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Understanding Fundamentals of Project Management

   

Added on  2020-01-07

27 Pages8371 Words469 Views
Fundamentals of Project Management 1

Table of ContentsINTRODUCTION................................................................................................................................3QUESTIONS........................................................................................................................................31. Defining the project in terms of outcomes and purpose...............................................................32. Project SMART objectives...........................................................................................................43. Specifying the project scope.........................................................................................................54. Cost estimation for the project budget..........................................................................................65. Clarifying project scheduling.......................................................................................................76. Gantt chart, breakdown of all activities, network diagram with critical path and key milestones..........................................................................................................................................................77. Critical analysis of the project stakeholders i.e. Project Stakeholder Analysis..........................118. Assessment of project procurement strategies............................................................................129. Critical analysis the uncertainties that may affect the project objectives by creating a riskregister............................................................................................................................................12SECTION 2........................................................................................................................................14CONCLUSION..................................................................................................................................16REFERENCES...................................................................................................................................172

INTRODUCTION Project management can be defined as planning and organizing the existing resources of thecompany in such a way that can help in attain tasks or activity within the limited constraints. It isnot an always ongoing work because it comes under the category of one time project (Bentham,2012). A project manager responsible for defines the goal and objectives towards the assign work.Along with this, he is also accountable determining diverse project components that will play animportant role in completing of project. A project manager also creates some quality controlmethods that make sure about the attaining of project deliverables (Darren, 2012). The presentreport is based on fundamental of project management and to understand its importance, a casestudy of ProjectPlus is taking into the consideration. This is a small and influential advisorycompany which specialize in project and program management consultancy. It has provideddiversified services to its business clients such as Project Planning, Risk Management, ProjectReporting and Benefits Realisation etc. In the recent time, there are three clients who havecontacted to ProjectPlus for their project management services to launch their products in the UK.These are Tesla Motors (automotive), GE Healthcare (healthcare) and DropBox (could technology).These three business clients are planning to introduce different products and services in the UK andthey have expected that ProjectPlus Company help them in their new event.QUESTIONS1. Defining the project in terms of outcomes and purposeFrom the given case study, it has determined that there are three clients that have approachedto ProjectPlus for launching of their three diversified products in the UK (Morris and Pinto, 2010).These companies are Tesla Motors, GE Healthcare and DropBox. They are dealing in differentindustries: healthcare, automotive and cloud computing technology. The CEO of the company hasgiven chance to its one of the employees to show his capabilities by organizing an important projectout of three. For this, chose project by consultancy is Tesla model three product of Tesla Motors(Müller and et.al., 2013). The purpose of the following project is defining the purpose of the venture behindestablishing the reason of business. The aim of Tesla Motors to launch the new Tesla model three isto take an important step in the direction of automotive industry by adopting eco-friendly technique.The following car will combine real world range, performance, safety and spaciousness into apremium sedan that only Tesla can build. The Tesla model 3 car model is affordable car yet andachieves 215 miles of range per charge while starting at only 35,000 USD before incentives. Model3

3 is designed to attain the highest safety ratings in every category(Killen and Hunt, 2010). The outcomesthat will deliver after completing project management consultancy services to the cited company tolaunch its product in the UK are as follows:1.ProjectPlus will launch the new product of Teals in venue of London on Monday 2ndJanuary 2017 in both afternoon and evening time (Kerzner, 2013).2.A live event will organize by ProjectPlus to launch a new product in the UK market andthis will attend by at least 500 attendees. The entire program will be lively broadcast oninternet on same day.3.The following event will give significant exposure to Tesla Company through variousrecognised media outlets. 4.Some kinds of entertainment and performance will be held in that event that will suitableand support the product launch event by ProjectPlus (Morris, 2010). 5.During the event, catering facility will be arranged for the guests after the productlaunch. 6.There some area will be book in venue to VIP guests and other business clientrepresentatives (Burke, 2013).7.An effective coordination activity related event execution logistic requirements willcarry out and that will include registration, crowd control and health & safety.8.The product launch event will be promoted through different media sources andpotential interested attendees (Patanakul and Shenhar, 2012). 9.The major aim of ProjectPlus will to deliver the project within a total budget of£150,000 with proper justification of expenditure rationale.2. Project SMART objectivesEvery project plan contains some objectives which help in attaining the major projectdeliverables. On the basis of above stated objectives and outcomes of selected project i.e. launch ofTesla new product, it requires to prepare some SMART objectives so that the proposed deliverablesof the plan can easily attain (Heising, 2012). The reason of setting of SMART objectives is it willclearly define what the project plan actually delivers after completion of the work. Rather than this,another reason of following the current approach is to make the monitoring and evaluation processof project becomes easy (Meredith and Mantel Jr, 2011). This will allow project manager tocompare the actual and expected outcomes and determine the gaps or loopholes. It will also aid indetermine the reasons of incomplete or unattainable goals so that in the near future if the same workdo again than such kind of mistakes would not repeat. Therefore, SMART objectives in the support4

