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Managing a Successful Business Project

Factors to consider for successful business project

INTRODUCTION

Managing a successful business project is very important for an organisation and company to achieve the desired goals and objectives. Business project can be successful if proper planning and strategies are made. When a company starts new business or project then they need to focus on the environment either internal or external. Tesco need to fulfil the Corporate Social Responsibilities. They have to behave ethically and also need to maintain the quality of their products and services (Ajmal, Helo and Kekäle, 2010). The purpose of this project is to manage the cost, scope, communication, quality, time etc. while they develop the project plan. For better plan company or organisation can do the research which can be both qualitative and quantitative. It is also necessary for the employer to check or evaluate the performance of their employees. By evaluate all the activities company or organisation will know that they achieve their goals and objectives or not. A new project also helps Tesco in their development and enhance their profits.

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PART 1

P1: Devise clear aims and objectives for your project.

When a company starts new business then they need to make project plan for successful business and achieve the aims and objectives. If company set their aims and objectives then they can have a purpose for their business. If Tesco set their target then only they can achieve success and earn maximum profits (Bloch, Blumbergand and Laartz, 2012). Aims and objectives must be communicate to the employees so that they can help their employers or managers to achieve them.

There are some aims of project, which is mentioned as below -

Do not make unclear aim: Aim which is decided by the manager or employer for their business must be clear to every one. Aims of the company are wide statements so that it should be clear and understandable.

Aim should be in line with the problem statement: Aims or goals which are decided by the company must be solve all problems. If there aim is reduce poverty then they can make their project plan accordingly (den Hertog, van der Aa and de Jong, 2010).

Aim should be consistent with organisations mission and vision statement: When company make new plan or introduce new project then also they need to fulfil the corporate social responsibilities. Vision and mission of Tesco must be clear and understandable. Organisation do their work to achieve the set mission and vision.

Use simple language to write a aim or goal: When manager or employer make a plan for their organisation they set some aim and that must be written on simple language. If it is written on typical or technical language then it can not be understand by the employees.

Keep only one aim for the proposal: If manager or employer set multiple aims for their project then it may create confusion so if they set single aim then they can understand it without any confusion and helps to achieve it (Eckerson, 2010).

There are some objectives also that Tesco can decide while they develop a new plan or project for their organisation, which are mentioned as below:

  • The objectives which is decided by the manager or employer must be support to the decided aim.
  • Objectives must be Specific, measurable, achievable, realistic and time bound.
  • To make the plan or project easier, manager or employer can decide not more then five objectives for their project or plan.
  • Objectives of the organisation gives answer of every questions i.e. what is the goals that company wants to achieve, why new plan or project in proposed etc. (Freeman, 2010).

P2: Produce a project management plan incorporating: costs, scope, time, quality, communication, risk and resources.

When a manager or employer made a plan or new project for Tesco then they need to decide the cost, scope, time, quality, communication risk and resources. These all factors can affect the plan or project of the organisation. It is very necessary to maintain all these factors to control the budget of the project.

Costs management: When a manager or employer introduce a new project or plan then they need to decide the cost which is related to their project. Manager can estimate the cost with the help of tools and techniques. Cost is also depended according to the size of the project. When manager decide the cost for the project they need to maintain the budget also (Gareis, 2010).

Scope management: Project scope is also decided by the manager or employer of the organisation. In scope management it describes the rules and responsibilities, reporting, techniques, control etc. The work must be done under the given scope and in this it is also described that how manager can collect information, validate, control and manage all the work. It is also necessary to control all the requirements which is related to project. Manager also calculate the risk which is related to their plan or project.

Time management: Manager or employer need to complete the project within the given time frame. So it is necessary to manage the time so that budget also can be under control. If time is not managed by the manager then it will incur the cost. Manager manages the time then they also use the resources effectively and efficiently (Thamhain, 2013).

