When speaking about credit, the first thought that comes to a person's mind is generally credit cards. It is well-known that that a credit card institution will perform a credit check. However, there are other reasons for credit checks to be run on an organization or for an individual. Applying for a loan, from a car loan to a mortgage loan to a business loan, requires a financial profile of the requestor. Application of the five C’s of credit lends itself to be sure that an organization’s credit customers will pay, without being pressured, within the stated credit terms. Briefly, we will discuss some standards used in the credit selection process. These standards help and allow lending institutions to determine and decide who should receive credit....and how much. The five C’s are character, capacity, capital, collateral, and conditions. Character involves the applicant’s record of meeting past obligations. In other words, your credit history can be used as a “measuring stick” to determine whether or not you will pay on-time without the need to be contacted via means of phone calls, emails, mailed letters, etc. Capacity which is your ability to repay the credit you are requesting or have requested. A look at your financial statements is the starting point for most lenders as they seek to understand your available cash flows that can be used to repay the debt obligations. Capital references your debt relative to equity. You will want to, at minimum, attempt to have lower total debt than your total equity. Collateral is the amount of assets that you have available for use in obtaining and securing the credit. The more assets, the better the chances you are to obtaining the credit because the lending firm has a better chance at recovering their funds if you default. Conditions refers to the current general and industry-specific economic conditions and any unique conditions surrounding a specific transaction. The five C's are, to some, common knowledge. For others, it is exposure to a technique that is designed to establish some type of financial profile for the requestor of credit. While having established can facilitate growth and wealth, it can also have the reverse effect. If credit is approved, the expectation is that the borrower will pay on time without the need to have matters escalated. Defaulting on a loan can lower your chances of receiving credit in the future, lower your credit score, place the requestor in legal situation by being sued, among other things. Careful planning and use of credit can be the difference between wealth and bankruptcy. So, having a basic understanding after being exposed to these standards is a basis for making credit work for your organization....or yourself! References Smart, C. J. (2019). Principles of Managerial Finance. 15th Edition. New York City: Pearson Education. Meet Nikia Smith, the Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com.

Project Managers (PMs) are organized, goal-oriented professionals who use innovation, creativity, and collaboration to lead projects that make an impact. The are defined, according the 8th edition PMBOK Guide, as “the person assigned by the performing organization to lead the team that is responsible for achieving the project objectives. Project managers perform a variety of functions such as facilitating the project team’s work to achieve the intended outcomes and managing the processes to bring about those outcomes in order to enable value delivery” (The Standard for Project Management and A Guide To The Project Management Body of Knowledge (PMBOK Guide). Eighth Edition., 2025, p. 5) They are also called project leader or project lead. In adaptive approaches, it is common for them to serve as product managers, product owners, agile manager, agile expert, scrum master, agile delivery manager, team lead, or agile coach. They are the first tier of a larger project management profession. See Figure 1.1 below. Figure 1.1 Relationship Between Portfolio, Program, and Project Management Project managers lead and manage a project or a series of projects aligned with an organization’s strategy and objectives. They possess technical, leadership, and strategic and business management skills to perform temporary, non-routine, non-repetitive work, from start to finish. This is the opposite and difference between a project manager and an operations manager. They execute, lead, direct, plan, schedule, motivate, control, and communicate to get things done. See Figure 1.2 below. Figure 1.2 Integrated Management of Projects They decide the type of project life cycle, hybrid, predictive, or adaptive, is best for the project. They seemingly seem like the jack of all trades, and some in cases, they can seem to appear that way. However, while they are responsible for the success of the project, they cannot do it all by themselves. Work becomes difficult to manage without a team. Whether the team is internal or external to the project manager and the organization, PMs create a team where none existed before. Instead of only managing a set of processes, project managers also decide what and how things must be done to achieve the objectives of the project. Project managers are adaptable to the organization and can reflect an organization’s internal regulations and constraints. This inevitably leads to the practice of project management. “Project Managers equip their teams with the tools to succeed and evolve through