P5 Analyse research and data using appropriate tools and techniques
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MANAGING A SUCCESFUL BUSINESS
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Table of Contents INTRODUCTION..........................................................................................................................1 TASK 1............................................................................................................................................1 P1 Project aims and objectives...............................................................................................1 P2 Produce a management plan..............................................................................................2 P3 Work breakdown structure and Gantt chart......................................................................5 TASK 2............................................................................................................................................9 P4 Carry out small scale research by applying qualitative and quantitative research method9 TASK 3..........................................................................................................................................11 P5 Analyse research and data using appropriate tools and techniques................................11 P6 Recommendation.............................................................................................................17 TASK 4..........................................................................................................................................18 P7 Reflection........................................................................................................................18 CONCLUSION..............................................................................................................................18 REFERENCES.............................................................................................................................19 Online.............................................................................................................................................19 What’s the difference between qualitative and quantitative research?. 2018. [Online]. Available through: <https://www.snapsurveys.com/blog/qualitative-vs-quantitative-research/>................19
INTRODUCTION Digital technology can be defined as resources, systems, electronic methods and various other equipment which help in processing data. The digital tools undertakes social media, software, applications and online games, cloud technology, productivity techniques and mobile methods. Digital technology is necessary for company because it will help in developing creative and innovative products in easy manner. Technology assist in reducing time and wastage that lead towards reaching with high level of profitability in proper manner. While using digital method, firm can also design and develop products which are required by customers. The report is based on “Continental Consulting Limited” which is research and business consultancy company. The firm is adopting cloud technology for attracting more customers towards company products and services and upgrading their business activities as well (Broekx and et. al., 2011). The main purpose of assignment is to describe impact of digital technology on supporting small business growth and innovation. This will assist in identifying the aims and objectives of project and also develop appropriate management plan which meet the objectives. TASK 1 P1 Project aims and objectives Digital technology is required for formulating company and also acquiring desired goals and targets in better manner. It provide basic platform which help in adopting and using various tools for enhancing its market share and also build goodwill of an organization. Along with this, there are different business functions and activities that are managed in coordinated way so that their tasks are achieved in an appropriate manner. Some of the business operations includes human resources, marketing, finance and information technology in which digital technology try to reach with gaining potential goals or targets effectively (Denzin and Lincoln, 2011). The company can attract large number of people through social media method of domestic as well as international level. Cloud technology is the process which help in sharing and storing data that are very essential for company in future time period. Thus, most of the organisation take help in formulating new advanced digital technology that use for producing creative or innovative products for their buyers. The main motive of digital technology is to carry out effectiveness and make appropriate position among rivals for gaining competitive advantages.
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Topic: “To analyse the impact of digital technology supporting small business growth and innovation”. A case study of Continental Consulting Limited. Background of project: Digital technology is used for executing appropriate business operations and carry out major changes to survive in the competitive environment. It is effective factor which help in improving performance and quality of goods so there are number of people who attracted towards company. This research assignment will support in determining impact of digital technology on small business growth and innovation in business. Continental Consulting Limited is the company which provide latest equipment, computer and IT services to the customers (Fleming and Koppelman, 2016). The report is focus on cloud technology which assist in delivering information and services where resources are retrieved from internet with the help of web based techniques and applications. Aim: “To