Analysis of Product Life Cycle Management

The provided document is an analysis of product life cycle management, which includes the development, growth, maturity, and decline stages. It discusses the application of various theories and models related to product life cycle management, such as lean manufacturing and continuous improvement. The report also references relevant academic sources and provides a summary in the last section.

Operations
and
Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
P.1. Conducting a review and critique the implementing of operation management principle of
M&S Ltd.....................................................................................................................................1
P.2. Preparing a continuous improvement plan that is based on the review and critique of
operational management principles.............................................................................................3
P.3. Applying each stage of PLC to a given project, producing necessary documentation for
completing the project.................................................................................................................5
P.4. Reviewing the effectiveness of the PLC for the new product using theories, concept and
models.........................................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
In the competitive business world, an organisation needs to continuously grow and
expends its operations in different fields. In order to expand the operations and product-line, it is
very essential for any organisation to have efficient operations and project management. Though
this two terms are different, but they are an essential part in the production and operation system
of a country. It can be said that, operational management is concerned with the day to day
operations as well as the strategic business issues systematically. Whereas, project management
can be termed as the system which implicates the management principles in the production
system of the company. Operations and principle management is very essential in order to carry
out a new product line in organisation.
The present report will highlight different aspects of the operational and product
management for the new product-line of Marks and Spencer Limited. It is a major British
multinational retailer headquarter in Westminster, London. The present report will assist in
understanding the different theories and concepts in organisation. It will also discuss the
effectiveness of the continuous development plan by using the principles of organisation. Report
will assist in providing a deep insight of product life cycle of the new project. Further, report will
analyse the effectiveness of appropriate theories, concepts and model in PLC.
P.1. Conducting a review and critique the implementing of operation management principle of
M&S Ltd.
Operational management can be termed as the administration of business practices which
assist in creating the highest level of efficiency in the organisational processes. Operational
management concerns with converting the material and labour force in order to produce the
finished goods in most efficient manner which assist in maximising the profitability by
maintaining the cost of the operations (Slack and Brandon-Jones, 2018). The main functions of
operation management are mainly concerns with proper planning, organising and supervising in
the context of production, manufacturing a product ion M&S Ltd.
In the different theories and principles of operational management assist in bringing
efficiency in the operational process and overall efficiency in M&S Ltd. It can be said that, the
implementation of operational management principles in the organisational process will assist in
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bringing the effectiveness in the operational functions of the company. The different theories
principles of operational management are as follows:
Six Sigma Methodology: it can be defined as the quality program which will assist in
efficiently completing the operations process in more cost-effective manner and improving the
customer satisfaction which leads to the growth and success of the organisation. Six Sigma
methodology in a simple terms can be said as the measure which will assist in ensuring the
quality of the process (WHAT IS SIX SIGMA? , 2019). It is a data driven and statistical approach
and methodology in order to eliminate all defects from the process that involves from
manufacturing to finished product or goods. The fundamental objective of such methodology
involves the implementing of a manufacturing based strategy which are focuses on process
improvement and eliminating waste activity. There are two main sub-mythological programs of
Six sigma like DMAIC process and DMADV process.
In order to expand the new product lined of M&S Ltd, I is very essential to implement a
system which will assist in maintain the cost-run and bringing the efficiency in order to increases
the customer satisfaction. By implementing the six sigma mythology, M&S Ltd can improve
efficiency through identification and resolution of product and minimize the variation (Rejda,
2011). Six sigma will assist in reduction in process cycle time, increase customer satisfaction,
reduce the numbers of defects, eliminate the costly reworks. However, it can be critique that,
implementing the six sigma process in operational process will also lead to increase the rigidity
and bureaucracy which can leads to create delaying and will stifle creativity. It can also be
critique that, it mainly focuses on customer satisfaction which leads to affect the internal quality
control measures.
