The assignment details a project management process broken down into distinct phases. Each phase encompasses specific tasks, durations, and responsible parties. It provides a structured overview of activities from initiation (validation, allocating resources) to execution, monitoring, and closure.
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Table of Contents INTRODUCTION...........................................................................................................................1 1. Selection of Organization...................................................................................................1 2. Implementing 3 changes required to improve the operational performance......................1 3. Critical analysis of the literature on Investment appraisal and select the best method that needs to be implemented........................................................................................................3 4. Evaluating the changes and adapting the best one.............................................................4 5. Critical evaluation of Radical change theory and Continuous Improvement theories.......5 6 Evaluate the changes and establish whether Continuous Improvement/Radical change theory should be used........................................................................................................................6 7. Project plan using MS Project............................................................................................7 8. Critically evaluate the literature on project risk and identify various risk factors and its analysis methods.....................................................................................................................9 9 Project risk for the chose criteria.......................................................................................10 CONCLUSION..............................................................................................................................10 REFERENCES..............................................................................................................................11 APPENDIX....................................................................................................................................13
INTRODUCTION At all the sectors within business, there are many companies that deliver their customers with similar products and services. It important for the firm to make sure that develop strategies with the help of which strong customer base can be developed. Ultimate aim of any firm is to gain maximum profit. This is only possible when management understand the needs and requirement of customers. Accordingly, services should be developed so that more and more customers can be attracted. In order to be better it is essential to make changes in the business operations. Present report is on Tesco which is one of the leading British multinational grocery store. It was founded in the year 1919 and is headquartered in England. Cited firm make sure that they deliver their customers with high quality services. Further, they understand their customers requirement and make changes in the type of services that are delivered by them. Present report covers, the issues that are faced within the business and accordingly steps will be taken to implement changes. Further, it covers critical evaluation of continuous improvement theories and radical change theory. Lastly, it also includes evaluation of literature on project risk and identifying various risk factor and analysis of the method. 1. Selection of Organization Tesco is taken into consideration in order to complete the task in an effective manner. Cited firm aim at deliver their customers with high quality service. Further, they make sure that they make use of updated or new technology so that they will be able to satisfy their customers. There are many organizations that deliver their customers with similar products and services and to be better from other it requires strategies so that strong customers base can be developed. Competitors of Tesco includes ASDA, Sainsbury and Morrison. This has reduced the market of cited firm and in order top be better, it they are planning to make sure that they raise their market share and strong customer base can be developed. 2. Implementing 3 changes required to improve the operational performance Tesco is considered as one of the main British multinational grocery and merchandise retailer. However, it is the third largest retailer in the world in the form of profit and fifth largest in terms of revenue. Company is also listed in London Stock Exchange. Hence, it is considered as the major strength of firm (Nixon, Harrington and Parker, 2012). While, the weaknesses faced by Tesco is that there are several other competitors serving in the similar market. Business also 1
