Project Management Report: TSK Bearings Expansion Strategy Analysis

This report provides a comprehensive analysis of project management principles, using TSK Bearings as a case study. It begins with an introduction to project management and its importance, followed by an examination of different project types and their suitability. The report delves into scope management, exploring tools like work breakdown structures, and contrasts full project Gantt charts with critical path analysis. It covers decision-making processes related to project expansion, managing changes, and methods for completing projects within budget and on time. The second task focuses on TSK Bearings, outlining the activities needed for successful project management, the required skills and competencies of a project manager, and the project management process itself. The report concludes with a discussion of key findings and recommendations for effective project execution, emphasizing the importance of planning, monitoring, and controlling projects to achieve desired outcomes. The case study highlights the challenges and strategies involved in expanding a manufacturing business, particularly in a new geographical location, and the significance of team work and training for project success.

Managing Projects

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
1. Different types of project with its selection of suitability.......................................................2
2. Scope management with tool of sub division of scope of work.............................................3
3. Difference between full project Gantt chart with critical path................................................3
4. Decisions related with the project...........................................................................................4
5. Managing changes which are related to project......................................................................4
6. Methods for completing the project within budget and on time.............................................5
TASK 2............................................................................................................................................5
Introduction about company.......................................................................................................5
Outlining of activities required to manage successfully.............................................................6
Skills and competencies required by project manager................................................................6
Project management process.......................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
Projects are the pre planning of accomplishment of future goals and objectives. Projects
plays vital role in successful achievement of task. Managing projects is not an easy task, it
requires skills and knowledge. Different projects have different time and cost attached with it.
Hence they are abide by limited scope of time and cost. Difficult projects can accomplish
effectively if they are managed efficiently and effectively (Anantatmula and Thomas, 2010).
TSK Bearings is a company which manufactures loose tools and equipments. Manufacturing is a
difficult task there is requirement of proper planning what, how, when, for whom to produce.
These all questions requires lots of planning. This projects tells about techniques of managing
projects. What methods should be use to plan and helps in smooth running of company. There
are formation of different plans and policies to complete tasks allotted in the organisation.
TASK 1
1. Different types of project with its selection of suitability
TSK bearing also assigned the responsibility to choose the type of project to the project
manager itself. The various categories of projects are described as under :-
 Construction project – In this, basically a site is chose by the project managers where
the work is conducted by the workers (Artto, Ahola and Vartiainen, 2016).
 Manufacturing project – As per the case study, TSK bearing should try to gather more
amount of funds so as to product effective machineries so that they can start their
manufacturing process in Asia as well.
 Management Project – When TSK will develop themselves to Asia , they will need to
conduct this type of project. By applying this, they will be able to gain more efficiency in
new area (Bosch-Sijtsema and Henriksson, 2014).
2. Scope management with tool of sub division of scope of work
Scope management can be defined as a function in which various types of work is
included that needs to be done so as to deliver the final product or service. It is basically
considered as a process in which certain factors are included like Outputs, benefits etc. Various
tools of sub division of scope are :-
 Planning scope – In this, a base is created by the project manager on the basis of which
whole project will be created.
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 Division of project – here, all the activities are divided into various parts so that they can
be conducted in an effective manner.
 Create work breakdown structure – It is type of structure in which the whole project work
is bifurcated and put in a chart form so that it can be allocated easily.
 Verification – here, the project manager is required to verify that they have included all
the important activities or not.
So, TSK bearing is required to evaluate their scope of project so as to conduct all the
activities in an effective manner and decision making can be improved.
3. Difference between full project Gantt chart with critical path
Gantt plan helps in dividing activities of different projects in suitable time(Brady, and
Davies, 2014) . TSK Bearings wants to expand its factory to North East coast of England.
Expansion of business is not easy task. As per Gantt chart, Company can distribute tasks in
different groups. Gantt plan evaluates different tasks and allot as per ability of different groups.
