Managing a Successful Business Project Sample

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Managing a Successful Business Project

Introduction

The complete assignment is about the creation and marketing the new brand of manufacturing the new shoe product for the company “Barker Shoes”. Being the product design manager of “Barker Shoes”, the project plan, policies, strategies and all the other aspects are being discussed in this assignment. Since 1880, “Barker Shoes” is manufacturing the good quality shoes and serving the best services to its customers. It was established by “Arthur Barker” to build up the new & finest shoe stores in “Northamptonshire”. Effective research has also been conducted and the efficient methods are been evaluated to accomplish the aims & objectives of project plan of the company.  

LO 1

“Barker Shoes” aims in manufacturing the innovative combination of the shoes including the effective design, using of the goof quality materials and the most efficient craftsmanship. The high quality & comfortable shoes are being delivered by the company to its existing customers at the reasonable prices and also attracting its potential customers.

P1. Devise project aims and objectives for a chosen scenario.

The aims & goals of “Barker Shoes” are the actual outcomes of the project plan which are clearly mentioned in the plan. All the stated goals must be measurable & achievable so that they may be achieved in the specified time limit. The multiple objectives of “Barker Shoes” are described below:-

  • To enter & establish the new shoe stores in the developed countries and well-established markets.
  • Maintaining the effective and high standard quality of shoes for attracting the potential customers.
  • Conducting all its operations in accordance with the social cultural and ethical values of the society and fulfilling all the responsibilities for securing & preserving the environment.
  • To increase and earn the large amount of profits in the company with ensuring the complete satisfaction to the customers.

P2. Produce a project management plan that covers aspects of cost, scope, time, quality, communication, risk and resources.

Before sharing and communicating the effective plan of “project management” to all the stakeholders of the company, “Barker Shoes” is required to identify & evaluate the level of risk which is being involved in the accomplishing the project plan. In order to successfully execute the project plan of the company, it is very essential for “Barker Shoes” to implement the most effective management plan for the project. The standard time limit, policies and all the steps of procedure will be specified in that plan. All the necessary aspects are being considered in the effective plan of the project of “Barker Shoes”:-

Cost:Each and every activity in the project must be properly allocated with the effective amount of cost to be incurred on them. It is to be ensured by the managers that the amount of cost must be balanced in accordance with the total time of duration being incurred on completion of the project. The excess and ineffective amount of incurring costs can be eliminated with the proper allocation of cost.

Particulars

Cost (in Pounds)

R&D Operations

1500

Data collection and analysis

500

Procurement of Resources

2000

Miscellaneous

300

Scope: As all the objectives and aims of “Barker Shoes” are been clearly defined in the project, hence these all can be effectively achieved by the company. The main task of the managers of “Barker Shoes” is to make everyone aware about all these goals to effectively achieve the organizational goals (Kenton, 2018).

Time Period: All the activities of the project must be achieved in the defined time period, because then the project will be of no use after the specified time interval will get diminished. Like cost, time is also the most important aspect. Not achieving the project within the standard time can increase the amount of cost to be incurred.

Quality:Besides the essential above factors, developing & maintaining is also the essential aspect which is very necessary to be specified in the plan of project. The standard quality must be stated in the plan which must be achieved by the employees of “Barker Shoes” so that the large number of customers can get attracted towards the organization because of which the sales will be increased(Johnston, 2014).

Communication:It is very necessary for “Barker Shoes” to ensure and enhance the effective communication in between all the stakeholders of the company, so that all the necessary information, innovative ideas, policies and effective strategies must be shared among all in an efficient manner. All the queries and problems of the employees can also be resolved with the help of effective communication.

Risk: All the quantitative and qualitative risks must be identified, examined and evaluated in the plan so that the activities of the project must be accomplished accordingly.

Resources:The resources of “Barker Shoes” must be allocated and utilized very effectively so as to eliminate the excess amount costs on the complete project. The technological and human resources must be efficiently used to achieve the goals.

P3.Produce a work breakdown structure and a Gantt chart to provide timeframes and stages for completion.

The complete project management plan of the company is being effectively organized in the small groups with the help of “Work Breakdown Structure” in order to define and identify the tasks to be assigned in the complete organization. All the tasks associated with the project can be easily explained and evaluated by all the team members of the project. In accordance with the factors of cost and time, the budget and the standard schedule of the project can be developed effectively for each and every budget or the activity. The breakdown structure for the project of “Barker Shows” has been shown below:-

Managing a Successful Business Project

In order to present and display the complete tasks according to the specific standard time limit, the “Gantt Chart” is the most effective tool for project management which can be utilized for displaying all the tasks in the organization. All the organizational tasks are being displayed and represented with the help of bars in which all the necessary information is being included such as the starting date of the project, its complete duration and the closing date for the completion of tasks. All the complexities in the important information can be resolved in an effective manner and also which can be managed very easily so as to enhance the increased productivity in the complete organization. The “Gantt Chart” for the project of “Barker Shoes” is shown as below:-

Managing a Successful Business Project

M1: Produce a comprehensive project management plan, milestone schedule and project schedule for monitoring and completing the aims and objectives of the project.