projects. And they use various project management skills to do so, including: Leadership and adaptability Organization and time management Creative problem-solving Effective communication Motivation and team management” (What is a Project Manager?, 2025) Project managers represent a fundamental shift from traditional management and its practices. Good project managers have the “project management mindset”. The project management mindset is composed of three dimensions: proactive, ownership, and value driven. As mentioned in the latest PMBOK Guide, it represents a “growth mindset” where that is fundamental for executing strategy, fostering adaptability, driving change, and generating value (p. 36). Proactive. It is key and essential and helps effective project management for a project manager and helps them drive the team toward achieving strategic objectives. Ownership. Being responsible and accountable for the intricacies of the project. Having the wherewithal to address problems with viable solutions is critical for a project to succeed. Without leading by example, the project manager places themselves at a disadvantage right from the start. Value-Driven. A project manager that thrives on value, an added value, for their project, service, or outcome is a project manager worth seeking out and working with. They ensure projects are both impactful and sustainable. They align the processes, methods, and techniques with organizational values and strategies. They strive forward with that mindset when practicing the seven project management performance domains: governance, scope, schedule, finance, stakeholders, resources, and risk management. Project managers are change makers. They turn ideas into reality. They can conduct business formally or informally. They establish business blueprints, if you will, for CEOs, senior leadership of private and public organizations. And even with small business owners. They work in virtually all industries, from legal to finance, from professional services to healthcare, from strategic management to business management, from marketing management to operations management. They organize, plan, execute, monitor and control and close out projects in a systematic, organized fashion. They are invaluable to business leaders and management. Project managers build bridges, construct homes, manage software development, create new systems, facilitate social initiatives, and design marketing campaigns, among others. It is a meticulous, sometimes tedious, time-consuming, critical thinking, stressful, financially rewarding profession. They are responsible for the performance and success of the project, and in most cases, with little to no authority. They must use communication and leadership skills effectively while keeping an eye on the project. Being the liaison or the face of the project between the client and customer, or senior management and front-line management is common practice. Project managers perform projects objectively with supporting evidence. Ethically, they are required to advise if or when a project cannot or will not meet the requirements of a client if they are not feasible or reasonable. That alone brings value to most clients, customers, and individuals. Creating a system for value delivery is a standard and a practice for project managers, according to The Standard for Project Management and A Guide to The Project Management Body of Knowledge (The Standard for Project Management and A Guide To The Project Management Body of Knowledge (PMBOK Guide). Eighth Edition., 2025, p. xi). Project management rates can range from $40 to $300 per hour, depending on experience, skills, education, location, and project needs. According to the Bureau of Labor Statistics, the 2024 median pay for a project management specialist is $48.44 per hour. However, according to the latest published Earning Power: Project Management Salary Survey Fourteenth Edition in 2025, the average salary in the United States is $135,000, or $67.50 per hour, for a PMP-certified project manager and $109,157, or $54.58 per hour for a non-certified project manager (Project Management Institute, Inc., 2025, p. 11). In my opinion, seeing an individual or client realize more value, money, or improved relationships is how I measure success of a project and making sure they know they have a long-term partner in their corner is what makes my life as a project manager fun and gratifying! As AI becomes a bigger part of the American economy, people still matter. Project managers help teams make smart decisions, solve problems, and keep projects moving—things that AI cannot do alone. References Gray, E. W. (2014). Project Management: The Managerial Process, Sixth Edition. New York City: McGraw-Hill Education. Project Management Institute, Inc. (2025). Earning Power: Project Management Salary Survey. Fourteenth Edition. Newtown Square: Project Management Institute, Inc. Project Management Offices: A Practice Guide. (2025). Newtown Square: Project Management Institute, Inc. The Standard for Project Management and A Guide To The Project Management Body of Knowledge (PMBOK Guide). Eighth Edition. (2025). Newtown Square, Pennsylvania: Project Management Institute. What is a Project Manager? (2025, December 31). Retrieved from Project Management Institute: https://www.pmi.org/about/what-is-a-project-manager Meet Nikia Smith, the Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com.

