Managing successful business project Assignment Sample

Managing successful business project  Sample

Introduction:

The appropriate methodology of the project management in context with modern global business scenario is one of the essential aspects of the growth and sustainable business development. Globalization affects the outlook of the business development in terms of expansion, gaining competitive advantage and market presentation. Therefore, managing effective project approach and implementing the outcome in new market enables the organisation to establish a farm and concrete platform in the market. Therefore, controlling and monitoring the project for accurate outcome would be a significant aspect of contemporary global companies. Modern multinational organisations implement various approaches and methodologies to yield accurate and comprehensive outcome to understand the trend, customer preferences and future prospective of the product in current market perspective. Tesco Plc has been chosen as the model multinational organisation to develop comprehensive understanding of the topic. Tesco is currently planning to expand the business in new market with new product lines which need extensive research and analysis with appropriate methodology and approach. The current new product which Tesco has been planning to lunch in new market is newly developed market. The current context is to understand the research and approaches associated with lunching of new product in the new market. The comprehensive development of the proper knowledge in the current context is essential in terms of future prospective and business development.

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L01. Establish project aims, objectives and timeframes based on the chosen theme.

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

Project aims and objectives-

Aims:-

To study the impact of globalisation on the business and plan a launching of international expansion of Tesco’s retailing stores in the international market such Tunisia and Egypt.

Objectives:-

• To understand the process of globalisation and its potential impacts on a business organisation
• To prepare a work breakdown structure and timescale for the processes that are required for the launching of the retailing stores of Tesco.
• To carry out primary research for data collection to study the stakeholders’ perspective about Tesco’s decision to enter in the international market.
• To provide recommendations to the organisation to have a successful launch in the international market.

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

A project management plan is created for understanding the business determinants and the underlying processes governing each of these determinants. Every multinational company endeavour to establish a prominent position within the global spectrum. The international market reach is the ultimate target they wish to achieve through appropriate business intervention. As the present project states the impact of globalisation upon Tesco Plc is tried to be envisaged. The development of a proper project management plan shall help Tesco to conduct their international ventures adhering to the globalisation approach. Each attribute encompassing the project management plan shall include the cost, scope, time, communication, quality, resource and risk factors.

Cost: Tesco Plc is necessary to make an estimate of capital kept as assets with their organisation to plan business ventures in foreign lands. It is necessary that a strong resource planning shall enable Tesco to build up international trade in an effectual manner. The expenditures have to be estimated by researching the costs of products in those intended nations. The labour rates, the taxation rates, bills of materials necessary to procure resources have to be maintained.

Scope: In terms of scope of Tesco Plc varied foreign nations shall provide diverse opportunities for trade in their lands respectively. It is necessary that the level of competitive advantage is successfully established across all foreign nations while addressing the globalisation business approach. The needs of customers from foreign markets have to be researched and understood. The orientation of products within Tesco Plc has to suit those demands.

Time: Tesco Plc being an already performing globalised brand is necessary to prepare a time schedule to address the foreign locations that have still not been approached. Within a time span of two years in future Tesco shall be able to establish their international business ventures adequately.

Communication: Tesco is necessary to make their audiences aware of their future ventures of conducting internationalised approach. The customers belonging from each of those countries have to be communicated so that the customers are able to ready for accepting the business venture. Communicating the future business ventures to express plans for international expansion shall enable the company to understand the level of acceptance they will receive.

Quality: Tesco is popular across international levels for their effective business process within the grocery retailing industry. Tesco Plc has to keep the quality standards high to suit their marketing ventures across multiple nations.

Risk: every nation has own legislative policies, taxation rates, labour rates and trading rules. Each of these constructs might pose risk towards the company restricting business ventures. Holistic market research about the foreign nations intended shall be able to avoid chances of these risks of uncertain market situations.

Resource: Tesco Plc has to take account of available resources in the form of accessibility of grocery ingredients in those foreign markets. The international market shall not be equally feasible to extend same resource availability towards Tesco Plc.

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

Work Breakdown Structure

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

The main purpose of this research is to analyse the impact of globalisation on the social, environmental and economic aspects of the host nation. The practice of globalisation encourages the multinational companies to perform the operation of the business in several other countries and also in other regions of their country. The present purpose of the research is to become aware of both the aspects positive as well as negative effect on economic, social and environmental aspects on the multinational company Tesco. The Gantt chart shows the different stages are involved in this research. Certain specific processes are performed to reach every milestone. The operation of globalisation which is carried out by Tesco has to be deeply understood and side-by-side a deep understanding of the places where Tesco wants to operate are also understood. Moreover, discussions are also done dealing with the predicted affect that Tesco will face, its employees as well as its business operation will face because of prevailing diversity in every country’s business environment (Duffield et al. 2015).

