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Project Method

SUBMITTED TO: SIR ANUP BISTA


STUDENT ID: C343

EXTENDED DIPLOMA IN STRATEGIC MANAGEMENT AND LEADERSHIP (QCF)

1: Introduction: Project selection is the process of choosing a project to be implemented by the organization. Since projects in general require a substantial investment in terms of money and resources, both of which are limited, it is of vital importance that the projects that an organization selects provide good returns on the resources and capital invested (Mantel, 2006). Having able to gain knowledge on what effective project development would require is important especially for managers to be able to plan how to launch a project implementing a new product, services that gives a satisfying result. 2: Rationale: Rational project help both project managers and teams to create consistent project plans, allocate resources and analyse workload, track work progress, estimate projects' costs and manage budgets (Mantel, 2006) Rational Plan can help you to complete your projects on time and within budget. This is helpful to get resources and finances under control (realistic cost estimates mechanisms, detailed cash-flow screening down to tasks and resources level). Rationale project brings project's critical issues to your attention (over allocated resources, critical path with configurable slack from which activities become critical).

3: Findings: 3.1 Selecting a project 3.1.1 The factors that contribute to project selection: a) Realism: The model should reflect the reality of the managers decision situation, including the multiple objectives of both the firm and its managers. Without a common measurement system, direct comparison of different projects is impossible (Carl, 2005). b) Capability: The model should be sophisticated enough to deal with multiple time periods, simulate various situations both internal and external to the project (for example, strikes, interest rate changes), and optimize the decision. An optimizing model will make the comparisons that management deems important, consider major risks and constraints on the projects, and then select the best overall project or set of projects (Nokes, 2007) c) Flexibility: The model should give valid results within the range of conditions that the firm might experience. It should have the ability to be easily modified, or to be self-adjusting in response to changes in the firms environment; for example, tax laws change, new technological advancements alter risk levels, and, above all, the organizatio ns goals change (Dinsmore et al, 2005). d) Ease of Use: The model should be reasonably convenient, not take a long time to execute, and be easy to use and understand. It should not require special interpretation, data that are

difficult to acquire, excessive personnel, or unavailable equipment. The models variables should also relate one-to-one with those real-world parameters, the managers believe significant to the project (Mantel 2006) e) Cost: Data gathering and modelling costs should be low relative to the cost of the project and must surely be less than the potential benefits of the project. All costs should be considered, including the costs of data management and of running the model (Kwak, 2005). f) Time: Time-all projects require a valid and realistic time-scale. It is important to consider how long or short will the project requires work time table to plan for its needed cost and manpower resource (Lewis, 2000) g) Easy Computerization: It should be easy and convenient to gather and store the information in a computer database, and to manipulate data in the model through use of a widely available, standard computer package such as Excel, Lotus 1-2-3, Quattro Pro, and like programs. The same ease and convenience should apply to transferring the information to any standard decision support system. 3.1.2 Analysis of the Relevant Factors of Project Selection More and more, the accomplishment of important tasks and goals in organizations today is being achieved through the use of projects. The phrases we hear and read about daily at our work and in conversations with our colleagues, such as management by projects and project management maturity, reflect this increasing trend in our society. The explosively rapid adoption of such a powerful tool as project management to help organizations achieve their goals and objectives is certainly awesome.

In addition to project managements great utility when correctly used, however, its utility has also led to many misapplications. As noted by one set of scholars (Cleland and King, 1983), the rapid adoption of project management means: Many projects that fall outside the organizations stated mission; Many projects being conducted that are completely unrelated to the strategy and goals of the organization; and Many projects with funding levels that is excessive relative to their expected benefits. In addition to the growth in the number of organizations adopting project management, there is also an accelerating growth in the number of multiple, simultaneously on going, and often interrelated projects in organizations particularly construction, consulting, auditing, systems development, maintenance, and matrixes organizations. Thus, the issue naturally arises as to how one manages all these projects (Mantel, 2006). 3.1.3 Project outline: According to Mantel (2006) successful project is all about new idea. However, the idea itself is only one ingredient in the success factors that contribute to a projects outcome. The ability to capture new project ideas and prioritize their value based on organisational metrics, strategic alignment and critical success factors is essential as well. More importantly, the available resources and talent driving of being able to determine the necessary specifications of a projects and handling them and he mentioned that a project outline includes data integrity, clear targets, relevant success factors and systematized decisions are important framework of the above.

