Project Management of NOVA Assignment
Added on 2021-02-19
11 Pages2370 Words35 Views
ProjectManagement
Table of ContentsINTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................1Evaluation of key costs at initial project planning stage..............................................................1Explanation of key strengths of different cost estimation techniques.........................................2Explanation of key cost control methods and strategies to implement a new project.................3Suggestions regarding the steps which could be taken to improve financial performance offuture project of NOVA company...............................................................................................4PART B............................................................................................................................................5Gantt Chart...................................................................................................................................5PART C............................................................................................................................................7Formulation of budget..................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONProject management can be defined as the process which is used by business entities forthe purpose of initiating, controlling, executing and planning a project in systematic manner.Main purpose of using it is to attain all the primary objectives of the organisation (Batselier andVanhoucke, 2015). This project is based upon NOVA company which is one of the highlysuccessful fashion brands. This assignment covers various topics such as critical evaluation ofrelationship between project cost control and project financial performance and formulation ofGantt chart. Along with this, this report also covers the generation of budget planning for theproject is also covered under this report.PART AEvaluation of key costs at initial project planning stageSenior Project Officer of the project is planning to implement new cost control approachin NOVA company. For this purpose it is very important to identify the key costs for theorganisation which may take place at initial planning stage. All of them which are related to afashion project are as follows:Marketing cost: While planning to work on a fashion project it is very important forNOVA Company to focus upon the promotion of all the products which are going to be launchedin the market in upcoming period. If managers are not able to determine the same then it maycreate issues for it to aware clients about the items which willing offered to them in future. Therewill be various expenses which are related to it and these are advertisement, promotions etc. Byestimating this cost the enterprise will be able to bear all its expenditures.Research and development cost: In order to launch new fashion products it is veryimportant for the organisations such as NOVA company to conduct market research. With thehelp of it the managers will be able to determine the current situations of market and launch suchitems which are preferred by clients. In order to perform research and development activitiesorganisation will face various costs which includes the executives who will be recruited for thejob (Cleden, 2017).Buying goods to manufacture products: In order to work on a fashion project theorganisations such as NOVA Company it is very important to buy material so that the productscould be manufactured. All the enterprises which are going to launch new items in the market1
have to face this cost because without purchasing raw material it is not possible to offer a newgood to the customers.Hiring staff members and professional: It is also one of the main cost which could befaced by an organisation planning to work of a fashion project. If NOVA is planning to launch anew item in the market then it will be very important for it to recruit new employees so that theycan help to reach long term goal. In order to make sure that the fashion project gets completed ina specific time limit it is vital to hire a professional who can guide to make the new productaccording to the customer's demand and market trends.In order to work on a fashion project it is very important for NOVA Company to focus onall the above described costs and keep an accurate estimation of them. With the help of it,managers will be able to formulate strategies for future to deal with all the expenses inappropriate manner (Cunningham, Salomone and Wielgus, 2015).Explanation of key strengths of different cost estimation techniquesFor all the project managers it is very important to estimate the costs which may takeplace while working on a project. For this purpose, different estimation techniques could beused. All of them are described below with their strengths:Analogous estimating: This is one of the common cost estimating technique which isused by project managers when they are having very limited information about the project. Itcould be used in NOVA company for the purpose of forecasting the cost for new fashion projectas it provides quick results. It is also known as top down estimating model which is used todetermine expenses for future projects. Some of its strengths are listed below:While using it detailed information of project is not required.This technique can estimate the costs by comparing current project with previouslycompleted projects.The cost of using this technique is very low and it also offers quick results (De Marco,2014).Parametric estimating: This technique of cost estimation use historical as well asstatistical data to estimate cost for future project. While using it managers of NOVA Companycan take different variables from other projects and apply them to their present project. Resultswhich are generated with the help of this technique are more accurate as compare to previous2
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