Project Management Analysis and Reporting

The provided report is about project management analysis in automotive companies like BMW. It highlights the importance of stakeholders' involvement and contribution towards implementing new ideas in business operations. The report suggests organizing proper communication and team meetings, as well as making appropriate plans and policies prior to completing any project.

UNDERTAKE PROJECT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Project Stakeholders ..........................................................................................................1
3. Ways to ensure that the project meet its organisational objectives....................................2
4. Resources required for project and sources.......................................................................2
5. Costing of project ..............................................................................................................2
6. Consultation of team members in planning and ongoing monitoring project....................3
7. Measurement of quality of outcomes.................................................................................3
8. Ways to meet project timelines and financial target .........................................................3
9. Use of Management tools and reports along with justification.........................................4
10 Delegation of roles and tasks ............................................................................................4
11. Designing and development of risk management and contingency plans........................4
12. Methods used for clarifying roles, responsibilities and lines of authority.......................4
13. Role of budget as communication and monitoring tool...................................................5
14. Data collection, record keeping and reporting processes.................................................5
15. Legislation applied to project ensuring compliance.........................................................5
16. GST or taxation implications ...........................................................................................5
17. Project deliverable............................................................................................................6
18. Review outcomes and processes......................................................................................6
19. Record Entry.....................................................................................................................6
CONCLUSION...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Undertaking project implies selection and implementation of new and attractive business
ideas that leads to success of an enterprise. Various individuals are associated with project which
they carried out effectively. Key stakeholders are required to be analysed along with their
contribution towards implementation of unique ideas in business operations. In this context, new
idea for introduction of electric cars in an automotive industry has been designed for BMW
(Kerzner and Kerzner, 2017). It is the German luxury auto mobile, motor cycle and Engine
manufacturing company. The brand usually produces motorcycle under that BMW motored and
plug in wide electric cars. An idea for introduction of electric cars is effective because it is less
implemented by other companies. Apart from manufacturing of Luxurious cars, this company
will develop electronic cars which can also be affordable for middle class people of UK.
1. Project Stakeholders
BMW is an international Automotive sector company which widely interconnected with
people in different countries which helps them in regulation of business operations. These
individuals or parties are analysed stakeholders of company such as shareholders, customers,
competitors, suppliers and government. Customers are key stakeholders of business that exist in
an external business environment (Burke, 2013). For any introduction of new idea of developing
electronic cars, it is essential for the company to analyse information. Suppliers are also
important stakeholders from whom company will get accessories and raw material to
manufacturing products and services. Employees also play an important role in introduction and
success new business idea. Government is also another analysed key stakeholder which provides
licenses and permission to BMW. Further, shareholders are individuals whom company had
offered its shares and they provided financial support to organisation in implementing new
business ideas.
2. Role in planning and delivering project
A project manager has the responsibility to set objectives behind implementation of new
business ideas. Strategic planning has been accomplished for completion of project. It is
responsibility to deliver the project; task was assigned to project team which is formulated by
top-level management (Schwalbe, 2015). Managers was responsible to communicate outcomes
of research which is carried by research team on introduction of new electronic cars. Further,
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designing and application of appropriate project management standards for incorporation was
key task to be accomplished. Evaluation of performance and motivation of a project team is
also analysed.
Apart from this, management for project risks and involvement of development of
contingency plans were also important which supported in achievement of expected results.
Appropriate monitoring and control strategies will implement to achieve objectives. At last,
expected results and actual outcomes of project are compared to analyse achievement of goals
and objectives.
3. Ways to ensure that the project meet its organisational objectives
Analysis of information needs to be accomplished which is provided by project, program
and portfolio managers after completion of project. It will determine clear information about
achievement of objectives. By comparison of actual results with expected outcomes', the
manager will be able to ensure that project met its objectives (Walker, 2015). In this context,
financial feasibility in the market of new products will be analysed along with the project. Pilot
survey will be used to measure about satisfying customers. Cost of manufacturing will also be
analysed to understand profitability generated by organization through this project.
4. Resources required for project and sources
Various resources have been required for completion of new project of manufacturing
electronic cars such as finance, technical resources, human resource, marketing channels and raw
material etc. Funds or capital is the main resource required for completion of project. Funds are
generated from various sources such as shareholders, financial institutions and companies own
capital investment etc. Recruitment and selection of individuals at different job position will be
done to accomplish requirement of human resource (Shields and Arranging, 2013). Technical
resources and equipments are also required for manufacturing of electronic cars. Equipments and
machinery will be purchased from market. Relationship will be made with suppliers in different
countries for getting accessories and other raw material at competitive prices etc.