focuses upon selling its own products and does not sell products of other brands. Main purpose of Tesco is to enhance the market share and presence within worldwide area. Also, in regard to remain competitive within international market, it is essential for firm to undertake effective strategies and plans so that set targets can be attained. However, it would result firm to attain desired success and goals. Tesco management also needs to improve its product quality so that it can overcome competition and become the world number one retail firm. However, in regard to achieve such objective it is essential for cited firm to improve its operational strategies so that desired results can be attained (Rock, 2014). Further, developing effective operational strategies helps in establishing the objectives so that desired results can be attained. While, developing operational strategies it helps in examining the current business plans so that new strategies could be used effectively and efficiently. Tesco need to improve the value and mission of firm so that set targets can be attained. Following are the 3 different operational changes that needs to be implemented within Tesco in order to provide varied benefits which are discussed underneath- ï‚·Cleaning services at Tesco ï‚·Online selling services ï‚·Discount in off season All such changes needs to be implemented as it will benefit the business in order to improve the quality standards and attain desired results. Also, it helps in improving the operational efficiency and thus results in delivering the best products or services to clients. It helps in satisfying the needs and wants of customers. Further, improving cleaning services helps in raising the organization performance and thus benefit Tesco to gain competitive edge over rivals (Buller and McEvoy, 2012). It also assists in improving the features of products or services so that market share can be enhanced worldwide.Moreover, another operational change is increasingonlinesellingservicesthroughcreatingwebportalswhichwouldresultinto developing effective communication so that customer needs could be identified and thus help firm to provide particular products to customers.Major benefit of such strategy results into improving customer service and thus impacts upon improving sales and profitability.Thus, implementing all such changes would result into improving operational performance and attain success. Thus, all these identified changes helps Tesco in improving its efficiency and enhance online selling feature in market. As there is huge competition in retail market, it is essential for 2
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Tesco to bring change within its business structure and for that they need toCleaning services, Online selling services and Discount in off season. However, all these proposed changes are proved to be useful for business and thus results in enhancing current performance of firm and bring desired changes so that success can be attained. 3. Critical analysis of the literature on Investment appraisal and select the best method that needs to be implemented Escobar-Rodriguez and Monge-Lozano (2012), stated that project management is the study of carrying out process which involves necessary activities and operations in relation to attain desired targets and goals. It is a numerical approach which involves different steps that starts from initiation, organizing, executing, controlling and monitoring the activities. However, project/investment appraisal technique is considered as the best method that assists in finding the main strength and weaknesses of each and every project and then evaluate the best proposal among them. However,Gilmour (2013),argued that payback period is considered as the best technique used by the investors in order to forecast that how much time will a project take to get back or obtain its invested cost of capital. Thus, it helps in identifying the time period after which firm will gain profit. It also assesses that the investors who are risk averse uses this method which helps them to recover the initial investment within short period of time. Further, payback period does not consider time value of currency and inflow of cash beyond payback period. However, discounted payback period is more effective and suitable which helps in evaluating different alternatives.Hwang, Wu and Chen (2012), explained that accounting rate of return is another technique that helps in determining the profit percentage upon the project which is computed by dividing average cash flows by the initiative investment. However, such method assists in comparing two different projects on the basis of its relative accounting profit. Hence, using accounting results helps in providing unfaithful results as it takes into consideration non cash transaction as well. As per the opinion ofSharma, Chrisman and Chua (2012),using discounted models such as Net Present Value and Internal Rate of Return helps in obtaining different results. NPV technique has been used in order to assess the discounting periodical inflow of cash in order to anticipate the present value of cash flows. However, such method identifies the excess of surplus of discounted cash inflows over the beginning is called NPV and positive plus maximum value of NPV is always preferred by investor. Furthermore, IRR helps in determining the rate that 3
