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Managing A Successful Business Project Unit : 4 level 5 CBC college

7769Downloads1 I Published: 10 Apr ,2020

Introduction

World is getting modernise and advanced on continuous basis due to invention in latest tools and technologies. Invention and innovation is most helpful term that could be use in business expansions and maximising of profit margin. Digital technologies are tools that makes business operations and storing confidential information very easy. By using digitalisation, corporation can store their data and spread all required information among all staff members as well as consumers within few seconds (Axinte, Petrică and Barbu, 2017). Thus, new techniques are fruitful in making business operations easy and integrated with all functional departments. This project pays attention upon use of digital technologies in context of Mr. Jones Watches company. This is a well established firm that provides services of internet marketing who lead to maintain all business operations directly through internet. In this assignment, there are many things that must be disclosed for formulating major objectives and aims as per purpose of project. Further, a required project is required to carry out by professional person in order to find out answers of some questions. After finishing research program than appropriate recommendations will be made on the basis of outcomes of investigation and then these results would be analysed for accurate and proper decision making. All these aspects should get into consideration for making a business project successful.

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Part 1

Project Definition

In order to attract more number of clients towards customers, it is required that business owner make his/her venture advance and digitalise. Modernisation in business activities should get done because of trend of traditional market segment is declining on regular basis. Impact of this kind of business environment is positive in nature because it makes operation easier and smoother that enables all employees to work in most efficient manner by putting best administration in business actions for attaining all targets in limited period of time. In this relation, cloud technology is helpful in keeping confidential data secure and anybody who have access can operate this app from anywhere and company can provide access to those with whom association wants to share this information. Moreover (Crane and Matten, 2016). There is a platform that enables business owner that he/she can communicate with vital number of people at the same time is social media. As number of opportunities get maximised and due to this action, venture can enhance range of profit margin over cost. For availing all market opportunities, prominent amount of funs is required which makes organisation able in expanding their business operation on wider level to get extra benefits by capturing larger market share. Social media is a best platform as it provides facility to venture that more number of people could get attracted on least consumption of time and money. This action has various benefits like efficient connection among all functional departments of business organisation. As, they are making their activities integrated with other functional areas of association. Digitalisation is fruitful in making business operations efficient and decision making effective (Duffield and Whitty, 2015).

Problem Statement

It is required from every business operations that they accept change that are occurring in market and business environment also. In respect to this, business organisations take help of digitalisation in order to maintain their seat in marketplace. Digitalisation is makes business activities more effective and profitable as it brings smoothness in corporation and makes task accomplishment more easier. By taking help of digitalisation, association does not need to send their data by any other mode because any who have access of new method can check and operate data from anywhere. In this context, cloud technology is quite good because it allows person to access this from anywhere.

Project Strategy

By taking aid of this action, management of Mr. Jones Watches company can manage its business activities and can keep on eye upon performance of workforce in order to accomplish all task in limited time frame for attaining all target on time. Company uses digitalisation for recording and storing information about demands and wants of customers for providing best quality products which must hit actual need of client. If an association wants to be internationalise then it can take aid of digital technologies to get connected with all ventures that are running their business in various countries. To provide best quality services and to direct all operations in company, aims and objectives should be set (Dutta and Bose, 2015).

Aim: To convert business activities into digitalisation- A case study on Mr. Jones Watches.

Project Objectives

  • To recognise the execution of digital technology in association.
  • To comprehend the necessity of conversion of business
  • To ascertain effectiveness of digitalisation for transforming business activities.

