International Business: Marks & Spencer Project Management Report

This report delves into the project management practices of Marks & Spencer, a prominent retail company. It begins with an introduction to project management, defining its role in achieving business objectives and highlighting the importance of effective strategies in the competitive retail market. The main body of the report explores various stages of project management, including initiation, planning, execution, monitoring, and closure, referencing relevant literature to support its analysis. It then examines Marks & Spencer's specific approach to project management, considering its organizational structure and resource allocation. The report emphasizes the significance of risk mitigation throughout the project lifecycle and concludes by summarizing the key findings and implications of the company's project management strategies. The report leverages academic sources to provide a comprehensive overview of project management within the context of international business operations, particularly focusing on the practices of Marks & Spencer.

International Business Issues
and Practice - Report 2

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Project Management....................................................................................................................1
Company approach of project management................................................................................5
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Project management is defined as managing different stages involve in the project to
achieve the ultimate objectives behind the business operations company has undertaken. This
report is based on the case study of Marks and Spencer Company in respect to its project
management operations. Company is a retail sector based organization. Company has initiated its
business operations in United Kingdom. Company started its operations in the year 1884 by the
founders Michael Marks and Thomas Spencer. Headquarter of the company is located in
London, United Kingdom. Company has been engaged in selling high quality clothing, home
products and food products. Currently company has been associated with approximately 14000
business locations across the globe. In this report company's operations will be discussed in
regard to the project management role. Henceforth, report will emphasis over precise analysis in
respect to the project management functions. Different phases involve in project management
operation will be projected with the support of different literature review. After projection about
all different phases involve in project management company's approached in relation to the
project management will be discussed. How the project management function could mitigate risk
involve in the operation will also be precisely defined in this report.
MAIN BODY
Project Management
As per the view of (Oun and et.al., 2016), project management in any organization is very
essential so that there is going to be a higher profitability in the market. Businesses in the market
have to know the skills, knowledge and objectives which they have set for themselves to be
achieved so that there is going to be a great advantage for the business. There is a timeline and
budget which has to be there for all the business to be able to achieve the objectives and goals.
Marks & Spencer also have a great control on this factor since the competition in the retailing
industry is increasing and it is very essential for the company to be able to maintain that factor.
These methods, skills and knowledge have to be discussed with the entire team so that there is a
better acceptance which is going to be present for a higher productivity and efficiency in the
market. Marks & Spencer has achieved a high platform for themselves in the market and that
will have to be controlled by the organization so that there is going to be a higher competitive
advantage in the market. M&S competitors in the market are Tesco, Unilever and Sainsbury's
which will have to be over come by the organization so that the company will be able to maintain
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their profitability and market share in the market of the customers as well. The satisfaction of the
customers is being focused upon so that there is going to be a higher performance in the market.
In opinion of (Chofreh and et.al., 2019), for all the activities and operations there has to
be a good budget which needs to be set so that the business will be able to operate effectively.
The finance of organizations in the market have to be well managed so that the organization will
be able to benefit from this factor. M&S has to achieve their objectives and goals on time
because the satisfaction of the customers is very important and the demands and trends in the
market are also changing which is why it is very essential for the company to be able to maintain
them for a long run in the market. There are a lot of challenges but by having an effective project
management and monitoring on this factor is going to help the business be able to achieve their
goals and targets on time. Customers are loyal to M&S because of the quality and with quality
the demands also have to be achieved so that there is going to be a higher sustainability of the
customers in the organization. There are five stages which are involved in project management
which are initiation, planning, execution, monitoring and project close. These have to be present
in any organization and are present in Marks & Spencer as well so that there is going to be a
better performance in the market which is going to be present for a long run in the market.