determine impact of cloud technology on upgrading business activities. A case study of Continental Consulting Limited”. Objectives: To analyse the concept of cloud technology. To determine the importance of cloud technology inContinental Consulting Limited. To ascertain the challenges faced by firm while upgrading business activities. Questions: What is the concept of cloud technology ? What is the importance of cloud technology inContinental Consulting Limited ? Elaborate the challenges faced by firm while upgrading business activities ? P2 Produce a management plan In every business organisation, it is necessary to set a management plan for specific project that assist in achieving desired goals and targets. Planning will play an essential role in developing appropriate project and managing it in more effective manner. Project plan should be formulated by undertaking different factors that includes cost, scope, risk, quality, resources and communication for successful implementation. It is useful for developing effective plan and saving more time, value of the business (Geraldi and Lechter, 2012). There are various essential aspects which help in producing project plan regarding digital technology that described as follows: 2
Scope– The project scope is wide due to using effective digital technology in the company. With the adoption of this technology, company will be able to upgrade all business operations and activities. For making effective plan, investigator have to recognise major impact and advantages of this technique which main purpose is to promoting various products and services in better manner. The project support in operating management, production, storage and distribution so that company can grow and enhancing its business image among competitors (Hirshkowitz and et. al., 2015). Cost– It is another major aspects of project which develop plan for preparing appropriate budget so that it can be executed in effective manner. Project manager is required to determine the cost factor for making planning such as cost of project, budgeting and optimumutilisationofresourceswhichcanbebeneficialforcompletingwork. Continental Consulting Limited have invested adequate funds for using new advanced technology so that they can easily promote their business. The cloud technology help in storing and saving all company data which can be required in specific time period. With the help of training and development program, they can adopt new strategies and executing project plan for developing reputation in the firm. The budget prepared for this project is provided below: Cost budget on CloudTechnology ParticularsAmount Initial investment£21000 Expenses: Research and developmental activities£2800 Operational expenses£5100 Cost to IT experts£2500 Maintenance£3600 Licensing fee£7000 Time– It can be defined as specific time and schedule of project should be required for adopting cloud technology by company so they can easily important information related to customer properly. It is essential for using new techniques and methods so that firm can effectively finish the time in specific duration. The project manager prepare plan 3
regarding time that are necessary for completing desired task. Continental Consulting Limited can undertake critical path method for identify relevant time duration of the project and assist in allocating required resources in the number of activities for getting right result.It is analysed that this project will take around 3 months for the completion. Quality– In this, there are various quality factors and factors which help in completing project (Hwang and Lim, 2012). It will assist in measuring quality of project which carry out its appropriate result in positive way. With the help of effective cloud technology, company can easily keeping records and save data related to their customers, employees and other members in quality manner. Risk– There are different possibilities of occurring risk or uncertainties for formulating and completing project which is required for recognise various factors to reaching with desired goals and targets. It is that aspect which directly affect on business concern while using advanced digital technologies. Continental Consulting Limited which provide latest techniques, equipments, IT methods to their clients and promote their services at the international level. Cloud technology is the one of the best technique to save and keep company record related to customers, staff members, organisation and some other. Company manager has perform their role in determining risk that can occur while making project that includes conflict among employees, inaccuracy, lack of finance and lack of efficiency. Communication– It is useful for smoothly running of business operation and help in reaching with desired results. Project manager have to develop plan for using best procedure of communication regarding new techniques or methods so that they can perform work for attaining objective. After implementation of plan, it is required for adopting best appropriate communication such as telecommunication, Email and other tools so that they can keep records in better manner (Lakatos, 2014). Along with this, it is useful factor which build strong relationship by interacting with them. Resources– It is required for making effective plan by determining different resources which assist in completing project. Project manager manage and maintain resources by assigningvariousactivitiessothattheycanachievedwithtarget.Thisincludes workforce, equipments, capital, land, etc. 4
