Project Management: Product Description, Planning and Implementation

This project management assignment delves into the critical aspects of product description and project-based planning. The assignment begins by defining the concept of a project product description, emphasizing its role in outlining the objectives and strategies for a new product launch, specifically within the context of a company aiming to increase profitability. It then transitions to a detailed exploration of project-based planning, particularly focusing on the PRINCE2 approach, which is suitable for project management. The assignment also explores other models, such as the critical path method, agile model, and Kanban lean approach, highlighting their advantages and disadvantages. The use of a Gantt chart for scheduling activities is also discussed. The solution provides a comprehensive overview of various project management methodologies, their applications, and their impact on project success.

Project Management

Table of Contents
TASK 1............................................................................................................................................1
Project product description.........................................................................................................1
TASK 2............................................................................................................................................1
Project based planning................................................................................................................1
REFERENCES................................................................................................................................3

TASK 1
Project product description
Project product description that defines about benefits or facilities delivers by specific
product designed by an organisation. The aim of project for introducing new product which have
goals or objectives to increase sales or brand image in market. In context of KAP, they have a
project to make sure optimum utilisation of resources having an aim of boosting up efficiency of
overall company in order to increase profitability. The given company is basically supplier of
vast variety of chocolate products through which they have establish an objectives to improve
profits of brand by grabbing more profit share. There are different stakeholders of company such
as employees, suppliers, customers, government and top level authority who plays an important
role of making appropriate decisions about product (Turner, 2014).
In addition to this, KAP company has main purpose to improve quality of products, fulfil
actual desires of clients and complete their goal in proper manner. However, project product
description of given organisation involves description about required strategies and models with
time schedule to complete the project on desired period of time. Moreover, it involves waterfall
model which provide support to design project activities including planing, designing,
development, testing and deployment in proper way for achieving better outcomes. Meanwhile,
the agile model, hybrid, PRINCE 2, critical path method and Kanban lean manage approach
which render help to reduce overall cost of product ad that will facilitate to increase profit
margin of KAP. At the other hand, they have used Gantt chart to make an effective schedule of
activities to implement appropriate strategies for fulfilling goal of improving profitability
successfully (Kerzner and Kerzner, 2017).
TASK 2
Project based planning
Project based planning can be explained as a fundamental part of PRINCE 2 approach
which mostly suitable for project management which helps to determine desired products to
fulfil main objective of KAP. It involves several stages such as directing, starting, initiating,
managing staging boundaries, controlling and closing process with particular duration of time.
However, other models are also utilise like critical path method, agile model, hybrid, Kanban
lean approach along with proper risk management for make an appropriate plan to execute
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project accurately. Furthermore, the models or approaches used in this project their own
disadvantages and disadvantage which are described below.
PRINCE 2 approach
Advantages –
 It will provide help to utilise best practices for completing a project which results into
improved outcomes properly. It is a predictable method and helpful to ensure standardisation for reducing chance of
miscommunication as well as misdirection which facilitate to complete specific project
successfully.
Disadvantages –
 It is not applicable for emergency situations and provide immediate solutions.
 It has criteria to break down project into number of activities which create confusion and
major problem may arise (Martinsuo and Killen, 2014).
Critical path method
Advantages – It facilitate to increase efficiency in use of time and save overall cost to
gain desired outcomes of specific project.
Disadvantages – This method is not suitable for complex and large scale operations and
required clear as well as reliable information which is not possible many times.
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REFERENCES
Books and journals
Turner, J. R., 2014. Handbook of project-based management(Vol. 92). New York, NY: McGraw-
hill.
Kerzner, H. and Kerzner, H. R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Martinsuo, M. and Killen, C. P., 2014. Value management in project portfolios: Identifying and
assessing strategic value. Project Management Journal. 45(5). pp.56-70.
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