Friday, 2 July 2021

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Software Architecture And Its Impact On The Project Development

Posted: 01 Jul 2021 02:23 PM PDT

Software Architecture And Its Impact On The Project Development

We interviewed Oleg Svet, Chief Delivery Officer at Computools, a top 100 global outsourcing company according to IAOP offering custom software development to support fast-growing and well-established organizations around the world. The topic is the impact of software architecture on project development. Here is what he says.

Hi Oleg, let’s start off with some introduction, who are you, where do you work, and why are you into it?

Oleg Svet: Oleg Svet: Hi, talking about my background, I started learning programming in middle school and I am still learning it. Now I’m the head of Deliver and Technology department in Computools.

Initially, we started taking up small projects on the Elance and worked for different businesses. At that time, we were already looking towards outsourcing. That’s why we put a shoulder on a wheel and grew rapidly.  As we were working on more and more projects, clients found us to be a reliable software provider.

Today we help worldwide companies and startups to meet the needs of tomorrow by developing world-changing products. We are always improving and expanding our solutions, that’s the key to our success.

Why am I into it? I don’t see my life without it. I love what I do, and I really love my team. Here everyone is truly passionate about their job. I think it's really important.

Wow, that’s great! Well, speaking of architecture: are there any differences between architecture and infrastructure?

Oleg Svet: Yeah, there’s a little stir around it. Many engineers and managers confuse the architecture with the infrastructure. The reason is quite simple: generally speaking, this is because of bad decision-making during project development.

Let’s put it this way: any system has an infrastructure with a particular architecture. If we describe it a little bit technical, the infrastructure binds different system modules and enables the interaction between the outside sources, and the system itself, as well as ensures horizontal and vertical system scalability.

A good infrastructure is a "prerequisite" for app functionality, workability, and server capacities. From my experience it’s pretty easy to convert infrastructure issues into technical requirements, not to say that you can also often change them easily.

With the architecture, it’s a bit trickier.

Architecture helps to speed up development, while such factors as workability, performance and cost of server capacities affect software architecture to a lesser degree.

Sure thing, a good architecture requires more time, expertise from engineers, quality assurance specialists, DevOps, you know the list.

What do you think affects the development speed the most?

Oleg Svet: A lot of things. Judging from my experience it could be changes of the existing functionality, the size of the development team, changes in the development speed that occur as the project grows. 

But for the most part, it all boils down to the team's scalability. Providing a good interaction of external and internal teams is always a resourceful thing to do. Poorly managed teams are sure to reduce the performance and, as a result, the development speed. 

Another thing to keep in mind is adjustability and predictability. Your project development may run like butter at one period of time, however, you should always plan ahead to establish a safety margin. You don`t – you risk increasing the cost of software development. That means you`ll need to start from scratch.

And what is the best-fit project solution then?

Oleg Svet: Well, it’s a double-edged sword. Any configuration setting has its limitations. 

Building architecture that bolsters up the development of new functionality bodes no good for the project management while focusing too much on quick architecture solutions will burden your team performance. 

Ideally, you want your team to develop and update the software product with minimal investments and good speed. That’s what everyone aims for, isn’t it? 

What you need to understand is that every decision made about software architecture affects the business value of the product. 

For the most part, it’s the Product Owner who defines the requirements for architecture development.

The expertise of the Solution Architect is also of paramount importance.

What should a good Solution Architect know to ensure good development speed?

Oleg Svet: Heh, a lot of things! A good seasoned Solution Architect should keep in mind many factors. First off, potential difficulties in product development, team size expertise and how they work as a single unit, expected project life-cycle, requirements for threshold loads and speed, deadlines, budget allocation. 

For the most part, you should always find a balance between product development and product scalability, engineer`s performance and the whole team, project needs and availability of tech talent.

Your final advice for a good balance between architecture choice and project management?

Oleg Svet: I`d say when it comes to architecture choice, both the Product Owner and the Solution Architect should take the initiative. Their responsibilities are somewhat different, however. As for me, the Product Owner defines the optimal direction for project implementation; while the Solution Architect should allocate the resources wisely and ensure good communication within a team.  If you have any questions regarding the impact of software architecture on project development, software development for any business, shoot them over to our guest or simply drop us a message at info@computools.com.

