KVIMIS BLOG

Agile Project Management and Waterfall Model

Agile Project Management
    Agile Project Management is one of the methods used for Software Development Projects. It is an iterative approach based on continuous improvement of products and services. The project is divided into short development cycles and result generated is checked then and there.
Agile is one of the collaborative and efficient methodology. It is used in all type of industries like marketing, advertising, construction, education and finance. Agile was originally developed for software industry to deliver customer with a good product. This methodology can easily identify the errors and it can be resolved soon. 
The agile method mainly focuses on customer satisfaction and gives a continuous delivery of services. 
Team members, developers and customers collaborate daily.
Meetings are conducted regularly to work more effectively.
When the design and development of the product are divided into small iterations, the highest priority work will be completed first and remaining is carried out. Finally the end product will attain the success.
Advantages of Agile
It is the most popular and highly effective project methodology.
It is more flexible and adapt to new changes
Issues can be easily detected and resolved
Always focuses on the customer satisfaction
Reduced waste of time and resources
Better and rapid solutions to the project
Increased collaboration and regular meetings with team members. 
Waterfall Method
     It is the first process model introduced in software development. It is also called as linear sequential life cycle model. In this model 1 phase is to be completed before continuing the next phase. The output of the previous phase acts the input for the next phase. There is no overlapping in the phases.
The sequential phases in the Waterfall method are
Requirement Gathering and analysis- The requirements of the project are written and documented like what the product do and how it does it.
System Design- After preparing the requirement specification document the system design is prepared. The system design specifies the hardware and software requirements of the project which helps in building the system architecture.
Implementation- The inputs from the design are gathered and developed into small programs known as units and sent it for unit testing.
Integration and Testing- All the units are gathered after completion of testing. Finally the entire system is tested and given for deployment.
Deployment- After all the testing activities are completed the system is released in the environment for the customers.
Maintenance- There may occur some errors in the customer environment so to fix the issues maintenance are carried out. When better version s is released the products are maintained.
Advantages
Works well for small projects when requirements are less
All the phases are clearly defined and carried out in a step by step process
Easy and very simple to understand
All the phases are clearly defined
Requirements are well documented and fixed.

 

 

IOT Connected World Growth

The word “Internet” is called as International network of computers. Due to the tremendous growth in internet usage, the whole world has shrunk into a global village. As the things are changing in technology, now comes the ‘’Internet of Things’’. The whole world is using this technology for all their needs. Internet helped connect laptops, desktops and smart phones earlier. Now there are multiple home appliances, industrial manufacturing and businesses which became smart.
It can also be called as ‘’Next Digital Revolution’’. Using IOT people from all over the world can easily communicate and work. Many companies have started providing their business through IOT, so the customers can get the better services. There is also number of factors that drives affinity towards IOT services. The sensors, device connections and lifestyle adapted to this latest technology.
The IOT applications are divided into 2 segments and they are 
1. Industrial
2. Consumer Segments.
The industrial segment contributes to the development of industrial automation online and development of smart cities all around the country.
The consumer segment contributes to the smart home, health, food and enterprises automation.
The use of such technology will be beneficial for all type of businesses and consumers. It helps gain efficiency. This technology becomes essential for growing business by the end of 2020. By using IOT, businesses can reduce the cost of production, warehouse shifting and logistics. IOT will open doors for retailers and wholesale marketers.
It can provide smart and secure home services, smart health services and better shopping experiences. IOT can increase the security of organizations data. Now there are number of devices and networks related to security that are connected to IOT.
IOT has laid the foundation for the development of new type of applications and technologies. Its growth can be seen in all range of sources. Small sensors in devices, Radio Frequency Identification for security and delivery of the products.
This IOT devices will open the way to ‘’Big Data’’. According to NASSCOM the market space of the IOT is expected to be around USD 3 trillion by 2020. The major advantage of IOT applications is it will result in higher productivity with better efficiency.
IOT devices and applications will lead to various innovations in technology. We can see the real and virtual world on the same.

 

 

Importance of an MBA degree

What is an MBA? Master of Business Administration is an internationally accepted masters degree to enter the world of management. 
It has its core curriculum subjects in various fields such as Finance, Marketing, Human Resource,  etc. MBA program teaches helps the young generation to enter the competitive business/management world. MBA is all about administration of the business and the skills applied to attain overall success. It teaches all the latest trends in the business and apply them in real time.
Developing new managerial skills
It will teach all the necessary skills to manage the workers in the company. It will also help you to deal with the latest managerial techniques in the industry and about the latest issues in the business.
MBA also teaches how to create a positive image to the company, maintain finance status of the company, manufacture, advertise and sell products in the global market, hire new employees to the company, create and work according to the hierarchy. The top managerial activities are carried out by the MBA holders.
To become an entrepreneur
MBA will help you to strategize and launch new ventures to satisfy a business need. They also become employers, investors and investors in many businesses. 
By becoming an entrepreneur they generate more revenue and give opportunities to many families to thrive. They deal with the latest technology and  be open to fresh ideas before starting their own business. They also have the strong mindset to take risks which cannot be done by all. They are generally very strong in their vision to succeed.
Opportunities for networking
It will open up a network to work with different type of people in the world. These connections will help them in gaining knowledge about the finance and marketing strategies of the other companies. The business network will help collaborate with more number of people around the world.
Through the business network you can connect with various types of people and can discuss about the business related issues and get multiple perspectives to sort the bsiness problems. It will help you to expand the existing networking connections.
More salary in the industry
An employee with MBA degree is generally highly paid when compared to other employees working in the firm. MBA employees have the highest responsibility towards company growth and hence it warrants highest salaries. 
Employees with an MBA get the highest opportunity to travel all over the world and gain more knowledge about the working culture in different countries. Knowing about the cultures of the people and their way of living. Being a successful manager requires lots of skills in terms of finance, technology and marketing. Having better management skills will help succeed in life-long learning, work and the life.