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Project manager and team members celebrating a challenging milestone. To grasp what a project manager does, it's essential to first understand project management itself. Project management and operations management may seem similar, but they are fundamentally different. What is Project Management? In a nutshell, project managers are responsible for ensuring that a client’s requests are met on time and within budget. While this sounds straightforward, executing it can be quite challenging. Project Managers are organized, goal-oriented professionals. They leverage innovation, creativity, and collaboration to lead impactful projects. “Project Managers equip their teams with the tools to succeed and evolve through projects. They utilize various project management skills, including: Leadership and adaptability Organization and time management Creative problem-solving Effective communication Motivation and team management” (What is a Project Manager?, 2025) Figure 1 - The PMI Talent Triangle The profession of project management is meticulous and can often be tedious. It requires critical thinking and can be stressful, but it is also financially rewarding. Key Responsibilities of a Project Manager Project managers wear many hats. They are responsible for planning, executing, and closing projects. Here are some of their key responsibilities: Planning Planning is the foundation of any successful project. Project managers outline the project scope, define objectives, and develop a roadmap for execution. This phase involves: Identifying resources Setting timelines Budgeting Execution Once planning is complete, project managers lead the execution phase. This involves coordinating team members, managing resources, and ensuring that tasks are completed on schedule. Effective communication is crucial during this phase to keep everyone aligned. Monitoring and Controlling Project managers continuously monitor the project's progress. They track key performance indicators (KPIs) to ensure that the project stays on track. If any issues arise, they must adapt and make necessary adjustments. Closing The closing phase involves finalizing all activities, ensuring that project deliverables meet the required standards. Project managers also conduct post-project evaluations to identify lessons learned and areas for improvement. Skills Required for Successful Project Management To excel in project management, certain skills are essential. Here are some of the most important skills a project manager should possess: Leadership A project manager must inspire and lead their team. Strong leadership fosters collaboration and motivates team members to perform at their best. Time Management Managing time effectively is crucial. Project managers must prioritize tasks and ensure that deadlines are met without compromising quality. Problem-Solving Challenges are inevitable in any project. A project manager must be adept at creative problem-solving to navigate obstacles and keep the project on track. Communication Effective communication is vital for successful project management. Project managers must convey information clearly to team members, stakeholders, and clients. Team Management Managing a diverse team requires understanding individual strengths and weaknesses. A project manager should foster a collaborative environment and encourage team development. The Importance of Project Management Project management plays a critical role in achieving organizational goals. It ensures that projects are completed efficiently and effectively. Here are some reasons why project management is important: Resource Optimization Effective project management helps organizations utilize their resources optimally. This leads to cost savings and improved productivity. Risk Management Project managers identify potential risks early on. By addressing these risks proactively, they can mitigate their impact on the project. Enhanced Quality With a structured approach, project management ensures that deliverables meet quality standards. This enhances customer satisfaction and builds trust. Strategic Alignment Project management aligns projects with organizational goals. This ensures that every project contributes to the overall vision and mission of the organization. Conclusion In summary, project management is a vital discipline that requires a unique set of skills and a strategic approach. Project managers are the driving force behind successful projects, ensuring that client requests are met on time and within budget. Their ability to lead, communicate, and solve problems is essential for navigating the complexities of project execution. For more information on the role of project managers, you can visit Project Managers. References Gray, E. W. (2014). Project Management: The Managerial Process, Sixth Edition. New York City: McGraw-Hill Education. Project Management Offices: A Practice Guide. (2025). Newtown Square: Project Management Institute, Inc. The Standard for Project Management and A Guide To The Project Management Body of Knowledge (PMBOK Guide). Eighth Edition. (2025). Newtown Square, Pennsylvania: Project Management Institute. What is a Project Manager? (2025, December 31). Retrieved from Project Management Institute: https://www.pmi.org/about/what-is-a-project-manager Meet Nikia Smith, the Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com.

Leaders conducting on a strategy planning session. Understanding Strategic Planning Strategic planning is essentially about envisioning the future. While many business professionals have a conceptual idea of what this entails, few manage to put these ideas down on paper. Strategic planning is the process through which an organization defines its desired future position. It involves outlining where the organization wants to go and how it intends to get there (PM Best Practices). This process is crucial for entrepreneurs and organizations alike. It serves as a filter for all business ideas, ensuring they align with the organization’s vision, mission, values, and social consciousness. The strategic plan focuses on various functional areas, including marketing, operations, and finance. The Importance of an Action Plan A well-crafted strategic plan should translate into an actionable plan, often referred to as an action plan. This action plan is designed to advance the strategic goals toward completion. It should also ensure satisfaction for both the individual and the organization utilizing the plan. At the business management level, understanding the decision-making process is critical. This understanding helps determine which projects your organization will undertake. Key Components of Strategic Planning Vision and Mission Statements Every strategic plan should start with clear vision and mission statements. The vision outlines what the organization aspires to become, while the mission defines its purpose and primary objectives. Together, they