Project Managing Successful Business Report
Added on 2020-06-05
30 Pages7026 Words52 Views
Leadership ManagementProfessional Development
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Unit 6Managing Successful Business
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2P1 Objectives and aims for scenario...........................................................................................2P2 Project management plan.......................................................................................................4TASK 2............................................................................................................................................8P4 Application of qualitative and quantitative research methods...............................................8TASK 3..........................................................................................................................................10P5 Analysing data and research................................................................................................10P6 Appropriate recommendations.............................................................................................17TASK 4..........................................................................................................................................18P7 Value of undertake research to meet stated objectives........................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................20
INTRODUCTIONDigital technology is a very strong concept which is being followed by variouscompanies nowadays. It is changing the way of conducting business. It is bringingtransformation in conducting the business activities like earlier traditional models were used bycompanies to conduct various function but now every other company is using digital technologybecause they think that it is time saving and cost saving as well (Chesbrough, 2010). It isconsidered that investing in digital technologies is a onetime investment and that later it onlygives results to the company. Whenever a company uses digital technology then its impact isshown in various segments of company like Administration, communication, storage, productionetc. The company which will be referred here is Bremond, UK. It is an aviation themed Britishwatchmaker company based in England. It annually produces around 8000 to 10000 pieces ofwatch. The aim of this report is that develop project aims and objectives, project managementplan for Bremond so that their aims and objectives are completed on time. A work breakdownstructure and Gantt structure will also be prepared in this report. Along with this, research willalso be conducted to know the reviews of public and then its results will be further analysed andcommunicated to the company. TASK 1P1 Objectives and aims for scenarioIn the current business environment, it very much important to use the digitaltechnologies in the business. If company wants to compete with other companies, then they mustconduct some different activities which will help them in making a different place in the market.Digital technology is growing in both modern and traditional market but people who usetraditional market feels difficult to adopt this modern way of doing activities. It is having apositive impact on business because it helps in taking appropriate decisions in the company. Ifdigital technology will be applied in small businesses then it will lead to growth anddevelopment of that company (Crane and Matten, 2016). Bremond is into luxury watchesbusiness, but their annual production is not much so to expand their business, they should makeuse of digital technologies. In this, companies can apply Cloud Technologies which performs thefunction of storing large data files and can also transfer the data to other clients in a safelymanner.
This can help them in communicating with large no. of customers by using various othermedia. These factors help in bringing profitability and productivity inside Bremond. They willalso need funds for taking this business at a new level and if company is having a good image inmarket then they will be able to gather funds from the market only. In today's world, manycompanies are using digital media like Facebook, Twitter, linked in to make communication withits customers which further helps them in making new customers and reaching them without anydifficulty. Topic: - Impact of Digital Technology in supporting small business growth and innovationBackground of Project: - Technology is providing many benefits to the small business organisations. It helps inmaking their operations more productive, efficient and helps in reducing their cost of production(Den Hartog, Van der Aa and De Jong, 2010). Various surveys have been conducted by variouscompanies and it has been proved that small and medium business who are using digitaltechnology is growing on a faster rate than those companies who are not. Using digitaltechnology helps them in connecting with people, devices and other companies in a better way.The impact of digital technology in small business can be seen in various forms like while doingaccounting, company will set up new accounting system which will be run by modernaccounting software. This will help them in creating informative reports and financial statementsin short duration (Ackerson, 2010.). Another one is Internet which will helps them in creatingprofessional marketing materials through which they can reach till thousands of people. Smallbusiness can also use internet for creating effective advertisements and banners which will helpthem in easing out their work. A small business is having lots of work to do so it is veryimportant that their time should be managed in an efficient manner and with the help of digitaltechnology, company can manage its time in an efficient manner. Aims: - To implement the digital technology in Company for ensuring growth and innovation –A case study on Bremond.Objectives: -To Identify the implementation of Digital technology in Bremond.To understanding the need of growing business and bringing in innovation.To access the importance of digital technology in bringing growth and innovat5ion inBremond.
Research Questions:How can digital technology be implemented in business?Why is it compulsory for Bremond to innovate its business activities?How digital technology is effective in bringing in growth and development?P2 Project management planThe project manager of the company is given the responsibility to prepare a projectmanagement plan as guided by the project team (Gebur, Edwardson, and Bjork, 2010). It isbasically a formal document which includes how the whole project is monitored executed andcontrolled. It is used by the project team to conduct all the activities of the plan in a systematicmanner. It is very much helpful in making the project successful and carrying it on for long term.In this plan, they must access the cost, time, quality, scope of the project. Since Bremond wantsto bring innovation and growth in its business so it is very important for them to manage thisbusiness plan successfully. For bringing growth in Bremond, its managers should try to expandthe business by entering into online market. So, the details which are to be included in projectmanagement plan is: -Cost – The cost associated with this project will be high as they are trying to enter theonline market, but it not affects the operations of the company much as they are growingmuch in local markets as well (Smith, Bins and Tuchman, 2010). Bremond is into luxurywatches the process of their watches are also high they are having enough funds toexpand its business online. Time – The plan which is prepared by the project managers consists of time limit inwhich an activity should be conducted. This should be strictly followed because it willhelp them in getting god results. If one activity will get delayed then all he activities willget delayed so, Bremond should try that it should avoid this problem and conduct all theactivities on time. Scope of project – The scope of this project is very high as it is entering in a new marketand this market is full of new opportunities (Jones and Lipinski 2012.). This will help thecompany in getting more support and increase its profits as well. So, If Bremond isthinking got expand its business then it should try to grow in both online as well asoffline. because digital technology can be applied in both.
Managing Risk – Risk attached to this project is not very high because Bremond isalready an established brand in market and people are loving it (Lin and Chen, 2012). So,in this case management will have to analyse other risks associated with this plan so thatit can be removed on time. Communication – It is very important in a project to maintain good communication. Theproject managers and the team members should effectively communicate with each otherso that all necessary information is discussed between them. Quality Control – This is one of the main factors that company needs to take care off.Bremond is already into business of luxury watches offline. So, the quality of productsproduced by them is tried and tested. So, customers will not think much before trustingits quality and will start shopping online.So, by following all these points, Bremont will be able to successfully implement this project Ithe market. This will defiantly help in bringing growth and development in business. Throughthis, company will be able allocate funds effectively ion various that are being performed in theplan. The project manager should prepare the project management plan in an efficient manner sothat all the activities are performed without any difficulty. P3 Gantt chart and breakdown structure to provide time framesWhile conducting research, it is very important for the company to take reviews of peoplewho have tried this product (Kinyarwanda and Planked 2010). It is a very effective procedurebecause it helps the company in taking necessary and correct decisions regarding the plans. So,companies should prepare an action plan which will help them in executing the activities in rightdirection so that company can produce efficient products in limited resources and limited time(Smith, 2011). Project managers should conduct a perfect study before they start dealing withthis project so that no issues are raised later. The steps that are required to perform to conduct theresearch are - 1.Identify the problem2.Review the literature3.Clarify the problem4.Clearly define the terms and concepts5.Define the population6.Collecting data
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