As illustrated by Chen and et.al., (2019) project management is a professional and among
the most crucial operation involve in company. Project management is a professional operation
function comprises with different phases and stages which allows the management to conduct the
entire planning and management related to various operations of company. Author has stated that
project management is conducted in five different phases involve project initiation, project
planning, project execution, project monitoring and control and project closure is the final stage
part of the project management. All five stages have its own significance and importance involve
in project management task. All the five phases allow the organisation to control each an every
aspect of project management operations. Project management involve five different phases that
allows organisation and management to control the entire project in the most professional way. It
becomes crucial for the company to approach all fgive phases involve in project managmenet
with the same seriousness so that complete control over project can be maintained. As in big
companies resources are never a big concern which can be seen in small scale enterprises who
carry limited resources that do not ensure complete freedom of management over projects. As
the big conpabnies can afford the professional approacxhes and systematic approach of project
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management due to availability of sufficienct resources they can take the complete advantage of
the entire process involve in project management. All projects company undertake also incure
risk element in the project as every project contains company’s resources and financial funds
which are invested in performing various operations. It becomes essential for the company to
ensure complete control over project so that proper mitigations can be maintained to resist any
kind of damage involve in project.
AS per the views of Sunder (2016) Project initiation is the first stage involve in project
management. This is the stage where the value and feasibility of the project is measured. Project
managers mostly usage two tools to evaluate the project which is call as business case document
and feasibility study. Business case document measure the total value of the project. Total value
of the project is the estimated amount of resources involves in the completion of the entire
project. Feasibility of the project is a conclusive mode of assessing about the project goal
timeline and cost to determine weather the project should be conducted as if the project will
generate profitability in favour of the organisation or this project will generate losses for the
company. The second phase of project management involve project planning. This is among the
crucial stage involve in project management operation. Project planning involve the proper
planning, stages, methods and all other factors that will be needed to complete the project.
Project plan involve all different stages that will be executed while implementing the entire
project. Project planning support in guiding the employees of company involve in project by the
projection of set of actions involve in conducting the entire project. This involves all quality
outputs, method of mitigating risk involve in project, creation of acceptance, communication of
benefits of all the profits generate from the project and also the tactics used in management of
company's suppliers involve in the project.
Shirley, (2020) has projected that the third step of project management involve project
execution. On the basis of the planning conducted in the second stage of the project management
operation execution is done of the entire project. This is all about delivering the needs of the
project to the customer targeted through the project. Team leader allocate all the resources to the
team involved in the project. Resources support the team in performing all stages involve in the
project. Team members highly relies on the planning phase done earlier in order to execute the
project.
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Project monitoring and control is another crucial phase part of the project management.
Monitoring and control is all about analysing the potential outcome of the project. Monitoring
also involve monitor and assess all different stages of the project to identify the potential
outcome and possible developments in the project. ON the basis of the monitoring potential
developments are involved in the project and make proper control over project. Ul Musawir and
et.al., (2017) has projected that monitoring and control support the project manager to improve
and enhance the profitability of the project as it allows the company to overcome all negative
aspect involve in project. IN this phase performance indicators are evaluaste3d and also track the
performance of the project on the basis of the key performance indicators of the project. Time
evaluation is also done in this stage. As it is equally important to execute the entire project in the
estimated time frame to sustain the profitability of the project. Team leader implement all quality
measures so that total estimated cost of the project can be controlled and the estimated profits of
the project can sustain even at the end of the project.
As illustrated by the Samset and Volden, (2016) project closure is the final stage involve
in project management. Team involve in the project finishes the project at the time they deliver
the final project to the target customer involve in project. Team leaders also communicate about
the competition of the project with all different stakeholders involve in the project along with
delivering the ownership of the project to customers and also releasing the resources involve in
project to other projects of company. Project closure is the final stage involve in the project.
Performance evaluation is also conducted at this stage. On the basis of the productivity of every
team members' performance of all team members are analysed in this stage. Company also
follow the practice of allocating the incentives and bonus to employees part of the company on
the basis of the performance evaluation method of the project. Closure project also comprises
with analysing how much the revenue project has generated. This is a crucial stage involve in
project management as company complete the entire project in this stage. At this stage team
leaders ensure complete control over the project and assess the individual performances of all
employees performed in the project. Company also allocate incentives and bonus on the basis of
the individual productivity of employees contributed in the project. Due to availability of
sufficient resources company try to keep the budget as maximum as possible so that best level of
services and products can be delivered in each and every project. All the five phases of project
management task allow company to ensure proper control and evaluation over every project
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company undertake so that maximum profitability can be generated out of the project company
has undertaken. Project closure is a complete sum up of project and also the team leaders allocate
the available resources of project at the end to other projects so that total quality control can be
established in every project company undertake.