Lean principles: It can be said that lean management is an approach of the organisation
which assist in supporting the concept of continuous improvement. Lean management is the
process which assist in eliminating any waste of time, efforts or money by identifying each of the
steps in a business process and through cutting those steps in order to create the value of the
operational process of the organisation (Wisner, Tan and Leong, 2014). It is said to be the most
important philosophy in the manufacturing organisation. It can be said that lean is the customer
centric methodology which assist in focusing on improving the operational process on the
continuous basis. Lean management and its principle mainly concentrate minimising the waste
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and focuses on the continuous process improvement and maximizing customer value with less
resource utilization (Brown and Bessant, 2013). The lean principle aims to provide perfect value
to the customer by devising a flawless process that keeps wastage of resources at bay.
It is very essential for M&S Ltd in order to implement the lean management and its
principles in operational process as it will lead to add the customer value to the product in less
cost and resources which will assist in enhancing profit and customer satisfaction. Lean
management will reduce the waste and cost of manufacturing which leads the long -term survival
of the company. Implementing the lean management in M&S Ltd will continuously identify and
eliminating waste in operational process which lowered the cost and increases the cost margin
(Pomerol and Barba-Romero, 2012). The development of a continuous improvement company
culture is also an outcome of Lean. However, it can also be critique that, implementing a lean
management in operational process will lead to increase the cost burden on the company. It can
also be critique that it is a complex process which leads skilled employees and will require to
acquiring manager experienced in lean management.
P.2. Preparing a continuous improvement plan that is based on the review and critique of
operational management principles.
Continuous improvement is a philosophy that are focusing on the people and the success
of the organisational team. This process requires everyone's engagement, commitment and trust.
Continuous improvement in M&S Ltd can be termed as the never ending strive of the
organisation to achieve perfection in its operational process(Staats, Brunner and Upton, 2011).
Continuous improvement can be said ans an essential part of the lean management. In lean
management system, continuous improvement is also known as Kiazen. In the context of lean
manufacturing, continuous improvement seeks to improve every process in M&S Ltd through
focusing on increasing the activities which assist in generating more value in product which
assist in gaining customer satisfaction through detecting and eliminating the waste activities from
operational process.
The continuous improvement plan of M&S Ltd in order to properly implicate the new
product-line are as follows:
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Illustration 1: Continuous improvement plan
Source: (What Is Continuous Improvement? Definition & Tools , 2019)
Continuous improvement also known as Kiazen is the effective principle of lean
management. It can be said that with implementing successfully the continuous improvement
plan in the management structure of the M&S Ltd. The CIP involves the approaches and
methodologies of the lean management which assist the manager in order to evaluate the
effectiveness of the plan for achieving the continuous improvement (Worth, 2018). The CIP plan
includes a model of Plan-Do-Check-Act which can be termed as the most popular approach of
lean management in order to attain the continuous improvement. It can be said that it is a never
ending cycle which assist ion bringing the efficiency in the operational process and
manufacturing process.
Plan: It is the first phase which assist in establishing objectives and processes in order to
deliver the results in accordance with the set target and goals. Setting the correct at target and
expected output from the process is very essential in order to achieve the continuous
improvement, as determining the accurate goals and its completeness can be said as the major
part of the process of improving. The plan will involve the process and target in order to
manufactured the large screen television.
Do: It is the second phase involves the execution of the planning for the operational
activity that are laid down in first step (Myerson, 2012). Execution of the process will assist in
measuring and capturing the data which will allow accessing the proper performance of the
manufacturing process.
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Check: The next step in the cycle of continuous process can be said as the monitoring
and comparing the actual performance of the process as per the set target and goals. Through
comparing and monitoring the performances, the manager can easily access the various variances
through getting the data of each activity which assist in evaluating the reasons for the variances.
It will assist in eliminating the reason and improvable the operational and manufacturing process
in order to bring more efficiency.
Act: As per the analysis and the variances that achieved after comparing the actual result,
it assists in improving the process and performance (Goetsch and Davis, 2014). The ways to
improve the process that are analysed in the past phase will be implemented as an action or
measure in order to set the standard of operations which will help in gaining more efficient result
or outcomes.
This plan will assist in bringing more efficiency in the operational process of the M&S
Ltd in order to manufacture the new product line. It is very essential in order to evaluate the
effectiveness of the CI plan in order to improve the quality. The quality control and improvement
can be achieved through the application of the operational management principles such as TQM
and process re-engineering. The concept of TQM implies the continual process of detecting and
reducing the errors from the manufacturing, improving customer experience. TQM assist in
involving all the aspects that are involved in the manufacturing process in order to bring overall
quality in the new product-line.