provide a roadmap for decision-making and strategy development. SWOT Analysis Conducting a SWOT analysis is essential in strategic planning. This analysis identifies the organization’s Strengths, Weaknesses, Opportunities, and Threats. By understanding these factors, organizations can leverage their strengths, address weaknesses, seize opportunities, and mitigate threats. Setting Goals and Objectives Once the vision and SWOT analysis are established, the next step is to set specific, measurable, achievable, relevant, and time-bound (SMART) goals. These goals should align with the organization’s vision and mission, providing a clear direction for future efforts. Implementation Strategies After setting goals, organizations must develop strategies for implementation. This involves determining the resources needed, assigning responsibilities, and establishing timelines. Effective communication is crucial during this phase to ensure everyone is on the same page. Monitoring and Evaluation Finally, organizations should establish a process for monitoring and evaluating progress. Regular assessments help identify any deviations from the plan and allow for adjustments as necessary. This ongoing evaluation ensures that the organization remains on track toward achieving its strategic goals. Conclusion In conclusion, strategic planning is a vital process for any organization aiming to succeed in today’s competitive landscape. By clearly defining their vision, conducting thorough analyses, setting SMART goals, and implementing effective strategies, organizations can navigate their future with confidence. For those looking to enhance their strategic planning efforts, consider reaching out to experts in the field. References Meet Nikia Smith , the Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

Setting goals is a fundamental aspect of leadership. However, it can often be challenging for leaders and managers. Understanding the difference between SMART goals and smart objectives is crucial. While they are similar, they serve different purposes. Generally, goals are long-term aspirations, while objectives are short-term targets. Both, however, should adhere to the SMART criteria. What Are SMART Goals? A SMART goal is defined by five key characteristics: Specific : The goal must clearly define what is to be achieved. It should describe an observable action, behavior, or achievement linked to a rate, number, percentage, or frequency. Measurable : There must be a method in place for tracking and recording the specific action or achievement. This allows for assessment of progress. Achievable : Goals should be set in a way that individuals or teams can realistically achieve them. Realistic/Relevant : The objective should be seen as important by those involved and something they can influence or change. Time-related : A specific date or time frame should be established for achieving the goal. For example, consider a construction company aiming to build a new home. While this is a goal, it lacks specificity. See Figure 1.1. Specific Measurable Assignable Realistic/Relevant Time-Related Single unit, one story home 2,000 sq/ft 1 acre of land XYZ Construction Co. Yes, will provide shelter to a homeless family Completed within 12 months from start date Figure 1.1: Example of a SMART Goal for a Construction Company The Importance of Specificity in Goals A clear and intentional goal provides all stakeholders with the information they need to succeed. In our construction example, the company must specify whether it will build a single-unit home, multi-family dwelling, townhouse, or condo. The measurable aspect could include the square footage on one acre of land. This goal is assignable to XYZ Construction Company, realistic for its intended purpose, and time-related, as it requires completion within one year. Stakeholders immediately understand that a new 3-bedroom, 2-bathroom home is expected to be built within 12 months. They also know it will not be a multi-family unit, townhouse, or condominium, but rather a one-story, single-unit home constructed by XYZ Construction Company. If issues arise, such as delays, builders are aware of the specific deadline they must meet to avoid additional charges. Establishing SMART goals allows stakeholders to quickly assess their alignment with the intended objective. The Role of Leaders in Setting SMART Goals Organizational leaders and managers play a critical role in setting SMART goals and objectives. They establish the tone for all actions and decisions within the organization. These goals should be implemented at all management levels and across various departments. SMART goals serve as a management tool, guiding stakeholders when conflicts or opportunities arise, whether related to market conditions, customer needs, or supplier relationships. Conclusion: The Path to Effective Goal Setting In conclusion, setting goals without a means to verify progress can lead to ambiguity. By breaking down goals into specific, measurable components, leaders and managers can make informed decisions about the organization's direction. This structured approach not only clarifies expectations but also enhances accountability and performance across the board. Additional Resources For further insights into effective goal setting, consider exploring resources on project management and leadership strategies. Understanding the nuances of SMART goals can significantly impact organizational success. References Zutter, S. B. (2019). Principles of Managerial Finance, 15th edition. New York, NY: Pearson. Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

The Importance of Project and Operations Management For starters, project and operations management are not the only management applications experienced in organizations. Portfolio and program management are among others. See Figure 1.1 Relationship Between Strategy, Portfolio Management, Program Management, Project Management, Operations Management, and Business Value. Our focus is on project and operations management. It is important to note right off the bat that one is not better or more important than the other. The truth is, they need each other. Even though the argument can be made that they both can hold their own in their respective management disciplines, their collaboration is crucial. Figure 1.1. Relationship Between Strategy, Portfolio Management, Program Management, Project Management, Operations Management, and Business Value. Defining Project Management To understand project management, we must first define what a project is. A project is “a temporary endeavor undertaken to create a unique product, service, or result” (A Guide to the Project Management Body Of Knowledge (PMBOK Guide), Sixth Edition., 2017, p. 4). In short, there must be a starting point and an end point. This is distinct and different from something that is ongoing, like operations. “Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements” (A Guide