book store
The Bookstore is a list of reference materials, books and leadership packages for managing change - resources include managing the people-side of change, managing resistance to change, building executive sponsorship, preparing communication plans and developing coaching roadmaps for managing change.



Ask an analyst

Featured resources:

Best Practices in Change Management: 575 organizations share experiences in managing change making this the most comprehensive study to date. The 2009 report includes greatest success factors, greatest obstacles and lessons on how to build great executive sponsorship.


Change Management Toolkit: The most popular and widely-used change management resource from the Change Management Learning Center - a comprehensive change management process, including templates, worksheets, readiness assessments, checklists and guidelines - a must have for change management team members and consultants.

New - Change Management Pilot 2010: A fully electronic version of Prosci's popular change management toolkit with templates, worksheets, assessments, checklists, eLearning modules, ready-to-use presentations and guidelines.

Change Management Guide for Managers: A comprehensive, step-by-step guide for managing change specifically designed for managers and supervisors - complete with team and individual coaching activities, best practices findings and tools to manage resistance. This product provides managers with a complete process for using the ADKAR model with their employees.

PCT Analyzer: Web-based project performance diagnostic tool. Collect data on the Leadership/Sponsorship, Project Management and Change Management elements of a project, analyze results and create action steps to improve the health of the project.

Change Portfolio Toolkit: A step-by-step process for understanding, evaluating and managing your entire portfolio of change. The Change Portfolio Toolkit provides an approach and full toolset for making sense of the your portfolio of change. Use the Change Scorecard, Group Impact Matrix, Change Heat Maps and Portfolio Dashboard to manage your change portfolio.


Packages:

Change Management Leadership Packages: the leadership packages are designed to provide combinations of our products that you would find useful, at a discounted price.
Books

ADKAR: a model for change in business, government and our community: How to implement successful change in our personal lives and professional careers; the first full text on Prosci's popularChange Management - the people side of change: A solid foundation in change management perspectives, theories and practices for executives and managers.
Employee's Survival Guide to Change: A handbook to help employees survive and thrive during change - answers frequently asked questions and empowers employees to be effective change agents with the ADKAR model.