Project Questions

  • In what manner, digital technology can be implemented in business?
  • Is it mandatory to transform operations of business into digitalisation?
  • How to ascertain effectiveness of digitalisation for transforming business activities

Performance, Cost, and Time Objectives

It helps in organising whole business activities in a proper manner which rise profitability as well as high market share. Researcher conducting research to analysis customer's preferences, attitude, perception, motivation factors and many more. It help to make project work in an effective ways and gain success in long period of time. Various element are affect firm performance are cost, quality, scope, risk, time and communication of project. This is a very important for investigators for making and managing project in order to rise quality and success in a limited period of time (Gama, Sjödin and Frishammar, 2017). Management of Rolex has develop strategies and plan to run whole business A60566activities in a appropriate manner in specific period of time. They want to expend their enterprise work by organising operations in internet as well as online industry. With this assistance, they required to manage all these points which are explain as follows:

  • Scope: In current market scenario project's scope is high as well as it consists all opportunities which support entire work in order to rise profitability and higher market position. Management of an organisation has want to increase quality of product and services thus enhance customer's satisfaction as well as brand value at market place. Researcher apply this tool of administration with in project work and make business operations around the world and not limited to off line industries but now they are spreading their business activities as well.
  • Risk management: Risk factors reduce productivity as well as performance of the company as compare to their competitors at market place. Risk is a create negative impact on firm as well as on employees work. So that it is a management responsibilities to remove all kind if hazard form work place to run all business work in an effective manner. Rolex is a one of the established brand and thus improve profitability of the firm in long period of time (Kaiser, El Arbi and Ahlemann, 2015).
  • Quality control: It is considered as most important factor which aids project makers in addressing through which they can make decisions in effective manner for improving quality of products or services. This would help in offering better products to customers as per their taste. In context with The Elm Tree Hotel, for getting the attention and retention of tourists, research team has made a project. It includes some effective measures like check sheet, fish bone, scatter diagram and more by which they can evaluate quality of hotel services.
  • Cost: As introducing and implementing digitalisation in organisational system is not easy task. It requires a proper arrangement of funds as well as proper planning process for initiating the same properly. In context with The Elm Tree Hotel, it is required by research team, to make proper analysis for evaluating the requirement of funds through which they can carry out entire activities of project in a proper manner.
  • Time: It also plays a crucial role in a project under which managers are required to fix time period to each activity. It will help in conducting entire activities of research before deadline as well as obtaining high outcomes also.
  • Communication: In order to get right work from team-members, it is also essential for managers of project to develop effective communication among them. If there is proper communication among group then it will help in conducting activities in set period of time.

Thus, through project management plan, research team of The Elm Tree Hotel become able to hit set targets on time. Along with this, it will also help in improving quality of products so that better services can be delivered to consumers. Through this process, management of this hotel can enhance productivity and profitability of business as well.

Deliverables

Research includes some basic concept of a selected topic which helps in identifying the nature of various perspectives. It assists in taking a proper decision in a task which is helpful for attainment of long term objectives. Therefore, for such a process a researcher needs to make an action plan which help in executing an operation by providing right direction (Kerzner and Kerzner, 2017).

Project Scope Statement

Along with this, this plan also useful in proper utilising the available resources in a limited period of time. This type of study is beneficial in companies when they deal with complex business project. Further, for conducting a research in a required manner project maker needs to follow some major steps as described below:

  • Identification of problem.
  • Recognise the literature part first.
  • Clarification of problem arise.
  • State concepts of study as well as define the term accordingly
  • Respondents on which such type of research will be executed
  • Formulate instrumentality plan
  • Collect data
  • Analyse the data

These things are generally based on digital transformation which will be include in the project according to business activities. Further, these steps are helpful for identifying the views of various respondents. In present scenario, a watch company named by Mr Jones Watches wants to make its organisation digitalise. For this assistance, it is going to expand business operation by new marketing techniques i.e. online procedure which is helpful in promoting the company's product in a limited period of time. But in order to make decision for this process, managers need to measure effectiveness of such procedure which is consider as complex task. As they need to take various opinion of authors in such relation which is helpful to analyse whether digitalisation will impact on business in a positive way or not (Larson and Chang, 2016). After these things get done appropriately, investigator need to select a sample of population on whom they can carry out a questionnaire. This process will be useful in getting the opinion of different observers. Therefore, for this assistance company select 30 respondents through random sampling method. After getting feedback, a proper analysis has been made on collected data in an appropriate manner.