of Tesla model 3 launch project are as follows:For the CompanyIncrease customer satisfaction level from 20% to 50% by launching of its new Model 3 carby the end of December 2016 (Schwalbe, 2015).Raising the market share of company from 25% to 45% by the end of 2016. To increase the sales of project consultancy services from 12% to 20% by the end ofDecember 2016. For client: To increase customer awareness regarding new product by 20% till the end of January 2017.For project managerDecrease the time from 8 minutes to 3 minutes to responses to client queries.To minimize the delay in new product launch from 8% to 4% by the end December 2016(Schwalbe, 2015).3. Specifying the project scopeFrom the given case study, it has determined that Tesla wants help of ProjectPlus to plan anevent related new product launch. For this, company has to decided or prepare project scope and itwill include three major things: boundaries, deliverables and requirements. It is the main section ofa project plan because it actually shows chief aim of project. In the context of present project plan, aproject scope statement is as follows (Wysocki, 2011).Project Scope: The new product of Tesla will bring a new concept of energy storage for long duration. Thisevent will explain main information to audiences about new product. It will help in creatingawareness in the people related to performance, safety and spaciousness in Model 3. The followingevent will give a new definition of innovation of new affordable car in automotive industry to theUK market (De Bakker, Boonstra and Wortmann, 2010)On the other hand, project boundaries are also important element of project scope. It is ameasurable and auditable characteristic of a project which defines which things should be includedor excluded from the plan. This allows project manager states expected deliverables in clear words.In the context of new product launch event, project boundaries are as follows (De Bakker, Boonstraand Wortmann, 2010).Project Includes: By considering SMART objectives of new product launch event, someincluded boundaries are as follows: Qualities and features of new product, goals of project, main plan phases and milestones,5

roles and responsibilities of different project team members, needs of stakeholder, client satisfactionlevel, deliverables of project launch and scope creep (Wu and Low, 2010).Project Excludes: There will be project exclusions criteria for new product launch event areas follows:This event will not include promote any other products of Tesla Motors or other companiesgoods on launching day. This project will not involve any other employees of Tesla Motors who wants shift launchproject on some any other day (Wu and Low, 2010).4. Cost estimation for the project budgetProject budget can be defined as an amount of authorized financial resources this isplanning to use for particular time duration to sponsor a project or a work. This can beconsidered as an essential section project planning phase. Form the given case study, it hasfound that Tesla has granted £150,000 to ProjectPlus for organize a product launch event inthe London on 2nd January 2017 (Bredillet, Yatim and Ruiz, 2010). Company is planning tolaunch its new product into the UK market. In this context, cost estimation for differentactivities is as follows: ParticularsCost in £Human resourcesConsultant 1 (C1) 2200Consultant 2 (C2)2200Consultant 3 (C3)2200Consultant 4 (C4)2200Consultant 5 (C5)2200Consultant 6 (C6)2200Booking of Auditorium at The Crystal in London6600Giving advertisement in various media information sources 2500Broadcasting whole event over the internet40000Planning and arranging catering facility 4000Event execution logistic requirements such as registration, crowd control, healthand safety etc.5000Promotion of event2500Arranging sound and lighting facilities5000Transportation of staff3000Giving invitation to the VIP guests800Some other Miscellaneous expenses10000ProjectPlus service fee29000Overhead costs284006

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