The post Software Architecture And Its Impact On The Project Development appeared first on MoneyMiniBlog.

ITT Tech Loan Forgiveness: How Can Students Solve This Issue?

Posted: 01 Jul 2021 02:15 PM PDT

ITT Tech Loan Forgiveness: How Can Students Solve This Issue?

Although closed in 2016, ITT Tech continues to be in the news headlines due to the struggle of its students. Since 1969, this educational institute has enrolled more than 35000 students across its 137 campuses. When it closed due to various reasons, its students were left with considerable student loans and less-worthy degrees.

School closure leaves many students in a challenge as they should find new programs or stop their education at all. Many of them cannot deal with debt repayments with degrees that are not highly valuable to employers anymore.

Yet, there are programs to grant partial or full forgiveness to ITT Tech students. Sure, these programs might not be full compensation for the time and effort put into studies, but at least they can decrease the debt burden.

What Happened with ITT Tech?

It is advisable to understand what happened with the educational institution to find the right way to deal with its student loans.

One of the main reasons for closure was the improper distribution of ITT Tech loans. The institution created its loans- PEAKS and CUSO- to help students finance their education. However, allegedly, these loans were distributed even to those students who clearly could not meet the eligibility requirements.

ITT Tech used loan pools to guarantee repayment. If many students could not repay, ITT Tech should have compensated. When the officials revealed that many borrowers are unable to repay the debt, they were afraid that ITT Tech would default.

In this case, the Education Department required ITT Tech to provide a credit letter- a huge amount of money as funds to pay for student loans if ITT Tech defaults. First, they asked for $124 million and then an additional $247 million.

ITT Tech officials mentioned that they were unable to provide that huge amount of funds as credit letters, and those were prohibitive to their survival. As a result of all these events, ITT Tech closed in 2016.

ITT Tech Loan Forgiveness

So, what happened to students when the ITT Technical Institutes closed? According to student aid laws, if schools close, the students can get rid of their federal student loans through Closed School Discharge. This program only applies to federal loans, excluding private debt and loans owed directly to ITT Tech.

In such cases, class-action lawsuits started, and some were successful. For example, in 2016, the Federal Bankruptcy Court Judge approved $600 million worth of loan forgiveness to more than 75,000 students. They even received a $3 million refund. However, this forgiveness was only applicable to student loans owed directly to ITT Tech.

Besides, the Education Department announced in 2018 that they would allocate $150 million loan forgiveness to students, including those enrolled in ITT Tech, through the program called Borrowers' Defense to Repayment. This program protects students who were misled and defrauded by the schools. It is possible to get up to 100% forgiveness for federal loans through Borrowers' Defense.

We will talk about these options- Closed School Discharge and Borrowers' Defense to Repayment in subsequent sections.

ITT Tech Loan Forgiveness Update in 2021

President Joe Biden has always been in support of forgiveness programs to relieve individuals from student debt. He allocated $2.3 million forgiveness earlier in 2021 to support Borrowers' Defense to a Repayment program.

This time, he granted $500,000 worth of student loan forgiveness to ITT Tech loan borrowers. As a result of this update, more than 18,000 ITT Tech students would get out of debt and start a new beginning for a debt-free life.

In the upcoming days, the Education Department will determine who is eligible for the ITT Tech loan forgiveness. Qualifying borrowers will receive 100% debt elimination. Keep reading to find details on Borrowers' Defense to Repayment.

Other Loan Forgiveness Options Available for ITT Tech Students

The government cares about its people struggling with student debt. If you have federal loans, you can find student aid programs to eliminate or reduce the remaining debt balance. For ITT Tech students, those programs are accessible:

Closed School Discharge

The closed School Discharge program eliminates the debt of students who are enrolled or have withdrawn a short period before the closure date. It grants 100% debt forgiveness to borrowers who do not transfer credits and continue education in a comparable program.

So, if you continued education in another school but in a similar area due to the studies in ITT Tech, you will not qualify for forgiveness. Usually, if borrowers do not continue education and do not apply for this program, they become qualified automatically after three years. For more information, you can check the official Student Aid website.

