Project and Risk Management - Report
Added on 2020-06-04
25 Pages7736 Words50 Views
FinanceLeadership ManagementProfessional Development
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Project and Risk Management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31. Aims and objectives of the project..........................................................................................32. Discussing the advantages as well as disadvantages of Project Plan......................................53. Discussing the advantages and limitations of Project scope...................................................6TASK 2............................................................................................................................................81. Critical discussion and Analysis of business environment.....................................................82. Advantages as well as limitation of Stakeholder analysis...................................................103. Limitation and advantages of Constraints analysis.............................................................11TASK 3..........................................................................................................................................133. Risk management..................................................................................................................13TASK 4 .........................................................................................................................................151. Cost benefit analysis.............................................................................................................152. Budgeting, forecasting and payback.....................................................................................153. Developing a budget for the project......................................................................................16Financial analysis ..........................................................................................................................17TASK 5..........................................................................................................................................171. Project plan............................................................................................................................17Risk: It is required by manger in Tesco to conduct risk assessment procedure. As this willhelp organization in analysing the appropriate tactics in order to minimise threat of negativeeffect of changes in external as well as internal forces on business operations........................18TASK 6..........................................................................................................................................221. Importance of Evaluating the project....................................................................................22CONCLUSION..............................................................................................................................22REFERENCES..............................................................................................................................231
INTRODUCTIONBusiness environment is defined as condition prevailing inside or outside the companywhich has direct effect on the way a business operates. It is also recognised as the set of externaland internal factors that have great and direct influence on business strategies, policies as well ason decision. There are basically two types of business environment these are: micro and macro.The macro environment includes political, technological, social, economic, legal andenvironmental forces. These variables are uncontrollable. Micro environmental forces haveminimum influence or impact on several business activities or system. Study on employee orworkers engagement is essential. This is because it will help in identifying employeeinvolvement and satisfaction. .It also enables leaders or manager to recognise the new ways,methods or techniques for motivating people for increasing their contribution in several businessoperations and inspiring them to involve in decision making process. It will also aid firm inreducing the adverse effect of several macro as well as micro environmental factors on businessoperations.Tesco enterprise is being selected for conducting research on analysing businessenvironment. Business Entity is dealing in retail industry. This Tesco company is being selectedfor conducting this investigation as it is operating in international and highly competitiveenvironment and has much experience about operating in dynamic surroundings.The report will include critical discussion on business environment. It will alsoemphasise on developing understanding about the advantages as well as limitation ofStakeholder Analysis.TASK 11. Aims and objectives of the projectBusiness Environment is defined as aggregation or mixture of all internal as well asexternal constituents that have great impact on the organisation growth as well as success. It alsohas great effect on various activities such as operation, production, management functions etc.Business environment have great influence on business decision, policies, system, consumer,supply and demand of products as well as services (Yilmaz and Flouris, 2010).2