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P3 Work breakdown structure and Gantt chart Work Breakdown Structure:Work breakdown is the process of dividing projects into simple, easy, and manageable forms which are complex in nature. Generally, the reason behind to do this is that it simplifies the execution of projects. Some of them are: project organization will be accurate and simplified, if broken into definable forms. Mainly, it helps in estimating cost, time and risk (Meredith and Mantel Jr, 2011). Indicates the project scope finer so that investors can better understand the project. Uses ofWork Breakdown Structure: First and foremost use of WBS is, it provides visual representation of all parts of project. It of course breaks project into easy sections which is helpful in timely completion of projects. It is used in delegating responsibilities among all the members of an organization which strong the smooth functioning of the project. The work breakdown structure makes it easy to display project details and status. It also helps in determining the risk involved in a particular project. For example, if there is a project whose risk is not defined, then it has a scope of risk. While using WBS, by breaking it into smaller chunks, the project manager is able to identify the risk (Peters, Howard and Sharp, 2012). Users of Work breakdown Structure:business project managers uses WBS to ensure successful achievement of the project. Some teams can also it. These are: Client facing groups:Account directors specially uses WBS to show progress to their clients. Creative Groups:WBS helps the creatives like designers, writers etc. to focus on their creativity. Gantt Chart:Gantt chart visualize the tasks scheduled over time. It is usually used by project managers for planning projects of all sizes which helps to know that what work is scheduled to be done on a specific day. Contents: Start date of the project can be seen on the Gantt chart. Shows project tasks. Shows who is working on which project. Finish date of the project. 5
Time to be taken by the project to finish. Gantt charts may be simple or they can be in complexed versions like, Microsoft project or Excel. But, there is some problem with Gantt charts as in, it sometimes does not determine task dependencies, which project is lagging behind schedule and it affects other tasks, in return. Gantt chart uses:Gantt chart comes in many forms, from old fashioned paper to desktop work (Wahyuni, 2012). These are useful in almost every type of industries, for example construction, consulting agencies, marketing teams, human resources, etc. 6 Illustration1: Work Breakdown Structure
Benefits of Gantt Chart:There are so many small details which project manager never noticed, suddenly comes in front of them and of course, they are beneficial to them. Gantt charts gives clear cut illustration of project status in every sense. Some of these are: It gives visual scope of the entire project which will prove very helpful for project6 managers. They get to know that how entire tasks are connected with each other. It is used in keeping the whole team on the same page. It brings out reality in the sense that who is engaged in real and is not. 7
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TASK 2 P4 Carry out small scale research by applying qualitative and quantitative research method In this, research is very important for analysing accurate data and information which is useful for an organisation. Company manager require to conduct investigation for acquiring different techniques and methods and they need to implement marketing activities that increasing goodwill of the firm in the market area. There are various types of data collection method which are described as follows: Qualitative research– It is that technique which analyse the behaviour of their respondents towards using new tools and advanced methods by firm. Project manager determine this method for gathering required data and information regarding behaviour, ideas, opinions, perceptions, attitude and view point of the respondents (Westerman, Bonnet and McAfee, 2014). Cloud technology help in protecting company's clients records and personal details in proper manner. It includes observation, interview, group discussion and so on. Quantitative research– In this technique, organisation can collect and gather data in the form of numerical, statistical manner so that they can gain better result in an appropriate way. Investigatordeterminedifferenttechniquesandmethodsofquantitativeresearchsuchas numerical, mathematical and computation so they can get relevant information effectively. Along with this, it is beneficial for gaining proper outcome when manager can compare data and analyse appropriate result with this. Primary method– In this, investigator undertake various techniques and methods for collecting required data sothatthey can get reliable facts with the help of adopting primary method. It includes various number of tools and methods which assist in receiving accurate information through group discussion, interviews and questionnaire. Secondary method– It is one of the appropriate method which help in collecting facts and figures by considering secondary technique. This is useful for gathering relevant data in given time period (Wilson, 2014). Investigator uses this method for save time, costs and efforts for completing specific project. It includes different elements such as articles, blogs, magazines, blogs, websites, internet, etc. Population size– The population size has been taken for this report which is around 100 people from appropriate individual are selected for analysing the real outcomes in better manner. 9
