Managing Projects for Competitive Success

This study material from Desklib covers the project management process for launching organic cosmetic products by UK Best Cosmetic Company. It includes key objectives, stages in project management, work breakdown structure, and timelines.

MANAGING PROJECTS
FOR COMPETITIVE
SUCCESS

TABLE OF CONTENTS
Overview of project.....................................................................................................................1
Rationale for selecting project.....................................................................................................1
Key objectives.............................................................................................................................1
Identifying key stages in the process of project management.....................................................1
Work breakdown structure along with timelines.........................................................................2
REFERENCES................................................................................................................................4

Overview of project
UK Best Cosmetic Company (UBCC) is planning to offer the organic products for the
face, hair and body. This will offer cosmetic goods like shampoo, soaps, creams, etc. products to
the target audience who has objective of using natural ingredient to enhance their beauty. It is
one of the significant project which required to be planned with accurate and relevant insights
about the course of action required to be conducted as failure can result in arise of higher legal
complication as related with health & safety of people.
Rationale for selecting project
The main reason behind selecting the project of launching product in cosmetic market
through gaining competitive edge of using organic material. The consumer trend for using
organic product has inclined in current market and awareness regarding health conscious
activities can boost revenue of company (Dunmade and et.al., 2018). Particular mentioned
project can help in gaining clarity of targeting audience as highly trending product with greater
sustainability has been focused. It can allow to get the favourable response from customers so
choosing specific project of launching product is beneficial.
Key objectives
 To incorporate and test the effect of formulated product with utilization of organic
product to achieve profitability of 10%
 To ensure optimum utilization of resources by having ability to recycle the waste by 25%
in order to decline cost.
 To make sure the compliance with regulation of health & safety and access to
material by reducing complexity by 10% .
Identifying key stages in the process of project management
the particular project will include the key stages such as initiation, planning, execution,
monitoring & controlling and project closing (Müller, Drouin and Sankaran, 2019).
 Initiation is concerned with building the goals, identifying aim, objectives, stakeholders,
target audience, scope and the product delivery. It will allow UBCC to get understanding
of crucial factor required for carrying forward project to another stage.
 Planning stage pay attention on resource, financial, quality, risk plan, and acceptance
level. UK Best Cosmetic Company can get information about its competitive edge in
this process.
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 Execution phase of project management is associated with actual work where the
activities such as time, quality, change, risk, communication, etc. will be implemented to
get accurate ability to meet with objectives (Picciotto, 2020).
 Controlling phase of UBCC project will concentrate on tracking the efforts & cost during
the process so that relevant course of action to have comply with budget formulated can
become possible.
 Closure is concerned with last stage of project life cycle where the final product will be
delivered to targeted audience.
Work breakdown structure along with timelines
WBS structure for UBCC project
Timeline
Activities/
months (30 days
each month)
1 2 3 4 5 6 7 8 9 10
Idea generation
Team
formulation
2

Recognizing
roles and
responsibility
Allocating roles
to team member
Project need
estimation
Budget forming
Charter plan
making
Critical factor
understanding
Staff attribute
development
Assigning of
resources
Performance
management
Performance
management
Quality
Test conduction
Bug
identification
risk management
Monitoring &
controlling
resources
identification of
compatibility
3

Evaluation of
project
4

REFERENCES
Books and Journals
Dunmade, I. nad et.al., 2018, September. Lifecycle impact assessment of an engineering project
management process–a SLCA approach. In IOP conference series: materials science and
engineering (Vol. 413, No. 1, p. 012061). IOP Publishing.
Müller, R., Drouin, N. and Sankaran, S., 2019. Modeling organizational project
management. Project Management Journal. 50(4). pp.499-513.
Picciotto, R., 2020. Towards a ‘New Project Management’movement? An international
development perspective. International Journal of Project Management. 38(8). pp.474-
485.
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