Managing a Successful Business Project
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Added on 2020-06-04
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Aim and objectives of project 1 P2 Basic project management plan 3 P3 Work breakdown structure and Gantt chart 4 TASK 26 P4 Qualitative and quantitative research methods6 TASK 39 P5 Data analysis 9 P6 Appropriate Recommendations and Conclusions 17 TASK 418 P7 Reflection of work conducted18 CONCLUSION 18 REFERENCES 19 Log book 21 INTRODUCTION In today's world, technology is considered as the most important factor since it is being used in each and every work that is
Managing a Successful Business Project
Added on 2020-06-04
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Managing aSuccessful BusinessProject
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Aim and objectives of project..........................................................................................1P2 Basic project management plan.........................................................................................3P3 Work breakdown structure and Gantt chart......................................................................4TASK 2............................................................................................................................................6P4 Qualitative and quantitative research methods..................................................................6TASK 3............................................................................................................................................9P5 Data analysis.....................................................................................................................9P6 Appropriate Recommendations and Conclusions...........................................................17TASK 4..........................................................................................................................................18P7 Reflection of work conducted.........................................................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19Log book ..............................................................................................................................21
INTRODUCTIONIn today's world, technology is considered as the most important factor since it is beingused in each and every work that is being conducted by company in economy. It also helps thefirm in expanding their business by increasing the profits and productivity as well. Digitaltechnology has changed the way of working in companies because it has brought variouschanges that affect the performance of the employees in company (Ahmed Dine Rabeh,Jimenez-Jimenez and Martínez-Costa, 2013). Through digital technology, the company adds amodern touch in the organisation as technologies bring advances in the company. The companythat will be referred here if The Quint Group. It is a leading international, highly innovate fintech group which is operating in consumer finance market. In this research report, aim andobjectives of the research, a project management plan, action plan is created related to the impactof digital technology on small business. Along with this, Data analysis and interpretation willalso be conducted in the report. TASK 1P1. Aim and objectives of projectSince economy is growing at a fast pace so, there is a need for companies to grow alongwith them because if they will not bring development, they would not be able to cope up with thechanges that has been introduced in economy. In this, digital technology is an important factorthat is growing in the economy very fast. This is an essential development that all companiesneed to bring in their business so as to bring improvements in the business. If technology will beincluded in the working of company then work will be completed easily and it will save time aswell. There are various types of technologies that are invented by the researchers and are by thecompanies in their various departments. In helps in bringing modernisation in companies.Because of this reason, now more companies are avoiding the use of traditional methods ofhandling an organisation. They are leaving a positive impact in companies and this is the reasonmore companies are attracted towards it. The technology that is used widely in companies arecloud technology in which companies can store their data and also share it very easily. Digitaltechnology is also helping company in expanding and promoting the business activities(Chesbrough, 2010). There is another source that has been provided by the digital technologywhich is social media. Quint group is using many digital technologies in their working since they1
are a financial group that are working in a consumer financial market. Now, they are planning tointroduce a new mobile application through which company will be able to conduct all theiractivities from their mobile itself (Crane and Matten, 2016). Topic: To identify the impact of digital technology in growth and innovation of small businessorganisations. Background of the project:In the current business environment, there are many changes occurring because of whichthe daily business activities of companies are getting affected. In order to bring this newtechnology, it is very necessary for Quint group to know that whether the customers for whomthis project is being developed will like and adopt it or not. For this, they will have to conduct aresearch through which they will get to know the views of people on this subject. It is necessaryfor company to invest in this project because a lot of time and money will be invested bycompany in this project and if it failed then company may face huge losses. Through this research, company will get to know the needs and demands of thecustomers and this will help them in introducing new features in their technology so that thecustomers will get fully satisfied. In quint group, since they are planning to launch a new mobileapplication so for this they will be need information about the main issues that the customers arefacing currently in the financial market. Once company gets to know the issue, they will be ableto solve these problems by adding some new features in their application. This will help them inattracting more customers and their productivity will also be increased (Den Hertog, Van der Aaand De Jong, 2010). Aim: “To identify the impact of digital technology in bringing growth and innovation in smallbusiness organisation - A case study on Quint Group Ltd.”Objectives:To identify the impact of digital technologyTo understand the need of growth and development in Quint Group To evaluate how digital technology brings growth and developmentRecommend various ways through which Quint Group Ltd. can implement digitalisation Research Questions:How digital technology can be implemented in Quint Group Ltd.?Is there a need for company to bring growth and development?2