The comprehensive management plan of the company “Barker Shoes” includes the “Milestone Scheduling” because of which the effective growth and progress in the project is being ensured in the accordance of all the planned and well-defined activities of the organization. These activities of scheduling enhances the proper estimation of time period very accurately and efficiently so as to complete the project of the company. The proper scheduling of milestone in order to monitor the project of “Barker Shoes” is being provided below:-

Managing a Successful Business Project

LO 2

P4. Carry out small-scale research by applying qualitative and quantitative research methods appropriate for meeting project aims and objectives

It is to be focused that the “Quantitative Research” only includes the quantity for the things in the organization. Whereas, on the other hand, the “Qualitative Research” includes the quality for all the things concerned with the overall organization. According to Coolican, the most effective and chosen statistical methods are being utilized in conducting the quantitative research which enables in concluding the efficient concepts of the complete organization from the large sample files. But sometimes, these researches do not give the appropriate and correct information in the context of “sample homogeneity”. By comparing both the methods of research, it has been identified and noted that the qualitative method is the most effective method as because it includes the “deep insights” and all the possible perceptions of all the participants in the company. According to Johnston, it has been evaluated that both the research methods, i.e. Quantitative and Qualitative are inter-related and also inter-linked with each other, as because with the relevant quantitative research methods like the questionnaires and open-ended questions, the qualitative data can also be collected in an effective manner. In order to develop and promote the creative “Shoe Product” in the company of “Barker Shoes”, the small-scale research was being implemented by the company for the effective completion of the company’s project (Johnston, 2014). The complete research at the small level includes both the quantitative and qualitative methods in order to conduct the efficient research among the people of the country.

Out of the large population, the determination of the effective relationship in between one dependent variable and one independent variable can be enhanced with the help of “Quantitative Research”. This type of research includes the effective experience and is more subjective method. Only logical and the numerical form of data is being considered in the quantitative method. It only consist that type of data which can be measured in terms of numbers. According to Johnston, that information or that data is not included in this form which cannot be measured and managed systematically.

 “Barker Shoes” applies different appropriate methods in the context of quantitative research, these are:-

Questionnaires: An effective list is being included in the form of questionnaires which are to be presented to all the participants so that they can answer those questions in an effective manner. This method is used by the companies frequently to collect the data.

Observations:Under this method, a keen observation is to seek out by the company on the nature and behavior of the people during the particular situations in order to gather efficient data. The numeric data and information can be collected by conducting the “simple observations”(Kerzner and Kerzner, 2017).

Interview: This method enables, ensures and enhances the verbal communication process among the various researchers and all the participants. The interview process can be in both forms, i.e. “structured or unstructured”.

Records: The Company can also collect the statistical and numeric data from the “secondary sources”, either from the organization’s records of from the internet.

The Questionnaire Implemented by “Barker Shoes”

  1. Which is the most competitive company for “Barker Shoes” in order to develop the category for new product?
  • Adidas
  • Bata
  • Nike
  • Sparx
  1. What types of “Barker Shoes” do people look out for?
  • Casual
  • Party
  • Formal
  • Running
  1. Which is the most effective feature being preferred by various people?
  • Flexible
  • Design
  • Comfort
  • Light weight
  1. How do people purchase the products of “Barker Shoes?
  • Online
  • Physical stores
  • Up to how much level the people are satisfied with the existing products of “Barker Shoes”?
  1. How People Feel About the Products of Barker Shoes?
  • Very Satisfied
  • Satisfied
  • Neutral
  • Dissatisfied
  • Very Dissatisfied

The effective conversational process is being emphasized during the process of “Qualitative Research” in order to collect the data effectively and efficiently. Under this method, the open-ended questions are being utilized by the company researchers. The numeric or the statistical data is not being used in this method, whereas the qualitative data is appropriately collected in the form of pictures, graphs and through the simple organizations (Tavakol and Sandars, 2014). The thinking of the people and the reasons behind their thinking are also considered, identified and evaluated through this qualitative method of research. Following are the qualitative methods which are being used by the company of “Barker Shoes” in order to accomplish the organizational goals:-

Selected Groups: In this, out of the target markets the most effective group is to be selected by the company with whom the efficient conversation will be incurred in relation to the issues of researches.

