Project Plan: New Product Development for Premium Soups

This project report details a comprehensive project plan for the development and launch of a new range of premium soups. The plan, designed for a major food manufacturer, outlines the research, development, manufacturing, and marketing strategies necessary for a successful product launch within a specified budget and timeframe. The report includes a PESTLE analysis to assess the external environment, a work breakdown structure (WBS) to organize project tasks, and a Gantt chart to visualize the project schedule. Risk analysis and a risk management strategy are also incorporated to address potential challenges. Furthermore, a RACI matrix clarifies roles and responsibilities, and a stakeholder management strategy ensures effective communication and collaboration. The project aims to deliver the new product on time, within budget, and to the expected quality standards, with a focus on winter launch and a £2.5 million budget. The report provides a detailed roadmap for the project's execution, from initial concept to market launch.

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New Product Development
Name:
Institution:

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Table of Contents
Introduction.................................................................................................................................................3
Project context.............................................................................................................................................3
The rationale for the proposed plan and choice of methods.........................................................................3
Pestle analysis.............................................................................................................................................4
Political factors........................................................................................................................................4
Work breakdown structure..........................................................................................................................6
Gantt chart...................................................................................................................................................8
Risk Analysis for the project and Risk Management Strategy...................................................................10
Risk Management Strategy........................................................................................................................11
Responsibility, Accountability, Consulted and Informed (RACI) Matrix for the project..........................12
Stakeholder Management Strategy for the key project stakeholders..........................................................14
Conclusion.................................................................................................................................................16
References.................................................................................................................................................17
Appendices................................................................................................................................................20

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Introduction
Each project gives exclusive challenges and characteristics that are required to be put into
consideration in the process of handling it. One of the ways that project managers need to note is
the implementation of the project management strategy, which is very crucial since it takes the
scope of the entire account, before continuing with the projects based on individual tasks. The
implementation of a strategic project management approach is very crucial as it gives a room for
comprehensive scheduling and planning of the project as compared to a case where the project is
done based on individual tasks. The project management process considers the availability of
resources, analysis of shareholders, analysis of the cost, likelihood of the risk factors. In this
report, we shall evaluate and investigate the project management for new canned products from a
chef main food manufacturer. At this phase of the project, all the required resources will be
identified and estimated. The project plan will be used to assist the senior management Team,
which are responsible for research, production, and development of premium soups. The budget
which all project will incur will be 2.5 million pounds. Lastly, the proposal is required that the
product is delivered on time and budget should not be overestimated or underestimated.
Project context
The project context is the setting in which the project operates. It always covers the internal,
constraints and external environment. It is created to understand project context of every project
since various projects have different contextual issues. The proposal of any project context will
give the clear introduction of the project and also it gives a clear rationale to donor agency which
will be responsible for sponsoring the project in the manufacturing company. It also provides
clear guidance on how the company will solve various problems by implementing the required
activities in order for the problem to be solved in the company.
Justification for the proposed plan and choice of methods
The recommended choice of methods is very reliable and accurate since the chosen method will
help the company in achieving its requirement in new product creation. For instance, the use of a
Gantt diagram will help the company to analyzes various tasks which are needed to be done
before venturing in the development of the new project. The techniques also are very crucial
since it involves various stakeholders who are qualified in a certain area in the manufacturing

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sector. For instance, the methods employed in the project will clearly explain the role of each
shareholder and how each shareholder will tackle the tasks given. In our company, as we try to
develop a new product then various stakeholders such as marketing officers will assist the project
manager in determining whether the development of the new product will reach the customers in
the market and whether the project will satisfied customers preference.
Pestle analysis
The PESTLE analysis gives wide details about the operating challenges our company which
deals with a new canned product specifically the new range of the premium soup will encounter
in prevailing in the macro environment rather than focusing on the competitive forces. For
instance, the company may be experiencing high profits with rapid growth but it will not be a
good way in the creation of a new product in the company. if the product is the company is
suited in the unstable political environment. Below is the PESTLE analysis that shows the
creation of the new range of premium sour in the food manufacturing company.
Political factors
A political factor is a crucial factor in determining the factors that may impact the premium soup
manufacturing company. The premium soup company is now operating in a new canned product
all over the world, thus are exposed to the distinct political environment and political system
risks. And for the premium soup company, before entering into the market they should be in the
position of analyzing their business based on the following: anti-trust laws related to new
canned products, political instability, worked week regulation in the new canned product in the
food manufacturing company.
Economic factors
The macro environment factors include saving, investment rates, interest rate, foreign exchange
rate, economic cycle, and inflation rate. The microenvironment factor which includes the norm
of the competition will affect the company competitive advantage. The premium soup company