How digital technology helps in bringing growth and development?What are the various ways through which company can bring digitalisation inorganisation?P2 Basic project management planPlanning is very essential in an organisation. Be it any activity , if it is done with properplanning then it will definitely give effective results (Eckerson, 2010). While doing a project it isthe responsibility of the project manager to make an effective project management plan in whichall the activities related to the research will be included. It is a formal document through whichthe whole project is Monitored, executed and controlled. This plan is used by the team membersto conduct all their activities effectively. Through this, the chances of making the projectsuccessful increases and it can be carried in for a longer term. In this plan, the important factors that are to be included are cost, scope, time,quality, communication, risk and resources. The project manager of quint should use all thesefactors to make their project management plan as it will help them in making their projectsuccessful. These factors are described as follows:- Cost – The company will have to invest a huge amount of funds in the project becauselaunching a mobile application is not a simple task. Lots of technologies will be used bythe company to include various features in their app. Since company is well establishedin market so it will face any problem in arranging the funds for the project. Otherwisethey must be having enough funds that the company can invest themselves in thebusiness. For the completion of this project, the management required 500 pound. But theresearcher required to 100pounds to gather information or collecting data for thecompletion of the research. Time:- The plan which is prepared by the project managers should have a time limit alsothrough the activities shall be conducted. It is very necessary to keep a time limit becauseit binds the worker to finish a particular activity within the particular time. Workers aregiven strict orders to follow this time management plan so that no activity is delayed inthe company (Gebauer, Edvardsson and Bjurko, 2010). The management departmentneed 14-15 weeks for the prepare strategies and policies fro this project. But theresearcher need 2-3 weeks for gathering information and data. 3
Scope of the project:- The scope of this project is very high because it will open newdoors for the company in the market and they can attract more and more customersthrough this. This will help the companies in achieving success by improving their profitsand productivity. Risk – Risk is attached to this project but it s not very high since the company is doing itsbusiness successfully since many years and now they are just introducing a newtechnology for giving ease to their customers and bringing growth in the company. So,Quint group will not be affected by the risk that is attached with this project (Incelli,2013). Communication:- It is very important for the managers to maintain a goodcommunication channel in the company so that all the important information is beingtransferred to the workers and they are able to perform their work in a very easy manner.They can use various modes and channels such as email, SMS, phone-calls and others tomake interaction to their customers. While the researcher can use also email, SMS, socialmedia and others to make communication and gather information for their research.Quality control : Since Quint group is working for consumer financial market . So , it isvery important for the them maintain good quality services so that more customers cancome and avail their services. So by following all these factors the company can make an effective project managementplan which can be used by them in the project. Through this the company will be able to knlowthat how much funds they require in this research project and in how much time the project willbe completed. P3 Work breakdown structure and Gantt chartWhile doing a research project, it is very important for the company to know the views ofpeople for whom this new technology will be launched. It is very useful for the company as ithelps them in taking necessary decisions and achieving success as well. So for this, an actionplan must be created by the company so as to manage the project successfully. With the help ofthis plan , the activities are executed in a proper manner and resources are also used effectivelyby them (Jones and Lubinski, 2012). Before doing this , a proper study is required to be done bythe researcher. The steps that are required to be conducted by the researcher are :-Identification of the problem4
Reviewing the literatureClarifying the problemClearly define the terms and conceptsDefining the populationCollection of dataAnalysing dataConcluding the report and giving recommendations alsoSubmitting the reportAll the steps will be followed by the company to complete this research project. Sine the citedcompany is thinking gt launch a mobile application so they need to know that whether thecustomers will like this idea of them or not (Kankaanranta and Planken, 2010). Customersacceptability towards using this new technology will be the issue or a problem for the company.In this issue, various opinions will be taken by the experts present in the company and it will beknown that whether this idea can bring positive development in the company or not. Once all thereviews are taken then a sample population will be selected by the company who will be given achance to use this application and then tell that whether ten public will like it or not. In this research , 20 respondents are selected by the company by using random samplingmethod. They will be provided a questionnaire in which all the questions that are required to beanswered by them are included and this data will be further analysed and interpreted by thecompany so that they can arrive at correct results. (Source: Work breakdown structure, 2018)5Illustration 1: Work Breakdown Structure, 2018
Work breakdown structure is a key component for an organisation as it organises teamwork in systematic and manageable manner. This is based on hierarchical structure whichcontains various factors like product, services, data and their combination. By following all these activities a time and action plan is formed by the members of thecompany. This will hep the company in getting appropriate outcomes which are beneficial forlong term purpose. The primary source of information that is used by the management of thecompany is its Questionnaire. In this 10 questions will be framed by the project manager whichwill contain questions related to the issue (Lai and Ong, 2010). This questionnaire will be givento the sample population and then their answers will be used to come at the results. Researcher will have to review the dates again and again so that it will be known that allthe activities are being conducted properly or not. It is very important to be done properly thenonly the project will be successful. The Action plan prepared for this project are - 6
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