Unit 6: Managing A Successful Business Project Assignment Sample

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Unit 6: Managing A Successful Business Project

Task 1

P1 Devise project aims and objectives for a chosen scenario

Globalization is a process based on international strategies that are basically used to expand the business on a worldwide level in order to market their business well. Globalization is the process of expanding business at the international level. Budgens is UK based small and medium-size supermarket which expands in the international market. The joint venture is one of the strategies to enter the international market. The joint venture is a temporary association of the business between the organization to maintain its independence. Such as Budgens establish a joint venture with REWE to enter in the international market and attract a new customer base. The joint venture is considered beneficial in case of raising funds and provides the opportunity to gain new markets. Joint venture with other company helps in gaining new better resources of specialized staffs and technology. However, it includes risk to the business with a limited opportunity to the business. It also lacks clear communication between partners and among employees at the workplace due to cultural issues. There are unequal involvement and restricted flexibility which impact the process and operations of the business.

Aim

The aim of this research is to evaluate risks and benefits in an international joint venture for Budgens to enhance the international trade while entering in UK retail market.

Unit 6: Managing A Successful Business Project Assignment Sample
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Objectives

 Some objectives of globalization under Budgens are listed below:

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  • To attract large base of customers through developing contact with other grocery stores and their clients to offer them low cost products.
  • Collect primary data through small-scale research to understand the needs of company to use joint venture method in business (Tonchia, 2018).
  • To analyse the risks and benefits of joint venture for Budgens in the internal market.
  • Make justification measures for the recommendation of entry mode.

The major advantage of starting a joint venture is that it can help in the faster growth of Budgens business as in order to enhance the productivity in the international market. Being an employee of Budgens, I have grabbed opportunities and gain knowledge with respect to new job roles and responsibilities in the business. Being staff, it is beneficial to enter in the joint venture which results in increment of salary and helps in gaining experience with respect to new market and customers. Approach of globalization has been used in order to access the full utilization of all the resources (Rug.nl, 2018).

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

In order to manage a project efficiently, planning is to be done with the preliminary stage to the final stage.

Cost: The cost of the carrying out this research is dependent on many factors, such as scope of the research, research approach used, data collection methods, project procurement, and other miscellaneous tasks. It is important to consider all these factors in order to allocate budget. In order to have a better control of cost, it is required to stick to the project scope and complete all task within the stipulated timelines.

Project Tasks Cost (in Pounds)
Research & Development 1100
Data Collection Task 300
Resource Procurement 1100
Project Controlling 1200
Others 300
Total 4000

Scope:The project scope is in line with the project objectives. It is required that the scope should not be changed otherwise it would increase the cost. Benefits and outputs of products as well as a company are being identified in order to enhance the overall effect of globalization in this phase.The scope for an employee is wide with the new job opportunity roles and responsibility. A primary research will be conducted in which the stakeholders will be asked some questions regarding the international expansion of the company. The data collected will be analysed and based on the research, some recommendations will be provided.

Time: In order to manage a project in the perspective of efficient globalization, a time frame is required so that the activities in a company can be monitored. Time management is most necessary for employees which helps in scheduling urgent works and tasks.

Quality: The research carried out over Budgens is in a quantitative and qualitative manner and the research only contains qualitative data as it produces a good quality result in the comparison of quantitative results. The employee has to enhance the quality of their work in order to achieve the objectives of the organization.

Communication: The project management plan helps in improving the formal and informal communication over globalization in Budgens related to the increment of international trade. Communication is a key element to achieve tasks and goals in the team. Therefore, being a staff, it is necessary to develop clear communication between different departments.

Risk: In order to mitigate the risks related to the joint venture of Budgens, the project management plan is achieved so that productive research can be carried out. Risk can be carried out for employees with a joint venture of companies. It leads to cultural barriers and rises in the conflict of interest in the workplace.

Resources: The project resources consist of human resource, material, technology, capital, and other useful resources. These are required for the effective and timely completion of the project.

