Analysis of Project Management and Product Life Cycle

The assignment requires the student to analyze the concept of project management and its relationship with the product life cycle. It includes a list of references from academic journals and online resources, providing a thorough understanding of the topic. The student is expected to identify key concepts, such as work breakdown structure and product life cycle stages, and discuss their significance in project management.

MANAGING PROJECTS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Key characteristics of project.............................................................................................1
2. Scope statement and WBS..................................................................................................1
3. Gantt Chart and critical path...............................................................................................2
4. Approaches existing to generate budget.............................................................................2
5. Project risk..........................................................................................................................3
6. Quality methods..................................................................................................................3
TASK 2............................................................................................................................................3
Activities required to successfully manage the project of acquisition...................................4
Skills and competencies required in project manager............................................................5
Skills and competencies require in project manager..............................................................6
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1

INTRODUCTION
Project management can be defined as an application of process and principles that assist
in completing or managing project significantly. Time, cost, scope and quality are the key
components of project management. ABC limited is a small size firm which adopts traditional
methods of managing records (Ika and Donnelly, 2017). Now, entity is planning to implement
SAP FIC (ERP) for managing accounting records effectively. Current assignment will discuss
the key characteristics of this project. Furthermore, it will explain approaches that exist to
generate a budget. It will describe the quality methods to ensure that proposal is completed
successfully. In addition, study will include the project life cycle stages, leadership and
administration aspects that can support in accomplishing goal of company by implementing this
new system.
TASK 1
1. Key characteristics of project
In the modern era, companies are taking support of advanced accounting software so that
they can minimize errors and can enhance accuracy in transactions. SAP FIC (ERP) is a kind of
software that aids in keeping electronic records and identifying errors in financial transactions.
By this way, issues related to duplication of work can get minimized to a great extent (Khan and
Faisal, 2015). Key features of this project are described as below:
 Technological advancement is helpful in minimizing the mistakes.
 SAP FIC (ERP) implementation is beneficial to respond to the changing needs of market.
 This aids in making sound financial decision and meeting with the needs of consumers.
 Progressive elaboration is another key characteristic of this project that can assist in
finding effective solutions (Marciniak and et.al, 2014).
2. Scope statement and WBS
Implementation of SAP FIC (ERP) would be beneficial for ABC Company because by
this way, it would be able to enhance accuracy in transactions. This will help in gaining
competitive advantage to the business. Furthermore, it will also be profitable in reducing cost
and managing inventory well (Ifinedo and Olsen, 2015). This will minimize the cost of over
stock and assist in increasing profitability of company.
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Illustration 1: Work break down structure
Work break down structure will play a significant role in this project. The main agenda of
WBS is to reduce complications and defining scope of project. By this way, project manager can
sub divide the tasks and can complete project within specified budget and time. This will help in
meeting with the goal of organisation (Ika and Donnelly, 2017).
3. Gantt Chart and critical path
Task Mode Task Name Duration Start Finish Predecessors
Auto
Schedule
d
a 5 days Tue 6/19/18 Mon 6/25/18
Auto
Schedule
d
b 4 days Tue 6/26/18 Fri 6/29/18 1
Auto
Schedule
c 2 days Mon 7/2/18 Tue 7/3/18 2
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d
Auto
Schedule
d
d 3 days Mon 7/2/18 Wed 7/4/18 2
Auto
Schedule
d
e 5 days Wed 7/4/18 Tue 7/10/18 3
Auto
Schedule
d
f 7 days Thu 7/5/18 Fri 7/13/18 4
Gantt chart:
Critical path analysis:
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4. Approaches existing to generate budget
Top down and bottom up approaches are two main types of models that exist in the
preparation of budget. Top down approach is the type of method in which manager has to
involve all incurred costs such as direct or indirect. Once cost calculation has been made then
budget is being prepared by the manager as per required profit margin. On the other hand,
bottom up approach is another type of method that calculates hourly rates vs. overall charges.
After that, manager has to estimate the whole cost (Marciniak and et.al, 2014). Both these
approaches can be applied in order to prepare the cost. In bottom up method, project manager has
to identify cost of item related to each activity. This is a time consuming process and sometimes
create difficulty in completing entire project within specified period of time.
5. Project risk
Ineffective monitoring, improper scheduling and poor skills of employees are the main
causes due to which risk can get arisen. There are various hazard of this project like human
resource, technical, scheduling, scope risk, etc. In order to minimize these issues, project
manager can schedule the activities properly (Serrador and Turner, 2015). Furthermore,
individual is required to monitor each task properly and test functionality of new software. In
addition, manager can give training to the team members so that they can work on his new SAP
FIC (ERP) effectively. These solutions may assist in minimizing the risk of this project.
