Project Planning and Management Doc

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Added on 2020-11-23

Project Planning and Management Doc

Added on 2020-11-23

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BUSINESSADMINISTRATION 58

Table of ContentsINTRODUCTION...........................................................................................................................1Main body........................................................................................................................................11.1Explain how to carry out a cost-benefit analysis for a project...............................................11.2 Evaluate the use of risk analysis techniques.........................................................................21.3 Evaluate project planning and management tools and techniques........................................21.4 Evaluate the impact of changes to project scope, schedule, finance, risk, quality andresources......................................................................................................................................21.5 Analyse the requirements of project governance arrangements. ..........................................32.1 Analyse how a project fits with an organisation’s overall vision, objectives, plans andprogrammes of work...................................................................................................................32.2 Agree the objectives and scope of proposed projects with stakeholders..............................32.3 Assess the interdependencies and potential risks within a project........................................42.4 Identify SMART objectives, key performance indicators (KPIs) and evaluationsmechanisms appropriate to the plan............................................................................................42.5 Develop proportionate and targeted plans to manage identified risks and contingencies....42.6 Apply project life cycle approaches to the progress of a project..........................................53.1Allocate resources in accordance with the project plan.........................................................53.2 Brief project team members on their roles and responsibilities............................................53.3 Implement plans within agreed budgets and timescales.......................................................63.4 Communicate the requirements of the plans to those who will be affected..........................63.5 Revise plans in the light of changing circumstances in accordance with project objectivesand identified risks......................................................................................................................63.6 Keep stakeholders up to date with developments and problems...........................................63.7 Complete close-out actions in accordance with project plans..............................................73.8 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 informationfrom a range of sources...............................................................................................................74.2 Evaluate the effectiveness of capturing and managing project-related knowledge..............74.3Report on the effectiveness of plans......................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONBusiness Administration is concerned with the performance or management of businessoperations and decision making to direct activities towards common goals and objectives. Itincludes 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 forcompanies to manage their project properly to attain maximum profits. The report is based onMarks and Spencer. It is a British multinational retailer that specialises in clothing, home andluxury food products, headquartered in London. Report will focus on project planning andvarious management tools for managing project efficiently. It also covers cost benefit analysisand 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 body1.1Explain 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 andpossible profits to be derived from a business opportunity or a project. In order to run andmanage project, it is necessary to derive cost benefit analysis of the project. Respective companyis 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 andthe benefits of the project are listed down in order to determine the ration of cost atobenefits over life time of project (Burke, 2013).Assign Monetary value to costs- It includes cost of physical resources and cost ofhuman 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 financialbenefits. Respective company should analyse its impact on environment , employeeshealth and safety and assign monetary value to them.Compare cost and benefits- This step involves comparison of value of cost to value forbenefits for the proper undertaking and managing project.1

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