The Case Study: The various multiple sources of collecting the data can be used in this method in order to enhance the appropriate understanding and also the different events and programs can be describes and encourage through this effective method.

The Grounded Theory: The reason behind the happening or occurring of any kind of events can be determined and evaluated with the help of this method of “Grounded Theory”.

M2. Evaluate the accuracy and reliability of different research methods applied

In the context of factors of reliability and the accuracy, both the suitable methods of researches, i.e. qualitative and quantitative which are being used by the company for collecting the efficient data and information. The essential and the most significant features of equality, stability and the homogeneity are contained in these research methods because of which these are more reliable, accurate and also very beneficial for achieving the organizational goals. In order to eliminate the biasness in the method of research, it has been collaborated with various other researches and methods. Besides these effective points, all the other different perspectives and unique point of views are being involved and considered by the company in the form of “Triangulation” so as to develop and create the more innovative findings which are more highly comprehensive (Kenton, 2018). All these effective strategies are being adopted by “Barker Shoes” so that the accuracy, efficiency and the reliability can be accessed and enhanced in both the methods of conducting “Small-Scale Research”. “Barker Shoes” has applied both the sources of data, “Primary and Secondary”.

D1. Critically evaluate the project management process and appropriate research methodologies applied

Various effective advantages are being provide with the help of conducting the “quantitative research” such as enhancing the effective “cost-benefit analysis”, the effective and valuable approach and ensuring and maintaining the high accuracy in the value of risks. But, on the other hand, the points such as the lack of preciseness, consuming an utilizing the more amount of time and cost, all these disadvantages or the negative points can give and show the improper and ineffective perceptions and hence may give the false impression (Ebarefimia, 2014). On the other hand, through the qualitative methods the categories of risks can be easily determined and eliminated on time. But sometimes, this method of research may give the “biased results” and it is also less efficient and effective in the comparison of quantitative methods of research.

LO3

P5. Analyse research and data using appropriate tools and techniques

Research Question 1: Most Competitive Company for “Barker Shoes”.

Managing a Successful Business Project

Analysis: This questionnaire was conducted with 100 people out of which 45% people consider Nike to be the most competitive company for Barker Shoes. Sparx ranked second with 25% followed by and Adidas with 20% and Bata with 10%. This means that Barker Shoes will have to face the strong competition with all these companies but Nike is the strongest competition.

Research Question 2: Purpose of “Barker Shoes”.

Managing a Successful Business Project

Analysis: The majority of people desire to have Barker shoes for the formal purpose with 35%. However, 18% of people will purchase Zara shoe for the purpose of jogging, gym or running. About 20% people support the casual purpose and 27% people want Zara shoe for the party. This means that Zara will design a shoe for the formal purpose (Jugend and Silva, 2012).

Research Question 3:Most Effective Feature of “Barker Shoes”

Managing a Successful Business Project

Analysis: It is visible with the help of Graph that people find comfort to be the most likely feature with 35% majority. Only 25% of people consider the designer shoes, while 20% of people look for flexibility that should be in the shoes of Barker Company. The feature of light weight being is preferred by 20% of the people that show that Barker Shoes should consider the feature of comfort most (SurveyMonkey, 2018).

Research Question 4: Ways of purchasing the “Barker Shoes”

Managing a Successful Business Project

Analysis: It has been evaluated that 30% of the people prefer to purchase Barker products through physical stores while 70% of them visit the online websites for buying its products(Schimmoeller, 2012).

Research Question 5: Satisfaction level of people for purchasing the “Barker Shoes”

Managing a Successful Business Project

Analysis: This analysis shows that approximately 70% of people are satisfied with the products of Barker and 15% people show that they are highly satisfied. About 10% of people are neither satisfied nor dissatisfied with “Barker Products”. Contrary to this, 3% and 2% people are dissatisfied and highly dissatisfied respectively with the products of Barker.

P6. Communicate appropriate recommendations as a result of research and data analysis to draw valid and meaningful conclusions

Following are the recommendations which must be applied by “Barker Shoes”:-

For implementing and conducting the effective research in the market, “Barker Shoes” adopts the effective combination of both the research methods.

During the initiation process the qualitative research must be implemented and after receiving the qualitative outcomes, the quantitative method of research must be implemented.

A familiar relationship must be established with the potential customers while using the qualitative research.

The appropriate balance must be incurred among both the research methods. The features of research “validity and reliability” must be ensured at each level of activity while conducting both the researches.