to the Project Management Body Of Knowledge (PMBOK Guide), Sixth Edition., 2017, p. 10). Project management brings an idea to life in a deliberate and concerted fashion. It aims to deliver value in the shortest amount of time at the lowest possible cost in an integrated, systematic way. Project management is not just an application of knowledge, skills, tools, and techniques; it is also a strategic competency. Projects can be executed in the realm of portfolios, programs, or as stand-alone projects. But, by definition, they are temporary and will end. Operations management, on the other hand, “focuses on the efficient, effective production of products and/or services” (A Guide to the Project Management Body of Knowledge (PMBOK Guide)--Eighth Edition and The Standard for Project Management, 2025, p. 9). See Figure 1.2. A Basic Illustration of the Symbiotic Relationship Between Operations and Project Management. Figure 1.2. A Basic Illustration of the Symbiotic Relationship Between Project and Operations Management. The Role of Project Managers Project managers “perform a variety of functions such as facilitating the project team’s work to achieve the intended outcomes and managing the processes to bring about those outcomes in order to enable value delivery” (A Guide to the Project Management Body of Knowledge (PMBOK Guide)--Eighth Edition and The Standard for Project Management, 2025, p. 5). They are the central point of a project. Additionally, they provide oversight and collaboration, solicit and manage feedback, facilitate support, perform work, apply expertise, provide organizational direction and insight, and allocate resources to projects. Projects are temporary, dynamic, and non-routine. The Symbiotic Relationship Between Project and Operations Management Project management and operations management can work separately and independently. However, when they come together, they create a type of business value that could not be achieved if executed separately. Project and operations management should have a symbiotic relationship. They work in tandem. If all management levels of an organization collaborate to plan and execute their strategic and financial goals, the likelihood of success increases. This leads to satisfied stakeholders. Operations management ensures that the operations a business undertakes are done as accurately and quickly as possible while meeting customer demands. It is defined as "activities that relate to the creation of goods and services through the transformation of inputs to outputs" (Jay Heizer, 2017, p. 4). Operations are continuous, not dynamic, and are routine. Operations managers perform the basic functions of the management process: planning, organizing, staffing, leading, and controlling towards the ten (10) operations management decisions they must make. Ten Strategic Operations Management Decisions According to Jay Heizer (2017, p. 8), the ten strategic operations management decisions are: Design of goods and services Managing quality Process and capacity strategy Location strategy Layout strategy Human resources and job design Supply chain management Inventory management Scheduling 10. Maintenance Integrating Project and Operations Management Tying the two together, if an idea is conceived, it is planned and executed at the project level before it is considered successful and passed on to operations. This ensures that the necessary resources are optimally utilized to maintain the expectations and results of the project. An impactful, goal-oriented organization has less chance of achieving its objectives without an appropriate level of both project and operations management. It is becoming increasingly necessary for organizations to enable change and business value through projects. Operations management helps sustain or “finish” what projects have started. Change is not going anywhere. In fact, change is accelerating at a quick pace. Project managers, often seen as change makers, are a starting point for organizations to begin their pivots to embrace change effectively. Meanwhile, operations managers align the aforementioned operations management decisions with the project and the business value generated from the project(s). In summary, project and operations managers working collaboratively and effectively can develop competencies for an organization. This leads to a higher success rate of initiatives, improved value delivery, and better returns. Conclusion In conclusion, understanding the relationship between project and operations management is essential for any organization aiming for success. The integration of both disciplines not only enhances efficiency but also drives innovation and growth. By fostering collaboration between project and operations managers, organizations can navigate the complexities of change and achieve their strategic goals more effectively. References A Guide to the Project Management Body Of Knowledge (PMBOK Guide), Sixth Edition. (2017). Newtown Square: Project Management Institute, Inc. A Guide to the Project Management Body of Knowledge (PMBOK Guide)--Eighth Edition and The Standard for Project Management. (2025). Newtown Square: Project Management Institute, Inc. Jay Heizer, B. R. (2017). Operations Management: Sustainability and Supply Chain Management, Twelfth Edition. Pearson. Project Management Offices: A Practice Guide. (2025). Newtown Square: Project Management Institute, Inc. Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

Credit cards can be an effective financial tool to creating, building, and sustaining income and wealth. Of course, there are pros and cons to every financial opportunity but if an individual or organization can leverage their allotted credit limit that is suitable for their financial situation there can be an immediate increase of cash! Now, what is done with the increased amount of cash is another story. General, more talked about, information is the known principle of keeping your spending rate less than 30% of credit limit per credit card. Behind the Market.  More than 30% pay down their credit card balances only to make charges soon after. This is a no-no. It is best if the individual or organization can pay off the credit card balance until they have saved, in cash, the exact amount of the possible credit limit. With the Market.  Using your personal credit card or your organization's credit card at the beginning of the billing cycle but paying less than 100% of the charged balance will allow increased use of cash. Financial diligence is needed to remain liquid and financially positioned to partially cover the billing cycle's charges. Ahead of the Market. Paying off the entire credit card balance before the end of each billing cycle creates a good track record for you and tells creditors great things about your financial practices. You are able to pay what you borrow! Chances are when you need funds you will have immediate access to your credit limit and the credit limit (ceiling) may also be increased! It's a "win-win" situation. If/when your credit limit is increased, you will be able to increase your 30% credit spending rate for the particular credit card(s). This is a tough strategy but very much worth it. The last key piece is to replenish the credit limit amount or do not make any future charges until you have the equal amount of your credit limit in cash. Having credit cards (or credit) is about having leverage. Increasing your savings accounts even by minimal amounts will help you "retain your earnings" while you leverage for a better financial position to make asset purchases, pay expenses, and invest. Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