Sampling size –In this report, the company is selecting 40 respondents who are giving their views and reviews regarding their products and services. Samplingmethod–Itistheprocedureforselectingamplemembersfromthe populations. There are three types of sampling methods which includes simple random, stratified sampling and cluster sampling. Questionnaire Name: Age: Gender: Q.1. Is cloud technology useful in enhancing business growth and efficiency ? a) Yes b) No Q.2. Can application of cloud technology assist company in improving their business operations and its activities? a) Agree b) Disagree Q.3. What kind of advantages are being provided to company while implementing cloud technology? a) Provide Flexibility b) Improving Efficiency Q.4. Does cloud application supports in enhancing business success and development ? a) Yes b) No Q.5. Which is the major challenge of cloud technology in Continental Consulting Limited ? a) Password security b) Data privacy Q.6. Does cloud technology assist in upgrading various business activities ? a) Agree b) Disagree Q.7. In which manner, cloud technology impact on business growth and its operation ? a) Positive 10
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b) Negative c) Neutral Q.8. Do you have any suggestion regarding how impact of cloud technology on small business growth and innovation activities effectively. TASK 3 P5 Analyse research and data using appropriate tools and techniques Theme 1: Cloud technology useful in enhancing business growth and efficiency Q.1. Is cloud technology useful in enhancing business growth and efficiency ? Frequency a) Yes25 b) No15 Interpretation:As per the above table, it can be analysed that cloud technology is beneficial for higher the business growth and efficiency(Broekx and et. al., 2011).There are around 25 respondents who are agree on this statement that it is useful for storing data and information 11 25 15 a) Yes b) No
which enhance its growth and rest of the 15 respondents are said no for this because sometime it does not help in enhancing firm growth in effective manner. Theme 2: Cloud technology assist company in improving their business operations Q.2.Canapplicationofcloudtechnology assist company in improving their business operations and its activities? Frequency a) Agree30 b) Disagree10 Interpretation:It can be stated that cloud technology assist in keeping records and data within an organisation. There are around 30 respondents who are agree on that statement this method is beneficial for improving business current operations and its functions in proper manner(Denzin and Lincoln, 2011).Remaining 10 are disagree on that statement in which they consider that cloud technology use only for recording information related to business. Theme 3: Flexibility is the most convenient advantage of using cloud technology Q.3.Whatkindofadvantagearebeing providedtocompanywhileimplementing Frequency 12 30 10 a) Agree b) Disagree
cloud technology ? a) Provide Flexibility25 b) Improving Efficiency15 Interpretation:From the above described table, it can be described that there are various benefits provided by cloud technology which help in gaining saving data and information of an organisation(Fleming and Koppelman, 2016).In this, there are around 25 respondents who are said that flexibility assist in enhancing business growth and improving company performance. Rest of the 15 respondents are not agree on this statement and they think cloud technology mainly useful for improving efficiency of business in proper way. Theme 4: Cloud application supporting in enhancing its business success and development Q.4.Doescloudapplicationsupportsin enhancingbusinesssuccessand development ? Frequency a) Yes35 b) No5 13 a) Provide Flexibilityb) Improving Efficiency 0 5 10 15 20 25 25 15 Column B
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Interpretation:According to the above description, it can be concluded that cloud technology help company in enhancing its business success level. In this, there are around 35 respondents who are said that cloud application support in increasing its business growth and development level in effective manner(Geraldi and Lechter, 2012).On the other hand, rest of the 5 respondents are said that this is not useful for higher the productivity or success level. Theme 5: Data privacy is the major challenge of cloud technology in CCL company Q.5. Which is the major challenge of cloud technology in Continental Consulting Limited ? Frequency a) Password security10 b) Data privacy30 14 a) Yesb) No 0 5 10 15 20 25 30 35 35 5 Column B
Interpretation:It can be stated that cloud techniques assist in maintaining company data and information from various hackers and attackers. There are 10 respondents who are said that password security is the major challenge for an organisation because they are not able to protect its data effectively(Hirshkowitz and et. al., 2015).Rest of the 30 respondents are agree on that data privacy is the main issue which create various barriers or errors within an organisation. Theme 6: Cloud technology assist in upgrading various business activities Q.6.Doescloudtechnologyassistin upgrading various business activities ? Frequency a) Agree35 b) Disagree5 15 a) Password securityb) Data privacy 0 5 10 15 20 25 30 10 30 Column B
Interpretation:In this, cloud technology help in upgrading business functions and activities effectively for maintaining all employees and motivate them for doing appropriate work. There are approx. 35 respondents who are agree on this statement that this method is useful for increasing different company operational activities(Hwang and Lim, 2012).On the other hand, 5 respondents are disagree on this statement that cloud technology use for safety and security of required information which are related to firm. Theme 7: Cloud technology positively impact on business growth and its operation Q.7.Inwhichmanner,cloudtechnology impact on business growth and its operation ? Frequency a) Positive20 b) Negative10 c) Neutral10 16 a) Agreeb) Disagree 0 5 10 15 20 25 30 35 35 5 Column B