P.3. Applying each stage of PLC to a given project, producing necessary documentation for
completing the project.
Project management can be defined as the disciples of using the principles, procedures
and policies as well as the tools in order to ensure the timely completion of a project with
meeting all articulated outcomes. The project management plan is said to be effectively and
efficiently guide all the aspects of a project from starting to the finish with a goal of delivering
the outcome on time and with set budget (Fullerton, Kennedy and Widener, 2014). It can be said
that manufacturing of a product is the part of a project management. However, manufacturing of
the product includes a various stage which assist in evaluating the effectiveness of the
manufacturing process of the product. As M&S Ltd is going to launch a new product line of
television, the company needs to invest its resources in new product development in order to be
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ensure that the new product will have long and healthy life cycle. The stages of Product life cycle
are as follows:
Product development can be said as an early stage of the television which will involves
various research and tests (Kerzner and Kerzner, 2017). The management will work to make the
particular product as per the needs and wants of the customers. Company has to invest a lot in
order to developed the product.
Illustration 2: product Life Cycle
Source: (Product Life Cycle Stages , 2019)
Introduction stage: This stage will require heavy investment by M&S Ltd in order to
launch new product. It can be said that, the small market size will lead to slow growth in sales.
The marketing team will need to make different strategies in order to promote the new product
and make a sufficient demand of the television in the market. The company can adopt different
pricing strategies in order to increases the sales at this stage. Skimming pricing strategies will
assist M&S Ltd in order to cover the cost of manufacturing new product. This stage will give no
revenue to the company.
Growth stage: This stage provides the increases in sales volume and profit margin to
M&S Ltd. It is possible as during this stage, the company has successfully achieved the
economies of scale which leads to reduce the cost of manufacturing (Meredith and Mantel,
2011). Due to the reduction in cost, company can focus more on advertising which lards to
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increase the public awareness regarding new product. Competition also arises in this stage which
leads to make strategies such as decreases in price.
Maturity Stage: It is very essential stage, the product cost in this stage decreases with the
increase in the high production volume. M&S Ltd will work for maintaining its market share as
is the competitive time for the company (Schwalbe, 2015). The product differentiation and
diversification are very essential in order to maintain the competitive advantage in market. The
competition can leads to affect the product prising as well as the profitability as well.
Decline Stage: It is the last stage in the product life cycle, at this point the product
become older which leads to decline in the sales volume which leads to reduce the price and start
diminishing the profitability. The cost of the company increases with diminishing the economies
of scale.
Documentation:
Task
Mode Task Name Duration Start Finish Predecessors
Auto
Scheduled
Identification of
opportunity 1 mon Wed 3/6/19 Tue 4/2/19
Auto
Scheduled Doing market research 1.5 mons Wed 4/3/19 Tue 5/14/19 1
Auto
Scheduled
collection and Analysing
data set 3 mons Wed 5/15/19 Tue 8/6/19 1,2
Auto
Scheduled Concluding findings 1 mon Wed 8/7/19 Tue 9/3/19 3
Auto
Scheduled
Developing model of
television 3 mons Wed 9/4/19 Tue 11/26/19 2,4
Auto
Scheduled
Allocating and managing
resources 1 mon Wed 5/15/19 Tue 6/11/19 2
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Auto
Scheduled Product testing 1 mon Wed 11/27/19 Tue 12/24/19 5
Auto
Scheduled
Evaluation of product
success in new market 1 mon Wed 12/25/19 Tue 1/21/20 7
Auto
Scheduled Execution 1 mon Wed 1/22/20 Tue 2/18/20 8
P.4. Reviewing the effectiveness of the PLC for the new product using theories, concept and
models.
It can be said that product life cycle is very useful tool in order to plan for the life of the
product. It is very essential to evaluate the project and effectiveness of the PLC. It can be said
that project management life cycle is very essential in order to assist the team to be focused on
keeping its objectives and finishing the project on time and within staying in budgets. These
project life cycle includes five steps, each step is essential and plays a huge role in getting the
project to the ground ij order to introduce the new product.
