ABC Ltd’s market research department has indicated that a leading National DIY chain requires a quantity of 1000 ‘euro style’ heavy-duty wheelbarrows with 90 litre capacity. No budget has been provided other than the hope of a small profit. ABC’s main focus is to keep its production staff employed since the company has had a drop in business. A specific finish date has been outlined but a good amount of time for the project has been given.
Major phases of the project: 4 phase model
Phase 1: Initiation
Initiation is the first phase of the project management life cycle, as it involves the opening of a new project. Steps including in this phase begin with the selection of a project manage and typically finishes with the project team has an adequate amount of information to start developing a schedule and budget. There are many activities during the initiation phase, these include: project meetings, developing the project plan using developed resources; and acquiring the infrastructure.
By the end of this phase, an overall project plan and some schedules of costs and time will have been made to see whether to pursue the proposal further.
In regard to the proposed project by ABC, the initiation phase mostly consisted of the brief provided to us by the company. ABC agreed to pay the company Avarice and Parsimony a fixed sum of £800 for our services. It seems unlikely that ABC will make much of a profit. However, it is stated in the brief that the company is not looking for a
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Project management is short term; it has a beginning, an end, and has identified steps to take throughout the process. The steps of project management are as follows: proposal, initial investigation, detailed investigation, development and testing, trial, operation and closure, as well as, the evaluation. There are measurable benefits to using project management within an organization for certain key objectives or processes that need
The first step will be to look at the goals of the project, and align them with the mission of the company. Systematically, the project will be broken into phases: Planning, Organizing, Staffing, Directing, Coordinating, Budgeting, Evaluating, and Reporting. Each phase will be further broken down into tasks and placed into a work breakdown structure. From this view, one is able to see the entire project duration, critical path, and milestones. The Planning phase is integral in any project. This phase of the project defines project objectives, mission, goals, and approach. In addition, outlining key elements of the project is critical: performance expectations, risks analysis, and contingency plans. However, after completion
I declare that this assignment is all my own work and the sources of information and material I have used (including the internet) have been fully identified and properly acknowledged as required.
Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.
The project life cycle consists of the conceptualization phase, the planning phase, the execution phase, and the termination phase.
Depending on the ambitions of your organization, it may also make sense to add in an opportunity identification phase. Once you have set up the project chronology and timeline through a lifecycle, it is essential to define the activities, deliverables, and decisions that occur at each phase. These activities will build your process while the deliverables will be the tools that support the activities. Initiation phase – The essential tool at this stage of the project is the project charter. The charter should define the project at a high level and include the following components: Problem statement Project objectives Project goals Team leads and members Expected benefits Constraints Dependencies Planning phase – Planning is more than just listing out the tasks of a project. It is critical that the project manager answers the following questions when planning the project. What is the expected project outcome? How will the work be done? What do you expect of the project team members? Who reports to whom? When will the work be performed? Are there any costs associated with the work? Who will be affected by the change? When will the team meet? Who is required to attend the meetings? How will minutes be recorded? The work plan is the primary tool that the project manager should use during this phase. The “perfect” work plan will include all project related tasks and key milestones with
Planning a project is the second phase of a project life cycle, where once the project has been approved, it is necessary to create a game plan of how the project goal will be achieved within the given budget and timeframe. It encompasses project scope and deliverables, activities and sequences, resources required, responsibilities (who does what), duration (e.g. how long each task will take), schedules (timeline of the entire project), budget, and risks. Anyone who is involved in performing the project should participate in the planning process because
In the define phase proposals are formulated, estimated and tested for feasibility. The results will be presented to the senior management in order to receive a "go" for the project which often is in the form of a contract.
The project execution phase of the Project Management Lifecycle is exactly where the work gets done. This is the third phase of the project management life cycle, after Initiation and planning phase project enter into execution phase. In this phase literally project get start to build. Whether it is the building house of a project, changing a process project, or anything kind of project in between, where we can say that the work has begun.
The nature and scope of a project is determined at the initiation stage. This involves analyzing the business needs, developing goals, budgets, tasks, deliverables, and the stakeholder analysis. The project planning stage determines the planning team, develops the scope, and identifies work breakdown structure and activities that will be needed to complete deliverables. The planning stage also estimates time and cost activities, develop schedule and risk plan, and gain formal approval for work to begin. The executing stage involves all processes used to meet the project requirement and involves managing people and resources. The process that entails the identification of potential problems and
Lodgepole Creek Certifies Organic Foods would like to know who they should be marketing to, in order to receive the best results for their company's success. They would also like to know how to best appeal to this marketing mix to gain their loyalty and to compete within the market. Three research objectives are identified: who should Lodgepole Creek's marketing mix consist of; research should be done to see how Lodgepole Creek can gain their loyalty. Researching and understanding what consumers want from organic sprouting companies will
During the project initiation phase, I can work collaboratively with the project sponsor in the development of project charter and lead up to the formal authorisation of the project/ new phase. From the sponsor’s project SOW (Business need, product scope), Business case etc., I can identify measurable project objectives, high level requirements, risks, summary milestones and budget and approval authorities. The key deliverables in this phase are project charter and stakeholder lists.
This Project Schedule will follow a suitable schedule and phases of a project based from the recommendations for a project plan by Harvard Business Review in their 2016 article, The Four Phases of Project Management. These include Planning, Build Up, Implementation and Closeout. Following is