Have you ever felt like when you take a step or put a foot forward, you move two or more steps backward? Most of us have experienced financial hardships a time or two in our lives or in our businesses. And we also all have experienced getting out of a financial rut, so to speak. But falling back into a financial hardship can be devastating, frustrating, and depressing. So, what can you do to help cut down on how many times these financial hardships occur? There are a few financial concepts and principles that you can learn to help you professionally, as well as personally, as you restructure for a better financial position! Credit Rating. Limiting your overall debt (risk) to less than 30% of your total assets will certainly give your credit score a boost. The further decrease in overall debt that an individual or organization goes, percentage-wise, the better. Increased investments in income-generating assets with higher returns than you or your organization's cost of capital will create long-term value, income, and a competitive advantage (professional or personal). If you can pay debt down to 20% or less, chances are you will enjoy favorable credit ratings and scores. Return On Equity. Equity isn't just the stock market. Retained earnings is equity. So, an organization can increase their ROE by keeping their income (earnings) in the business from period-to-period. Whether it is on a week-to-week, month-to-month, year-to-year, etc. basis. Line-of-credit is considered equity too....until is used....then it becomes a liability (debt). However, maintaining and increasing equity can help an individual or organization improve their purchasing power. Some organizations use the strategy of building up there equity so it can be used to address any debt, minimizing the need to use cash-on-hand. Little to No Debt . All debt is not bad debt. Good debt exists too. When a situation prevents an individual or organization from satisfying their debt obligations, then paying down debt with low principal amounts and/or high interest rates becomes an effective financial strategy. This approach can be applied to loans as well as credit cards. As mentioned earlier, credit card balances are a form of debt as the credit card holder is responsible to pay off their balance(s) from use of the line-of-credit. In some cases, good management that seeks low-interest rates and low principal debt can be just as good as no debt at all. Hence, good debt! Increasing Income (Revenues).  This can be TOUGH. While it is easy to say, it is a challenge in practice. Why? Because to increase income there are several things that could happen. An increase in sales (revenues) must occur. To increase sales, it is best if an organization has competence in their operations or their product/service offerings. Another tried and true method is cutting expenses. Cutting expenses leaves income on the table. These things can happen in sequence, simultaneously, or independently. Interest income derived from compounding interest is also another form of (increasing) income. Good savings account management habits allows from the accrual of compounding interest to contribute to higher savings amount which can be used or invested at any time. Regular, consistent deposits. Weekly deposits will allow an organization to position themselves effectively with creditors. A general rule of thumb is to deposit at least twice per week. But, the more the merrier. In providing access to equity and debt capital, creditors love to see money being earned and deposited. For the performing organization, it shows commitment to increasing assets, which in turn, allows their retained earnings to increase on a stable or upwards trend. Withdrawals and increasing expenses, for sure, lets a creditor or investor see that the organization’s income is inconsistent, or their operations are not efficient. And, in their eyes in some cases, means financially unsustainable. Making sure your financial position is a competitive advantage is critical to your professional and personal success! Be wise, be cautious, be intentional about repositioning or restructuring for a better financial position! Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

Leaders and managers set the stage for their organizations during the strategic management process. As Benjamin Franklin once said, “If you fail to plan, you plan to fail.” But having a plan in place does not mean that there aren’t areas of concern. Areas of concern can live in your mind rent-free, not just professionally but from a personal point of view as well. Leaving areas of concern in one’s mind can become complex and get complicated, if it goes unchecked and undocumented. An effective method to address or “check” these areas of concern is to create a “worry list”. Yes, that is correct. In simple terms, make a "worry list". After leaders and managers develop or refine their vision, mission statement, objectives, and strategy, naturally they think about relevant scenarios or obstacles that may hinder their pursuit towards their stated vision, mission statement, and objectives. Compiling a “worry list” that sets forth the strategic issues and problems a company faces should embrace such language as “how to…”, “whether to…”, and “what to do about…”. The purpose of compiling a worry list is to create an agenda of items that need to be addressed in crafting a set of strategic actions that fit the company’s overall situation (Thompson, 2020-2021, p. 98). There are several methods a leader or manager can approach the task of creating a worry list. During this discussion, we will focus on the most effective method by means of focusing on the organization’s internal and external environments. This information can be derived from the SW OT analysis, or the o pportunities and t hreats. Getting a good understanding of what obstacles or competitive challenges stand in the way, figuring out the organization’s problems or shortcomings that need to be addressed, determining which of the obstacles or competitive challenges block the organization’s ability to improve their competitive position in the market and boosting their financial performance, establishing relevant combination of strategic actions that will offer and position the organization in the best path to competitive advantage, and analyzing exactly what specific problems or issues warrant first priority attention by leadership developing strategic actions in the future. Each level of management has a role to play in ensuring that all of these align with the organization’s vision, mission statement, and objectives. This is important to designing a strategy that best fits and moves everyone towards the vision of the organization. It is further stated, "a strategy is neither complete nor well matched to the company's situation unless it contains actions and initiatives to address each issue or problem on the "worry list" (p. 98).   