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Interpretation:From the mentioned project, it can be concluded that cloud technology help in developing positive impact on business operations and its functions. There are around 20 respondents who are said that it create positive impact, rest of the 10 people are consider that it is negative impact and remaining 10 respondents are agree on neutral statement(Wahyuni, 2012). P6 Recommendation Research is very essential activity in which it determine data and information with the help of various sources. There are two methods of research such as primary and secondary. These techniques mainly used for collecting reliable information in better manner. Along with this, it assist in conducting investigation for ascertain the impact of cloud technology on upgrading business activities and functions. As per this analysis, Continental Consulting Limited can adopt cloud technology which help them in storing and sharing information in proper manner. This will provide opportunity for company is to reduce burden over the employees and increasing business growth in proper way. It is that method which can be used for keeping important records and data for making reliability in the company.It can be recommended that, there are various advantages which are acquired from digital technology implementing in the organisation in order to assist in maintaining huge data records for developing accurate decisions for the welfare of firm. The company required to use digital technology for developing 17 20 10 10 a) Positive b) Negative c) Neutral
appropriate decision while conducting effective operating activities for gaining better results or outcomes. In addition to this, they required to make proper correction in applying effective plan of action for reaching with desired goals and targets.This technique supported in enhancing its market share so this will carry out major changes in their management processes. Throughout the assessment, it has been understood that company needs to focus on certain elements before installing cloud technology at workplace such as; Requisite to hire skilled or qualified employees whomsoever are having full knowledge about the upgraded technology in order to handle business activities. Try to reserve high range of funds for conducting all the business activities in proper manner with the use of digital tools. Company needs to design suitable plans for assisting entire staff members towards corrective path. Managers of an association needs to conduct training and programmes on weekly or monthlybasisforpolishingtheemployeesandtomakehealthyenvironmentat workplace. TASK 4 P7 Reflection In this project, I analysed that digital technology have a deep impact on company's growth and profitability. As per my views, company require to execute creative and innovative ideas which increasing their future growth in better manner. I have learned that with the help of cloud technology, I can easily save and protect all essential information or data in better manner and ensure privacy insidetheorganisation as well. In order to meet the objectives,Ihad to undertakeseveralmeasuresliketakingreviewsofrespondents,collectingreliabledata, completing the tasks within the time limit etc. An organisation require to do work on various online tools such as cloud technology which help in reducing workers burden for handling recordsofimportantinformationordata.Implementationofdigitaltechnologyhelpin developing accurate alterations in firm services for fulfilling all requirement of clients. On the other hand, it is not easy for company is to implement some technology because this will requires sufficient amount of funds, techniques and equipments to operate in better manner. Therefore, I have to analysed that digital technology required to make focus on safety 18
and security which are applied and completion of legal formalities that is compulsory to gain required benefits. Moreover, it is also necessary for firm is to identify the possible risk factors while implementing such technologies which reduces negative outputs along with enhancing its business results. CONCLUSION From the above mentioned report, it can be analysed that digital technology define as resources, systems, electronic methods and various other equipment which help in processing data.It provide basic platform which help in adopting and using various tools for enhancing its market share and also build goodwill of an organization. In every business organisation, it is necessary to set a management plan for specific project that assist in achieving desired goals and targets. This research assignment will support in determining impact of digital technology on small business growth and innovation in business. Along with this, it assist in conducting investigation for ascertain the impact of cloud technology on upgrading business activities and functions. The data analysis help in collecting and gathering accurate data which help in enhancing business growth in proper manner. 19
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REFERENCES Books and Journals Broekx, S. and et. al., 2011. Designing a long-term flood risk management plan for the Scheldt estuary using a risk-based approach.Natural hazards.57(2). pp.245-266. Denzin, N. K. and Lincoln, Y. S. Eds., 2011.The Sage handbook of qualitative research. Sage. Fleming, Q. W. and Koppelman, J. M., 2016, December.Earned value project management. Project Management Institute. Geraldi, J. and Lechter, T., 2012. Gantt charts revisited: A critical analysis of its roots and implications to the management of projects today.International Journal of Managing Projects in Business. 5(4). pp.578-594. Hirshkowitz,M.andet.al.,2015.NationalSleepFoundation’ssleeptimeduration recommendations: methodology and results summary. Sleep Health:Journal of the National Sleep Foundation. 