Borrowers' Defense to Repayment

Borrowers' Defense to Repayment is another program available to federal loan borrowers. It helps students whose schools engage in fraudulent activities. If you were misinformed about the true cost of education, curriculum, job replacement rates, or transferability of credits in ITT Tech, then you can demand the elimination of your debt.

The logic behind this program is that if the student does not get a worthy degree, they should not be responsible for the debt. However, first, you will be required to prove the unethical or illegal activity of the school.

Besides, you can only claim forgiveness for education-related matters. Personal issues such as physical injury or harassment cannot be based on this program.

Other Forgiveness Options

Federal loan borrowers can also apply to programs like Public Service Loan Forgiveness or Perkins loan cancellation. For private student loan borrowers, there is almost no option for forgiveness. However, they can reduce the debt burden through student loan refinancing. Refinancing a loan can save borrowers money as they might get lower interest rates.

Additionally, if you face financial challenges, make sure you talk to your loan servicer or lender in the first place. They can provide several conveniences to pay the debt effectively.

The post ITT Tech Loan Forgiveness: How Can Students Solve This Issue? appeared first on MoneyMiniBlog.

Boiled-Over Budget? 6 Tips for Executing a Kitchen Remodel Affordably

Posted: 01 Jul 2021 01:57 PM PDT

6 Tips for Executing a Kitchen Remodel Affordably

If your kitchen is starting to remind you of something you saw through a black and white television, it may be time to remodel. It's no secret that a complete teardown and rebuild can weigh on your wallet, but there are always new techniques to attain your dream kitchen without breaking the bank. From investing in quality appliances to cutting costs on smaller pre-loved items, there are many quick tricks to turn your kitchen from drab to fab affordably.

1. Invest In Appliances That Are Built To Last

While it is very enticing to cut costs with used appliances, the parts of your kitchen that are constantly being touched, turned, heated, and all-around used demand quality. Buying cheap in the short term may save you a few bucks, but your wallet will thank you in a year when you aren't buying new low-quality items over and over again.

For example, prioritizing the cost of a built-in fridge rather than settling for a faulty stand-alone will be an investment upfront that keeps giving for years. Built-ins have longer lifespans and limitless customization, which is critical in a new remodel. To find the built-in fridge of your dreams, visit retailers like these.

2. Do Small Jobs Yourself

Though some construction tasks are better left to the professionals, take stock of the jobs that look a bit easier and put them on your plate rather than paying someone else. From a coat of paint to installing baseboards and cabinet handles, plenty of renovation-related tasks won't require blood, sweat, and tears to complete. Not only will a dose of DIY save you a chunk of change, but you will also have more pride in your space because you played a part in its production.

3. Keep Your Layout The Same

If your kitchen is uninspiring, try switching out the cabinets or backsplash before resorting to an entire demolition. If your kitchen is dark, try a lighter wood cabinet or brightening up the paint before knocking out an entire wall. By keeping the general layout of the kitchen the same, you will save on rewiring electricity, plumbing, and easily avoidable building costs. Those small changes could make all the differences you dreamed of anyway.

4. Buy Previously Owned Items

While pre-loved appliances don't tend to stand the test of time, other kitchen items are as good as new when they come from a loving home. Light fixtures, specific hardware, and other accessories are staples of flea markets, floor model sales, or online marketplaces. You may even find a one-of-a-kind piece that you would never have snagged otherwise.

5. Switch Up The Small Things

If you're looking to save money on your reno, take stock of what you don't hate about your kitchen before throwing it all away. From trim to backsplash and cabinet hardware, there are a million tiny fixes that may make your kitchen feel fresher than expected. Utilizing the good things about your space while replacing some of the smaller features that rub you the wrong way can give you an Insta-worthy cooking space without breaking the bank.

6. Refresh Instead Of Replace

Your kitchen may have seen better days, but that doesn't mean your cooking space doesn't have good bones. Try refinishing the wood stain on your cabinets or throwing a few shelves into your storage spaces. While it may be old news, it will be feeling as good as new in no time.

Conclusion

Before picking up the sledgehammer, remember that your kitchen remodel does not have to mean taking the space down to the studs. Instead, utilize a few quick fixes and put your innovative thinking to good use. In no time, you'll feel Food-Network ready.

The post Boiled-Over Budget? 6 Tips for Executing a Kitchen Remodel Affordably appeared first on MoneyMiniBlog.