It is to be noted that setting up the aims and objectives of the company is very essential as because it provides the guidance and proper direction towards which the company must move. The effective tools and technologies must be utilized by the company with the help of which unnecessary cost can be eliminated and the accurate results can be enhanced by the company (Schimmoeller, 2012). As it is very difficult to look out which method is more suitable. Hence, “Barker Shoes” must choose that research method which is more suitable for its organizational goals and in developing its new product of shoe.

M3. Evaluate the selection of appropriate tools and techniques for accuracy and authenticity to support and justify recommendations

For easy understanding, the tools such as the bar graphs and pie charts can be used by “Barker Shoes”. The online websites on the internet, using the smart phones can be accessed by the company. As the list of open-ended questions or the complete list of questionnaire can be sent through e-mails and the answer can also be received through it. With conducting the process of effective surveys and selecting the efficient groups, the balance can be maintained in between both the methods. As the use of technology is more these days, hence “Barker Shoes” must gain its customers with the help of technologies only (PETERMAN, 2018).

LO 4

P7. Reflect on the value of undertaking the research to meet stated objectives and own learning and performance

Through implementing the complete assignment, I have learned that it is necessary for the companies to conduct and implement the effective strategies with the help of which the defined goals can be attained. In order to establish the new product in the economy, the complete information is needs to be gathered about the trending needs and requirements of the different people of the country. I have learned about both the research methods (qualitative and quantitative) that can be conducted and implemented in order to gather the effective and correct information.

That research method must be selected by the company which is suitable according to the current position of the company. The completed assignment has given me the complete experience to know about the changing needs of the customers and to attract the large number of potential customers. I have also learned about how can the feedback be implemented and considered of various customers in an efficient manner so as to eliminate all the possible deficiencies (Yilmaz, 2013). I have also experienced that the increasing competition in the market must be considered and the effective policies must be framed accordingly

M4. Evaluate the value of the project management process and use of quality research to meet stated objectives and support own learning and performance

The complete process of project management must be so much effective so that no need should be arises to implement the effective measures or take the necessary actions. But “Barker Shoes” must constantly review the performance at the each level of activity so that all the possible deficiencies must be identified and also which can be controlled on time with implementing the effective measures and taking the appropriate actions.

The performance for each and every department must be reviewed and also every employee’s performance must be checked and ensured within the regular time intervals and the effective training must be provided to each one of them so that they can enhance the performance and complete their tasks in a better way.

D2. Critically evaluate and reflect on the project outcomes, the decision- making process and changes or developments of the initial project management plan to support justification of recommendations and learning during the project

Only reviewing the employees’ performance is not the thing which must be considered by the managers of “Barker Shoes”. It is very essential for the managing department of the organization to implement only those decisions which will surely create a positive impact on the overall organization. Also it must be ensured by the organizational managers that in order to develop the new product, the existing image of the company and the existing sales must not be influenced or negatively impacted. The proper and efficient balance must be maintained among all the levels of department and also in the overall organization (Yilmaz, 2013).

Conclusion

The complete assignment is about the development and implementation of the new product of shoe of the company “Barker Shoes”. All the strategies and methods of research must be effectively utilized by the company and the decisions must be implemented accordingly. The performance must be reviewed during the regular time intervals and then the effective measures must be taken and applied according to it.

References

  • Ebarefimia, U. S. 2014. New Product Development Process And Its Impact On Business Performance. The Business and Management Review.4(4).
  • Johnston, M. P., 2014. Secondary Data Analysis: A Method of which the Time Has Come. Qualitative and Quantitative Methods in Libraries (QQML). 3. pp 619-626
  • Jugend, D. and Silva, L. D. 2012.Integration in New Product development.Journal of Technology Management &Innovation.7(1).
  • Kenton, W., 2018. Project Management. [Online] Investopedia. Available at:https://www.investopedia.com/terms/p/project-management.asp[Accessed 27 Dec. 2018]
  • Kerzner, H., and Kerzner, H. R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons
  • Noble, H., and Smith, J., 2015. Issues of validity and reliability in qualitative research. [Online] Ebn.bmj. Available at: https://ebn.bmj.com/content/18/2/34 [Accessed on 27 December 2018]
  • Oduola, M. O. and Yakubu, A. M. 2017.The Challenges of New Product Development in a Developing Economy.Advances in Research.10(4).
  • PETERMAN, R., 2018. What is Project Management? [Online] Project-management. Available at: https://project-management.com/what-is-project-management/ [Accessed 27 December 2018]
  • Schimmoeller, L. J. 2012. Success Factors of NPD.Advances in Production Enginnering&Management.5(1).
  • SurveyMonkey, 2018. Understand Qualitative vs Quantitative Research. [Online] SurveyMonkey. Available at: https://www.surveymonkey.com/mp/quantitative-vs-qualitative-research/[Accessed on 27 December 2018]
  • Tavakol, M., and Sandars, J., 2014. Quantitative and quantitative methods in medical education research: AMEE Guide No 90: Part 1. Med Teach. 36(9). pp 746-756
  • Venkatesh, V., Brown, S., and Bala, H., 2013. Bridging the qualitative-quantitative divide: Guidelines for conducting mixed methods research in information systems. MIS Quarterly. 37(1). pp 21-54
  • Yilmaz, K., 2013. Comparison of quantitative and qualitative research traditions: epistemological, theoretical, and methodological differences. European Journal of Education. 48(2). pp 311-325