What does a “worry list” look like then? See one example of a "worry list" shown in Figure A  below.   Figure A. Example - Worry List for XYG, LLC Bear in mind, there’s no right or wrong way to design or refine a "worry list". Worry lists can be developed in a Word document, a slide presentation, on a whiteboard, on a department's bulletin, or using other software and methods. The key is to make it simple and clear as if someone new reviewing the list can understand it. They can be simple, or detailed. I would not recommend it becoming so complex to where a good strategy cannot be formulated. In other words, you don’t want to worry about the “worry list”. The "worry list" should serve as a reference for leaders or managers to help prevent a strategy from going off course. And, if or when it does, they can look to the "worry list" for redirection or guidance.   So, when crafting a "worry list" think about as many potential areas of concern or scenarios as possible. It is better to identify and document early-on or as the strategy is executed it provides more or better information that can be addressed. As a result, leadership can focus on the task at-hand and be sure they have captured what needs to be addressed to ensure the strategy is not off course or can get back on track. It does not serve a leader or manager to constantly think about the same thing if or when they have already identified the root issue. During the upcoming strategic planning session, whatever needs to be addressed can be addressed with the appropriate solution(s). This is a useful tool for both professional and personal scenarios. References Thompson, A. A. (2020-2021). Strategy: Core Concepts and Analytical Approaches, 6th Edition. McGraw-Hill Education. Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

Quality is the ability of a product or service to meet customer needs (Jay Heizer, 2017, p. 217). There are costs associated with quality. Costs associated with quality are broken up into four categories. These costs are the cost of quality (COQ) and they reflect prevention costs, appraisal costs, internal failure costs, and external failure costs. Prevention costs  are the costs associated with ensuring staff is well-trained and educated on the policies and procedures of the organization and its relevant processes. These costs are geared towards reducing the potential for defective services or parts. It is better to invite the production department to the meeting at the beginning of an initiative or project so they can provide their valuable, front-line input than to not invite them and provide no input. Staff should be empowered to provide their knowledge and expert advice on their craft. Appraisal costs  are the costs associated with testing, hiring of evaluators and inspectors. These costs are related to evaluating products, processes, parts, and services. In the construction field, developers routinely run into appraisal costs to ensure they are in compliance with regulatory requirements. Internal failure costs  are costs associated with rework, downtime, and scrap. These costs come from defective parts or services before delivery to the customer. A pizza delivery service may notice that the pizza a customer ordered is not what the delivery driver has on-hand. This may cause the correct pizza to be re-made, causing rework. External failure costs  are that occur after deliver of defective parts of services to the customer. This can be returned merchandise at a local retail store for defective clothing. This can also be a liability issue, which in some cases lead to court litigation. For example, a restaurant can serve customers food that contains salmonella or the customer may receive their dish with hair in their food. The customer received their service or product but it was faulty. Stakeholders in the quality management field believe that the cost of quality is only a fraction of the benefits. What Philosopher Philip B. Crosby meant when he stated, “What costs money are the unquality things – all the actions that involve not doing it right the first time” , is that quality is free (Jay Heizer, 2017, p. 219). How does an organization know if they are designing quality accurately? They should define their scope so that a quality can be measured and conformed to the stated requirements. Requirements are scope. Quality is an extension of scope. Quality must meet the customer’s needs, or their scope of requirements. With that in mind, it is good management and fiscally responsible to apply preventive and appraisal measures prior to the delivery of the product or service.   Although costs from quality can be wide-ranging, the organization’s reputation is at stake. The service or product should be well enough to meet the customer’s needs or ‘be able to sell itself’ without a need to be marketed. This is the point where the benefits outweigh the costs of poor quality. Product liability can be on the hook for faulty products or services that are liable for damages or harm resulting from their use. Global implications also play a role in an organization and its costs. Price expectations, the perception of what quality is, and design may be a standard in the United States but may not be the same in another country. The need for management to accept responsibility for building good systems, improving quality through top-management commitment, support, and involvement in quality efforts; integrated processes for cross-functional teamwork; and improving the cost of poor quality are different aspects of thought-leadership several philosophers have believed in and put into business practice. Improving quality by lowering rework, lowering warranty costs, and increased productivity can reduce costs over time. Quality can also be improved by improving response (delivery) time, reputation, and incorporating flexible pricing options for the organization’s customer base. Self-promotion is not a substitute for quality products (Jay Heizer, 2017, p. 17). Performing one task or the other will improve profits, but performing both at the same time can compound positive outcomes of improved quality! References Jay Heizer, B. R. (2017). Operations Management: Sustainability and Supply Chain Management, 12th Edition.  Pearson.   Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .

If you are a parent, you are an operations manager. If you oversee the bills in a home, you are an operations manager. Or if you do something as routine as driving a car, you are an operations manager. Operations are a continuous process…that involves efforts like that of a parent. Setting aside the time, nurturing with love, and using available funds to care for a child(ren). To mature and develop, a child must have the appropriate structure along with managers (parents/guardians) who encourage them to be successful in their lives. When they are not productive or trending in the right direction, their managers will guide and help them to reduce, if not, eliminate situations that do not add value to their lives. As a business leader, performing operations management can be thought of in the same way. Leadership and management that wants to increase profits and reduce expenses via efficient, targeted operations will benefit by adopting the ‘parent-child’ concept. In other words, an organization cannot operate to its full potential without three core management functions. I think of the three core functions of marketing, operations, and finance as the “time, love, and money” parent-child concept. Businesses need that tender loving care, just as children do. As recently mentioned in 3 Core Management Functions of a Sustainable Organization , they are the main management functions all organizations perform to create their goods or services and they are necessary for the organization’s survival. In this discussion, we will go a bit more in-depth and focus on one of the three central core management functions: operations management. There are ten strategic operations management decisions that an operations manager is responsible for are: 1.       Design of goods and services 2.       Managing quality 3.       Process and capacity strategy 4.       Location strategy 5.       Layout strategy 6.       Human resources and job design 7.       Supply chain management 8.       Inventory management 9.       Scheduling 10.   Maintenance (Jay Heizer, 2017, p. 8) Have you had any experience with either one of these ten decisions? Possibly more than one? Does any of these decisions remind you of something you perform at your job? If you have experience running an organization, you may have been exposed to these ten management decisions, or realities, that operations managers deal with. These decisions should be considered, evaluated, and applied favorably and effectively. Neglect can lead to missed opportunities, wasted time, frustration, aggravation, …. the whole gambit. Aspiring or current operations managers have ten major decisions to make and attempt to synchronize them in a manner that reduces costs and increases productivity. This is in addition to collaborating with the marketing and financial managers as each manager jockey for funding for resources and funding for their respective functions. For instance, an operations manager may need to increase sales to a target rate that is too high for the marketing department to maintain demand at a high level and the funding may not be approved by the finance department. Procurement managers may need to know details of the product or service when furnishing contract agreements or making purchase orders. Operations managers will have to work closely with procurement managers once the service or product has been developed and tested, so knowing what the organization can distribute within required delivery or response times becomes critical. This can sometimes be the difference between gained or lost market share. A good operations manager will develop a game plan or strategy for the function that steers the organization in a direction that leads to competitive advantage. Competitive advantage implies the creation of a system that has a unique advantage over competitors (Jay Heizer, 2017, p. 36). The key to the operations management function achieving competitive advantage is to win on cost, differentiation, and response (delivery) time. These are strategic concepts that if applied can lead to competitive advantage over competitors. The organization that provides uniqueness, are able to spread their costs, and speed up their response times can create a sustainable competitive advantage. Designing operations that beat expectations internally and externally will not go unnoticed by management and the organization’s customer base. Improving quality through continuous improvements, hiring skilled and experienced staff, compliance with requirements of the client, reducing expenses, and improving productivity can widen the gap of the sustainable competitive advantage and increase profits the organization will enjoy! Remember, all organizations need an operations function, but they may almost never be the same. Be unique. Seek differentiation. Keep your costs relative to quality of the product or service, and in line with the market.     References Jay Heizer, B. R. (2017). Operations Management: Sustainability and Supply Chain Management, 12th Edition.  Pearson. Smith, N. (2024, April 22). 3 Core Management Functions of a Sustainable Organization. Saint Petersburg, Florida, USA. Smith, N. (2024, August 3). Strategy: A Pathway to Organizational Success. Saint Petersburg, Florida, USA. Meet Nikia Smith , Director of Project Management Office (PMO), driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in management and organizational leadership with a focus on Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com .