Company approach of project management
Marks and Spencer Company has been engaged in serving its services in retail sector.
Company is well known for selling best quality of food, home products and clothing line to its
end customers. Company’s organisation hierarchy is also segregated into different departments
on the basis of the different functional areas of company like marketing, sales, operations,
logistics, public relation and many other departments. Every functional area of company are
distributed to some kind of department in the company. As the company carry huge structure and
resources it allows the organisation to manage every functional area of company in the most
professional manner. Marks and Spencer Company follow the different stages to manage the
entire project company have undertaken. Management of Marks and Spencer Company has
always given huge priority to mitigate the quality that can ensure the best level of customer
experience from the project. Following are the point’s project about the different stages company
entertained as a part of project management function in company.
Project planning
Project planning is the first step involve in project management function. In this phase
company plan the entire project with the support of senior employees of company. In the phase
of project planning company make the planning related to the project at a precise level. Planning
is the first step involve in project management. All activities company plan in the planning phase
related to project. Planning involves operation planning and resource planning related to the
operation management. Planning is an important part of project as it allows the organisation to
cover all areas that are required for the project so that high level of work efficiencies can be
achieved from the project (McKevitt, Carbery and Lyons, 2017). Company conduct entire
planning related to the project at this level. On the basis of the different needs and requirements
of project entire planning is scheduled at this level of project management. The further
operations company undertake are done on the basis of the planning phase of the project. Plans
are prepared and also the master plan also prepare at this level so that all aspects of project can
be covered in the planning phase. In the project management theory planning is also projected as
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the first phase of project management. On the basis and guidance of the project management
theory entire planning is conducted at the initial level.
Team formation
Team formation is the second stage of project management. On the basis of the
requirements of the project assessed at the planning phase of project management teams are
prepared so that all areas of project can be covered by the company. Team formed for project
management covers all types of expert professionals company is needed for the project. After
finishing the entire planning for the project individuals teams are formed in the company. Every
functional area associated with the project is segregate into individual teams at the company.
Team development play a crucial role in the project management as every functional area
associated with the project is assigned to individual team which comprises with all professionals
and skilled human resources that can allow the company to achieve the best level of operational
proficiency (Galli, 2018). With the support of tuck man team development model all teams are
formed in Marks and Spencer Company. As the model allows the organisation to form team in
four different stages that serve the best result out of team development activity. All teams are
assigned individual task and functional area that they need to control. All teams need to
coordinate with other teams involve in project so that proper control can be established over each
functional area in company. Team formation also involve in the theory of project management.
Theory also guides company to form a team on the basis of the need and requirements of the
project. Company has taken guidance from the theory of project management in order to form
individual teams elated to each functional area involve in project. Teams allow company to
control every functional area associated with the project so that high level of operation
efficiencies can be achieved by company. Teams allow company better control, over different
areas of project so that productivity of overall project task can be extended in order to achieve
the best level of work efficiencies from the project.
Setting up short term goals
Project management approach at the Marks and Spencer Company also involve setting up
short term goals related to each and every project company undertake. On the basis of the length
of operations short term goals are set so that employees involved in the project get motivated to
complete the entire project with the same level of operational proficiency (Flouris and Lock,
2016). Goal setting is also an important area of function for company. Projects cover big length
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and many days to complete. Short term goals allow company to assess the progression of the
lengthy projects. Marks and Spencer Company engaged in many projects like business expansion
project in which company needed to expand its business by opening up new stores at new
locations. Project management would segregate different stages of the project in different parts.
Each stage completion would denote the short term goals for company (Badiru and Osisanya,
2016). Every project management theory suggests setting up short term goals and objectives so
that high level of operation efficiencies can be achieved. Project management theories also
support setting up short term goals for every project especially in case of longer and larger
projects company undertake. Setting up short term goals allow company to make proper
evaluation of company performance in every project so that proper modifications in project can
be implemented by company.
