Project Management: New Product Development

Running head: PROJECT MANAGEMENT
Project management: New product Development
Name of the Student
Name of the University
Author’s Note

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Table of Contents
1.Introduction...................................................................................................................................2
2.Project context..............................................................................................................................2
3.Rationale for proposed plan and choice of methods.....................................................................3
4. Technique/method 1: PESTEL analysis......................................................................................4
5.Technique/method 2: Work breakdown structure........................................................................6
6.Technique/method 3: Gantt chart.................................................................................................7
7.Technique/method 4: Risk management strategy.........................................................................9
8. Technique/method 5: RACI Matrix...........................................................................................12
9. Technique/method 6: Stakeholder management strategy..........................................................15
10. Conclusion...............................................................................................................................16
References......................................................................................................................................18

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1.Introduction
The paper mainly reflects on the new product development project. The main aim of the
project to involve the project manager within the research, development, manufacturing as well
as marketing of new canned soups for a food manufacturer. The chief executive has generally
asked to prepare a project plan to the senior management team that helps in setting out the
research, development as well as proper production of the product. The most important focus of
this entire report is application as well as discussion of six project management methods as well
as techniques. In this paper, six different tools including PESTEL analysis, Work breakdown
structure, Gantt chart, Risk analysis, RACI matrix as well as stakeholder management strategies
are applied in a logical way for properly demonstrating the scenario and for reflecting how the
different tools and techniques are utilized within the project for successfully achieving the goals
and objectives of the project within the expected time and budget that is assumed during the
initial stage of the project. Moreover, the proposal helps in ensuring that the entire project that is
undertaken by using the different techniques is helpful in delivering the entire project on time
and within budget by maintain the quality of the project.
2.Project context
The project mainly reflects on the new product development. In order to undertake the
project successfully, it is quite necessary to research, develop, manufacture as well as market a
new canned product for one of the major food manufacturer. The chief executive generally asked
to prepare one of the project plan that helps in supporting the development of a new range of
premium soups. It is quite necessary to develop a project plan that must be properly presented to
the senior management team that helps in setting out the research, development as well as

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production of the entire product. It is expected to liaise marketing for the entire research as well
as design procedure of the project. It is found that the company mainly expected to properly
launch the product in time. The budget that is set initially for the project will be around £2.5
million whereas the time that is required for the project is around 2 months. In order to
successfully complete the project, it is quite necessary for the project managers to utilize proper
project management strategies so that the entire project can be completed on time. The research,
development, manufacturer as well as marketing of premium soups product will be undertaken in
four different phases including initiation phase, planning phase, execution phase as well as in the
project closure phase. The project reflects on six different project management techniques as
well as methods including PESTEL analysis, Work breakdown structure as well as Gantt chart.
In addition to this, proper focus is on risks in order to determine the problems and the risk
management strategies that are helpful in resolving the risks and challenges. Moreover, the
RACI matrix as well as the stakeholder management strategy for the project stakeholders is used
for completing the project successfully.
3.Rationale for proposed plan and choice of methods
It is found that proper research, manufacturing, development as well as marketing of new
premium soup is required to be done so that the manufacturer can be able to provide proper food
delivery service to the customers and also can be able to compete with other manufacturer quite
effectively. It is found that development of new product like premium soups helps in attracting
more number of customers which will further be helpful in increasing the sales of the
manufacturer and thus there will be rise in the yearly revenue of the organization.
It is identified that six project management methods or techniques are utilized within the
project. The main reason behind the selection of PESTEL analysis is that it helps the marketers

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to analyze as well as monitor the macro environmental factors that generally create an impact on
an organization. However, Work breakdown structure is mainly utilized in order to organize the
work of the team into number of manageable sections so that the project team can be able to
understand the scope of the project properly. In addition to this, it is identified that Gantt chart is
used as it helps in providing graphical illustration of the schedule that further helps in planning,
coordinating as well as tracking specific tasks within a project. Moreover, the technique of risk
analysis is considered as a procedure that helps in determining and analyzing the potential issues
and challenges that could negatively create impact on the business key initiatives or critical
projects for helping the organization for avoiding the risks and challenges. On the other hand,
RACI matrix is considered as one of the simplest as well as most effective way of defining as
well as documenting the roles of the project team members. Furthermore, stakeholder
management strategy is considered as one of the procedure that helps in effectively engaging the
stakeholders within the entire lifecycle of the project.
4. Technique/method 1: PESTEL analysis
PESTEL analysis is one of the framework or tool that is utilized by the marketers in order
to analyze as well as monitor the macro-environmental factors that generally create impact on the
organization. PESTEL analysis mainly monitors the political, economic, social, technological,
legal as well as environmental factors quite effectively (Song, Sun and Jin 2017). The PESTEL
analysis is mainly utilized in order to analyze the microenvironment for the development of the
new project.
Political: It is found that the manufacturer can be able to develop, market as well as
launch the new product within the market due to proper political stability as well as because of
proper pricing regulations (Pan, Chen and Zhan 2018). In addition to this, the product labelling

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requirements are properly elaborated by the organization and therefore it will be quite easy for
the manufacturer to develop the new product effectively.
Economic: It is found that economic factors generally create significant impact on the
entire processes with which the manufacturer earned profit in the market. The development of
the new product will be beneficial for the organization due to proper interest rate, exchange rates
as well as inflation rate. Furthermore, the development of the new product helps in achieving
economic growth within the organization.
Social: As per the social analysis, it is found that the new product is generally needed
during week days by the bachelors so that they do not need to spend much amount of time in the
preparation of breakfast (Patil 2018). In addition to this, the process of the new product that is
developed by the manufacturer is expensive and therefore it is for the premium clients or
customers.
Technological: It is found that different types of technological innovations are utilized
by the manufacturer in order to develop the premium soups for the customers. It is found that
innovation within the operations of the manufacturing company as well as within the market is
considered to be beneficial.
Legal: It is found that there are number of legal issues that can generally affect the
development of the new product (Mkude and Wimmer 2015). It is found that legal issues related
with product placement as well as promotional content can create number of challenges and
problems.