Managing a Successful Business Project - Hennes & Mauritz Assignment

Managing A
Successful Business

INTRODUCTION
Globalisation is referring to a procedure through which company is providing its products
services to all around the globe (Ahmed, Jimenez and Martínez, 2013). This will help company
to increase its sales and enhancing overall profitability of organisation. Globalisation a
movement of people, goods, services across the geographical boundaries in order to grow
business and its market share. This report is based of Hennes & Mauritz company. This
organisation was founded by Erling Persson in 1947 and it is providing its services all around the
world. It is a Swedish multinational company which is dealing in clothing retail industry. This
company is planning to launch its new product in Landon Fashion Week which is going to
happen in 16th - 20th November 2019. This report cover aims and objective to conduct research as
well as project management plan and research methodology. It also covers data analyses and
recommendation are provided on the bases of research.
TASK 1
P1
Background of Project: Hennes & Mauritz AB is a multinational Swedish company
which is dealing in fashions retail industry. This company is producing different fashionable
products from both men and women. It is one of the worlds largest company which is providing
its clothing products all around the globe. Hennes & Mauritz company was established in 1947
and it was founded by Erling Persson. Headquarter of this company is located in Stockholm,
Sweden and it is providing it services worldwide. This company is located in approx 62 countries
with more them four thousand stores. Hennes & Mauritz is planning to introduce it new sports
shoes product in London Fashion Week. Manager of H&M needs to carefully analyse the market
area as well as requirement of customers in order to provide new and creative products to
customers. London fashion week taking place on the 16th to 20th November 2019 so company
have hired a researcher to evaluate needs and wants of customers (Crane and Matten, 2016). For
this, investigator needs to develop various strategies and formulate specific aims and objective
for conducting effective and efficient research. Research aim and objective in mention below.
Research aim: To determine the significance of new product development for business
in enhancing its profitability. A Study on H&M
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Research Objectives
 To analyse the concept of new product development.
 To identify the different ways through which H&M can launch their product in market.
 To determine the relationship between new product development and business growth.
Research Questions
 What is the concept of developing new product?
 What are the different ways through which H&M can launch their product in market?
 What is the relationship between development of new product and business growth?
P2
Project management plan can be defining as a proper planning in order to implement and
effective and efficient project for organisation. This includes a documentation that help in
developing comprehensive baselines for achieving set goals and objective (DenVan and De Jong
2010). This is very essential to develop an effective plan after determine various factors so that
project can smoothly run and reach to set goals. Project management plan is a framework that
includes various strategies and step to complete project work. It is very important to carefully
analyse various factors which affect project management plan such as cost involved, time
required, quality, risk, communication as well as scope.
 Cost: This is very essential factor to carry the plan into actual actions. Cost rest to
amount of money that is required to perform and effective research. This play a very
crucial role in smooth function of research plan. Researcher needs to plan a proper budget
plan to conduct research. For this research, investigator is expecting total cost that is
required to complete research is approx 60000 pounds.
 Time: It refers to the time period required to effective complete research. In order to
timely completion of research it is very important that all activities of this should start at
right time so that all task complete in required time span (Eckerson, 2010). Researcher
who is conducting this research project has evaluated that this research required approx 7
months’ time to complete this.
 Quality: This is standard for conducting research. Quality of research is very important
aspect that needs to be decides by investigator before conducting research. This will help
in differentiating it from various other researcher. Quality of research should be high in
order to represent an effective and qualitative research. By setting high quality of
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research will help investigator to set standards of research which will help them in
measuring actual research.
 Risk: This factor will leads to have huge negative effect on research. It is very important
for research to identify amount of risk involved in carrying out a research (Gebauer,
Edvardsson and Bjurko, 2010). Investigator should analyse risk in advance so that they
can develop effective strategies to deal with risk. Risk factors includes shortage of
manpower, funds or time. Researcher should be planned to deal with various risk and
complete research effectively.
 Communication: This is required for researcher to effectively interact with team
members as well as other person who are helping in conducting research. Communication
is essential part of research in order to collect data from various sources (Incelli, 2013).
Effective communication will also help in motivating team to complete required task as
well as effective flow of research process.
 Scope: Scope of research will help in analysing its effectiveness in future and market
area. In order to lunch a new product, it is significant to analyse probability of
successfulness of product in market area. By analysing its scope, it is will help
investigator to identify chances of failure and success of new launched product in market
area.
P3
Work breakdown structure
This is a structure in which is divided into various parts in order to organize team work.
Work breakdown structure can be defining as a hierarchical representation of task which needs to
be implemented by member of a project team. This is a method which help is solving complex
and multi-step projects. Work breakdown structure is in a form of tree structure that provide
outlines to project and breaking into smaller parts so that completed portion can be easily
measurable.
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Gantt chart
This is a horizontal chart that is developed for controlling invention practices of
organisation. This is basically introduced by henry L. Gantt in 1917 to analyse and evaluate work
done by production department. This can be define as a graphical tool which help in representing
activities done in certain time period (Jones and Lubinski, 2012). Gantt chart is a very popular
tool in project management and it drill down all activities which is needs to be performed in a
fixed period of time. This chart has horizontal and vertical axis where vertical axis shows task
that needs to accomplish whereas horizontal axis represent time spend for completing given task.
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