Appendix:

Project Log Book:

Week No.

Date Identified

Update on weekly research (including new ideas or change in project direction)

1.

Week 1

In this week I have just came cross the lessons and learning on managing successful project which is very important to study and understand during launch of any new product. In this week we have been assigned a task to think and create and market a brand new summer shoes which can compete with other big brands also. This one week has been focused on Initiation Phase i.e. Idea Generation and Idea Screening. Here, after completion of this week Idea Generated is to produce a shoe named as Barker Shoe that provides quality and uniqueness.

2.

Week 2

After, Idea Generation and Idea Screening the next thing that comes is planning phase. During this week all related roles, responsibilities, resources and other things related to launch of new products has been be planned. Primarily, research and designing has been done in this week which is another most significant part of the research study. It is studied that proper planning leads to proper executions therefore, all necessary things related to resource acquisition, allocation, etc. has been done in this week. During this week, I found that people have tremendously knowledge about market trends and customer preferences because these are the elements which are mainly demanded at the end of day.  

3.

Week 3-4

Next after planning here comes the execution as well as controlling phase which is carried out in this week. Execution and controlling combined requires a lot of time period for successful completion. In this phase activities like product development, testing, analysis and others have been done. For a product to be successful in market it is essential to have a proper implementation of it. I developed the new product with the help of my entire team and started testing it in the market by providing samples to known and neighbours. After, testing has been done I analysed that respondents are liking and interested towards such product and we should start its manufacturing finally.

4.

Week 5-6

This week is all about closing week where final preparations has been done in regards to product launch. In this week I promoted, marketed my product so that people are more aware about launching of this new product. I monitored each and every progress that has been happening so far and will be required for the time of final launch. This phase also requires huge cost such as 1000 pounds for advertising and product of new product that is going to be launched in London Fashion Week.

5.

Week 7-8

This week is the product launch week where, I and my team are ready to showcase our new product in front of the people. During this week I was highly stressed out as most of the time there is a risk of acceptance and neglect of product by the consumer. Showcasing on the digital platform is not an easy task and to serve the needs and desires of each and every people is quite difficult. Developing, creating perception, gaining interest are some of the activities which are the main motto for this week so that more and more customers can be attracted towards the respective product.

Performance Review

What was the Project supposed to accomplish?

The initial phase of the project includes the developing and creating the innovative demanding shoe product in the company of “Barker Shoes”.  

Did the project succeed in its aims/ how do you know? Specifically, please outline any evaluation and assessment undertaken.

The digital marketing can be effectively implemented and all the mechanism can be improved in the company which will increase the productivity in the business

What things do you think worked well and why? Evaluate all aspects of the project (e.g initial inception, project activities and project outcomes) from a range of perspectives.

The effective available resources and effectively utilized and timeline can be edged for each level of activity in the mission.  

What problems emerged during the project and how were they tackled? Was there a timely identification of issues and resolution during the project process?

Some employees do not take the aims seriously and delay their execution of work performance which delays the whole process of completing the task (Suzuki, 2017).

What did you learn from undertaking the project?

Managing the team properly, utilizing the available resource effectively, implementing the efficient structure, and ensuring the complete process of monitoring in managing the project.

How would you rate your performance as a management consultant leading the project?

The examined performance must be done effectively so as to achieve and conduct the each activity of the complete task in a proper manner and in the specified time limit which is already defined.

What strengths and weakness of your performance did you identify?

Communicating in an effective manner is the greatest strength of mine, along with working in a complete team.My weak point is not able to control the workers and employees in a strict manner.

How will this inform and support your continuous professional development?

The continuous and effective learning process helps in the professional expansion can be supported and informed very easily, and hence fulfilling the efficient responsibilities.

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