I.

Project Title:

Opening a new groceries store at wood green area in London.

II.

Rationale:

The groceries store industry is truly huge, bursting with potential, promise, great growth, vast business success and even wealth if planned, managed and executed well (Lewis, 2000). The industry of groceries is always a good business. Groceries are a need of every person. Site selection is often considered the most crucial aspect of the business planning cycle (Joseph Phillips, 2003). Wood green area is a part of North London. This is the most desirable retail location in London, UK. The competitive analysis show the extent of market saturation, the type of other groceries stores in the area, and groceries stores deemed to be in direct competition with our concept. III. Scope of the project:

The goal of the project will be to open the new groceries store to gain the profit. The project will target the local resident, students will be targeted, and tourists will be attracted as well. Objectives of the project: There are four main objectives of the project to achieve the goal of the project. a) b) c) d) IV. Identification the activities of the project Budgeting the project plan Schedule the project Set out action plan Work break down structure:

A work breakdown structure in project management is a deliverable oriented decomposition of a project into smaller components. It defines and groups a project's

discrete work elements in a way that helps organize and define the total work scope of the project. (Booz et al, 2011)

a) Activities: Identification of sourcing of funds Taking a building on rent Purchasing equipment for groceries store Recruiting and training staff Making the list of groceries Identification of services that will be given by groceries store Advertisement and promotion of project Purchasing raw material for the groceries store Make the policies

b) Work scheduling of activities: Sourcing of funds-------------------10 days Taking a building on rent---------------7 days Purchasing equipment for groceries store----------7 days Recruiting and training staff----------------------------------20 days Making the list of groceries products in store---------------5 days Identification of services that will be given by groceries store-------10 days Advertisement and promotion of project-----------------20 days Purchasing products for the groceries store-------------2 days Make the policies-----------------------------9 days

c) Estimated cost of the activities (in ) Identification sourcing of funds-------------------1000 Taking a building on rent---------------2400 Purchasing equipment for groceries store----------8000 Recruiting and training staff----------------------------------5000 Making the list of groceries products in store---------------500 Identification of services that will be given by groceries store-------500 Advertisement and promotion of project-----------------10000 Purchasing raw material for the groceries store-------------5000 Make the policies-----------------------------2000 Miscellaneous--------------------------------5600 Total-----------------------------------------------400000

3.2 Project Planning: Project planning involves a series of steps that determine how to achieve a particular community or organizational goal or set of related goals. This goal can be identified in a community plan or a strategic plan (Mantel, 2006) 1. Every project needs a roadmap with clearly defined goals that should not change after the first phase of the project has been completed. All stakeholders benefiting from the outcome of the project should be named and their needs stated. 2. Develop a list of all deliverables; make sure all project team members are familiar with this list.

3. A document that clearly outlines all project milestones and activities required to complete the project should be created and maintained. Establish reasonable deadlines, taking into account project team members productivity, availability and efficiency. 4. Create a budget for your project. 5. Ideally, project managers should be able to choose team members who work well together. Identify by name all individuals and/or organizations involved in the project. For each of them, roles and responsibilities on the project should be described in detail. Otherwise, miscommunication may occur leading to delays and situations where team members may have to redo their work. 6. Set progress reporting guidelines monthly, weekly or daily reports. Ideally, a collaborative workspace should be set up for your project online or offline where all parties can monitor the progress. 7. Identify the risks involved in your project and discuss alternatives if new requirements will be added to your project or members of your team will not meet the deadlines. According to Mantel (2006), there are common elements important in the project plan which includes the overview, statement of objectives, general approach, contractual requirements, schedules, budget, cost control procedures, evaluation procedures and potential problems. The work breakdown structure of the project is also being emphasized as an important document which can be tailored in number of different ways. 3.2.1 Detailed project sample a) Introduction: The selection of the project is made after a deep discussion with the lecturer with some useful amendments of rationale and factors that contribute to the selection of the project. Then it has been allowed to carry out the project plan about opening a groceries store to gain profit.

