Project Management: Development of Target Store

Running head: PROJECT MANAGEMENT
Project: Development of target Store
Name of the Student
Name of the University
Author’s note

1
PROJECT MANAGEMENT
Table of Contents
Part B: Business case and project plan............................................................................................2
B.1 Literature Review..................................................................................................................2
B.2 Introduction to the case.........................................................................................................4
B.3 Project objectives..................................................................................................................4
B.4 Performance management/management of quality...............................................................5
B.5 Stakeholder analysis..............................................................................................................5
B.6 Project activities and schedule..............................................................................................6
B.7 Resources that are needed including the project budget.......................................................9
B.8 Constraints and risks...........................................................................................................10
B.8.2 Risks.............................................................................................................................10
B.9 Project communication.......................................................................................................12
B.10 Possible success and failure factors for the project...........................................................13
B.11Considerations for future operations..................................................................................14
Bibliography..................................................................................................................................15

2
PROJECT MANAGEMENT
Part B: Business case and project plan
B.1 Literature Review
According to Conforto et al. (2014), project management is mainly considered as one of
the technique that is utilized for initiating, planning, executing as well as controlling the project
work for achieving the project objectives so that the success criteria of the project can be met
within the specified time of the project. The entire procedure of controlling as well as directing
the project starting from the initiation phase to the closure phase of the project are generally
listed below:
Initiation phase: It is stated by Binder (2016) that initiation phase is the phase in which
the work of the project starts. It is identified that in this particular phase, proper research is
mainly conducted on the feasibility of the project for checking whether the project is feasible or
not. Moreover, the team members associated with the project are also recruited in this phase.
Planning phase: On the other hand, it is opined by Kerzner (2017) that planning phase is
one of the important project phase that helps in playing a significant role in developing
appropriate roadmap for the team members of the project. In this particular phase proper goal for
the project is set and the scope of the project is elaborated for executing the project as per the
assumption.
Execution phase: This is the phase in which all the project deliverables are executed
successfully. The various types of project tasks that are mainly completed in this project phase
mainly includes proper development of the project team, assigning resources as well as proper
execution of the project management plan (Binder 2016).

3
PROJECT MANAGEMENT
Closure phase: This is considered as the last phase of the project where the progress as
well as performance of the entire project is analyzed successfully. It is identified as one of the
longest sequence of project activities which are generally constrained properly because of the
presence of the resources that are generally need for the project work.
There are a number of approaches that are generally helpful in properly managing the
project. It is found that the different between the different approaches of project management are
generally illustrated below:
Traditional project management: It is stated by Drouin, Sankaran and Muller (2016),
with the help of traditional project management, the entire project is mainly divided into number
of different types of phases that mainly includes planning, initiation, monitoring, execution,
control as well as closure of the project. It is found that as the simplest approach that generally
utilizes waterfall model.
Critical chain: According to Mir and Pinnington (2014), the approach of critical chain is
helpful in using number of resources effectively during the project execution phase. It is
identified as one of the important sequence activities that are generally constrained because of
the presence of project resources.
PRINCE2: It is stated by Joslin and Muller (2015) that PRINCE2 is considered as the
present version of project that is one of the important approach in the controlled environment of
project. It is mainly elaborated as one of the approach that helps in categorizing the project into
number of stages that must be monitored properly in order to make sure that the entire work of
the project gets completed within the assumed budget as well as time.