Project Management and Success

This assignment delves into the crucial role of administration and overseeing business activities in achieving project goals. It emphasizes the need for meticulous planning, budget formulation, resource allocation, and adherence to legal and organizational guidelines. The report highlights the significance of these practices in ensuring efficient project execution and ultimately driving project success.

BUSINESS
ADMINISTRATION 58

Table of Contents
INTRODUCTION...........................................................................................................................1
Main body........................................................................................................................................1
1.1Explain how to carry out a cost-benefit analysis for a project...............................................1
1.2 Evaluate the use of risk analysis techniques.........................................................................2
1.3 Evaluate project planning and management tools and techniques........................................2
1.4 Evaluate the impact of changes to project scope, schedule, finance, risk, quality and
resources......................................................................................................................................2
1.5 Analyse the requirements of project governance arrangements. ..........................................3
2.1 Analyse how a project fits with an organisation’s overall vision, objectives, plans and
programmes of work...................................................................................................................3
2.2 Agree the objectives and scope of proposed projects with stakeholders..............................3
2.3 Assess the interdependencies and potential risks within a project........................................4
2.4 Identify SMART objectives, key performance indicators (KPIs) and evaluations
mechanisms appropriate to the plan............................................................................................4
2.5 Develop proportionate and targeted plans to manage identified risks and contingencies.. . .4
2.6 Apply project life cycle approaches to the progress of a project..........................................5
3.1Allocate resources in accordance with the project plan.........................................................5
3.2 Brief project team members on their roles and responsibilities............................................5
3.3 Implement plans within agreed budgets and timescales.......................................................6
3.4 Communicate the requirements of the plans to those who will be affected..........................6
3.5 Revise plans in the light of changing circumstances in accordance with project objectives
and identified risks......................................................................................................................6
3.6 Keep stakeholders up to date with developments and problems...........................................6
3.7 Complete close-out actions in accordance with project plans..............................................7
3.8 Adhere to organisational policies and procedures, legal and ethical requirements..............7

4.1 Conduct periodic reviews of the progress and effectiveness of a project using information
from a range of sources...............................................................................................................7
4.2 Evaluate the effectiveness of capturing and managing project-related knowledge..............7
4.3Report on the effectiveness of plans......................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business Administration is concerned with the performance or management of business
operations and decision making to direct activities towards common goals and objectives. It
includes overseeing and supervising different aspects of business such as accounting and finance
(Bryde, Broquetas and Volm, 2013). In order to run business efficiently it is necessary for
companies to manage their project properly to attain maximum profits. The report is based on
Marks and Spencer. It is a British multinational retailer that specialises in clothing, home and
luxury food products, headquartered in London. Report will focus on project planning and
various management tools for managing project efficiently. It also covers cost benefit analysis
and various risk analysis techniques to run and manage project. At last it evaluates overall vision,
mission and plans and accordingly update stakeholders with development and problems.
Main body
1.1Explain how to carry out a cost-benefit analysis for a project.
Cost benefit analysis is explained as a procedure for estimating all the cost involved and
possible profits to be derived from a business opportunity or a project. In order to run and
manage project, it is necessary to derive cost benefit analysis of the project. Respective company
is undertaking project of opening a new departmental store in UK.
Steps to carry out cost benefit analysis of the project
 Brainstorm cost and benefits- In the first step, all the cost associated with project and
the benefits of the project are listed down in order to determine the ration of cost ato
benefits over life time of project (Burke, 2013).
 Assign Monetary value to costs- It includes cost of physical resources and cost of
human efforts involved in all the stages of project which is to open a new store in UK.
 Monetary value to benefits- This step involves estimating revenue and financial
benefits. Respective company should analyse its impact on environment , employees
health and safety and assign monetary value to them.
 Compare cost and benefits- This step involves comparison of value of cost to value for
benefits for the proper undertaking and managing project.
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1.2 Evaluate the use of risk analysis techniques.
Risk analysis is the process of identifying and analysing issues which have negative
impact on project and assist respective company to take proper actions to mitigate those risks.
Their are various risk analysis techniques such as Brainstorming, sensitivity analysis, probability
analysis, Delphi method and many more. These techniques are mainly helpful when the
respective company is planning to undertake project which assist them to identify risks and
problems and take proper actions against them. It helps in improving safety and managing
potential risk in the workplace. In the respective company if there is a finance risk associated
with project, proper analysis will assist company to take proper action in over to avoid risk ad
manage project effectively (Harrison and Lock, 2017).