5. Costing of project
Cost estimating is the practice which is used for forecasting overall cost of completing a
project with effective and defined scope. It is considered as a primary element of project cost
management and knowledge areas. It involves planning, monitoring and controlling projects as
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well as monetary cost (Boyd, Cohen and Sampson, 2014). Cost of manufacturing electronic cars
will be analysed to extra cost which is required for manufacturing of products. In this project,
cost of manufacturing car will remain high because new equipments and spare parts will be
implemented. Further, cost of marketing electronic cars will remain low because BMW has its
high brand image in market as luxurious and quality product manufacturing company.
6. Consultation of team members in planning and ongoing monitoring project
Proper communication and team meeting will be organised for communicating
information about the project. Roles and responsibilities will also be delegated by manager in
BMW for accomplishment of project within specified time duration. Highly effective team
members will also get to know about new individuals within group (Headage, 2016). Discussion
and observation of employee’s performance will be accomplished to get information about their
understanding about project information. Effective project management plan will be created for
determination of key elements of project.
7. Measurement of quality of outcomes
Measuring the quality of outcomes will be achieved after the completion of project and
measured by making comparison between desired and actual outcomes. This will help in the
analysis of variance between actual and excepted results. Statements of profitability will be
compared with previous year financial statement to understand rise in profitability of an
organisation (Peters, Howard and Sharp, 2012). Project estimation and evaluation will be
prepared to measure the performance of electronic cars. Customer’s perception will also be
analysed towards new project that will be implemented by company. Analysis of output
achieved by stakeholders from this project will also be analysed to understand whether they have
achieved their expected outcomes or not.
8. Ways to meet project timelines and financial target
Proper monitoring of schedules and plans will be accomplished and project team
members will also be informed that project should be completed with specified time duration.
Weekly timescale report will be taken from production managers. Along with this, financial
statements will also be analysed to ensure that project will meet its required profitability and
quality. Proper allocation of budget will help in ensuring that project will be accomplished in an
estimated financial target (Polonaise and Waller, 2012).
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9. Use of Management tools and reports along with justification.
Inventory management tools will be used to get information about the amount and
requirement of various inventories for completion of project. Ratio analysis is a management tool
which is used for determination of incomes or profitability ratios. There are various types of
reports such as job costing report, Sales report, item cost report, financial reports and cash flow
reports (Harrison and Lock, 2017). Sales reports are used for analysis of amount of revenue
generated by organisation from selling of products. A financial report involves profits and loss
statements and other budgets which are prepared for completion of project will be useful for
measuring outcome. Job costing report is also analysed to understand the cost of labour which is
incurred on products and services by BMW.
10 Delegation of roles and tasks
Project tasks and roles will be delegated to employees on the basis of their performance
and job position at workplace. Their competencies for performing the task will be measured
through performance evaluation and management (Finery, 2013). Further, criticality and
importance of roles and tasks will be analysed before to delegation. Further, this delegation of
responsibilities is important to reduce work burden. It helps in managing and completion of
project of developing electric BMW cars at appropriate time scales.
11. Designing and development of risk management and contingency plans
Risk and contingencies will be identified with an introduction of project such as declined
sales, lack of proper response from consumers and resources and technical support and
feasibility in market (Too and Weaver, 2014). These contingencies and risk are required to be
managed by BMW through plans which are formulated through evaluation, mitigation and
intensity. It is made to reduce influence of risk and contingencies on project. Risk will be
mitigated through pre-estimation of unexpected situation which can occur while undertaking
project. Further, risk avoidance, sharing, reduction and transfer will also be analysed for creation
of risk management and contingency plans.
12. Methods used for clarifying roles, responsibilities and lines of authority
Job description and specification will prepare for each members of team to convey
specific roles and responsibilities as well as level of authority to everyone involves or effected by
group. In this context, reviews and update of these job descriptions will be done on regular
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periodic basis to make sure that each member’s roles and responsibilities will be accomplished
effectively. (Bender, 2012). Group discussion will be organised or team meeting for
determination of quality of performance. Coordination with other teams will also be done for
accomplishment of various job positions.
13. Role of budget as communication and monitoring tool
In order to prepare a budget for completion of project of developing electronic cars,
managers are required to analyse forecast which is provided by research department about
estimated cost required to complete task.
Inflow and outflow of cash will also be analysed for development of judgement along
with cost incurred on completion of the project (Kerzner and Kerzner, 2017).
It will also be used as a communication tool to provide information to stakeholders about
requirement of financial and other resources to complete the project. Budget will be prepared to
monitor actual cost and appropriate utilization of resources for production and performing other
functions.