Machine Learning and Its Impact on the Insurance Industry: A Primer

Posted: 01 Jul 2021 01:50 PM PDT

Machine Learning and Its Impact on the Insurance Industry: A Primer

It's been almost 70 years since the invention of artificial intelligence, or AI. Several decades ago, when the technology was still new and seemingly fresh out of a science fiction novel, most people assumed that it would be used by a few niche industries. But outside of obvious applications like computer engineering, transport, and security, artificial intelligence and the related field of machine learning (ML) have since been adopted into the mainstream. One example of an industry that's recently welcomed the use of AI and ML is the insurance industry.

To those who aren't very familiar with AI or ML, or whose understanding of the insurance business is limited to traditional insurance experiences, this might seem like a surprise. But truth be told, there's a lot of sense in utilizing more AI and ML technologies for modern insurance delivery, for example through the use of an insurance management system that's capable of machine learning. If you're part of the insurance industry, it will be a highly practical decision on your part to explore these technologies. To illustrate why, here's a briefer on the impact that AI and ML have made on the insurance business.

What Do AI and ML Have to Do with the Insurance Industry?

First, let's define the key terms in question. Artificial intelligence, or AI, is the term for any technological apparatus that can mimic human behavior. Machine learning, or ML, is a subset of AI in which a machine can automatically learn from past data without being explicitly programmed by a human to do so.

The more data the machine observes, the better it becomes at recognizing meaningful patterns—and therefore, the better it becomes at "learning" in the human sense. This concept is important when we make the connection between ML and the realities of the insurance experience.

Those who have worked in the business for a long time know that insurance relies heavily on data. The company deals with large, complex swathes of data pertaining to customers' health, financial data involved in underwriting and product pricing, and other data involved in day-to-day operations. But most legacy insurance systems only utilize a fraction of that data, and even when they do, the task of culling and processing that data is extremely taxing on them.

AI and ML technologies, however, have changed the game. Machine learning, in particular, has the potential to make an insurance company more data-driven than it already is. The results of such a data-driven approach are quite favorable to the insurance business. Thanks to ML technologies that unlock a 360-degree view of all the data in the insurance process, insurers can be more agile and responsive in their decision-making.

4 Insurance-Related Tasks That Will Benefit from Machine Learning

There are four areas of the insurance experience that will benefit from extensive use of machine learning. They are the following:

1. Underwriting

First, ML can assist underwriters in the already difficult task of writing policies. The technology will allow them to digest large and complex sets of data that pertain to risks and potential losses, and therefore arrive at the most competitive prices.

2. Claims Processing

ML can also help insurers improve in the area of claims management. First, it makes an instant and up-to-date breakdown of claims costs possible for insurers. Second, it allows them to kickstart a more targeted claims processing approach. If ML technology is used wisely, insurers can save a lot of money through sheer efficiency at claims processing. Best of all, insurers can preserve their customers' trust in them.

3. Insurance Fraud Detection

On the flipside, ML can also guide insurers to detect the erratic patterns that often signal fraudulent insurance claims. Insurance companies will be able to amass their skills at handling unstructured, semi-structured, and structured data sets to predict incidences of fraud and deal with any threats before it's too late.

4. Customer Experience

Lastly, ML algorithms can survey the data customers put on their profiles when they're applying for insurance or renewing their existing policies. That data can be the basis of computer-generated insurance advice, which will be both accurate and personalized according to the individual customer's needs. This opens the opportunity for insurers to improve their customer service, as well as adopt more effective strategies for upselling other insurance products in the customer's preferred channel. 

Final Words

Artificial intelligence and machine learning technologies can definitely help insurers take care of the data-related aspects of their business. But they won't be a replacement for the human element of insurance work. Frankly, they shouldn't need to be. Rather, AI and ML can be thought of as complementary tools to be used alongside others in the insurer's toolkit, like marketing and strategic planning.

It's up to insurers to combine modern technologies with warmth, hospitality, and other timeless human values that define their business. Doing so will definitely bridge that gap between a company's past successes and future growth opportunities, especially in the digital era.

The post Machine Learning and Its Impact on the Insurance Industry: A Primer appeared first on MoneyMiniBlog.
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