LO2 Conduct small-scale research, information gathering and data collection to generate knowledge to support the project

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

The following research is focused on "Quantitative" and "Qualitative" research method. The former method is all about estimating and collecting quantitative data. On the other hand, the latter is all about calculating and collecting qualitative data. The quantitative data helps in concluding the project aspects and important sections from a large amount of sample. However, in any case, this method is not very suitable, especially where data regarding the behaviour and other qualities are needed. In such cases, qualitative data collection methods are used (Gillespieand Riddle, 2015). The sample size in this research method is very small. In order to collect the primary research, the field survey is done that aims at collecting both qualitative and quantitative data. The sample size is 50 and people will be selected randomly in order to avoid any data biases and discrepancies.

There are some research ethical consideration that is enlisted below:-

• Prior to collecting information, informed consent of people is taken.
• Confidentiality of the information collected is maintained throughout the research
• Best efforts have been taken to secure the data and make it free from any sort of biases.
• The identity of the people responding to the survey is not disclosed and it remains unrevealed.

Questionnaire

1. Can entering in international market for Tesco be beneficial?

• Yes
• No

2. What special product do you purchase from Tesco's store only?

• Kitchen
• Groceries
• Cosmetics
• All of these

3. Do you think Tesco has to change its marketing strategy in the international market?

• Yes
• No

4. What do you think is the best option for entering the international market?

• Licensing
• Merger and Acquisition
• Joint Venture

5. What do you think is the best method to promote services in the international market?

• Offline Campaigns
• Digital Marketing

6. The impact of globalisation on Tesco in the international market is ____________

(Positive or Negative)

7. What do you think about the effects of entering the international market on profitability?

• Increasing
• Decreasing

M2 Evaluate the accuracy and reliability of different research methods applied

Being a billionaire firm, the project manager needs to put extra focus on data accuracy and reliability in order to get the best results. The inaccurate and unreliable information collected might cost a lot to the company as an international market requires a large investment and with great investment comes huge risks. If the faulty data is put in the research analysis process, then this might cost a lot to the company. Hence, for the reliability and accuracy of the data, the simulation strategy has been used. Talking about data reliability, a statistical approach is used, wherein graphs and charts have been prepared to avoid any discrepancies.

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

Different successful benefits are given by the use of quantitative research. For example, for carrying out a cost-benefit analysis and carrying out risk assessment are two different concepts that can be conducted while maintaining high accuracy. On the other hand, cases like the absence of accuracy, devouring a using the more measure of time and cost, etc., can give and demonstrate the ill-advised and inadequate observations and subsequently may give the bogus impression (Ebarefimia, 2014). However, through the subjective strategies, the classes of risks can be effectively decided and disposed of on time. Be that as it may, now and then, this technique for research may give the "one-sided results" and it is likewise less productive and compelling in the examination of quantitative strategies for research.

L03. Present the project and communicate appropriate recommendations based on meaningful conclusions drawn from the evidence findings and/ or analysis.

P5. Analyse research and data using appropriate tools and techniques.

Out of 50 respondents, 72% of them believe that entering the international market might be beneficial for Tesco. This is due to a large customer base and market opportunities.

Out of all the products Tesco sells, 55% of the people purchase all types of products, such as groceries, cosmetics, and kitchen. 15% only purchase cosmetics, 10% of them purchase only groceries, and 20 % only purchase Kitchen products.

82 percent of people believe that Tesco should bring some changes in its marketing strategy, especially when it is planning to launch in the international market. The rest 18% of people believe that it should stick to its existing strategy.

Nearly 67% of the people believe that Joint Venture is the right option for the company to enter the international market. The rest 27% and 6% believe that mergers and licensing are the right choice for the company, respectively.

79% of the people believe the digital marketing is the right option for the company as it has high reach and is a cost-effective method in comparison to the offline campaign supported by only 21% of the people.

This question talks about the most important aspect of entering the international market i.e., profit-making. 85% of people believe that it will increase profits while only 15% believe that this won't make any difference.

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

Following are some recommendations for Tesco that might help in the international market. The first and foremost is that the company should focus on conducting and implementing effective market research in order to understand the current market trend. Next is related to the initiation stage. It says that qualitative research should be implemented prior to quantitative research and the outcomes of former research type can be used in the latter one. It is also advised that a friendly relationship should be established with the consumers while launching a new product or service in the international market (Johnston, 2014). The price and quality must have the right balance in order to maintain the sustainability of the company in the international market. The appropriate reliability and validity of the data collected from the respondents are must in order to have effective decision-making. The company is suggested to enter the international market by forming a joint venture as this has a higher potential and success rate along with low risk for the company.

