Project Management Report: Woolong Company Product Development Project

This report focuses on the project management aspects of the Woolong Company's new vacuum cleaner development and launch. It begins with an introduction outlining the project's scope and objectives, including the identification of stakeholders such as the project team, sponsors, and customers. The report delves into the skills and experience required of a project manager, emphasizing communication, leadership, and problem-solving abilities. It details the roles of various stakeholders, communication modes, and the importance of information sharing. The report also examines project risk management, business opportunities, financial impacts, and expected results. Furthermore, it discusses how the project can add value and explores potential impacts if the project is not successful. The report concludes by emphasizing the importance of effective project management and the proper handling of risks and opportunities to achieve the project's goals.

Running head: PROJECT MANAGEMENT
PROJECT MANAGEMENT
Name of the Student
Name of the University
Author Note

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Introduction:
The report deals with the Woolong Company that develops high-end vacuum
cleaners and it needs to develop and release their latest product. An initial meeting of project
initiation will result in recognizing the sponsor of the project, choosing the project manager
and developing the charter of the project. The report focuses on developing a report in order
to help the manager during the meeting that will take place.
Project Stakeholders
The stakeholders of this project include the team of project, sponsors of the project,
production manager, finance manager, users and the customers (Derakhshan, Turner &
Mancini, 2019). The stakeholders are the people that have invested in the project and they
will be affected by the project at any point of time.
Project Sponsor
The sponsor of the project is a person that or a group that offers support and assets for
the project for the success of the project (Isenbeck & Friedman, 2016). The sponsor for this
project is are the owner of the company that have invested in order to produce the products
for the company.
Skills and Experience of Project Manager
The qualities those are important for the project manager include various skills and
experiences. Th skills of the project manager include communication during every phase of
the project. Skills of leadership are required in all the stages of the project management.
Management skills are one of the important skills that a project management should possess
(Alvarenga et al.,2019) . The project managers will negotiate with the clients on proper
schedule and scope of the project. Problem solving skills is required during the

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implementation phase of the project where most of the problem arises. The budgeting skills
are required during the planning phase when the budget for the project is done.
Roles of Stakeholders
The roles of the stakeholders include the project manager should have the role of
decision-making; the finance manager has the role of budgeting. The role of the production
manager is to see if the production of the products is going well (Ormazabal, 2018). The
sponsors have the role of providing money for the project and the project team have the role
of monitoring the project and then communicating it to the project manager.
Modes of Communication
The stakeholders should be communicated during the project so that they get to know
about the progress of the project (Butt, Naaranoja & Savolainen, 2016). The modes of
communication include reporting, purposeful communication and frequent meetings.
Information Shared
The information that is shared among the stakeholders include the details about the
what is prompted in the project, how it assists the company and the intended results that helps
the stakeholders to understand better about the importance of the project (He, Devine &
Zhuang, 2018).
Mechanism Used to Communicate
The mechanisms that are used in order to communicate with the stakeholders include
meeting mechanisms, audio-video interaction mechanisms, online mechanisms, mailing
mechanism, activities of training, voting mechanisms and negotiations. Under the individual
mechanisms, it includes meetings, surveys (Jiang et al.,2019). Under the audio video
mechanism, it consists of teleconferencing and electronic meetings. Under the online
mechanisms, it consists of electronic mechanism and many more. These are used in order to

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provide information to the stakeholders and give them information about the progress of the
project.
Frequency of Information Sharing
The information should be shared among the stakeholders frequently so that they can
know about the progress of the project. The stakeholders must know each details of the
project (Minnens et al.,2018). The information must be shared once in a week or two days in
a week about the progress of the report as the communication with the stakeholders is very
important.
Effective Communication
Effective communication with the stakeholders is very important in a project and if
the communication is not going good, then new ways of communication must be devised so
that the communication is done effectively with the stakeholders (Butt, Naaranoja &
Savolainen, 2016). The new ways of communication must be effective and it must be done
frequently.
Technology used for Communication
Various types of communication are used in order to communicate with the
stakeholders. The technology includes the email, telephone, video conferencing and many
technologies are used in order to communicate with the stakeholders (Fulk & Connie Yuan,
2017). The project manager must take the initiative to communicate with the stakeholders.
Legal and Ethical Issues
In communication when a contract is done between the client and the company about
the deliverables and the products that are to be delivered by the company to the clients
(Palliam, 2018). Then it becomes an ethical or the legal issue and evidences must be kept
when these actions are done during the communication.

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Managing Project Risk
The project risks must be managed by the creating a risk register, identification of the
risk, identifying the opportunities, determination of the impact and the likelihood of the risk
and regularly reviewing of the risks (Fernando et al.,2018).
The project manager should manage the opportunity in the project. The opportunity
management in the management of project include:
 Taking the opportunity in order to identify and reward the success
 Taking the opportunity in order to offer and then ask for the feedback
 Taking the opportunity in order to network with the managers of project those are
professional in the field related to the lessons those are learned
 Taking the opportunity in order to use and then involve the senior leadership and the
sponsor of the project
Updating and analysing the risk
The project manager is required to develop a risk register where the old and the new risks
are to be analyzed and updated (Steyn, 2018). There are various methods and techniques in
order to identify and analyse the old and new risks:
 Checklists
 Lessons learned
 SWOT analysis
 Brainstorming
 Delphi method
 Analysis of assumptions
After the risks are identified, the risks are then updated in the risk register so that the
intensity of the risk is identified.

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Business Opportunities
The business opportunity that the project can create is outside storage. This project
will also develop a new base of customers in the market that has less competitors.
Financial Impact
The financial impact of the project is that there will be an increase in the assets of the
project and an increase in the liabilities to the assets. There will be an increase in the profits
and the revenue of the company due to the increase in the base of the customers.
Expected Results
The expected results of the project are that the product will have a new base of
customers and the company will have extra profit and revenue from the project. The product
will have an important position in the market and it will help the company to gain a
competitive advantage.
Adding Value
The values that will be added by the customers include the following:
 The customer needs will be fulfilled
 The issues and the risks of the project will be mitigated
 The project will be delivered on time
 The project will have a strategic outlook
Potential Impact
If the project is not finished well, the potential impact of the company will be that the
company will run in loss, it will lose its customer base, and the stakeholders of the company
will not be satisfied.

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Conclusion
The report concludes with the various of opportunities and the risks of the project
those are very important for the project. The communication and the mode of communication
are also discussed in the report. The project should be made proper and it should be properly
handled by the project manager so that the project is successful and can earn extra profits and
revenue.

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References
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