Resources  
Capital Resources The budget of at least 4000 pounds is required
Human Resources and workforce

Project Manager

Research and Development team

Finance Manager

Project team

Documents Required Gantt Chart, Project Plan, Scope, risk register, WBS Structure, and communication plan
Project tools

Questionnaires and interviews form

Communication tools: Emails, newsletter, notices

Project quality tools- quality metrics, Project audits, and checklist

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

Work breakdown structure

This structure helps in defining the project management plan related to the globalization in order to enhance the productivity of Budgens in a market so that the linking of Budgens in international market can increase their trades.

Managing A Successful Business Project

Gantt Chart

Activities  
  1-21 Jan 22jan 28 Feb 1-31 March 1 April-30 April 1-31 May 1-24 June 25 june-1 July
Idea Generation (Aims and Objectives)                
Primary Data Collection                
Data Analysis                
Marketing Strategies based on Recommendations                
Launching Strategies                
Team Feedback Analysis                
Final Documentation                

 

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

Project management schedule depends upon the milestone schedule. Milestone schedule comprises of all the activities which are related to implementing the project. The aim is to achieve a maximum number of customers with the lower operating cost so that the effective GDP can be achieved. To access raw materials and the resources which are equipped with the product, the approach of globalization has been used. In Budgens, some aspects may be addressed that are related to the retail sectors in order to meet the goal and requirements of Budgens as well as their consumers in the field of globalization (Rug.nl, 2018). The employees at Budgens plays a Belbin’s role which is helpful in managing task and achieving goals of the organization. Being appointed as manager in the Budgens, it is necessary to manage the project and their scheduling with the decided time-frame.

Milestone

Activities  
  1-21 Jan 22 Jan-28 Feb 1-31 Mar 1-30 April 1-15 May 16-31 May 1 June-23 June 24 june-1 july
Research methodologies and Planning                
Resource Allocation and time scheduling                
Questionnaire development                
Complete Data Collection and Analysis                
Strategy Formulation                
Activities Analysis              
 Project Closure (Launching)                

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

The benefit of a joint venture is to share the risks and costs, make access to the finance, resources, more efficient products etc. Some risks of a joint venture are that the objectives are not so clear with the partners as they have their different objectives to start a joint venture, less co-operation because of different culture and styles etc. (nibusinessinfo.co.uk, 2018). Further, risks are also faced by being a manager in the company such as lack of opportunity, the rise in a conflict of interest etc.  

Pros of project management plan –

  • Time management can be done easily
  • All resources are fully utilized
  • Increased job opportunity

Cons of project management plan –

  • Chances of getting conflicts
  • The cost will be occupied more
  • Lack of communication

Risk register:

  • Risk can be generated in globalization when the competition among different business sites become increases as the company has to transfer their products at low wages.
  • Uncontrolled money flow gives rise to economic crises in capital marketing due to globalization.
  • More dependency with less control on the economy.
  • Problems in the enormous environment are created due to industrialization.
  • Crime becomes internationalized because of globalization (Wang, 2018).

Task 2

Introduction

This research covers the small-scale research based on a joint venture of Budgens and REWE group in order to expand their business by conducting the survey in which the responses and the needs of consumers have been recorded with the accuracy and reliability which the methods or tools provided. A project management plan must be prepared in order to track the activities which are going to perform like the implementation of the idea, partnership etc.

So, this research explains about the recommendations that are based on meaningful conclusion so that the joint venture can easily proceed and expand in terms of consumer and company satisfaction.

Overall there are some tools and techniques evaluated which then helps in authenticating the support according to the given justifications. This research also covers some decision-based processes which change the developments of project management systems that help in achieving the heights in the retail sector after the implementation of globalization in a joint venture of Budgens and REWE group. The data is being collected using qualitative and quantitative methods from the primary as well as secondary sources. Mainly, qualitative data preferred the most because it contains in-depth information regarding any product.

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

To start a joint venture, first, the small-scale research must be carried out in order to know the requirements of the market for meeting the aim and objectives. Small-scale research is mandatory to be carried out by using qualitative and quantitative methods in order to analyze the project management plan.

So, to conduct a survey or small-scale research, the market trends must be followed in the perspective of starting a joint venture. So, a survey has been conducted in which the responses from customers regarding their needs, likes, dislikes etc. are displayed.

Qualitative method is used to collect in-depth information regarding the retail sectors in order to start a joint venture and it is also used to analyze the risks and benefits of the partnership during a joint venture. According to the qualitative method, in-depth information extracts the information regarding the needs of customers at that location. So, the needs of the customer regarding the retail sectors can be identified by using a quantitative method.