Quality management: Manager or employer of Tesco need to manage the quality of their products and services. They need to plan quality, assured that the quality standards are followed and control quality. If quality of product is good then it can help to attract and retain the customers. They need to also improve it on timely basis. Maintain the quality of the products and services and also maintain the price of them.

Communication management: The new plan or project which is introduced in the organisation by their manager or employer must communicate to employees, stakeholders, creditors etc. It is also determined about the requirement of the communication by the manager or employer. If there is an open communication in the organisation and if any problem arise then employee also can give suggestions to their employer easily. They never hesitate and feel free to share information which is related to their project or plan (Sarantis, Charalabidis and Askounis, 2011).

Risk and resource management: For new plan or project it is also necessary to manage the risk which is associate with the project. If they also want to reduce risk then they need to make decisions correctively.

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

Work breakdown structure means to distribute the work to the employees according to their capabilities and skills. It helps to reduce the complexity of the project. It gives responsibilities to the employees for their work. By breaking down the work employer or manager can easily guide and control their employees. There are some benefits of work breakdown structure which are as followed:

  1. It helps to increase the productivity of the products and services.
  2. It provides more flexibility and transparency in work (Nasir and Sahibuddin 2011).
  3. It also helps to maintain the cost and work also complete within the given time frame.
  4. It minimizes the risk which is associate with the project or plan.
  5. By break down the work it is easy to monitor and guide the employees.

Gantt chart is like a presentation and easily understandable by everyone. It is very easy method to show the activities of the business. With the help of this employee can easily understand that how time they have to do their task. In this the start and end date is also mentioned by the employer or manager. There are certain benefits of Gantt chart which is described as below:

  • It helps to reduce the confusion of the project or plan.
  • It provides motivation to employees to do their task.
  • It helps to manage the time and work will complete within the given time frame.
  • It is very flexible and clear to everyone within the organisation.
  • By understand this employee can easily co – ordinate with their co – workers (McGee and Martin, 2011).

There are certain steps that Tesco need to follow while construct the Gantt chart, which is described as below:

Identify essential task: It is the step while preparing a Gantt chart to identify the task. In this step it is necessary to find out each and every information which is related to the task that is related to the project or plan.

Identify task relationship: It is also necessary to find out the relationship which is related with the project. It helps to show the relationship and some of the task must be start only when the related task is completed. In other words, some of the task must be completed in the sequential order.
Input activities into a software or template: After identify the relationship of task it is necessary to input all the activities into a given template.

Chart progress: After completed of every step it is necessary to determine the progress of the project or plan for which Gantt chart is constructed (Sakka, Barki and Côte, 2013).
M1 If organisation want to achieve success then they need to decide the goals, objectives, mission, vision which is related to their plan or project. For successful project organisation also can make plan or strategies. If they want to do their work in perfect manner then they also can divide work to the employees according to their capabilities. To reduce the complexity of the project organisation can use the Gantt chart because it is simple, clear and easily understandable.

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PART 2

Analyse your research and data using appropriate tools and techniques.

When a company make new plan or project they need to do research for this. Research can be of many types i.e. Quantitative research and Qualitative research. Tesco use these research for development of new project or plan. These research help to attain the goals and objectives of the company. With the help of quantitative research and qualitative data research Tesco can collect the necessary data for their business. By interpret all the data Tesco can make their decision accordingly ( Reich and Geminoand Sauer, 2012).

The tools and techniques also helps to improve the productivity of Tesco. The research data is very useful for forecasting. It helps to improve the future of the company. CSR activities also very important to survival of the Tesco. It helps to take the competitive advantage from the other companies. If company do not think only foe themselves, they also think about their social responsibilities then it is also helpful to compete with their competitors.
Quantitative research and qualitative research is also very important to achieve the maximum profit for the business. It also helps to increase the productivity of their products and services. Tesco also need to satisfy their customers and employees and also they have to protect the right of their employees. Corporate social responsibility is a prior responsibility of the Tesco. If company's CSR activities are effective then it will help them to take the advantage from their competitors also (Tajeddini and Trueman, 2012).