1.3 Evaluate project planning and management tools and techniques.
Tools and techniques which assist in proper project planning and managing are described as
follows-
Gantt Flow- It is a chart devised to plan sequence of activities in project and determine
the time scale and resources needed to complete project effectively. It is a useful tool which is
used by M&S to manage all its project activities.
PERT- It is a project control technique which calculates amount of time activities will
take to finish a project. It is used by the managers of M&S to properly manage all the activities
within the proper time frame. It is a planning and management tool which calculates realistic
time to sum up project effectively.
1.4 Evaluate the impact of changes to project scope, schedule, finance, risk, quality and
resources.
In project change occurs in each and every activity and has a great impact on scope,
schedule, finance and risk. When change occurs in project activity it sometimes have a negative
impact on scope and hinders the various opportunities associated with it. Schedule is concerned
with time scale to complete activities in a proper time. If changes occur in schedule it will take
more time and resources to complete activities and makes it a complex process (Heagney,
2016). Finance is the backbone of business any changes in finance impact the project planning
and proper execution of activities according to financial resources allocated, it disturbs whole
process and impacts profitability. Quality and resources are crucial in completing project
activities efficiently, wastage and improper utilisation of resources will impact quality of
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products. This all creates risk under the project. Project manager at M&S should properly such
changes and manage project properly.
1.5 Analyse the requirements of project governance arrangements.
Project Governance is concerned with management of framework which assist in
execution of project and take appropriate decisions. It assist in taking necessary timely and
important decisions for executing projects in a proper manner. It is useful in removing and
reducing wasteful scope and. It is established in cases when the organisational structure doesn't
provide essential framework for delivering and managing projects on time. It also allows
distribution of roles and responsibilities in a proper manner top undertake and manage project in
respective company. The major role is to provide decisions which is logical and understandable
to execute activities within specific time frame (Hwang and Ng, 2013).
2.1 Analyse how a project fits with an organisation’s overall vision, objectives, plans and
programmes of work
Project should fit within respective organisations overall vision and objectives and should
plan activities in a proper manner. As the vision of M&S is to produce standardised products
against their competitors and their objectives is to attain higher profitability by maximising their
standardised productivity. To get aligned with organisation mission and objectives , M&S should
formulate plans which focus on long term strategies. In order to get fit with organisations
objectives, project goals should be realistic that could be achieved. Hence, decisions taken under
the project should be organisational objects which assists in proper completion of project
activities and get aligned with organisational objectives and plans.
2.2 Agree the objectives and scope of proposed projects with stakeholders
Stakeholders are important part of organisation which helps in achieving goals and
objectives. It is primary responsibility of M&S to communicate with their stakeholders such as
employees, employers, customers the objectives and scope of proposed projects. It ensures trust
and confidence in stakeholders regarding company's project Marchewka, 2014). If the company
shares all the information about the project with their stakeholders it assist in gaining suggestion
regarding the project and allows modification in project according to their needs and demands.
When the stakeholders of the respective company agrees with objectives and scope of proposed
project, it allows company to execute project activities in a proper manner.
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2.3 Assess the interdependencies and potential risks within a project.
To accomplish the project in a effective manner it is the responsibility of project manager
to identify interdependencies and potential risk associated with project. In project there are
number of interdependencies on every activities as well as various risk are associated with
project. Risk analysis is an effective way to identify risk and take effective measures to mitigate
risk. The project undertaken is opening a new departmental store which involves various
activities are interdependent on each other such as with proper financial resources and human
resources ,activities can be coordinated properly. With proper finance, human resources can
perform activities in a proper manner and various risks such as finance risk, social risk which is
associated with project can be properly identified and can be avoided with proper actions (Mir
and Pinnington, 2014).
2.4 Identify SMART objectives, key performance indicators (KPIs) and evaluations mechanisms
appropriate to the plan
Project plan is a approved document which keep track of project activities and includes
scope, goals and objectives of the project in a proper manner. Project plans includes SMART
objectives of the project which is realistic and measurable. SMART objective of project is “ To
increase market share by 7.5% in upcoming 1 year. In order to achieve this objective M&S has
some Key Performance Indicators which demonstrates how effectively the company is achieving
its business objectives. In order to achieve the objective of increasing customer base and attain
higher profitability activities should be undertaken with proper decisions and should be evaluated
with various tools and mechanisms in order to monitor the progress of activities in context with
set objectives.
