Unit 6: Managing a Successful Business Project assignment Sample – BTEC-HND-LEVEL 4

Introduction

The overall aim of this unit is to study and analyze the project management plan of an organization. A company was running successfully till it faced a public backlash. The situation of the business deteriorated to an extent, so the manager decided to restructure the organization. The organization plans to start afresh, and it will be ethical and socially responsible.

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The manager needs to identify the goals and objectives of the business plan and prepare a project management plan for the new business proposal. The research will rely on a mix of strategies, plans, and procedures. It will interview to collect responses and analyze the responses using techniques and tools. In the end, it evaluates the entire project management plan.

1.2. Components of the business management plan

Objective and goals of the project

The main objective of the project management plan is to restructure the organization to overcome the backlash. The company plans to start afresh and be ethical and socially responsive.

The business management plan will help the company to meet its objectives. The goals of the business are as follow:

  • It plans to start afresh.
  • To emerge as an ethical business
  • To become socially responsible
  • Cost: To complete the entire project successfully, the company needs to invest some amount of resources and money. It’s known as an aspect of the organization. Project cost relies on certain factors like labor rates, resources, cost of raw materials, and risk estimates.
  • Scope: The scoping aspect of the project refers to the result received at the successful completion of the project. Management needs to identify the scope of the project to maximize the benefits of the management project outcome. Inherent quality maintained in the project is the success measure of the scope.
  • Time: Actual time refers to the production of the deliverable project. The amount of resources allocated has a direct relationship with the required time and scope of the project.
  • Risk: Project risk management includes the necessary steps taken by the manager for probable risk mitigation. It considers the measures taken by management to overcome obstacles that may arise in the future.
  • Quality: Quality management of the project is the process of ensuring that management gets activities done most effectively.
  • Resource: Resource plan, utilization, and availability form vital components of resource management. Resource availability depends on the number of resources assigned to the project.

Gantt Chart

The main objective of the project management plan is to restructure the organization, so the work breakdown form of the organization should include the following:

  • Define the scope of work for rebranding
  • Set up a control baseline for the project
  • Measure the objective as the work of the rebranding gets done
  • Management needs to collect, report and define information At the appropriate level.
  • Analyze whether the rebranding project plan will affect the business or not.
  • recognize and assess the obstacles or challenges due to rebranding of the organization.
  • Figure out the solution to the problem

 

  • Acknowledge the scope of the project management plan

Senior management thinks that the rebranding of the organization is necessary to increase sales, and defines the scope of the project management plan. It takes one week to get the work done.

  • Ability to assign the task to carry out the rebranding project

It interprets the measures taken by the management to complete the task. It defines how rebranding takes place, steps taken to rebrand the organization, and features of the project. Management takes two weeks to get the work done.

Control baseline for the project management task

The manager of the organization is in control of the Project Baseline. The project is not devoid of risk. Project manager to find out ways to overcome the risk. Management takeS 1 week to get the work done.

  • Identify the objectives as the branding project gets completed

The project manager needs to assess whether it meets the objectives Of the branding project. Management takes one week to complete the task.

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Collects, Define and analyses Information to the appropriate level as needed

In this step, information gets collected, analyzed, and defined by the management. Management plans to go through a research process, which comprises two main procedures: qualitative and quantitative. Task takes one and ½ weeks to get completed.

  • Analyze whether the branding project will affect the company or not

In this step, the rebranding task will get tested by the organization. Management figures out whether the branding project affects the organization or not. This task takes two and ½ weeks to get completed.

  • Figure out the risk and problems due to rebranding of the organization

Managers need to find out the solution to the challenges or problems after analyzing the rebranding project. It takes one week to complete the task.

  • Find out a solution to the problem.

In the last step, managers figure out a solution to the problem after testing the rebranding project. Management takes one week to complete the task.

  • Small-scale research on the quantitative and qualitative method

To find out whether the rebranding project is effective or not, management conducts small-scale Research. The project manager uses combined methodologies to meet the objectives of the project.

Applies both qualitative and quantitative methods. Additionally, it interviews to collect the responses. It forms a Questionnaire based on the objectives that make the company socially responsible and ethical. About 15 respondents will take part in the survey, the target population consists of current employees of the organization.

  • Qualitative research: An open-ended questionnaire gets formed in qualitative research. primary and secondary are the two types of data to get collected in this research. primary data gets collected through a telephonic interview taken by the senior manager of the organization.

The researcher collects secondary data from reports, case studies, and journals.

  • Quantitative research: a closed-ended questionnaire gets formed in quantitative research. The questionnaire follows a Likert style. In this research, two types of data get collected. management uses Google form to collect primary data.

Reliability and accuracy of the qualitative and quantitative research

  • The project manager uses Reliability and validity to determine terms like the two terms like Qualitative research and quantitative triangularization. Qualitative research helps the management to address the confusing Situation. reliability and validity are the two aspects of Quantitative research. responses collected from the interview Explore the opinion of the participants. some respondents will likely not give the appropriate information. Quantitative research observation will reveal that participants may give similar responses.
  • Evaluation of the project management plan

The project management plan has several advantages. It defines the project in detail and Establishes the objectives and scope of the project. Likewise, the plans find out the Major milestones, while Considering the project schedule. It helps the manager to find out the probable risk associated with the project.

The project management plan is not free of limitations, As it is expensive and time-consuming.