Critical path shows the longest and shortest time to complete any project. After analysis of
critical path TSK Bearing will plan time period per it. If project is completed in shortest period
then it is good for company. But if project completion exceeds the longest time period of critical
task then it spoils the image of company (Brady, Davies and Nightingale, 2012) . The action plan
and Gantt chart is given as under:-
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4. Decisions related with the project
Decision related to expansion of business by TSK Bearing is an important task. Before
arriving at any decision it is important to analyse all the aspect present.
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Schedule: Scheduling is most important task for any project. Time boundation of any
project is mandatory. TSK Bearings bridges the gap between what we are and what we want to
be.
Customer satisfaction: Management of the company have to plan so that customer needs
get satisfied. Company can grow through good image in the market, for this company has to
provide good after sales services to the customer.
Budget: Budget means funds. There is requirement of finance to run business or project.
Top level management has to prepare the budget for different projects and then motivate
subordinates to work within allocated budget.
5. Managing changes which are related to project
There are various times when the manager is required to bring changes in their project so
as to conduct all the activities in an effective manner. Therefore, in case of TSK, they will have
to introduce changes in their project when they will expand themselves in Asia. Here, they will
see that all the resources that are allocated be utilised properly while conducting activities (Chen,
2011). So, TSK bearing is required to evaluate all these changes so that they will be able to
implement modern techniques in their business activities.
6. Methods for completing the project within budget and on time
So, in order to complete the budget within time, various methods has been suggested. They
are :-
Evaluation – So, TSK bearing should do proper evaluation of their new project and
know that it will fit in the nature or not.
Monitoring –Leaders and project managers are required to monitor each and every
activity of workers and check that whether they are performing as per the said instruction or not.
So, after knowing this TSK bearing will manage to get appropriate control on the project.
Controlling – By having a good amount of control on project, the managers will try to use
the resources in a limited manner. So, it will help TSK bearing in getting good results from the
project.
TASK 2
Introduction about company
TSK Bearing is a top association that is considered to be specialised in manufacturing
industrial bearings for automotive industry. This association was started in UK in 1980 and
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operating successfully since then. They are also considered as major suppliers of global car
manufacturing items. Now, the company is launching themselves on another site which is
located off side. The budget assigned for it is £12 million pounds. So, whenever a new site is
chosen by the company, various new activities are carried out.
The site which has been chosen is located directly off the North East coast of England and
will also be opened at all weather conditions. In order to conduct work in an efficient manner,
management has conducted recruitment process as well in which few employees are recruited for
external sites but few are recruited for internal work (Geraldi, Maylor and Williams, 2011). As
per the management plan, new technology will be implanted in March 2018 so as to meet
customer’s expectations. This includes various activities as well as skills and competencies of a
manager with a definite process.
Here, the contractor is allowed to visit the place again and again so that they can check that
whether the work is being conducted as per the said instruction or not. As per the given case
scenario, TSK bearing has declared limited budget and thus allocation of funds are done
accordingly to all the activities that will be conducted in the projects and various types of
products are also considered like construction, manufacturing. Manufacturing is a project type in
which the workers are trained mainly to produce the machinery, tools and equipments etc. which
will be used to conduct the business operation in the company. All the production work is done
by using these types of equipments only.
Outlining of activities required to manage successfully
There are various activities that are required to be implemented very carefully so as to
execute the whole process in an efficient manner. Projects are basically conducted in several
types and it depends on the project manager to choose the method that suits the best. Projects are
made by the companies for long term purpose and it shows the abilities of company as well as it
helps them in getting better results from the market. So, managers are required to do this job of
evaluation so that they can make sure that employees are working as per the said instruction or
not (Jerbrant and Karrbom Gustavsson, 2013). it is an inseparable part of project as through this
it can be assessed that work is done properly or not. Since total project is having various
activities that needs to be executed by the workers. These activities are stared as follows:-
DETERMINING GOALS- This is the main factor ii which the whole project is used in as
if there will be no project then there will be nothing to achieve. So, firstly TSK Bearing is
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required to make a goal which will be achieved by workers working in the company. It is
considered as if there is no aim of project then there is no value of company.