14. Data collection, record keeping and reporting processes.
Data collection is the process used for gathering of information related to project by using
tools and techniques. There are two methods of data collection such as primary and secondary
methods (Turner, 2016). A primary method involves questionnaire, interview and survey which
are used to collect information about project success from employees as well as customers.
Ensuring that effective systems have been provided to maintain records as well as controlled
documentation for utilization at local level and keeping records of health and safety related to
business activities in accordance with procedures.
15. Legislation applied to project ensuring compliance.
There are various legislations to be applied such as Employment Legislation,
Environment Act, Health and Safety Act, Vehicles Protection Act, and other important
legislation which are made by the government for regulation of business in automotive sector.
Provision of these legislations will comply with companies in automotive sectors such as BMW.
16. GST or taxation implications
Goods and service tax will also be applied to newly developed products and services
while selling electronic cars which are required to be estimated by managers for setting of prices
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of products and services for customers (Saunders and Lewis, 2012). Rate of taxation will also be
analysed for identification of cost which is incurred on import of resources of overseas nations.
17. Project deliverable
Project deliverables are analysed as tangible products or services produced as results of
project that in intended to deliver customers (What are Project Deliverables?, 2017). In present
scenario, projects deliverables are electronic cars which are developed to reduce the cost of fuel
and emission in country. Highly preferred by customers because it will provide comfort and
leisure like fuel cars and also requires less maintenance cost (Schwab, 2015). Electronic cars will
tend to raise brand name of BMW in market and it will be provided to customers at competitive
prices.
18. Review outcomes and processes
In order to analyse a successful accomplishment of project and evaluation of profitability,
the managers tend to review the performance of business. Sales reports will be analysed by them
for profit margins (Machine-readable and eternal, 2014). Performance management and
evaluation of employees will do to analyse successful accomplishment of project. Timescale and
targets are also compared with actual outcomes to evaluate the effectiveness of process which is
applied for completion of project.
19. Record Entry
Financial statements and project reports will be prepared through estimation of cost and
expenditures which are incurred on project; various computing and financial software will be
used to keep all daily records (Turner, Led with and Kelly, 2012). Project management software
is installed for preparation of timescales and schedules etc. Along with, the balance sheet for
every month will be prepared to keep records of various financial outcomes.
CONCLUSION
In this report, it is concluded that key stakeholders are required to be analysed along with
their contribution towards implementation of new ideas in business operations. Proper
communication and team meetings must be organised for communicating information about all
projects. Project manager in Automotive companies like BMW needs to make appropriate plans
and policies prior to completion of any project.
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REFERENCES
Books and Journals
Bender, W.N., 2012. Project-based learning: Differentiating instruction for the 21st century.
Coring Press.
Boyd, D., Cohen, R. and Sampson, J. eds., 2014. Peer learning in higher education: Learning
from and with each other. Rutledge.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Finery, J.D., 2013. Project financing: Asset-based financial engineering. John Wiley & Sons.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Rutledge.
Headage, J., 2016. Fundamentals of project management. AMACOM Iv American GMT Assn.
Keener, H. and Keener, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Keener, H. and Keener, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Machine-readable, S., Pre-eclampsia, A., Canola, A.M.E. and Villanovan, P., 2014. Project risk
management methodology for small firms. International journal of project
management, 32(2), pp.327-340.
Peters, M.J., Howard, K. and Sharp, M.J.A., 2012. The management of a student research
project. Gower Publishing, Ltd.
Polonaise, M.J. and Waller, D.S., 2014. Designing and managing a research project: A business
student's guide. Sage publications.
Saunders, M.N. and Lewis, P., 2012. Doing research in business & management: An essential
guide to planning your project. Pearson.
Schwab, K., 2015. Information technology project management. Engage Learning.
Schwab, K., 2015. Information technology project management. Engage Learning.
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Shields, P.M. and Arranging, N., 2013. A play book for research methods: Integrating
conceptual frameworks and project management. New Forums Press.
Too, E.G. and Weaver, P., 2014. The management of project management: A conceptual
framework for project governance. International Journal of Project Management, 32(8),
pp.1382-1394.
Turner, R., 2016. Gower handbook of project management. Rutledge.
Turner, R., Led with, A. and Kelly, J., 2012. Project management in small to medium-sized
enterprises: Tailoring the practices to the size of company. Management Decision,
50(5), pp.942-957.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
Online
What are Project Deliverables?, 2017/ [Online]. Available
through:<https://www.projectmanager.com/training/what-are-project-deliverables>
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