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Boost Productivity By 50% In Projects

8/2/2020

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Agile project management keeps evolving each year, but what we try to teach our customers is to keep things simple.

What does that mean?

From a management level, it means there is a scrum master (The scrum master is the team role responsible for ensuring the team lives agile values and principles and follows the processes and practices that the team agreed they would use. The responsibilities of this role include: Clearing obstacles. Establishing an environment where the team can be effective, and applies servant leadership to serve others around them to hit the goal).

In agile project management, there are agile ceremonies (Meetings or “ceremonies” are an important part of agile development. They help to disseminate timely information, bring common goal and vision, and share team progress to all team members. The complete Scrum team attends all the ceremonies except the retrospective, which the product owner may or may not attend). 

1) A non-ceremony for agile. which is often skipped, is backlog grooming where the product team goes through all of the user stories (which is defined as a piece of work that could be shipped in two weeks if we follow the spotify model) to see what items of work are approved by all parties that can be shipped in a sprint into production, prior to sprint planning (which  is defined as 2-4 week releases). If one skips this step, sprint planning can take a full business day.

2) A formal ceremony is defined as sprint planning, which is when the product owner(s) work with the stakeholders and development team to define which user stories will go into a sprint (which  is defined as 2-4 week releases).

3) The next ceremony is daily stand-up, where the project manager sets up a call and states goal for today? goal for tomorrow? Any blockers?  Afterwards, everything is documented in meeting transcripts, and blockers are tried to be resolved

4) At the end of the sprint, there is sprint review, where all team members demo the book of work in front of the business stakeholders, and senior technology leadership. All parties then provide their feedback, in which the feedback goes into the product backlog or potentially is considered for the next sprint.

​5) After the demo, there is sprint retrospective where everybody on the team states what went well, what could be done better, and for the things that are marked to be done better, there are action items assigned to individuals to be completed by the next sprint.

How are requirements written for agile project management?

1) A  theme is technically a large focus area that can span the organization - sometimes it's a gigantic feature project, or technical task
2) An epic is technically a large book of work that could be logically grouped together, and will take multiple sprint to close out. Think of global search as an epic.

3) A user story is a modular body of work that can be broken down into a demo-able deliverable. Think of global search for usernames across relevant stock brokers as a user story

4) If you are using Jira, when stories are estimated, developers should add sub-tasks to the user stories. Investment science prefers to use estimations of 2,4,6,8 - where 8 points denotes 9-10 business days. A sample sub-task for step #3 is create a stored procedure for loading the usernames into MYSQL.

5) From a project timeline, we apply a reversion to the mean model, where we take all of the story points, convert them to business days, multiply each value by 1.25, 1.5, 2, and divide by 3 which gives a realistic date from sick days, scope creep, and complexity to hit a date.

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    Author

    Michael Kelly has been working within banking technology for over a decade, and his experience spans across algorithmic trading, project management, product management, alternative finance, hedge funds, private equity, and machine learning. This page is intended to educate others across interesting topics, inclusive of finance.

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