TASK EVALUATION – After settling the goal of the company, it is required that the
managers’ divide the whole project into various tasks which is assigned to the employees and
they are told to achieve these tasks so as to complete the whole project. It is duty of project
managers to explain the whole task to employees so that they do not face any problem while
completing the whole project. So, managers of TSK bearings are also required to determine each
and every task to its employees who are working to build their new site in new location. It
becomes necessary for the project manager to analyse all the factors of the project very carefully
so that they can know their efficiencies and deficiencies. This is considered as a specific project
because it is carried out only when the company wants to do relocation or improve their current
working site to a new area.
WORKING IN TEAMS :- It is the another factor that is considered as very impo0rtynt in
project management. If the project managers will focus on creating a good team inside the
organisation then they will be able to do their project in a better manner and on time as well. So,
IN TSK bearing also , while developing a new site, the project managers have to make sure that
the employees are working together as a team so that they do not face any kind of issue while
working and help each other in order to complete the task in fast manner. Good team also helps
in creating an healthy environment inside the company as well.
TRAINING- Here, it is considered that team that is formed by company so as to form the
new site of TSK Bearing should be having right set of knowledge, skills and behaviour so that
are able to work in the most effective manner and achieve the goals of the company. According
to the project, they are to be provided with 12 months of training so that they are able to carry
out allotted tasks. It is very essential for the project managers to make sure that scope is
followed because then only activities will be performed in an effective manner. It is considered
as the duty of project managers to make sure that all these changes are being accepted by the
workers and are implemented as well.
FEEDBACK- This is the last factor that is associated with successful application of
project. In this, feedbacks of customers are taken so that the company gets to know that the
public is liking what they are making or not. This will help them in performing in a better way in
future. The duty of taking feedbacks is with project managers only as they are only ones who are
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having continuous check on the employees and can tell very well that where the employees
needs guidance and improvement. So, they should make sure that they keeping a good eye on
workers so that they can tell their weakness.
So, these are the few activities which needs to be conducted inside the company along
with the task managers so that the project is managed in a successful manner. It is also essential
to review all these activities in an appropriate manner and for this they can take help of work
breakdown structure so that they can increase their chances from success. In TSK Bearing,
project managers need to evaluate each and every activity in a proper manner so as to get the best
outcome from the project.
Skills and competencies required by project manager
This is the responsibility of project managers to make sure that the workers that are
working in the project are equipped with appropriate skills and competencies so trhat theehy
work in an efficient manner (Lau and Rowlinson, 2011). Also the management is required to
take care of all these employees so that they are satisfied enough to perform well for the
company. So, people of TSK bearing are also required to recruit employees that are skilled and
competent so that they can contribute in achieving goal and objectives of company. Diverse
skills and competencies which needed by TSK Bearings manager are stated as follows:
Communication:- It is considered as very crucial for project managers to make sure that
they are following a good communication channel inside the company. Through this channel
only the top level management will be able to communicate with the employees (Leonard, 2011)
(Lin and Chen, 2012). So, if there will bee good communication then the information will be
flowed at right direction and employees will be able to work in an appropriate manner.
Leadership:- TSK Bearing needs the types of leaders who are capable of guiding other
employees in an appropriate and efficient manner so theta the employees get motivated and
perform in the way company wants them to perform. There are various leadership styles that can
be used by managers and leaders so as to encourage each and every employee properlyso that tey
become connected with the company and try to achieve its goals and objectives.
Team Building:- TSK Bearing is required to make a type of team that is so effective that
it fulfils all the goals of the company. Through good team work the employees will be able to
complete their project on times as well which will bring efficiency in the company. So, for
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having a good team, management must make sure that they are having good employee relation
strategies inside company. They can even make use of Tuckman’s and Belbin’s Team
development role.
Risk Management – It is considered as one of the most important skill that needs to be
considered while doing project management. It is used by the project managers while dealing
with various types of risks and conflicts present inside the organisation. This is very essential for
every company to have a good control on the risk they may have to face inside the organisation
so that they can perform all their functions in most effective manner. While choosing the project
managers for the respective project, this skill is checked especially because without this skill the
managers will not look efficient.