The quantitative method has been used to extract the information from the statistical, computational techniques by conducting the survey. In a quantitative method, the responses or the results can also be manipulated using the computational techniques.

That’s why qualitative method is most preferable instead of quantitative methods in the conducted surveys.

Questionnaire

Name –

Gender –

Address –

Q1. How likely is globalization important for the joint venture?

Not all likely

Extremely likely

Q2. Overall how satisfied or dissatisfied are you with the globalization in retail sector?

Not all likely

Extremely likely

Q3. Has the productivity of business increased after globalization?

Yes

No

Q4. How would you rate the increment of business after globalization

Very high

High

Low

Very low

Q5. Is joint venture responsible for a successful business?

Not all likely

Extremely likely

M2 Evaluate the accuracy and reliability of different research methods applied

Accuracy in globalization for a joint venture means to take decisions which can bring high-precision positioning of company in mass market that can enhance the international trade in market. There are different research methods which have been evaluated in order to start a reliable business in the form of a joint venture by globalizing it. Quantitative and Qualitative methods have been proposed to analyze the market needs and customer satisfaction. There are two data collection sources named primary and secondary. As the primary data for the survey is being collected through journals. The qualitative method is most preferable as it extracts the in-depth information regarding the retail markets in starting a joint venture of Budgens with REWE group. As a qualitative method is a reliable method in order to analyze the market needs in an efficient manner.

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

In order to start a joint venture in market with the help of globalization, a project manager to manage all the activities regarding the establishment of a new partnership needs to be implemented and evaluated. Two methods have been proposed in this research in order to know the requirements of customer as well as Budgens and the responses over the generated question by the customers have also been recorded. So, the data which is being collected with the help of qualitative and quantitative data methods are used to make a project related plan for the joint venture of Budgens and REWE group as for the evaluation of project management plan, different methodologies are required to apply on the project.  

P5 Analyze research and data using appropriate tools and techniques

Research is being conducted with the use of systematic search in order to get the relevant answers and suggestions which are based on the implementation of globalization in a joint venture of Budgens and REWE group. It may include some tools and techniques to analyze the data like a statistical tool, data collection methods etc.

For the collection of data through research, qualitative and quantitative methods have been proposed at the time of conducting a survey. There are some random sampling questions which are being generated by the collection of data through the qualitative method. Also, the responses of the customers have been recorded in order to analyze the market trends related to the joint venture of Budgens and REWE group in retail sectors.

Q1. How likely is globalization important for the joint venture?

Not all likely

Extremely likely

Not all likely 3
Extremely likely 7

Managing A Successful Business Project

Implementation: Out of 10, 7 recipients are responding that they agree about the importance of globalization is very important. On the contrary, 3 recipients are still saying that globalization is not so much likely be important for the joint venture in the retail market. So, overall the majority of people in this survey agree that globalization is extremely likely to be important for a joint venture.

Q2. Overall how satisfied or dissatisfied are you with the globalization in retail sector?

Not all likely

Extremely likely

Not all likely 2
Extremely likely 8

Managing A Successful Business Project

Implementation: Out of 10 recipients, 8 are satisfied with the implementation of globalization in the retail market so that the trade can be increased and it will give benefit to the consumer as well as the company. Whereas, 2 are dissatisfied with the implementation of globalization in the retail sector as they think that after the implementation the trade will be decreased because of many parameters and taxes. Overall, the majority of people are saying that they are fully satisfied with this implementation of globalization in retail sectors.

Q3. Has the productivity of business increased after globalization?

Yes

No

Yes 8
No 2

Managing A Successful Business Project

Implementation: Out of 10 recipients, 8 are saying that the productivity of business has been increased after the implementation of globalization in the retail sector as the international trade will get increased by an exponential rate. On the contrary, 2 recipients think that it is not a good idea to implement globalization into a joint venture in retail markets as they don't think that the implementation of globalization comes up with the productivity or enhancement in business.