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can use the economic factors of a given country such as inflation and growth rate to focus on the
factors that will affect the development of the new products. The economic factors that premium
Soup Company will consider when applying the PESTEL analysis include interest rate, inflation
rate, and exchange rate.
Social factors
The society culture, the way the people in the society do things and different believe will impact
the culture of a company in a given environment. Common attitudes and beliefs of the group of
the people will greatly influence how the marketers at the premium sour company will get to
understand their clients at the market and how they create awareness for their new product in the
market.The social factors that the senior management at the premium soup will analyze for
PESTLE analysis entail: the culture of different people, demographics and skill level of the
population.
Technological factors
A company should be in a position of analyzing the technology the company and also the speed
in which the company disrupts that company. Slow speed will provide the company with more
time while the fast speed of technology will give the firm a little time for
profitability.Technological analysis at the premium soup company involves a great
understanding of the following effects in the company: the current development by the premium
soup company competitors and effects on cost structure in new canned products.
Environmental factors
Various manufacturing companies pose different environmental values which can affect the
profitability of the company as they provide their products in the market. Before deciding on
entering into new markets for the new canned products for the major food industry is very crucial

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for a company to appraise the environmental standard which is required to operate in that
market. So the environmental factors that the firm should consider include climate change,
weather change, and the set laws which govern environmental pollution.
Legal factors
In many countries, the legal framework and various institutions are not well equipped to
safeguard the company’s intellectual property rights. Thus the company should carefully perform
some evaluation before entering so that the company information will not be stolen. Some of the
legal consideration that the premium soup company should put into consideration before entering
into market includes employment laws, data protection, and consumer protection and e-
commerce. Below is a summary of PESTEL analysis
Work breakdown structure
The work breakdown structure (WBS) of a project is a deliverable-oriented since it entails
grouping of work in the project. WBS is a specifically crucial project tool since it gives the basis

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on which the project manager works. The work breakdown will be used by the manager in
charge of the project to control the progress of the project and also by the teamwork. There are
various ways of building a work breakdown structure (WBS). Moreover, a WBS is the basis for
effective planning of the project, controlling, reporting and planning. All the work enclosed
within the WBS should be estimated, budgeted, scheduled and identified. The WBS is also the
structure that integrates and relates all project work (schedule, cost, and scope).
The premium soup company in order to arrange how they will run up their project of the new
canned products for the major food manufacturing industry, then they must develop the work
breakdown structure which clearly addresses the how the project will be carried about. The
development of the new range of premium soup is a procedural process which needs some steps
to step procedure for the company to achieve their food production goals.
The project manager who will be responsible for research, manufacturing, marketing and
development of the food products, will have estimated the cost of the budget to be 2.5 million
pounds. This is the cost in which the process of developing the new product will take from the
time of manufacturing until the last time of packaging the product ready to be used by the
customers. The stakeholders who will be responsible for the implementation of the success of the
product will be CEO of the company, senior management team, IT experts and general manager,
this is individual who will be responsible in planning the and implementation of the new project
of development of a new range of premium soup. The project timeline will take almost 6 months
in which the project progress be monitored by stakeholders every month to determine if the
progress of the project as well.
The project which is set up should be able to meet the required quality for the product and also
should be finished on time in order to meet, needs of the customers. The statement of work will
be also explained in the that in development of the new range of premium soup, then steps
should be followed until the last process is achieved, for instance, processing, canning,
packaging, branding, and marketing. Lastly is identifying the risks that will occur in the
manufacturing company such risks include, insufficient raw materials and poor network
transport. The work breakdown process in the development of a new product is as shown below.

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Gantt chart
The Gantt chart is a well develop bar chart that clearly explains the schedule of the project. In
addition, the charts list all the task that needed to be performed in the x-axis and time interval in
the y-axis. And horizontal bars width displays the duration of time for each activity undertaken.
In addition, the Gantt will clearly show the date of the start of the project, who will responsible
for each task and the finished of the project. The date of the project will start on 15th May 2019.
The project task entails the following steps:
i. The concept of the product- this shows how the new product will be created from the
initial step.
ii. Research – there are two things the company needs to develop before the establishment
of the new product one is checking on the demand of product – in this case, check
whether the product will meet the needs of its customers and second is there any product
similar with your?.
iii. Design and development of the product – here is where the company will begin to
develop the product design by allocating the required resources for the product.
iv. Development and research of the final design- the premium soup company will develop
how the product will look like.
v. A CAD (computer-aided design) - this process utilizes 3D rendering software in order to
produce a computer model of the company final design of the new product.