shows the nil value of NPV at an equal present value of cash inflows with the starting of cost of capital. Thus, it can be evaluated that NPV technique has been adopted by Tesco as it is considered the best so that firm can evaluate thecommercial and economic feasibility in order to consider the time value of currency as well as assessing the net return after adjusting the risk (Trkman, 2013).The best method that Tesco should adopt is improving online selling so that it can enhance its customer base as well as overcome rivals.Through adopting NPV technique it would help Tesco to enhance its quality of products and thus enhance customer satisfaction. However, it also benefits firm in the form that company is able to improve its online selling and enhance customer base.Through such way Tesco management aims to build quality parameters and result in efficient ways so that desired objectives could be attained. 4.Evaluating the changes and adapting the best one As per the discussion it has been identified that there are different changes available for improving business performance. Hence, in regard to improve business operations, firm needs to focus upon online selling which requires huge cost and expenses.Thus, implementing such change helps Tesco to improve its product quality and enhance customer base within firm (Nixon, Harrington and Parker, 2012).However, if such change has been implemented than too there is no surety that it will attract customers to purchase the product. Changes within business andincreasing onlinesellingthroughpromotion resultsinincurring hugecostandthus customers are required to pay more amount and thus it results in choosing competitors who are providing similar products at reasonable rates. Further, it is essential for Tesco management to focus upon implementing the changes within providing discount in off season which also results in increasing the cost. Thus, implementing such method method results in enhancing online selling of firm as well as increasing customer footfall within firm and helps in enhancing sales and proit. Thus, it would help business in the form that they obtain ease in attracting potential customers so that satisfaction could be attained.However, employees are required to be trained according to the new changes and thus use the software effectively so that best results can be attained. Further, using such strategy would result into recording and collecting the data effectively and efficiently (Rock, 2014). Through implementing such changes would result Tesco in improving the product quality and thus overcome competitors. 4
5. Critical evaluation of Radical change theory and Continuous Improvement theories There are companies that deliver their customers with similar products and services. In this context, it is important to make sure that there are frequent changes that adopted so that customers can be attracted (Ghattas, Soffer and Peleg, 2014). In this context, Radical change theory can be determined as a process that enables to make proper investigation resources like technology and employees with the help of concepts like access, connectivity and interactivity. As per the case, this type of change theory is helpful enough for Tesco for making proper analysis of key characteristics of digitalised society. More specifically, connectivity focus on association, changing practice and perspective. Further, assess enables to convey information effectively to other members and interactivity make proper analysis of physical behaviour, non- linear, emotional and emotional aspects. Ontheotherhand,continuousimprovementprocesswhichfocusoncontinuous improvement that can be made in the activities or the services that are developed by Tesco. For this process, there are different type of techniques that are followed by the firm. In this context, it includes Total Quality Management, Six Sigma, Fishbone, etc. (Molnau, 2014). All these are helpful for the organization to make proper evaluation and for continuous development. Among all these strategies, TQM can be considered as most effective process for quality improvement. This enables to raise performance level and also helps to attract more and customers. There are certain set of expectations that customers when they make purchases. However, those products and services are used that develop high quality to service users. With this respect, it is important for Tesco to make sure that they deliver their customers with high quality services (Khan, 2015). Through continuous improvement process, it helps the organization to make improvement in the services and to identify the areas in which improvement is required. Accordingly, steps can be taken with the help of which proper services are delivered. Moreover, it raises competitive strength and this is helpful for successful and stable business. Throughproperevaluation,itcanbestatedthatTescomakeuseofcontinuous improvement theory. This is because, it provides different type of models like TQM, PDCA, etc. Moreover, it also provides sustainable benefits by satisfying service users and through raising quality of services (Real, Roldán and Leal, 2014). As a result, strong customer base will be developed and the rate of sales and profitability will also be raised in positive manner. 5