2.5 Develop proportionate and targeted plans to manage identified risks and contingencies.
Analysing and identifying risk and then making proper plans to manage risk will assist
the respective company in undertaking and managing project effectively. Project undertaken by
M&S is to open a new department store, in such case project manager has to analyse the
potential customers as well as decide the location which would be feasible enough for the
customers to reach. Further step includes identification of risk associated with the project and to
find immediate solutions in order to mitigate risk. As the risk identified risk is finance risk,
scarcity of finance which will disrupt the production process, proper plans should be made such
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as taking loans from various investors or maintaining huge inventory at the time of shortage of
production. This will allow to manage identified risk in projects.
2.6 Apply project life cycle approaches to the progress of a project
Project life-cycle approach to the progress of report involves consist of four stages which
are described below-
 In the initial stage in case of M&S they planned to open a new departmental store to
target more customer base and attains more profitability.
 In second stage it involves planning and coordinating activities needed to be done in
order to execute project and allocating resources accordingly (Newton, 2016).
 This step involves executing of plan activities in a proper way by analysing all the
competitive factors which assist in progress of respective organisation.
 Last stage includes reviewing and monitoring the plan and if any change occurs
according to planned activities, actions are taken in order to achieve desirable objectives.
3.1Allocate resources in accordance with the project plan.
In order to execute project activities in a efficient manner it is necessary to allocate
resources in a proper manner. Resources should be allocated in a proper manner so that it avoids
problems of shortage and wastage of resources. Resources within the organisation includes
manpower, finance, tools and technology. Activities should be properly considered by the project
manager so that resources could be properly allocated. In opening a new departmental store,
resources needed are huge amount of finance, various tools an technologies and most importantly
the human resource which are required for effective functioning of project activities.
3.2 Brief project team members on their roles and responsibilities.
In order to undertake project of opening a new departmental store, it is important to
assign roles and responsibilities according to employees skills and capabilities. Undertaking this
project will require different roles needed to perform project activities in a proper manner.
Employees should be assigned role such as proper maintenance of accounts work, proper
handling of inventory as well as employees should be assigned role of researching demands of
consumer and according producing products. In order to effectively perform roles and
responsibilities to employees should be provided with training. This would assist team members
to effectively perform their responsibilities towards project.
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3.3 Implement plans within agreed budgets and timescales.
To undertake a new project it is necessary to frame budgets and time schedule for each
and every activity. In order to open a new departmental store the budget allocated to project is
200, 000 pounds which will assist company to function properly and without any discrepancies.
Time scales are allocated to each phase of plan under the project such as initiation of project plan
such as deciding the project and selecting the best one requires almost 2 months and planning
and coordinating activities under the project plans as well as allocating resources will take almost
4 months and execution of activities in a proper manner and completion of project will includes
5-6 months. As the time is denoted according to each planning activity it becomes responsibility
of project manager to complete activities on time (Pemsel and Wiewiora, 2013).
3.4 Communicate the requirements of the plans to those who will be affected.
As the respective company is going to launch a new departmental store to increase
customer base and to capture larger market share. In this case respective company has to
communicate with their respective stakeholders such as employees, employers, suppliers,
investors and consumers so that they can give proper information and can provide suggestions in
order to bring results in desirable form. Communicating the plan will provide an opportunity to
the company to consider stakeholder suggestions and make necessary changes under the project
so as to meet up their requirements.
3.5 Revise plans in the light of changing circumstances in accordance with project objectives and
identified risks.
Due to high level of competition and global environment, it is necessary for project
manager to make some changes in the project. As the project objectives is to increase market
share by maximising its productivity. Project manager of respective company should make
changes in allocation of resources such as finance and human resources effectively in order to
attain objectives in a proper manner. Project manager started focusing on producing products
according to customer needs and will supply in that departmental store (Petit, 2012).
3.6 Keep stakeholders up to date with developments and problems.
When change occurs in project plan it is necessary for respective organisations to
communicate with stakeholders and keep them updated regarding change. Information should be
provided through letters and mails. This also makes them feels as an valuable part to the
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organisation. Along with this meetings can also be held in order to make stakeholders aware
about the change so that they could function properly in a effective manner. Employees within
the respective organisation should be aware of changes in new concepts and laws which is
essential for smooth functioning of business operations (Sharp, Peters and Howard, 2017).