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6. Quality methods
In order to ensure quality, project manager can take the support of project evaluation
technique. This evaluation method will be beneficial in identifying the growth of this SAP FIC
(ERP) project. If there is some issue then manager can make modification so that organizational
goals can be accomplished. Monitoring and controlling are other methods that assist in
identifying the mistake and finding solutions to minimize these errors (Vanhoucke, Coelho and
Batselier, 2016). This will support in completing project within specified budget and time. These
methods will help in completing the project successfully.
TASK 2
It is responsibility of project manager that to schedule activities and divide taskThis helps
in completing entire proposal within specified period of time. Manager has to monitor each task
and need to make necessary modifications so that issues can be minimized and overall goals of
company can be accomplished (Conforto and et.al, 2016). ABC Plc. is a large food and drink
retailer. Company is working well in the UK and now, it is planning to acquire DEF ltd. DEF is a
frozen food retailer that has many outlets in the major towns.
Activities required to successfully manage the project of acquisition
Acquisition is the big decision that can create problem for company to a great extent. It is
the responsibility of John to manage entire project effectively and meet with its goal (Elbanna,
2015). John will have to perform various activities in order to manage the project well:
Define scope, vision and goal
It is one of the main stage in which manager of project has to define clear goal of
proposal. This needs to be done at the initial phase. Clear vision and objectives support in
carrying out further activities in a smooth manner. Project manager will have to identify the
objectives that are needed to be achieved through this project (Serrador and Turner, 2015). In the
present case ABC is acquiring DEF, the main reason of this project is to raise its profit. This can
support in attracting more buyers and enhancing the overall profit of firm. This vision and goal
can help in eliminating dreaded scope creep.
Assigning roles and responsibilities
It is the next phase of managing project well. At this stage, John will have to allocate
duties to all employees and team members so that they can make this acquisition process
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successful. Manager has to identify the skills of individuals and need to assign jobs accordingly.
This can help in completing the project with quality (Vanhoucke, Coelho and Batselier, 2016). If
team members are given with the duties as per their strength then it would be beneficial in
resolving issues and creating a healthy workplace environment where all people can perform
their work effectively.
Project scheduling
Time is an essential component in the project management. It is the responsibility of
project manager to complete proposal within specified time. John will have to schedule activities
and need to utilize resources well. Scheduling will support in minimizing the wastage of time
and enhancing clarity in activities (Conforto and et.al, 2016).
Risk management
It is the next phase in which John will have to identify potential risk that can arise in this
acquisition project. This risk identification will help in finding the best solution that can support
in minimizing such problems and enhancing quality of work. There are many risks that can arise
in the acquisition project such as human resource, scope, financial risk, etc. Manager will have to
prepare risk register so that impact of these issues can be measured (Serrador and Turner, 2015).
By this way, individual can be able to prepare contingency plan for minimizing the issues and
making acquisition project successful in ABC Plc.
Communicate with stakeholders
John will have to coordinate with all the stakeholders properly. If project manager gives
details about goals and vision of company to all stakeholders then they will be able to identify
scope of this project and their benefits. This will enhance interest and they will perform their
duties well (Elbanna, 2015). Effective communication supports in resolving the issues and
improving performance of team members. John will have to highlight risk that can take place and
need to make stakeholders aware with the benefits. John has to provide clear visibility to all
stakeholders so that they can perform accordingly.
Implementation of project
Once all key requirements and documents have been completed then John will have to
execute plan so that overall objectives of project can be effectually accomplished. Project
manager plays a significant role in the success of any project (6 Steps Approach to Effective
Project Management, 2018). Manager has to create a positive environment and needs to guide
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people well so that they can perform their work effectively with contributing well in the success
of project.
Monitoring and controlling
Once project has started then John will have to monitor each activity and make effective
control over all tasks. John will be responsible to collect progress updates and need to cross
check each task. This will help in identifying the issues at initial phase and finding solution for
minimizing complexity (Serrador and Turner, 2015).
All these phases will be beneficial for John in making this acquisition project successful
and accomplishing goal of company significantly. These activities will help John in completing
the project on time and within budget.