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vi. CAM (computer aided manufacturing)- this is where the premium soup company
stakeholders will see the physical prototype of the new product manufactured by using a
computer-guided system.
vii. Prototype testing-the company will test the product to make sure that the end product will
be of high quality and will satisfy the needs of the customers.
viii. Manufacturing – after prototype testing the new product is now ready to be developed in
the company. This is where the new range of soup products will be manufactured to suit
the need of the customers and also for the profitability of the company.
ix. Assembling –this is where the company will assemble more products for goods and
services.
x. Feedback and testing – now the new product have been assembling then it time now see
if the product has met the needs of the customers in the market.
xi. Development of the product at some point the company needs to make the important
changes for the new product they will do this by addressing the required ways to improve
the product.
xii. The final product- this is where the product is now ready to be used by the customers, the
company now will have the authority of marketing their product to their esteem
customers.
The task of the project will require taking 8 months, for which the project will now be
ready to be given for the customers to use the product. The stakeholder who will be
working for the project will include the CEO, project manager, Team leaders, work
managers, and general manager. The project of new product development is required to
be completed at the end of 6months. Below is a Gantt diagram for the development of
new product

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Project risk analysis and Risk Management Strategy
Risk analysis entails step by step monitoring how the objectives and business outcomes might
change because of the effects of the risk events. One of the risks of the project are recognized
then the qualitative and quantitative effect of the risk to the project is identified so that the
required step should be taken to mitigate the risks. Using the qualitative and quantitative risk
analysis, the company will have to determine the risk associated with the following:
i. Activity duration estimates- the stakeholder in the manufacturing company, intending to
produce the new product in the market will have to make sure that they are in a position
of identifying and predicting the duration of time that the risk might take when it affects
the implementation of the new range of premium soup in the company. The duration
estimated by the company should not be a long-lasting risk, it should be the risk which
can be mitigated in a very short duration of time.

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ii. Schedule- at times in the company scheduling of activities may not work as the required
for instance in the development of the new product in the company especially new range
of premium soup, the schedule which had been put in place for the project may
sometimes change which will at times affects the development of the product. The
company who is responsible for the development of the new product does not schedule
well their tasks thus their project may take a long period of time to be implemented.
iii. Cost estimates-
The risk cost estimation entails the use of resources, which includes personnel that has
the required skills, knowledge and abilities to consistently and accuracy predicts costs. If
the personnel employed in the company does not pose the required skills then the great
risk might occur in the utilization of the resources in the company might be underutilized
and it can be overutilized. If the resource is over utilized then the new product quantity
will be low thus the loses might greatly occur in the company and if the resources are
underutilized then the process will not meet the consumers' needs, since the new range
premium soup product will be of low quality.
iv. Budget – the budget of the all project in the development of the new product is required
to cost 2.5 million pounds. If the cost is not budgeted well the development of the new
product will not take place as required since at some point the funds may be misused and
thus it wills fails to meet the needs of the development of the new product.
Underestimation of the project will lead to poor quality product and thus the consumers
of the product will not be willing to use the product because the new product cannot
satisfy their needs.
v. Quality- the risk that might occur if the new product is not tested is the poor quality of
the product. If the quality of the product is not be taken care of then the new product
development will be useless since at some point the product may be goods as compared
to that of its competitors.
Risk Management Strategy
A risk management strategy in the project will give a reliable and organized method of managing
the risks, assessing and identifying the risk. It builds a process of frequently, updating and
reviewing the assessment based on the development of the new product in the company. A risk

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management strategy can be implemented and developed by team members in the organization
into a more complex strategy to meet the needs of the company (Reike, Vermeulen, and Witjes,
2018). The risk management strategy in the premium soup company will be greatly utilized to
mitigate various risks is through conducting an assessment of the risk, this is the procedure of
and identifying reviewing various risks that the company will face in the development of the new
product. Through assessing the risk the company will be in a position of identifying the
uncertainty that might occur in the company. In order for a risk assessment process to success in
the company then the quality person who will be responsible for mitigating the risk should have
the required skills which will assist them in identifying the risks. For the risk assessment to be
well reliable then it should be systematic, regularly reviewed and it should be recorded. Below
are risk analysis and risk management plan.
Responsibility, Accountability, Consulted and Informed (RACI) Matrix for this project
RACI describes the participation individual with various roles in the completion of the tasks. The
RACI model which is always visible Through a RACI matrix is a tool the manufacturing
company will use to give roles to the employees in the company. When they are establishing the
project the efforts put by the company employees to make sure that the company the project in
the company to run smoothly (Wouters, and Stecher, 2017).