Q4. How would you rate the increment of business after globalization

Very high

High

Low

Very low

Very high 6
High 2
Low 1
Very low 1

Managing A Successful Business Project

Implementation: Out of 10 recipients, 6 recipients rate the increment of business after globalization as very high, 2 recipients rate the increment as high after the implementation of globalization, 1 recipient rate the increment as low after the implementation of globalization and 1 recipient rate as very low this increment in business. So, overall, the majority recipients are rating high the increment of business after the implementation of globalization as they think the business has been increased after the implementation of globalization.

Q5. Is joint venture responsible for a successful business?

Not all likely

Extremely likely

Not all likely 3
Extremely likely 7

Managing A Successful Business Project

Implementation: Out of 10 recipients, 7 recipients say that joint venture is responsible for a successful business. On the other hand, 3 recipients say that the joint venture is not important in order to run a successful business. But, overall the majority of recipients are saying that joint venture is responsible to conduct a successful business as they are aware of the statistics which is generated after the joint venture in business and they also know that the partnership is better to conduct business.

So, this is the survey which has been conducted to know the responses of the customer so that the joint venture of Budgens and REWE group can be more effective and productive in terms of better business. The survey is conducted to analyze the needs and requirements of customers so that the unbiased decisions can be made that can benefit the business as well as the consumers. By the help of unbiased survey data, you can develop decisions which are based on the analyzed results.

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

Data is being analyzed by the assessment team of Budgens in order to inform the development of recommendations. As this phase is responsible to ensure the information which is obtained with the help of different team members. This will help to draw a valid and meaningful conclusion which is related to the development of joint venture of Budgens and REWE group. To develop recommendations, assessment team must have the proper decision with the strategy.

There are some minimum requirements for recommendation:

The market trend should be taken care in order to provide a productive and efficient result in the perspective of the joint venture so that the consumers can get according to the market trend.

All the resources must be utilized in order to enhance and increase the business in a joint venture with the help of globalization.

The project management plan is required to be implemented in order to track the activities of sales and the implantation of the partnership between Budgens and REWE group.

Adaption of new ideas is necessary as this will affect the consumers according to the updated market trend and the public demands must be taken care in order to enhance or expand the business on a large scale.

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

Budgens Company is a UK based company which started its business in other countries like Asia and Africa. Reflection is the skill which enhances the quality of business. Reflection is exploring the foundation of business. It is improving knowledge about business and increase value and influence knowledge. In business, reflection is used to take feedback on the productivity and performance of the company. Reflection is an analysis of any business and it is showing the working quality of our business. Budgens Company wants to start their business in large scale so analysis of their previous performance in the market is necessary for their success.

The reflective process required some approach that is in the form of curious, patient, open and honest. These approaches provide a clear analysis of the business. The success of any business is required a planned structure (Schön, 2017).  

Approaches to structured reflection

 Different ways in which are used to define the structure of reflection.

One approach is to break your reflections down by the stages of the project:

negotiating and identifying the project

A suitable plan is developed for the business

A plan is effective and leading in nature

evaluating the project

For reflection of business used some more approaches which is a necessary part for our business.  

The method which is used to reflecting the business is such as:

Analysis: It is the first step of reflection and it necessary to find out the quality of the business.

Target setting: A suitable and real target is required to measure the performance of the business.

Project planning is the most important approach to reflection. Because an effective plan is a key to any business. For our company, a plan is made for business and they analyze the market of another country to spread their business (Saafi, 2018).  

Communication: To spread business in other countries communication is a problem so, it is a factor which is keeping in mind for our business success.

For collecting the knowledge of business performance used some methods they are:

Feedback: Everyday feedback of performance is the best way for collecting data for the performance of the company. It is used to set a goal for the company and push them to increase performance

Interviews: It is a method of data collection in which feedback or face to face interview is taken. A group of people is selected for interview and collect their experience. This process provides the experience of the customers for the performance of the company.

Surveys: In this process of data collection a group of people is selected and provide them with a set of question and their answer is taken on the performance of the company.

Observation: It is a good source for collecting information about products. In this process used qualitative and quantitative methods for gathering data for any company (Saafi et al, 2018).  

Reflective cycle: It is a self-reflection tool and contains the following methods such as:

Figure 1: Reflective cycle

Source: (Author, 2019)

The above sequence is used in reflective cycle and the major part for any business.

