Project Management

This report focuses on project management processes including stakeholders, communication, and financial impact in the development of a high-end vacuum cleaner.

Running head: PROJECT MANAGEMENT
Project Management
Name of Student
Name of University
Author Note

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Table of Contents
Introduction..........................................................................................................................3
Stakeholders.........................................................................................................................3
Sponsor................................................................................................................................3
Skills and Experience..........................................................................................................3
Stakeholders and their Roles...............................................................................................4
Communication among the Stakeholders............................................................................4
Information to be shared......................................................................................................5
Mechanism of Information Sharing.....................................................................................5
Frequency of communication..............................................................................................5
Ineffective Communication.................................................................................................5
Technology in Communication...........................................................................................6
Ethical and Legal Issues in Communication.......................................................................6
Management of Risks and Opportunities............................................................................6
Analysis of the Old Risks....................................................................................................6
Business Opportunity...........................................................................................................7
Potential Financial Impact...................................................................................................7
Expected Results..................................................................................................................7
Project Value.......................................................................................................................7
Potential Impact in case of Failure......................................................................................7

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Conclusion...........................................................................................................................7
References............................................................................................................................9

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Introduction
Woolong Company is known for their production of high end vacuum cleaners. The
Company is working on the release of their latest product. Prior to the launch of the product, a
preliminary meeting related to project initiation will be conducted for identifying the sponsor, for
selection of the manager and for developing the charter of the project. The report aims in
preparation of a report corresponding to various project management processes including the
project stakeholders, management of the communication among the stakeholders and potential
impact of the financial issues on the undertaken project. The report that is being developed will
indicate the findings related effective management of the project linked with production and
release of high-end vacuum cleaner.
Stakeholders
The stakeholders of a project are individuals who are affected by a particular decision
linked with execution of a project. For this particular project of developing high end vacuum
cleaner, the main stakeholders of the undertaken project include the manager, the sponsor of the
undertaken project along with the customers for whom the vacuum cleaner is to be prepared
(Kerzner, 2017). High engagement of the stakeholders linked with the project is necessary to
ascertain that a project is executed as per plan.
Sponsor
The sponsors of the project include the individuals who have an overall accountability of
the project execution. The sponsor for this project is Woolong Company itself.
Skills and Experience

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In each project life cycle, the manager needs to showcase certain specific skills and
experiences to ascertain that the project is managed as per plan. In the initiation phase of the
undertaken project, the project manager needs to possess effective planning skills while in the
execution phase, the manager is required to possess the skills of effective managing the team
(Meredith, Mantel Jr & Shafer, 2017). The skills and experiences of a project manager differs in
various phases in terms of the work that is to be execute in each phase (Larson & Gray, 2017).
For example, in the planning phase, the project manager is required to have an idea of the
various tools and techniques that can help in development of the project plan. On a contrary, in
the execution phase, the project management plan is prepared by the manager to manage the
execution of the project in an efficient manner.
Stakeholders and their Roles
Stakeholders Roles
Project Manager To plan and execute a Project
Project Sponsor To provide financial support to the
undertaken project
Customers The project is being executed and developed
as per the needs of this stakeholder
Resource Manager To ascertain that the resources needed in the
project are allocated as per plan.
Communication among the Stakeholders

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Communication among the stakeholders of the project are ascertained by the developing
an effective communication plan. The communication plan will ascertain that all the stakeholders
of the project have an idea of the progress and the project.
Information to be shared
There are certain specific information that is needed to be shared among the stakeholders
of the project (Heagney, 2016). These information include the progress of the project, the project
risks, the resources needed along with the schedule and budget needs of the project.
Mechanism of Information Sharing
Certain specific mechanism of information sharing is followed while communicating
with the stakeholders of the project. The main mechanism include email and the face to face
meetings.
Frequency of communication
Information to be shared Frequency
Progress Updates Daily
Risks Monthly
Resources Needs Weekly
Status Reporting Daily
Ineffective Communication

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Ineffective communication can result in problem and the failure of the project. Therefore,
ineffective communication among the project team and the project’s stakeholders are required to
be managed (Leach, 2014). If the communication is proving to be ineffective it is necessary to
modify the existing communication plan to link it with the execution process of the project.
Technology in Communication
Information and communication technology (ICT) can be used for communicating with
the major stakeholders of the project (Harrison & Lock, 2017). The use of ICT can ascertain that
the information are rightly communicated to the stakeholders of the project.
Ethical and Legal Issues in Communication
Ethical and legal issues can arise in a communication if PMI ethical guidelines is not
followed while communicating with the stakeholders of the project. Any ethical and legal issue
in a communication can result in increase in the project delay and therefore these issues are
needed to be managed.
Management of Risks and Opportunities
The management of the risk and opportunities in the project involves identification and
the assessment of the risks linked with the project (Mir & Pinnington, 2014). This assessment is
done at the beginning of a project so that the opportunities in the project is identified.
Analysis of the Old Risks
The old as well as the new risks are identified and analyzed on basis of the effective
monitoring process. Planned risk monitoring process is followed to ascertain that the risks in the
project are executed as per plan.

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Business Opportunity
The completion of the project is linked with the business opportunity of increasing
customer base (Too & Weaver, 2014). The successful completion of the project will ascertain
that a high end vacuum cleaner is delivered.
Potential Financial Impact
The project will have a positive financial impact of the successful execution and
completion of the undertaken work. It is anticipated that with the completion of the project, the
sales of vacuum clear will increase as well.
Expected Results
If the undertaken project is completed successfully, the project will mark the successful
development of the product and will increase the company’s profit margin.
Project Value
The project linked with development of a high end vacuum cleaner will increase the
company’s profit along with competitive advantage.
Potential Impact in case of Failure
If the project is not finished well, it might prove to be a huge loss for the Company and
might increase the reputational risk for the organization.
Conclusion

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The report provide the details of project management principles linked with the execution
of the project undertaken by The Woolong Company. The findings of this report will help in
development of the charter for the project.

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References
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach.
Routledge.
Heagney, J. (2016). Fundamentals of project management. Amacom.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process. McGraw-
Hill Education.
Leach, L. P. (2014). Critical chain project management. Artech House.
Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial
approach. John Wiley & Sons.
Mir, F. A., & Pinnington, A. H. (2014). Exploring the value of project management: linking
project management performance and project success. International journal of project
management, 32(2), 202-217.
Too, E. G., & Weaver, P. (2014). The management of project management: A conceptual
framework for project governance. International Journal of Project Management, 32(8),
1382-1394.