1(1). pp.40-43. Hwang, B. G. and Lim, E. S. J., 2012. Critical success factors for key project players and objectives:CasestudyofSingapore.JournalofConstructionEngineeringand Management. 139(2). pp.204-215. Lakatos, I.,2014.Falsificationand theMethodologyofScientificresearchProgrammes. Criticism and the Growth of KnowledgeÄ_Ä, ed. I. Lakatos and A. Musgrave (London: Cambridge University Press, 1974). Meredith, J. R. and Mantel Jr, S. J., 2011.Project management: a managerial approach. John Wiley & Sons. Peters, M. J., Howard, K. and Sharp, M. J. A., 2012.The management of a student research project. Gower Publishing, Ltd.. Wahyuni, D., 2012.The research design maze: Understanding paradigms, cases, methods and methodologies. Westerman, G., Bonnet, D. and McAfee, A., 2014.Leading digital: Turning technology into business transformation.Harvard Business Press. Wilson, J., 2014.Essentials of business research: A guide to doing your research project.Sage. Online What’s the difference between qualitative and quantitative research?. 2018. [Online]. Available through: <https://www.snapsurveys.com/blog/qualitative-vs-quantitative-research/>. 20
Project Logbookfor the chosen organisation:Continental Consulting Limited Name of the learner:Name of the Supervisor: Project Title: Managing a Successful Business Date: 19 September 2018 Update of weekly research/ tasks achieved (Account for a minimum of six weeks with dates) What have you completed? Did you fulfil Task requirements? Are you on track and within deadlines set? Did you need to make any changes to your project management plan? Comments This task help in analysing the impact ofcloud technology on upgrading business activities. Yes Yes, I finished this work in given time period and make sure that all products are reached in effective manner. I Yes, if there is certain change in their rules and policy of authorities so they will make some alteration in complete the plan. Any risks and / or issues identified? 1.Did you identify risks/issues with a lack of skills required for undertaking research tasks? 2.Did you identify any additional risks/issues that have an impact on the project management plan? Yes, while conducting various surveys I analyse that there are some issues with in my communication skill. There are large number of people who are not aware about the effectiveness of cloud technology activities or functions. It is directly impact on business operations. Problems encountered 21
What barriers did you face? How did you overcome them? There are some barriers which are faced by me and such are related to time and ethical issues. I prepare all the functions and activities which ensure that all work has been completed in described time period. Along with this, ethical issues are highlighting by using accurate matter and content. New Ideas and change of project direction Provide training and development opportunities which are provided to a person for upgrading their skills and knowledge. What Have I learnt about myself this week? How did I feel when I had to deal with tasks/problems? How well have I performed? What did I contribute? What can I improve on next week? I accomplished that all the barriers and issues are the part of business growth. Company senior manager provide instruction to me in proper manner which help in increasing my personal performance and gaining contribution level. Different analytical skills are required to be upgraded and it is possible when I continuously learn. Tasks planned for next week Which tasks are priority?Such task or work has been conducted in defined time period for reaching with 22
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Have you set aside sufficient time for completion? increasing efficiency such as data collection. Yes, there is some adequate time which is kept for completing important task and also make proper change in this. Project plan status to date (on, ahead, behind) Up to date Supervisor comments to address Signature of the Supervisor and date: Template for Performance Review Template to be attached with the report by the learner: 1.What was the Project supposed to accomplish? Therearevariousgoalsthatarerelatedwithcloudtechnologyin Continental Consulting limited. such as achievement of all sustainable objectives. 2.Didtheprojectsucceedinitsaims/howdoyouknow? Specifically,pleaseoutlineanyevaluationandassessment undertaken. Yes, cloud technology activities help in gaining all target in better manner. There are various advantages that includes improve firm reputation or goodwill. 3.What things do you think worked well and why? Evaluate all aspects of the project (e.g initial inception, project activities and project outcomes) from a range of perspectives. With the help of project management plan, I was able for justify each and everyaction. Thisallowme toreducing timewhile making project in defined manner. 4.What problems emerged during the project and how were they 23
tackled? Was there timely identification of issues and resolution during the project process? Datacollectionisverycomplexanditwashandlebyusing differenttoolsormethodsthatallowmeincollectingall necessary data in better way. 5.What did you learn from undertaking the project? Thisis new research topic for me so I am learn It is anew researchtopicformeandIlearnedaboutdigitaltechnology activities for gaining targets. 6.Howwouldyourateyourperformanceasamanagement consultant leading the project? I would rate myself 8out of 10. 7.Whatstrengthsandweaknessofyourperformancedidyou identify? Therearesomestrengthofmysuchascommunicationskill which allow me in communicating with an individual in effective manner. The weakness is hindered my technical skills. 8.How will this inform and support your continuous professional development? Therequirementofdevelopingappropriatecommunication method that will allow me in giving information to all employees. 24