So, these are the few skills and competencies that an individual is required to have when there
are working inside the company (Müller and Jugdev, 2012). People who are managing the whole
project is required to have these skills as well because the junior employees will get to learn from
senior management only. So, the project manager is required to have a special place inside
company as they play a most vital and effective role inside company. If they will not be present
then the whole project may go down. Decision making is work of top level management. There
are many decisions in the organisation which are to be taken frequently. There are chances of
wrong decision making if proper planning has not been done.
So, it can be said that project managers are an integral part of the project and if the
project is successful then the major credit should go to these managers only as they take care of
all the activities. There are various roles that a project manager play in a company. They are as
follows:-
 They are the ones who leads the whole project and guides the employees with appropriate
vision, directions and encouragement so that all of them perform their work with
dedication.
 They are responsible for gathering all the necessary resources that will be required by the
workers in order to conduct all the operations of the project . All these resources should
be available on time so that the project is completed on time
 These people are also required to have a check on all the employees and make sure that
they perform all their operations in an appropriate manner.
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Project management process
It is the basic requirement of every project that is has to have a proper process. It is the
responsibility of project managers to design an appropriate process for the project so that the
project is completed without any issues. So, in this case also project managers of TSK bearing
has to make a good process which will be followed by their business managers so as to make the
project successful. The process is started as follows:-
PLANNING:- It is the first and the most important step in any process. It includes all the
crucial factors like cost, time scope of project. The project managers are required to use all these
factors very carefully so that they can get benefits from it and use it in a minimum way
(Randeree, and Ninan, 2011). Thus it will help in proper execution of all the activities that is
conducted during the whole project. It is very important for the companies to complete their
project on time and within the budget allotted as well. It will be beneficial for them to complete
their objectives within the time and thus companies will be able to get success very easily .
EXECUTION: Whatever activities are to be performed, they need to be executed in
appropriate and effective manner so as to achieve good results. While making project
management plan , it is always suggested to include project execution procedure so the
employees perform in a better manner. So, managers of TSK bearing are also having proper
project execution plan which they use while settling their new site. So, it will help them in
making the whole project successful. This is a type of project in which huge amount of
investment is involved and on completing of project, a fixed asset is generated which will
provide future benefits to the business.
CONTROL: It is considered as the responsibility of project managers to make sure that all
the activities are being properly managed inside the companies. This will reduce the chances of
project failure and will increase the chances of success. Thus, it will also help in taking the
project for long term so as to get long term gains for the company. So, managers of TSK Bearing
are told to have a check on employees whenever they are conducting any project activity. This is
helpful in sorting big and difficult activities into different small groups . so that it is not wasted
and the product is also cost effective.
CLOSING: This is considered as the last step of planning in which the management makes
sure that they have fulfilled all the essential requirements of project. It is very necessary that the
project gets end in time otherwise it may a create a problem for company as they may have to
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increase their budget so as to complete the project. So, if the work is done on time then it is very
good for the project (Thamhain, 2013).
On the basis of this process, chances of making things positive and appropriate in nature
become possible so that better and effective gain get promoted.
CONCLUSION
From the above report we came to know that to achieve setted task it is important to do
planning about it properly. Analysis of available resources should be done to avoid any kind
hurdle. First duty is of top level management, they have to set rules and regulations for
subordinates. After assigning duty they have to check assigned duties are accomplished properly
or not. While managing any project it is kept in mind that resources should be in best way.
Company has to analyse all the pros and cons of every step. In case of any discrepancy company
has to take action instantly and plan further dealings accordingly. Project provides an guidelines
to organisations how goals can be achieved. Management of the company work carefully so that
they can minimise the chances of failure. When there is successful achievement of task then
there should be clause of rewards as well.
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REFERENCES
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(Chen, 2011) (D. Bushuyev and Friedrich Wagner, 2014) (Geraldi, Maylor and
Williams, 2011) (Jerbrant and Karrbom Gustavsson, 2013) (Lau and Rowlinson, 2011)
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