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6 Evaluate the changes and establish whether Continuous Improvement/Radical change theory should be used Main focus of Tesco is to make sure that they raise the quality of products. This is done in order to raise the satisfaction level of customers. In this context, main aim of cited organization is to develop strong customers base and in raising the market share (Floyd, Xu and Caldwell, 2013). This can be done with the help of increasing the services and products quality. However, as per the current condition of Tesco, they should not make this change and if they make use of this drastic change, then it its essential for them to centre on altering the grass root. With this respect, it is important for Tesco to make sure that they make use of Continuous Improvement so that quality of products and services can be raised. One of the main advantage of this theory is that it does not affect the cost. In order words, cost does not have any impact and it remains the same. Tersco will be able to raise their capacity. Further, with the help of Continuous Improvement, firm will be able to come up with innovations through which competitive advantage can be attained (Jifri, Jifri and Tribble, 2016). This way. In speculated time period, management of Tesco will be able to implement many changes and that also there will not be any cost incurred. In addition to this, firm will be able to raise their output of the company. Further, workers are faced of organization as they have direct interaction with customers. They are one who make sure that products and services are effectively provided to customers. In this context, when there will be continuous improvement, then it will help to provide opportunity to employees towards contributing effectively for making changes in the services and products (Wellin, 2016). Employees know closely about the issues and problems that are faced by them. However, there are cases in which management need to take proper step so that they will be able to make employees understand about the changes and they implement it. There are workers who may not be comfortable enough to implement the changes. However, for this process management play vital role and directing workers and in implementing the changes effectively and efficiently. When the cost does not have any impact, then from this it can be stated that firm will get huge profit (Yusuf, Gunasekaran and Cang, 2014). From this, it can be evaluated that Tesco should aim at developing continuous improvement. On the other hand, Radical changes raise the cost for the organization and so continuous improvement is better for the Tesco to make use. 6
7. Project plan using MS Project Task NameDurationStartFinishPredecessors Initial planning1 dayMon 4/3/17Mon 4/3/17 Recognizing the issue1 dayThu 7/6/17Thu 7/6/173 Selecting the project3 daysMon 7/3/17Wed 7/5/174 Reviewingthestructure and culture2 daysThu 6/29/17Fri 6/30/175 Data collection5 daysThu 6/22/17Wed 6/28/176 Initial meeting3 daysMon 6/19/17Wed 6/21/177 Analysis of data6 daysFri 6/9/17Fri 6/16/178 Presentation1 dayThu 6/8/17Thu 6/8/179 Determine issues2 daysTue 6/6/17Wed 6/7/1710 Revision2 daysFri 6/2/17Mon 6/5/1711 Model of display2 daysWed 5/31/17Thu 6/1/1712 Preparation of report5 daysWed 5/24/17Tue 5/30/1713 Cost analysis Tech Prep.5 daysWed 5/17/17Tue 5/23/1714 Distributing invitations7 daysMon 5/8/17Tue 5/16/1716 Developing team5 daysFri 4/14/17Thu 4/20/1717 Determinetheneedof resources3 daysWed 5/3/17Fri 5/5/1718 Sign-off2 daysWed 4/12/17Thu 4/13/1719 Weekly project schedule6 daysTue 4/25/17Tue 5/2/1720 Monitoring of entire work6 daysTue 4/4/17Tue 4/11/1721 Publishing all reports5 daysTue 4/18/17Mon 4/24/1722 Project planning1 dayMon 4/3/17Mon 4/3/17 Submittals6 daysMon 4/10/17Mon 4/17/1723 7
Requests to Sublet5 days24 Building Permits7 daysMon 10/23/17Tue 10/31/1725 Requests for Approval of Materials2 daysThu 10/19/17Fri 10/20/1726 Equipment lists1 dayWed 10/18/17Wed 10/18/1727 Drawings1 dayTue 10/17/17Tue 10/17/1728 Specifications2 daysFri 10/13/17Mon 10/16/1729 Describing the project5 daysFri 10/6/17Thu 10/12/1730 Estimatingthecostand time of project6 daysThu 9/28/17Thu 10/5/1731 Project plan development3 daysMon 9/25/17Wed 9/27/1732 Management risks5 daysMon 9/18/17Fri 9/22/1733 Scheduling resources5 daysMon 9/11/17Fri 9/15/1734 Contract Documentation4 daysTue 9/5/17Fri 9/8/1735 Overall Project Schedule4 daysWed 8/30/17Mon 9/4/1736 Prepare plan4 daysThu 8/24/17Tue 8/29/1737 Analyze project needs6 daysWed 8/16/17Wed 8/23/1738 Setting of scope of project8 daysFri 8/4/17Tue 8/15/1739 Estimation of finance4 daysMon 7/31/17Thu 8/3/1741 Time allocation6 daysThu 6/22/17Thu 6/29/1742 Scheduling of activities4 daysTue 7/25/17Fri 7/28/1743 Allocation of roles5 daysThu 6/15/17Wed 6/21/1744 Allocation of money5 daysTue 7/18/17Mon 7/24/1745 Selecting human resource2 daysTue 6/13/17Wed 6/14/1746 Determining technical and program resources5 daysTue 7/11/17Mon 7/17/1747 8
