Project Management: M&S Market Research, Risk & Reflection Project

This project delves into the application of project management principles within the context of market research for Marks and Spencer. It examines the roles of clients and agencies, identifies key problems requiring solutions through the application of Key Performance Indicators (KPIs), and presents a project schedule and overview. A comprehensive risk assessment and analysis are conducted to identify potential challenges and mitigation strategies. Furthermore, the project includes a reflection on personal and professional development, outlining an action plan for self-improvement. The project concludes by emphasizing the importance of project management in achieving project goals and highlights the use of various tools and techniques. This document is available on Desklib, a platform offering a wide range of study tools and solved assignments for students.

Project management

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................4
Client and agency roles..........................................................................................................4
Problems which needs to be solved along with application of KPI.......................................4
Schedule and overview of the project....................................................................................5
Risk assessment and analysis.................................................................................................7
REFLECTION including personal and professional development with action plan and self
improvement ..........................................................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Project management means use of specific skills, tools, knowledge and techniques to
deliver something of value of people (Aanbari, and Kwak, 2018). The main objective of project
management is to provide a complete project which fulfils the client's objective. In many of the
cases the objective of the project management is to shape the clients brief to feasibly address the
client objective. Throughout the human history, project management has been used informally
but it will become a separate profession in the mid 20th century when a group of individuals
belonging to aerospace, pharmaceuticals, engineering etc. realised that world is changing and it
require new tools. In this project, example of market research is taken into consideration of
Marks and Spencer company. The company is promoting its product in the marketplace by using
effective approach by marketing management. Marks and Spencer was founded in the year
1884 and is headquartered in London, United Kingdom.

MAIN BODY
Client and agency roles
In the promotion of clothing products of Marks and Spencer, it is essential to take support
of different agencies. There are various agencies which provides outsourcing services to Marks
and Spencer (Bjorvatn, and Wald, 2018). This helps in minimising the burden associated with
operations and supports a company to develop systematic and effective operations. It is major
role and responsibility of strategic management of Marks and Spencer to include promotion with
effective outsourcing and development. Client's develop wants and demands in the economy
which are essential to be fulfilled by a business. Marks and Spencer also conducts effective
external environment related survey for finding out major target customers. Clients also helps a
business to improve effective services at the marketplace and increases revenue and profitability
of a company.
Problems which needs to be solved along with application of KPI
The key performance indicators include quantifiable measures of performance related to
time management objectives. In the KPI, the success of a company is measured by using the
application of various targets, objectives and aims. Major problem for Marks and Spencer is
financial management and human resource management. These bodies play a significant role in
development of employee's productivity. Marks and Spencer should follow ethical and
sustainable functions and operations in order to deal with different problems. The major problem
for Marks and Spencer is lack of professionalism in employees which can be developed by
providing effective training and goals (Delisle, 2019). All the companies in international and
national marketplace take assistance and support of strategic management in order to perform
major operations. The problems needs to be identified with the application of different goals and
objectives of company in a set period of time. KPI should be developed and measured by top
level management of the company in a systematic manner. The growth of an individual also
depends on development of a precise strategy after measuring the KPI. Also lack of
professionalism in employees is a type of major problem for the company which needs to
addressed by the company (Galli, 2018). In order to lead the marketplace with effective
promotional campaign, it is important to take support of board of directors.

Schedule and overview of the project
Illustration 1: Time associated with Promotional campaign development, 2021

Risk assessment and analysis
The project management includes different risk, which are important to analysed before
starting a project. Project management risk assessment should be accessed with application of
risk management models (Heigermoser, de Soto, and Chua, 2019). In order to perform
promotion of clothing product of Mark and Spencer, there was huge investment performed by
the company. There comes a great risk with large level of operations to be developed in a
systematic manner. The risk assessment related to project should be done by professionals in
order to effectively gain competitive advantage. Whole project related to promotion campaign
went good with the help of risk management models and theories. It is essential for a business to
perform in depth analysis for minimising risk associated with the operations. In order to
minimise risk associated with operations in a systematic manner, it is compulsory for a company
to manage market success (McLaren, and Loosemore, 2019). The Marks and Spencer should
develop various risk management models like avoidance and sharing. Risk can be also
transferred to a different source in order to deal with different consequences and challenges.

REFLECTION including personal and professional development with action plan and self
improvement
It is important for a person to focus on personal and professional development in both
career and academic life. I will develop a precise self improvement plan in order to develop my
skills in an effective manner. This will help me improving major dimensions of skills and will
also help me in improvement of my career plan (Picciotto, 2020). I will gain knowledge related
to skills like time management, problem solving and decision making. Once the objective of the
client are clearly established then they should influence all the decision made by the people
involved in the project. In order to improve my core skills like professionalism, communication
and coordination, I will take into consideration support by professors and seniors. The self
improvement in a person leads to provide effective competency edge in career and academic life.
In the recent times, importance of action plan related to personal and professional development is
increasing day by day. This is the major and ethical duty of an individual to take support and
focus of effective supervision and control (Rodríguez-Rivero, Ortiz-Marcos, . and Lozano,
2020). This automatically develops improvement in a person, and the support of action plan also
helps in improvising. Personal and professional development should be facilitated with an action
plan to achieve major goals and objectives. In order to develop action plan related to a subject
matter, it is compulsory for an individual to perform risk assessment. Self improvement helps
and individual to develop effective learning related to a subject matter.

CONCLUSION
Form the above stated report it can be concluded that the person who is leading any
projects is known as project professional. The main responsibility of a project management
person is to ensure that the project team meets its goal on time. It can be also concluded that,
professionals uses different tools and techniques to meet out the needs of the project. This project
also concludes that some projects are needed to quickly resolve the problems so that
improvements are made over the period of time and other project have longer duration that will
not need major improvements such as highway project.

REFERENCES
Books and Journals
Aanbari, F.T. and Kwak, Y.H., 2018, June. Impact on project management of allied disciplines.
Project Management Institute.
Bjorvatn, T. and Wald, A., 2018. Project complexity and team-level absorptive capacity as
drivers of project management performance. International Journal of Project Management, 36(6),
pp.876-888.
Delisle, J., 2019. Uncovering temporal underpinnings of project management
standards. International journal of project management, 37(8), pp.968-978.
Galli, B.J., 2018. Application of system engineering to project management: How to view their
relationship. International Journal of System Dynamics Applications (IJSDA), 7(4), pp.76-97.
Heigermoser, D., de Soto, B.G.,and Chua, D.K.H., 2019. BIM-based Last Planner System tool
for improving construction project management. Automation in Construction, 104, pp.246-254.
McLaren, M. and Loosemore, M., 2019. Swift trust formation in multi-national disaster project
management teams. International Journal of Project Management, 37(8), pp.979-988.
Picciotto, R., 2020. Towards a ‘New Project Management’movement? An international
development perspective. International Journal of Project Management, 38(8), pp.474-485.
Rodríguez-Rivero, R., Ortiz-Marcos, I.,. and Lozano, S.A., 2020. Applying the strategic
prospective approach to project management in a development project in Colombia. International
Journal of Project Management, 38(8), pp.534-547.