Reflection-for-action:

Reflection-for-action refers to the actions which are taken in future in order to improve practice. Reflection illustrates about the actions taken in present as well as in past as the reflection shows the past experiences. Articles for reflection-for-action help to accomplish the guidelines to proceed a successful business in joint venture by the partnership. In reflection-for-action, the design of examples plays an important role.

The reflection-for-action is used to analyse the aspects related to the joint venture in order to enhance the productivity of the retail sectors. Reflection-for-action helps to encourage in order to enhance the joint venture so that the trade can be increased.Reflection is used to carry out the behavior of the business. It is showing the evaluation and description of the business.

Human Resource Management research: Research in Human Resource Management refers to the annual practice in Human Resource with the research methods and organizational behaviour files. Human resource management research involves technological advancements, economic conditions etc. As, when a new technology is being introduced by HR then the work of HR is to look at how the cost can be reduced so that the business can be revolutionary.

Human research management is used to define the research area of business and also shows the important questions which are related to business performance. Human resource is the best way of collecting information about productivity and performance (Chuang, et. al., 2018).

By the help of the review process the outcome of the business is effective. It is defining the affectivity of the company and highlighted that the company is popular in the market or not. The outcomes form the process of reflection is good and it shows that the market demand and target for our company.

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

Performance of business is measured in Return from an investment. The performance of the project is measured by the following facts:

Return on Investment: Return on investment used to measure the profit and loss with the use of ROI that is used to take the decisions related to the finance department of company. It is used to shows the benefit of business.

Productivity: Productivity is the state for a work which shows that how much a business is growing or in loss. For example, joint venture is used to enhance the productivity of business. So, here productivity defines the overall sales.

Cost of Quality: It is the amount which is losses by the organization from their business.

Some other points for measure performance are Customer satisfaction, cost performance and schedule performance (Chuang and Huang, 2018).

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.

Performance of business is measured in form of cost analysis. Productivity of a business is the sales that how much a business is making profit by their strategies or work(Chuang and Huang, 2018).  

Managing integration, scope, time and cost is the critical evolution of any business. When a business, all is the necessary things for understanding. By the help of these approaches critically evaluate a business plan.

Conclusion

In this research, the qualitative and quantitative data have been analyzed in order to collect the data from the consumers by conducting a survey from that the responses of the consumers have been recorded. This survey is being conducted to know about the market trends that what things are going on in the market, what are the needs of customer etc. that helps in building a project management plan accordingly. So, small-scale research is being carried out in order to apply these methods over the research. After that, different research methods are applied in order to evaluate the accuracy and reliability of the research. There are many tools and techniques which are used to justify the recommendation and to authenticate the support in the perspective of the enhancement of joint venture. The management plan is being analysed in order to track the records of activities which are going on to increase this business venture.

Overall, this research stating about the market trends that helps in preparing the management plan of the implementation of globalization in joint venture business of Budgens and REWE group results in meeting the requirements and needs of the customer as well as the company.

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Appendices

1. Project Log- Book

Name:

Project title: The risks and benefits of a joint business venture to enter international markets

Date:

Weekly research update:

Activities

Initial/start date

End date

Time Durations(in Weeks)

Idea generation

1January 2019

20 January 2019

3 Weeks

Market analysis

21 January 2019

24 March 2019

 8 Weeks

Formulating a market strategy

26 March 2019

28 April 2019

5 Weeks

Establishing a partnership with REWE

29 April 2019

19 May 2019

3 Weeks

Product development

20 May 2019

30 June 2019

5 Weeks

Product launch

1 July 2019

14 July 2019

 2 Weeks

Review of the product

16 July 2019

29 July 2019

2 Weeks

Problems encountered:

· To maintain partnership in joint venture as the partner has a conflict of interest

· Lack of joint venture

· No regular financial update

Risks or issues identified:

· Lack of clarity regarding the obligations

· Ineffective resolution of conflicts

News ideas and change of project direction:

· Access readiness

· Plan the joint venture

· Choosing the right venture partner

2 Questionnaires

Questionnaire

Name:

Address:

Gender:

Q1. How likely is globalization important for the joint venture?

Q2. Overall how satisfied or dissatisfied are you with the globalization in retail sector?

Q3. Has the productivity of business increased after globalization?

Q4. How would you rate the increment of business after globalization?

Q5. Is joint venture responsible for a successful business?

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