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Diagramming software2 daysTue 6/20/17Wed 6/21/1766 Weekly project schedule4 daysMon 5/15/17Thu 5/18/1767 Monitoring of entire work5 daysMon 4/17/17Fri 4/21/1768 Project Execution1 dayMon 4/3/17Mon 4/3/17 Documentations1 dayMon 6/19/17Mon 6/19/1769 Developingdifferent modules2 daysThu 5/11/17Fri 5/12/1770 Determine the capacities3 daysWed 4/12/17Fri 4/14/1771 ActivitiesAmount(GBP) Documentation(Project’s risk. 2016.) 70000 Salary to the project manager 10000 Salary to the project team1000 Miscellaneous100 Printing photocopy100 Purchasing of the equipments 50000 8. Critically evaluate the literature on project risk and identify various risk factors and its analysis methods As perYan, Chien and Yang, (2016)there are different type of risk that are faced in project. In this context, it is the responsibility of project manager to identify the risk that affects the project negatively. Further, steps should be taken through which barriers can be removed. In risk management procedure, it includes different type of functions and activities that has to be 10
managed by planners. As a result the risk can be identified and proper steps can be taken with the help of which proper plan can be developed. According toArifin, (2015)there are various risk involved that are risk of resources, scope, technology, scheduling, etc. More specifically, risk related to scope can be determined as complexitiesandcreepinglikevariousfunctioningofsoftwareandhardware,flawsin integration of data. Further, the risk of scheduling can arise then the prediction or the estimation made by planners go in a wrong direction. Further, there are many strategies available for planners in order to reduce the risk. In this context, one of the effective strategy is through RACI matrix and Work Breakdown structure (Ghattas, Soffer and Peleg, 2014). These are the most effective way that are helpful enough to understand the barriers or risk that is involved in develop project. On the other hand, when planners does not have enough resources, then it also affects the project negatively. In this context, issues related to resources includes finance, human, unskilled workers, etc. Further, it is essential that there is proper communication. This is because manager needs to make sure that they convey to their employees about the changes and the procedure, plan and policies (Molnau, 2014). Moreover, it is the prior need of management to have employees who will be supportive enough to reach out their goals and objectives. 9 Project risk for the chose criteria When project is managed, then there are conditions in which different type of issues are faced. In this context, it includes risk related to technology, scheduling, scope and resources. As per the current Tesco is focusing over improving the quality of their products and services. This is possible with the help of proper implementation of plan and strategies. With this respect, it is importantforTescotomakesurethattheyconsideraforesaidprocesstomanagerisk. Management should have proper documenting of risk for that part in which log part is prepared. In addition to this, the factors like huge cost and that also at speculated time. CONCLUSION From this report, it can be articulated that organization need focus on innovations so that they will be able to attain competitive advantages. Further, it is also important that the firm develop strong relationship with their customers. This is helpful enough to develop a strong 11
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customers base and in making positive perception towards the services and products that are delivered by the firm. 12
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Real, J. C., Roldán, J. L. and Leal, A., 2014. From entrepreneurial orientation and learning orientationtobusinessperformance:analysingthemediatingroleoforganizational learning and the moderating effects of organizational size.British Journal of Management. 25(2). pp.186-208. Rock, D., 2014.Quiet leadership. HarperCollins e-books. Sharma, P., Chrisman, J. J. and Chua, J. H. Eds., 2012.A review and annotated bibliography of family business studies. Springer Science & Business Media. Trkman, P., 2013. Increasing process orientation with business process management: Critical practices’.International Journal of Information Management.33(1). pp.48-60. Wellin, M., 2016.Managing the psychological contract: Using the personal deal to increase business performance. CRC Press. Yan, M. R., Chien, K. M. and Yang, T. N., 2016. Green component procurement collaboration for improving supply chain management in the high technology industries: A case study from the systems perspective.Sustainability.8(2). pp.105. Yusuf, Y. Y., Gunasekaran, A. and Cang, S., 2014. A relational study of supply chain agility, competitiveness and business performance in the oil and gas industry.International Journal of Production Economics.147.pp.531-543. 14
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