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There are various tools, models and theories which will assist in evaluating and
measuring the effectiveness of the project management.
Product life cycle analysis assist in evaluating the cost analysis of the product over its
entire life cycle which directly related to the product of the company (Walker, 2015). There are
various factors that needs to be evaluated which includes customer needs, innovation and length
and shape of the product life cycle in different ways at different times. However, it can be
critique that the concept of product life cycle can affect both the company's portability and
sustainability. It is important to manage life cycle framework proactively.
Another model which will assist in evaluating the effectiveness of the PLC is balanced
scorecard approach which will assist in examining the performance of the product at each stage
of the life-cycle. It assists in providing the balanced perceptive over a product life. Apart from
this, cost driver analysis assist in defining key matrices for product strategy performance
evaluation. Key performance indicators play an indispensable role in project management and
aid in measuring the success or failure of project activities. Understanding KPIs and selecting the
ones that are best-suited to measuring a specific project team’s performance is not always easy.
The differentiation between the large and small scale projects:
Large scale project Small size project
Large project usually requires large team. Small projects are usually completed with the help
of small team working on them.
They usually take months to years to
complete the project
Typical time for development is in order of hours
to week limit.
Maintenance plays huge role in large
projects because of the software life cycle is
long.
The more focuses are given in order to get the
thing correctly.
CONCLUSION
By summing au the above report, it can be concluded the effectiveness of the operational
and project management in the manufacturing and operational function of an organisation. It can
also be analysed that operational and project management is the key for the success and growth
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of the organisation with increasing the profitability. The present report has analysed the
effectiveness of the operational and project management and its approaches for Marks and
Spencer Ltd, in order to expanding its business operations in new product line. It can be analysed
from the report, the effectiveness of the operational management principles ion the company.
Further, it can be concluded that, Continuous improvement is an essential methodology in order
to bring the efficiency in the manufacturing process. It can be analysed from the report, the
product life cycle with proper documentation and methodology. At last, report has concluded the
use of appropriate theory and models of PLC and its importance in different type of organisation.
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REFERENCES
Books and Journals
Brown, S. and Bessant, J., 2013. Strategic operations management. Routledge.
Fullerton, R. R., Kennedy, F. A. and Widener, S. K., 2014. Lean manufacturing and firm
performance: The incremental contribution of lean management accounting
practices. Journal of Operations Management. 32(7-8). pp.414-428.
Goetsch, D. L. and Davis, S. B., 2014. Quality management for organizational excellence. Upper
Saddle River, NJ: pearson.
Kerzner, H. and Kerzner, H. R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Meredith, J. R. and Mantel Jr, S. J., 2011. Project management: a managerial approach. John
Wiley & Sons.
Myerson, P., 2012. Lean supply chain and logistics management. New York, NY: McGraw-Hill.
Pomerol, J. C. and Barba-Romero, S., 2012. Multicriterion decision in management: principles
and practice (Vol. 25). Springer Science & Business Media.
Rejda, G. E., 2011. Principles of risk management and insurance. Pearson Education India.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Slack, N. and Brandon-Jones, A., 2018. Operations and process management: principles and
practice for strategic impact. Pearson UK.
Staats, B. R., Brunner, D. J. and Upton, D. M., 2011. Lean principles, learning, and knowledge
work: Evidence from a software services provider. Journal of operations
management. 29(5). pp.376-390.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
Wisner, J. D., Tan, K. C. and Leong, G. K., 2014. Principles of supply chain management: A
balanced approach. Cengage Learning.
Worth, M. J., 2018. Nonprofit management: Principles and practice. Sage Publications.
Online
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Product Life Cycle Stages . 2019 [ONLINE] Available
Through:<http://productlifecyclestages.com/>.
What Is Continuous Improvement? Definition & Tools . 2019 [ONLINE] Available
Through:<https://kanbanize.com/lean-management/improvement/what-is-continuous-
improvement/>.
WHAT IS SIX SIGMA? . 2019 [Online] Available Through:<https://www.isixsigma.com/new-to-
six-sigma/what-six-sigma/>.
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