Skills and competencies required in project manager
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Skills and competencies require in project manager
To have an effective control over operational practices in business there is need to have
suitable strategies and plans which will be attainable and adequate for project manager as per
making suitable changes in operations. Every plan needs the perfect guidance and execution
which helps in having appropriate managerial operations as well as practices which will be
adequate effective as per meeting goals of firm in case of a project management plan which
derives from various activities, its costs and operational timings. Thus, such operational practices
will be helpful in terms of meeting the requirements in appropriate time (Boyd and Barber,
2017). Development of appropriate scope and its proper management which will be effective and
useful as per meeting requirements of firm in the right time. A project manager will require
various skills and operational practices which will be effective and helpful as per meeting the
goals in right time. There are various skills and operations which have been performed by the
professionals in terms of meeting the financial goals in the right time. Thus, such operational
practices will be adequate and helpful to the firm in terms of fetching all the required time and
data in the coming period. Consideration of costs and effectiveness in the projected plan which
will be attainable and adequate for the operational practices in the due period. Therefore, there
will be appropriate monitoring of the goals and operations which influences of various theories
such as:
Product Life Cycle:
Analysing the availability of the projected plan in an organisation which requires proper
administration of operations. Therefore, it is not only based on tactics and methods of leadership
and management but also requires ascertainment of various managerial planning. In accordance
with the operational needs and practices there will be suitable challenges which in turn will be
appropriate and satisfactory for firm Depending the various factors which are needed to be
analysed in product life cycle. Operating in the competitive market needs proper execution and
administration of the assets produced by firm. Moreover, for continues growth and profitability
through such products there is need to have adequate planning and administration of operations.
Stages involved in such analysis can be addressed as follows:
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Illustration 2: Product life cycle
(Source: Product Life cycle stages, 2018) Introduction: This is the launch of a product in the market which will be a sensitive stage
on which consumers analyse products up-to their satisfactory level. They later make
appropriate planning and operational practices which will be appreciated and criticised by
market. Here, it can be said that these products ate needed to be unique as it must
contains suitable features as well as these are to be attractive to the consumers. It must be
convenient to the in terms of prices and the operational needs of the activities. Similarity,
there can be suitable development of operations which are required to be made by
professionals as per addressing the needs of entity in the right time (Alves and
Gonçalves, 2018). The term which explains that first impression is the last impression on
which it can be said that product are needed to be designed as per consumer satisfaction
level.
 Growth: On this stage product have addressed the satisfactory level of consumers.,
therefore, there are many of the consumers which are using the products which have been
produced by business in due course. They are appreciating goods as per its quality and
prices which will be adequate and appropriate as per meeting the suitable gains.
Similarly, this is the stage on which managerial professionals in an entity developed a
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suitable plans and strategies in terms of meeting the goals and tragedy in required period
(Klanfar, Smardzewski and Domljan, 2017). It will be suggested here that managers are
needed to make fruitful offers which will be attractive to consumers in terms of meeting
the operational goals as well as retaining consumers for the longer terms.
 Maturity: A product reaches at this stage which insists that it does not require
promotional activities any more. Moreover, it insists that the consumers become brand
loyal and have the positive influences of it in their life. Therefore, during that period the
product or brand is challenging competitors in the market on the basis of numbers of
buyers, prices over products as well as market share of firm through such products (Boyd
and Barber, 2017). The only thing which is required here is that managers are needed to
be conscious and alert in terms of analysing the competition stated in the market. It
requires proper management of product quality and costs that will be attractive and
adequate to the consumers.
 Decline: it indicates that there has been improper managements of operations which is
affecting reduction in the sale of products. Therefore, it can be said that firm is required
to have appropriate management of operations as well as execution of activities that
should be proper and appropriate. Requirement of making innovative changes in product
line which protects it from shrinking. There are huge chances where consumers switches
to another products or prefer substitutes which will be challenging to the professional in
terms of making adequate control over operations of firm (Alves and Gonçalves, 2018).
Therefore, at this stage the reforms are to be taken by professionals in relation with
making suitable changes into operational practices as well as uplifting the products in
market.
Processes:
In relation with influences of various process and planning of project management
operations in the entity which requires huge changes in the operational practices. There are
various operational tactics tat are needed to be addressed and analysed by the business
professionals such as: Phase management: It administers the planning and operational tactics developed by the
business professional as per meeting the targeted goals in the right time. It comprised
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with various terms, conditions over deliverable products (Klanfar, Smardzewski and
Domljan, 2017). Planning: It depends over the operational strategic such as analysing resources, funds,
raw material, labour implication in the practices etc. Controlling: Administration of all the proposed plans and operations project which
ascertain appropriate utilisation of all the resources as well a control over the level of
wastage incurred in the operations. Team management: Assigning roles and duties to various individual working in business
which are need to be appropriate from the roles as well as must be satisfied with
operational activities.
 Communication: After preparation of all the plans and objectives there is needed to have
proper communication of all tasks and operations. Thus, it will bring the managerial
professionals an appropriate debate over fruitfulness of plan in market by other
professionals. It comprised with organising meeting and get-together programs that will
be effective adequate as per attaining the trust and operational requirements of workforce.