Financial management
Financial management is defined as managing financial resources available with the
company. Financial resources are limited in number and it becomes essential for the company to
utilise its financial resources in the best manner so that all objectives behind the business
operations Marks and Spencer can achieve. Financial management involve analysing the
financial requirement of the project. On the basis of the financial requirements allocate funds that
can best meet the requirements of the project. Once the funds are allocated control also establish
in the financial management task (Oun and et.al., 2016). Marks and Spencer Company conducts
its financial management operation with the support of all three parts so that high level of
financial utility can be established in company. Project management theory also support the
financial management function so that proper monitoring and control over resource utilisation in
project can be established. Financial management function allows Marks and Spencer Company
to make the proper use of its financial resources. In big projects company requires huge funds
and financial management allows company to achieve the best level of work efficiencies even in
big projects. Financial management function allows company to establish proper control over
utilisation of company’s financial resources. This improves the profitability associated with each
project company has undertaken in such a way that company can generate the best levekl of
profitability out of the least possible investment.
Risk management
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Risk management is an integral part of project management operation at Marks and
Spencer Company. Risk management is defined as assessing and evaluating the risk involve in
the project. This function involves assessing the total risk involves in the project. On the basis of
the risk involved in the project strategies are formed to control the risk in the project. In every
project Marks and Spencer Company undertake risk is different. Risk is not only associated with
company’s financial resources but it also associated with company’s goodwill, brand value and
in many other ways (Silvius, 2018). Every project success and failure put some kind of impact
over company’s brand value and market loyalty of customers. Project management theories also
support the risk management approach while operating any project of company. Risk
management allows company to control the risk involve in the project so that maximum level of
profitability can be generated out of the company’s operation management task.
Strategy formation
Strategy formation is an important stage involve in project management. This is the stage
where company form suitable strategies for completing the project. Each team form different
strategy on the basis of the job role and needs of the project. Strategies play huge role in the
operation management function as it allows company to achieve the overall objectives of the
project. On the basis of the needs and requirements of the project all different strategies are
formed under project management function (Javed and Liu, 2019). Operation management
theories also support to frame a proper strategy so that all different situation involve in the
project can be handled by company. Strategies are formed to control the normal operation
function part of the project management along with it also allows company to control over the
project in respect to overcome any kind of risk involve in the project.
Control and evaluation
Control and evaluation is an important functional area part of the project management
task. To control the risk and mitigation of risk control and evaluation are established in project.
Project management theories also support the place of control and evaluation stage in project
management so that overall benefits of the project can be extended. This stage of project
management allows company to establish a proper control over the project (Anbari, 2018). On
the basis of the evaluation stage in project all negative areas are identified and company make
proper strategies to deal against the negative areas involve in the project. Control and evaluation
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stage allows Marks and Spencer to cover up all its strategic advantages in the project so that
maximum level of efficiencies can be achieved by company from the projects.
Team review
Team review is a stage involve in project management. This is not a part of project
management theories. Marks and Spencer Company follow this practice where team leaders
review the individual performance of their own team. This practice involves assessing the
individual performance of all team members and the overall performance of the team so that
productivity can be defined of the project of the entire team (Martínez-Rojas, Marín and Vila,
2016). Team review is the important stage that also put an impact over the bonus and incentives
company allot to employees in company. This stage does not put much impact over the
profitability of the project. This is an individual process which creates impact over the
promotions and incentives benefits employees in company get against to the productive
performances they make in company.
Project competition
Project competition is the final stage involve in project management. This is the stage
where company delivers the final outcome of the project (Bredillet, Tywoniak and Tootoonchy,
2018). This stage denote about the competition of the project. This is also a part of the project
management theories. This is the final part of the project.
All the above stages are applied by the Marks and Spencer Company as a part of its
project management practice. All stages contribute in different manner in the overall productivity
of the project.
CONCLUSION
This report has precisely defined the project management function in company. Project
management involve different stages like planning, strategic formation, team formation, control,
evaluation and different other stages. All stages put a different contribution in the overall project
company has undertaken. Different phases are associated with project management task that are
denoted as involve project initiation, project planning, project execution, project monitoring and
control and project closure. All the stages are different and contribute differently in the overall
profitability of the project.
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REFERENCES
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offices change? A structural analysis approach. International Journal of Project
Management. 36(5). pp.744-761.
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Samset, K. and Volden, G. H., 2016. Front-end definition of projects: Ten paradoxes and some
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