b) Scope of the project: A successful project scope should be concise and clear. Anyone reading the project should have a good idea of what the project consists of (and what will not be part of the project). This statement will give a view of the project. It is also important to be SMART in a project scope ( Dinsmore et al, 2005). The project is specific as it is to open a new groceries store in to gain the profit. The amount of the project is measurable that is set as 40000. Its achievable project, its a medium type of groceries store. The goal of the project is real its not an imaginary. The time of the project is 90 days. c) Work break down structure: A work breakdown structure in project management is a deliverable oriented decomposition of a project into smaller components. It defines and groups a project's discrete work elements in a way that helps organize and define the total work scope of the project. (Booz et al, 2011) Activities of the project: Identification of sourcing of funds: The sourcing of funds could be loan, taken from bank or the capital. Taking a building on rent: The building will be taken on rent. Before taking the building on rent it will be confirmed that location wise it is good and well oriented. Purchasing equipment for groceries store:

Equipment will be purchased that are reasonable in price, good in quality and meet the requirement.

Recruiting and training staff: The experienced staff will be recruited and their salaries should be, by

keeping in mind the budget. Making the list of groceries products: The menu will be made by searching the people interest or by searching the internet. Identification of services that will be given by groceries store: Services will be identified as take away and dine in along with some delivery to the nearby vehicle. Advertisement and promotion of project: Advertisement will be done through local media, newspaper and leaf lettings. The promotions will be given when the sale will be down Purchasing raw products for the groceries store: Products will be purchased online, before purchasing products, the favourable price will be chosen. Making the policies: The policies will be made to follow the strategies of the business.

Table: Activities of the project with normal duration and normal cost: Activities Sourcing of funds Renting a building Purchasing equipment Recruiting & training staff Identification of services Making product list Advertisement Purchasing raw material Making the policies Miscellaneous Total Duration (days) 10 7 7 20 10 5 20 2 9 90 Cost (in ) 1000 2400 8000 5000 500 500 10000 5000 2000 5600 400000

d) Risk assesment: Identifying and assessing project risks are an essential start up task. In the project planning following steps could be taken by the project manager (Mantel, 2006). 1. Identify potential risks that would decrease the probability that the development team will be able to deliver the project with the right features, the specified level of quality, on time and within budget. 2. Analyse and prioritize the risks by estimating the impact of each and the likelihood of its occurrence to determine the risk exposure for each risk. 3. Identify risk avoidance strategies to reorganize the project so that you can reduce or eliminate risks.

4. Identify risk mitigation strategies.

4 Strategic summary: Its strategy planning is based on serving our niche markets well. The seniors, baby roomers, families with young children, blue collar workers, middle income individuals, and most of people from UK can all enjoy the experience at this groceries store. We are building an infrastructure so that we can copy the product, the experience, and environment across broader geographic lines. Concentration will be on maintaining quality and establishing a strong identity in each local market. The identity becomes the source of critical mass upon which expansion efforts are based. Not only does it add marketing muscle but it also becomes the framework for further expansion, using both company owned and possibly franchised store location

Bibliography: Samuel J. Mantel (2006) Project Management: A Managerial Approach Chatfield, Carl. "A short course in project management" The Definitive Guide to Project Management. Nokes, Sebastian. 2nd Ed.n. London (Financial Times / Prentice Hall): 2007 Paul C. Dinsmore et al (2005) The right projects done right! John Wiley and Sons, 2005 Lewis R. Ireland (2006) Project Management. McGraw-Hill Professional, 2006 Joseph Phillips (2003). PMP Project Management Professional Study Guide. McGraw-Hill Professional, 2003 Young-Hoon Kwak (2005). "A brief history of Project Management". In: The story of managing projects. Elias G. Carayannis et al. (9 eds), Greenwood Publishing Group, 2005 James P. Lewis (2000). The project manager's desk reference: : a comprehensive guide to project planning, scheduling, evaluation, and systems. p.185

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