3.7 Complete close-out actions in accordance with project plans.
As the project under in Marks and Spencer is to open a new departmental store, it faces
problem related to finance and investments and revised its plans to borrow money and take loans
from different sources such as crowd funding websites and to solve other issues which are
related to employee safety and security by adopting various employment laws, labour laws.
Respective company has adopted such changes and taken close out actions by making
moderation by observing change.
3.8 Adhere to organisational policies and procedures, legal and ethical requirements.
As in order to function properly without any risks and problems, project undertaken
should adhere to organisational policies, procedures, legal and ethical requirements. As in case of
opening a new departmental store and revising plans according to recent changes they should
work according to the rules and regulations of the company which assist in proper functioning
and competition of project activities within specified time period (Rothman, 2016). If the project
undertaken follows all the legal requirement and conducts business activities in a ethical way it
would assist proper functioning of project activities without any discrepancies.
4.1 Conduct periodic reviews of the progress and effectiveness of a project using information
from a range of sources.
From the changes occurred in project plan, it is the duty of the project manager to
completely review an monitor the changes, whether they have bring effective results or not.
Employer should continuously monitor the progress of the activities of employees and if any
deviations are found, directions and suggestions are provided in order to make them work on
track. On the other hand it also increases loyalty of the stakeholders towards the project and
assist in attaining organisational goals and objectives.
4.2 Evaluate the effectiveness of capturing and managing project-related knowledge.
Project related knowledge is very essential to have proper understanding of insights
which also assist in improving business performance and enhance its productivity level. It also
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helps the project manager to make necessary changes which assists in organisational
development and to achieve long term profitability. Project related knowledge will help the
employers to make effective decisions regarding the activities and able to complete project
within specified time period. This proves effective in undertaking and managing project.
4.3Report on the effectiveness of plans
To
Project Head
Marks and Spencer group
Subject- Effectiveness of plan
As due to high level of competition and globalisation, it has become necessary to make certain
change in project and adhere with organisational laws, rules and regulations. In such case it is
necessary to communicate changes to employees to give directions and thereby increase
profitability. It will also incur heavy operation cost but will benefit the organisation and able to
complete project activities within the time frame (Trendowicz and Jeffery, 2014). Organisations
and employees are willing to accept changes and achieves efficiency in completing and
managing project effectively.
CONCLUSION
From the above report it has been concluded that administration and overseeing business
activities helps in attainment of goals and objectives in a proper manner. While launching or
undertaking a new project it is necessary to formulate budget and make necessary plans and
procedures in order to properly function project activities in a efficient manner. Further it also
gives importance to prepare budgets and allocate time scales and resources to each activity to
complete project within definite time period. It is also necessary for organisation to adhere to
laws, regulations and policies and procedures in order to attain goals and objectives in a efficient
manner.
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REFERENCES
Books and Journals
Bryde, D., Broquetas, M. and Volm, J.M., 2013. The project benefits of building information
modelling (BIM). International journal of project management. 31(7). pp.971-980.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
Heagney, J., 2016. Fundamentals of project management. Amacom.
Hwang, B.G. and Ng, W.J., 2013. Project management knowledge and skills for green
construction: Overcoming challenges. International Journal of Project Management.
31(2). pp.272-284.
Marchewka, J.T., 2014. Information technology project management. John Wiley & Sons.
Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking
project management performance and project success. International journal of project
management. 32(2). pp.202-217.
Newton, R., 2016. Project management step by step: how to plan and manage a highly
successful project. Pearson UK.
Pemsel, S. and Wiewiora, A., 2013. Project management office a knowledge broker in project-
based organisations. International Journal of Project Management. 31(1). pp.31-42.
Petit, Y., 2012. Project portfolios in dynamic environments: Organizing for uncertainty.
International Journal of Project Management. 30(5). pp.539-553.
Rothman, J., 2016. Manage Your Project Portfolio: Increase Your Capacity and Finish More
Projects. Pragmatic Bookshelf.
Sharp, J.A., Peters, J. and Howard, K., 2017. The management of a student research project.
Routledge.
Trendowicz, A. and Jeffery, R., 2014. Software project effort estimation. Foundations and Best
Practice Guidelines for Success, Constructive Cost Model–COCOMO pags, pp.277-
293.
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