  • Combined Methodology

Project management Research follows a mixed methodology. Qualitative and quantitative research has both advantages and disadvantages. Quantitative research allows the management to collect feedback from a diverse group of people. However, the Qualitative project is likely to overlook important issues and take more time than expected. Quantitative research is time and cost-effective but requires an ample volume of samples.

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Data analysis

A project management plan needs two types of data: quantitative and qualitative data. Management analyses data in two alternative ways. It starts with assessing the research findings and helps the researcher to concentrate on the specific observations. Research needs to examine the responses time and again. After observing the responses, he needs to go through the transcription process. Management needs to analyze the Numerical data using tools like SPSS and Excel. It helps the project manager to shape his explanation in univocal directions.

Research outcomes make the management realize that ethical performance and Corporate social responsibility of the company is low.

Why does management conduct a mixed methodology to collect feedback from respondents?

If the researcher carries out quantitative or qualitative research methodology, there might be a lack of information that’s applicable in real-life scenarios. But, the combined methodology provides a complete picture of the occurrence. As management collects data in both ways, it minimizes the likelihood of missing information. The survey analyses all aspects of responses with a wide range of questions. Mixed methodology gets rarely followed due to lack of knowledge and resources needed to conduct the research.

Evaluations of tools and techniques needed to conduct data analysis

  • Descriptive Analysis

Analytic processes should start with the descriptive analysis method. It helps the management to identify and analyze the problem and figure out a solution. The project manager manipulates, and interprets raw data from multiple sources and turns it into valuable insights for the organization.

It is important for the management to perform data analysis, as it presents data in a well-organized manner. The analysis makes data organized so that you can conduct further analysis on it.

  • Exploratory analysis

exploratory analysis establishes a relationship between the data and Variables. Descriptive analysis helps to organize data collected by the management.

The explorative analysis enables you to connect and find Solutions and hypotheses to the problem.

The exploratory analysis finds its application in data mining.

  • Diagnostic analysis

The diagnostic analysis is the most important type of data analysis. Empowers the Business executives and analysts to find out the reason behind the occurrence of an incident. If you know how and why it happened, you will find out the ways to overcome the problems or issues

Diagnostic analysis helps to find out solutions to the problems. After retail Analytics, it is one of the most important methods used in research.

Predictive method

predictive analysis helps to Look into the future and find out the outcome of An incident. To do so, it uses results from the descriptive, diagnostic and exploratory analysis.

The predictive analysis finds its application in machine learning and artificial intelligence. It helps to release future trends, Casualties, and connections in your data.

Predictive analysis helps you to Develop and unfold initiatives that won’t only increase Organisational efficiency, but also help you to gain a competitive advantage.

The predictive analysis makes you understand the reason behind the occurrence of an incident. Thus, you will be able to realize how things affect different aspects of your business.

  • Cluster analysis

Cluster analysis of the act of grouping elements such that the said elements are found to be similar to that of the Other groups. As cluster analysis is free of target variables, it helps to recognize implicit patterns in the data. Provides added help to datasets or trends.

Let’s take a look at cluster analysis from a business context. Marketers analyze the requirements of the customer and provide them with the personalized services, But, with a large customer base, it becomes impossible to understand the customer demands and serve them accordingly. It is when clustering comes in handy. By grouping customers based on purchasing behavior, regional demography, management would be able to optimize its marketing efforts and improve the customer experience.

  • Cohort analysis

Cohort Analysis is an important tool that helps to understand the effect of marketing campaigns on the target audiences. For example, you plan an email marketing campaign that asks the customers to log in to your website. Management develops two versions of the campaign with different layouts, ad Content, and more. It uses cohort analysis to track the performance of the marketing efforts for a longer period to find out the type of content that encourages your customers to make purchases and log in.

What are the stages in the Project Life cycle?

Whether you are working on a Project with modest business goals or a multi-departmental initiative with extensive Corporate implications, You ought to understand the project development life cycle.

An in-depth understanding of the life cycle is essential to keep your project organized and on track from start to end.

Conceptualization

In this development life cycle state, the project gets conceptualized and planned. Management develops an idea or concept And identifies the future scope of the project.

Planning

In this life cycle stage, the Planning of the management does the Initial planning of the project. It includes breaking down the project into smaller tasks, team building, and scheduling the assignments. Create smaller goals within the large task, and make sure that each gets completed within the deadline. Smaller goals come backed by a larger success ratio.

The project planning steps may include the following:

  • Recognize the timeline of the project, including all the phases, tasks to be performed.
  • Streamline processes using swimlanes, and ensure that your team members understand the responsibility and roles in the project.
  • Utilize cost estimates to Identify the amount that you need to invest in the project to maximize the return on investment.
  • Develop your team using external and internal talent pools. Ensure that all the members have the necessary tools to get the task completed.
  • Identify the bottleneck that might Cause Your project to halt While planning to mitigate the risk. Make sure that you’re maintaining the quality Timeline of the project.
  • Conduct meetings, discussions, and outline the project, so that the team members get back to work.

Conclusion

This assignment outlines the stages involved in project development and management. It describes the attributes and importance of project development. Quantitative and qualitative methods of analysis are used to collect data from consumers. The survey gives an insight into the market trends, customer requisites. Management conducts small-scale research, wherein the methods get applied to evaluate the reliability and accuracy of the research. It analyses the business plan, to keep a record of the progress in the organization.

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