 

 

Situational Leadership

Situational Leadership states that there is no particular approach to an individual situation. When a leader performs a task each task require a different leadership style. Situational Leader always understands the current situation and performs action according to the situation. They are flexible with handling any type of situations. The problem handling style may change variably according to the needs in the particular organization.
Situational Leaders have the definite maturity level to handle any type of situation by reviewing the answers from the team members. This style of approach has designed with four main tasks:
1. Guiding
2. Coaching
3. Helping
4. Delegating
The attitude and behavior of the Situational Leaders must be associated with the team members and the task. They take decisions in keeping the priority of the tasks, amount of effort by the followers given and match the correct decision style.
1. Guiding
The main objective of the leaders is guiding the followers or team members properly to complete the high priority task at correct time. When the followers find difficult in analyzing the solution to a problem then leaders stand and direct them to the right solution.
In case of any fault from the followers then leader is responsible. He supervises his followers very closely and communicates with the team members regularly. He takes the right decision and completes the task at the correct time.
2. Coaching
Coaching is very important when performing a new task. The team members will have interest in doing the new task but lack of ability in performing new task. Leaders define the roles and responsibilities to each follower so that they focus on their relevant tasks.
Leader also gets ideas and suggestions from the team member and takes necessary decisions. By the proper coaching from the leader, the followers gain the proper support and knowledge to help them in preparing for the upcoming tasks.
3. Helping
Supportive Leader helps the team members when they have the right ability to do the task committed. They provide a moral support to the team member because they are technically strong but may lack interest in doing the task.
By the moral support and motivation from the Leader the team member performs the task without any disturbance. A Leader not only provides coaching but also shows what is the right path to be taken at the right time. Leaders give good comments and praise them when performing the tasks correctly.
4. Delegating
Leaders always stand in the first place in taking the high level decisions and solving problems in critical situations. The team member will also have necessary control in execution of the tasks.
The follower reports about the task routine to the Leader regularly. The execution of the tasks is mainly done only by the supporters. The Leader always monitors and encourages the follower. They provide  proper recognition to the supporters in all the situations.

 

 

Role of Data in Financial Industry 2018

The year 2017 has seen tremendous development in technology. The financial industry has been adopting to newer technologies on various fronts, collectively termed as FinTech services. 

New advancements on the Government systems and processes are done to increase the financial services and promote a cashless economy that showed doors to many FinTech companies.

1. ChatBox

Several Banks in India such as Yes Bank, HDFC and ICICI are using this technology to provide a better customer service. Now this technology is like a 2 to 3 year child but in the forthcoming year there will be a linear development in this technology.

2. Block chain

This technology will decrease the number of fraud in the accounts and increase the transparency in money transfers. This technology cannot be hacked by anyone because of its time stamp based operation.

3. Big Data

It has a vital role in the financial sector. It produces high quality market and trade data. These datas are processing at high speeds to increase its efficiency. In the financial industry, faster movement of data helps in faster trading. It uses various formats to process the data in high velocity.

4. Artificial Intelligence

The role of AI in financial sector helps a lot for employees and customers. They are capable of performing certain tasks with inputs from human. It consumes very less time and helps improving the performance of the employees. AI decreases the amount of human error caused by humans and very essential in repetition of tasks.

5. InsureTech

Insurance companies are adopting FinTech services. Car insurance that uses telematics is the most commonly used service for mobile payment and transfers. It lowers the chance of accident and car theft. A sensor inside the car will sense the various tasks which allow insurance companies to be more flexible.

Data Mining:

Its an approach in which companies turn the raw data into useful information. Businesses can learn more about them and do the marketing, which in case decrease the cost with higher sales. It consists of set of mathematical algorithms to project the future events.

Data can be stored in spreadsheets, databases and some other storage formats. Proper cleaning and Warehousing are very important for data mining.

Data security laws-GDPR:

It is known as General Data Protection Regulation. It is regulation to protect the privacy of personal data of European citizens for transactions that occur within their member states.

It tells the rights of the individuals to control their personal information collected and processed to be accountable for Data protection.

It can increase the brand image, secures the company information, build customer trust among all customers globally.


 

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