The purpose of the project is to gain or enhance the knowledge about businessenvironment. Other aims of the research is to assist individual working as manager or leader inorganisation to identify several forces in environment which have direct impact on businessoperations, activities and system. It also intends to analyse the effect of changes in internal aswell as external factors on business performance. Another aim of the project is to supportmanager or leader in Tesco Company in designing appropriate strategies, plans and policies inorder to deal with uncertain situations. The following are the objectives of research:To develop the understanding about the business environment.To analyse the new ways for dealing with the changes in internal as well as externalfactors in business environment.To determine or recognise the merits and limitations of Stakeholder Analysis as well asproduce a Stakeholder Analysis.To identify the advantages as well as disadvantages of Constraints Analysis.To analyse the way changes in internal as well as external environmental force effectsbusiness performance.To ascertain the effect of changes in internal as well as external factors on organisationalobjectives.To provide training to workers in order to allow them to develop specialised skills orcapabilities in order to cope up with changes in business environment.To support firm in increasing sales by 5 percent and profitability by 4 percent in highlycompetitive as well as dynamic business environment.To develop team of highly skilled and talented workforce within 2 months in order toenable firm increasing its competitive strength.The study on business environment will help manager in Tesco Company to assist firm inmaintaining business performance and position in critical as well as complex situations. It willalso aid manager in identifying the appropriate ways, techniques or methods for reducing theadverse effect of several forces in dynamic environment on business. This assignment will assist3
organisation in exploring as well as capturing various business opportunities from the continuouschanging situations (Achtenhagen, Melin and Naldi, 2013).2. Discussing the advantages as well as disadvantages of Project Plan.The project management plan can be developed and used by manager or leader in TescoCompany for formulating strategies, plan and policies for the future. By utilising this plan, thebusiness entity can easily identify the factors that may have adverse effect on businessperformance and can develop effective tactics in order to deal with complex situations. It canalso be helpful for determining the uncertain situation, risk that may occur due to changes ininternal as well as external factors in business environment. Project plan is considered as officialdocument which contains the information which is the basis for the future plan related tomaintaining the standard of business. Other advantages of project planning are that it assists manager in developing their focuson the key elements of a task by forcing the group to sit down and plan out the project on paper.Project plan also helps employees in identifying their roles as well as responsibilities with regardto task or specific project.The major advantage or benefit of project plan is that it provides guidelines plusinformation about the individual tasks such as time duration as well as start and finish times. Italso aids organisation in preventing the overlapping of activities. Appropriate projectmanagement plan helps manager in ensuring the effective as well as efficient utilisation ofresources. It also aids management in eliminating barriers that may occur in implementation oftask or projects for achieving project objectives. Project management plan supports manager inidentifying the important stakeholders those who will assist firm in reducing the negative effectof changes in environmental forces on business (Crawford and Nahmias, 2010).The Gantt charts offer a simple and easy way to input all the tasks at the beginning of aproject. It demonstrates the length of each task and series of the activities that will occur duringthe project.Work break down structure in the project plan is essential as it helps manager inorganising team and activities during the project. It is defined as deliverable oriented hierarchicaldecomposition of the task or activities which are to be carried out by the project team. Work4
break down structure is also recognised as an effective tool that can be adopted or utilised fordefining as well as grouping of project. It can be used for defining the scope of project. Thisframework assists manager in recognising and eliminating the complicated operations. It helpsmanager in making the task easier (Wirtz, Schilke and Ullrich, 2010).Limitation of project planningLimitation is defined as restriction imposed by the application of mostly traditionalProject Management.The major drawback of project planning is that, it is very time as well as cost consumingprocess. Miscommunication and ineffective coordination among people may have adverse effecton outcome. Strict project management plan can lead to discouragement of innovative thinkingand result into barriers in creative efforts. Due to strict project management plan, manager inTesco may face difficulty in aligning the purpose of the project with the business/organisationalstrategy. It may be challenging for manager or leader in Tesco organisation tomanage projectswith unspecified budget or schedule. (Eckerson, 2010).3. Discussing the advantages and limitations of Project scopeProject scope management is defined as the procedure which includes identification ofinput, output and benefits of implementing the project. It also helps Tesco manager in controllingthe operations and eliminating unnecessary activities. Scope consists of totality of the outputs,outcomes, benefits and the work required producing them. It assists manager in encouragingpeople to participate in procedure and support firm in achieving desired outcome. The objectivesof scope management is to support manager in ensuring the project success. It includes all theresources as well as activities to be implemented required for completing the projectsuccessfully. It is mainly concerned with recognising as well as controlling the things, activitiesor operations that are to be included in projects for accomplishing specific goals or objectives.Project scope assists manager or leader in determining as well as documenting a list of specificproject target, deliveries, functions, activities, deadlines and ultimately costs. It also includesgathering or accumulating information that is required for starting the project. This scope alsohelp organisation in analysing that whether the project which is to be implemented has thepotential to cater the needs as well as demands of internal and external stakeholders. Project5
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