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

The survey conducted in the previous section for collecting the primary data can be very important for the project of Tesco to enter the international market. This is because it can be used to accurately validate the needs and demands of the target customers and other market trends. In addition to this, Tesco can be able to determine which strategy is best for the organization while entering in South Korea. The survey was conducted from different sources, such as online and offline sources. This helps in reaching more and more consumers and stakeholders (Nicholasand Steyn, 2017). For that purpose, the survey was a bit close-ended and semi-structured. The data collected was fed into Ms. Excel for better analysis and ease of the analysis part. Research Design is additionally proper and suitable to inquire about a different aspect of the globalisation and its impact on the business. The overview measure was instilled as far as quantitative examination and the representatives of Tescowere responsible for explicit close-finished inquiries.

L04. Reflect on the value gained from conducting the project and its usefulness to support sustainable organisational performance.

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

The purpose of the current research is to expand globally and to identify the effect of globalisation on Tesco. To run its business operation effectively the specific objective set by Tesco will help to understand social, environmental and economic effect that will be laid on the company. The globalisation of the company is bound to lay positive effect for the company but it brings with it short comings and barriers also which has to be treated efficiently. Different countries follow different employment regulations and thereforedifferences in pay scale are identified in different countries and therefore employees working for the same company and doing same jobs get different wages. Moreover, the prevailing factor of inter country discrepancies in developing countries arises the feeling of exploitation within the employees (Reitz, 2018).

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

Some specific objective are stated byTesco for deep understanding of the impact that multinational company will facedue to globalisation in their business operation in different countries. The aims and objective that have been stated by Tesco are to be efficiently fulfilled and therefore researcher tries to assure that the project process pays full justice to it. To evaluate each aspect of research study effective selection of methodologicaltool is done. In order to get good results from analysis, justification against each selected tool is provided. The better understanding among the research readers is developed by the combination of both qualitative and quantitative research analysis (Salomon, 2016).

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

To make research study effective, within the project, planned structures and frameworks are inculcated. The whole study is done depending on the stated aims and objectives of the research. As a result of globalisation the research is done to understand the environmental, social and economiceffect on multinational company.Though globalisation is accepted and followed on a worldly basis but there is also a negative aspect of it. These negative aspects become visible only when the multinational companies start their business operation in other countries. Every negative effect of globalisation on the     host country is properly identified so that in future Tesco will deal efficiently with these negative aspects to flourish and grow its business operation of Tesco mobile in other countries also through globalisation (Steenkamp, 2017).

Conclusion

In summation, it can be said this assignment successfully established the fact that managing successful business projects includes implementation and breaking down of project deliverables into small sub-deliverables. Finally, during the time of delivering each of these sub-deliverables is adding to furnish a final outcome. It is also seen that in order to gain profitability, leading multinational organisation needs to expand their business operation across the globe. While doing so, the organisation may face many difficulties while acclimatising in the new environment. Starting from the legal barrier to the cultural difference, there are many obligations to accomplish a whole project. This is the reason why it is important to employ the management of successful business projects. This approach to handling diverse problem associated with a single project enables an organisation to ensure maximum productivity and utilisation of allotted resources. This will also help them to monitor each detail and take necessary action in case of a sudden emergency.  

References:

• AXELOS, 2017.  Managing Successful Projects with PRINCE2. Stationery Office Limited.
• Boyle, G., 2017.  Design project management. Routledge.
• Duffield, S. and Whitty, S.J., 2015. Developing a systemic lessons learned knowledge model for organisational learning through projects.  International journal of project management,  33(2), pp.311-324.
• Gillespie, K. and Riddle, L., 2015.  Global marketing. Routledge.
• Hansen, M.W., Jensen, P.D.Ø. and Petersen, B., 2016. 10. drivers and strategies of international service firms in emerging markets.  Handbook of Contemporary Research on Emerging Markets, p.223.
• Hillson, D., 2017.  Managing risk in projects. Routledge.
• Jeston, J., 2014.  Business process management. Routledge.
• Muller, R., 2017.  Project governance. Routledge.
• Nicholas, J.M. and Steyn, H., 2017.  Project management for engineering, business and technology. Routledge.
• Parboteeah, K.P. and Cullen, J.B., 2017.  International Business: Perspectives from developed and emerging markets. Routledge.
• Polonsky, M.J. and Waller, D.S., 2018.  Designing and managing a research project: A business student's guide. Sage publications.
• Potrafke, N., 2015. The evidence on globalisation.  The World Economy,  38(3), pp.509-552.
• Reitz, A., 2018. Cultural Influence in Advertising: A Comparative Analysis of IKEA’s Video Advertising in Sweden and Japan.
• Salomon, R., 2016. The Impact of National Institutions on Globalization. In  Global Vision(pp. 35-48). Palgrave Macmillan, New York.
• Salomon, R., 2016.  Global vision: How companies can overcome the pitfalls of globalization. Springer.
• Steenkamp, J.B., 2017. Organizational Structures for Global Brands. In  Global Brand Strategy(pp. 151-179). Palgrave Macmillan, London.

Appendix

Log Book

Performance Review