Communicate appropriate recommendations as a result of research

On the basis of the data which is collected by the Tesco is need to be analysed by the company itself. With the help of these collected data company can improve their process or procedures which is exist in the business or which can also going to introduce in the business. For the betterment or success of the business company need some innovative idea and creativity. The collected data is also very useful for the business when they make new plan or project for their business. On this basis company also can make plan for the corporate social responsibilities. CSR activities are very essential for the success of the business so it is highly recommendation for the Tesco is to develop better CSR activities. It is also suggested that there must be open communication in the Tesco so that employee of the Tesco can easily communicate their problems to the managers or employers and also if there is any problem in the company they can give some suggestions also. Employer or manager also can provide some creative or innovative and suggestions for the development of CSR activities (García-Peñalvo and et. al., 2014).

Reflect on the value of undertaking the research

Research can be done by the employees or the Company to meet the goals and objectives of Tesco. With the help of research we can learn about the business. Learning can be of various types such as we can relate it to stakeholders that is useful for the success of the business. It is also necessary to maintain the good relations with the Stakeholders because it helps to create the great image in the marketplace. They also provide training to their employees or staff to increase there capabilities, knowledge and skills. It also helps to development of the employees. A successful training program can helps the company to increase their productivity and performance. It also helps to reduce the unnecessary cost and enhance profits of the company. It also helps to provide satisfaction to the customers of the Tesco. The major learning from this research is to provide social welfare to the general public (Alexy and Reitzig, 2012). Complete task or project within a given time frame. Company also can use various types of tools and techniques to development and improvement of the business.

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CONCLUSION

As per the above mentioned report it is concluded that to achieve the desired goals and objectives company need to manage the activities which is related to their project or plan. If there is proper management of the activities then it can be helpful to increase the productivity, reduce the cost and enhance profits. In this report it is described that when company introduce the new project or plan they need to set or establish aims and objective for achievement purpose. It provides direction to the plan or project. It is also necessary to determine the cost, scope, time, quality etc. which is related with the project. Manager of Tesco can also breakdown their work to reduce the complexity. Also research is conduct to meet the aims and objectives of the company. There is also description of recommendations which is generated after the research and explained what is the learning and performance while research is conducted.

REFERENCES

Ajmal, M., Helo, P and Kekäle, T., 2010. Critical factors for knowledge management in project business. Journal of knowledge management. 14(1). pp.156-168.
Alexy, O. and Reitzig, M., 2012. Managing the business risks of open innovation. McKinsey Quarterly. 1. pp.17-21.
Bloch, M., Blumberg, S and Laartz, J., 2012. Delivering large-scale IT projects on time, on budget, and on value. Harvard Business Review.
den Hertog, P., van der Aa, W and de Jong, M.W., 2010. Capabilities for managing service innovation: towards a conceptual framework. Journal of Service Management. 21(4). pp.490-514.
Eckerson, W.W., 2010. Performance dashboards: measuring, monitoring, and managing your business. John Wiley & Sons.
Freeman, R.E., 2010. Strategic management: A stakeholder approach. Cambridge University Press.
Nasir, M.H.N. and Sahibuddin, S., 2011. Critical success factors for software projects: A comparative study. Scientific research and essays. 6(10). pp.2174-2186.
Reich, B.H., Gemino, A. and Sauer, C., 2012. Knowledge management and project-based knowledge in it projects: A model and preliminary empirical results. International Journal of Project Management. 30(6). pp.663-674.
Sakka, O., Barki, H. and Côte, L., 2013. Interactive and diagnostic uses of management control systems in IS projects: antecedents and their impact on performance. Information & Management.
Sarantis, D., Charalabidis, Y. and Askounis, D., 2011. A goal-driven management framework for electronic government transformation projects implementation. Government Information Quarterly. 28(1). pp.117-128.
Thamhain, H., 2013. Managing risks in complex projects. Project Management Journal. 44(2), pp.20-35.

 

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