Leadership and administration:
There has been huge differences in the field of management and leadership practices. A
leader is the person who analyse the strength of its workers, qualification, skills and talent which
reflects in their daily operational practices. Assigning the duties and job roles to the employees
will be based on the skills and talent acquired by them. Proper training and administration will be
adequate and helpful as per developing the operational activities in the work place (Boyd and
Barber, 2017). Therefore, there will be suitable reforms in activities as if a leader analyse the
strength of his workforce. Moreover, leader is a person who analyse the strength of individuals
and encourages them to make suitable development of strategic plans and operational activities.
These are the planning and operational practices which in turn will have effective control
over all utilised resources. On the other side, management refers to such personnels which makes
adequate analysis over organisation. Therefore, such practices will be assistive and helpful in
terms of meeting the financial needs and operational practices in the right time (Competencies
Your Project Manager, 2018). They prepare goals, aims, objectives, budgets, allocating
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resources, problem solving practices as well as monitoring risks associated with business
operations. Management of operations will be adequate and helpful as per meeting the suitable
operations in the current times. An effective management of operations brings consistency as
well as proper control over the operational practices of firm.
In accordance with the project management planning and operational control over
activities will be effective and beneficial as per meeting requirements of activities in due period.
Requirements of greater level of interest and uses which will be effective of managers as per
developing suitable operational environment in market. It requires the characteristics which are
needed to be obtained by professionals in a project management team is that they must acquire a
dynamic personality, heterogeneous teams and must had diverse stakeholders in the firm.
Similarly, in accordance John and the project has been planned by team needed to be perfectly
executed and managed by them as per having the suitable returns and managements of practices.
Therefore, it requires the appropriate decisions making techniques that will be suitable for entity
as per having strong business administrations.
CONCLUSION
On the basis of above report it can be said that the more the initiation of any business
plan there is needed to have satisfactory execution and control which will be based on
appropriate project management plans. Thus, in relation with such plans and operational control
there is needed to have suitable development of operations such as proper administration,
managements as well as analysis over the life cycle of product. Ascertainment of this
information will have positive influences in developing adequate strategies as well as making
effective managerial plans.
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REFERENCES
Books and Journals
Alves, E. J. and Gonçalves, C. A., 2018. PROJECT PORTFOLIO PRIORITIZATION
FRAMEWORK: CASE STUDY APPLIED AT A BRAZILIAN SEMICONDUCTOR
SUBSIDIARY. Iberoamerican Journal of Project Management. 9(1). pp.55-77.
Boyd, L. and Barber, M., 2017. Streamling Syndromic Surveillance Submission on a Dime:
Oregon’s Experience. Online journal of public health informatics, 9(1).
Conforto, E. C. and et.al.,2016. The agility construct on project management
theory.International Journal of Project Management. 34(4). pp.660-674.
Elbanna, S., 2015. Intuition in project management and missing links: Analyzing the predicating
effects of environment and the mediating role of reflexivity. International Journal of
Project Management. 33(6). pp.1236-1248.
Ifinedo, P. and Olsen, D. H., 2015. An Empirical Research on the Impacts of organisational
decisions’ locus, tasks structure rules, knowledge, and IT function’s value on ERP system
success. International Journal of Production Research. 53(8). pp.2554-2568.
Ika, L.A. and J. Donnelly. 2017. Success conditions for international development capacity
building projects. International Journal of Project Management 35 (1): 44-63.
Khan, H. and Faisal, M. N., 2015. A Grey-based approach for ERP vendor selection in small and
medium enterprises in Qatar. International Journal of Business Information
Systems. 19(4). pp.465-487.
Klanfar, F., Smardzewski, J. and Domljan, D., 2017. Management of the Project of Traditional
Estate Adaptation into Object of Village Tourism. IN COLLABORATION WITH. p.243.
Marciniak, R. and et.al., 2014. Does ERP integration foster Cross-Functional Awareness?
Challenging conventional wisdom for SMEs and large French firms. Business Process
Management Journal. 20(6). pp.865-886.
Serrador, P. and Turner, R., 2015. The relationship between project success and project
efficiency. Project Management Journal. 46(1). pp.30-39.
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Vanhoucke, M., Coelho, J. and Batselier, J., 2016. An overview of project data for integrated
project management and control. Journal of Modern Project Management. 3(2). pp.6-21.
Online
6 Steps Approach to Effective Project Management. 2018. [Online]. Available through
<http://zilicus.com/Resources/blog-2014/6-Steps-To-Effective-Project-
Management.html>.
Competencies Your Project Manager. 2018. [Online]. Available through
:<http://www.ipmcinc.com/insights/nine-competencies-your-project-manager-needs-to-
succeed>.
Product Life cycle stages. 2018. [Online]. Available through
:<http://productlifecyclestages.com/>.
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