Foundation of Business Management: Project Management Plan and Personal Reflection

FOUNDATION OF
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
Business Case Company.........................................................................................................1
Project Management Plan.......................................................................................................1
PART 2............................................................................................................................................4
Personal Reflection.................................................................................................................4
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDICES.................................................................................................................................9

INTRODUCTION
Business Management refers to all the activities, processes and techniques that are used
by an organisation in order to plan, organise, direct and control the functions and operations of
their company. It is one of the most important and crucial aspects within a firm in order to ensure
its sustainability and growth within the marketplace. Moreover, this concept also includes
operations management, which is associated with appropriate and effective management of each
and every operation and functions of a company which contributes towards achieving the
business objectives effectively (Simon, Fischbach and Schoder, 2014).
Hence, in context to this, the report below is based on foundation of business
management and is divided into two parts. The first part of this project is associated with
demonstration of understanding of various business management functions, along with relevant
tools in the practice week appropriately. As for the second part of the project, it undertakes the
form of personal reflection to analyse development of several skills related to the activity.
PART 1
Business Case Company
Roli is one of the most significant and innovative business companies that is currently
operating within the musical sector of the United Kingdom. The firm wishes to transform the
overall sector by manufacturing and distributing next-gen musical instruments and software
which are aimed to help aspiring musicians to have a strong base towards learning and making
music. The company currently wants to take part in a trade show where it wishes to showcase its
unique and innovative offerings and services to people attending the same. The agenda of
entering this trade show is for the firm to get higher edge within the music industry of the
country (Weske, 2019).
Project Management Plan
Project Management is one of the most appropriate methods through which a project is
plan, developed, executed and controlled to satisfy the purpose set out by the company. Hence,
in relation to Roli and the trade show it requires to enter in, below is a detailed project
management plan for the company,
Rationale for Exhibiting
1

There are several reasons for which the company has decided to exhibit its products
within the market. The very first rationale for the same is to enhance its market awareness.
Moreover, the firm has also developed an innovative product by the name of Seaboard, which
the firm plans to enhance the sale of following the exhibition. In addition to this, the company
also wishes to gain a competitive market edge over other music companies which would add to
its enhanced market share in future.
Project Plan Milestones
There are several milestones which Roli wishes to attain through this exhibition of its
Seaboard. Some of these milestones are reflected below:
• Roli aims at enhancing 2% customers within 3 months of exhibition
• The firm emphasises on 5% growth within sales of Seaboard by the end of 6 months of the
Trade Show
• The company also plans to enhance around 2% market share within 1 year of the exhibition.
Potential Return on Investment
Return on Investment is the amount which the company acquires in relation to its
investment. It is the financial gain which the firm has access to after its project or product brings
the firm higher revenue even after the breakeven point. In relation to Roli, the company is
willing to invest around £10,000 within this trade show in context of exhibiting its offering to the
public. If the return which the firm acquires is around £15,000 after the show, then the return on
invested is calculated below:
ROI = Investment Gain / Initial Investment *100
= 5000 / 10000 * 100
= 50%
Hence, the potential return on investment for the company through this trade show is
around 50%..
Project Plan and Budget
Project Plan refers to a detailed outlay in relation to planning and executing the whole
project (Lüdeke-Freund and et. al., 2017). Hence, in context of the trade show that the company
is willing to enter in, its project plan is showcased as under:
• Project Initiation:
2