WORK BREAKDOWN STRUCTURE

Work breakdown structure(WBS) refers to hierarchical disintegration of work which is to be accomplished by a team working on specific project. Work is broken in such a way that every chunk provides specific information and definition. WBS organizes work in manageable sections which are deliverable. Project team understand major functioning of project,breaks it down into smaller sectors and then sub sectors and these sectors are individually assigned to each team member. These sectors are combined together when individual has finished task. It also provides framework for estimating cost, control and guidelines for development. Well designed WBS makes it easy to assign project to one. WBS can be presented as tree structure or in outline form. Tools which can be used in WBS are – note cards, sticky note pads, white board, mind mapping software, gantt charts, matchware mindview.

GANTT CHART

Gantt chart refers to optical view of tasks which are to be performed in particular moment of time. They are in a form of bar charts.

Vertical axis – Represents tasks to be performed.

Horizontal axis – Represents time interval.

Gantt chart include -

  • Starting date of particular project
  • What is to be done project
  • What is to be done by whom
  • When particular job will be finished
  • Time taken to complete particular job
  • How jobs will be accumulated
  • End date of project

Gantt chart software's are available which manager can use to plan project individually. Progress gantt chart determines Shaded portion shows amount of work completed at particular instance of time. Vertical line is peaked when gantt chart is made and this line is compared with shaded portion to determine amount of work done. Linked gantt chart represents stability between tasks. These Provides dependencies to link tasks but it is not necessary that this data is optically represented or not.

Success Criteria

It is considered as a appropriate process for making a plan which is required by top management of The Elm Tree Hotel also to concern. If this firm can implement digitalisation in business, then it will help in attaining set goals and objectives on time. Along with this, it is necessary for them to gather information by using source of primary method which gives reliable data about perceptions of people.

Project Assumptions

It is amended for management of The Elm Tree Hotel to formulate proper questionnaire and choose a proper sample of respondents for carrying out their research. Investigators can address issues by evaluating perceptions of respondents on individual basis.

For further process, investigator makes an action plan by frame it with dates and time accordingly. This plan is useful in getting the better outcomes which is beneficial for long term perspectives. Mr. Jones Watches firstly use primary source to gather relevant information for which they design a questionnaire format. This format includes 10 questions which is conducted on 30 respondents. These 30 people will be taken as a population as to carry operations on 100 respondents is much difficult task for an investigator. The data which is collected in this process are based on opinion of observers of London.

Implementation Plan

In order to support strategic plan, it is necessary for researchers to formulate implementation plan also. It will help in segmenting each strategy into manageable parts so that better decisions can be made.

Communication plan

1

Addressing the problems

5 Days

     

2

Appraisal the literature

11 Days

   

1

3

Explain the difficulty

5 Days

   

1,2

4

Distinctly specify the terms and conditions

14 Days

   

2,3

5

Specify the population

12 Days

   

4

6

Assembling data

10 Days

   

5

7

Examine data

79 Days

   

6

8

Recommendation

6 Day

   

7

9

Substance of report

13 Day

   

8

Task 2

P4 Carry out research by using proper methodology

For conducting a research, researcher is required to follow some sort of methods which can give them effective results. This will help them in converting the data into analytical form so that it can assist them in decision making. Basically, researcher follows two types of tools that give them relative information through which they can evaluate the effective outcomes and these tools are

  • Primary data
  • Secondary data

Both the method of data collection is very appropriate in order to find out valid outcomes and making decision for longer period of time. Mr. Jones Watches is a small company in United Kingdom and deals in manufacturing and selling watches. They are opting digital technology in order to upgrade their business. Through this process they are gaining maximum profits and as a result it is helping them in expanding their business in other area too (Peters, Blohm and Leimeister, 2015). Apart from this, the methods that are used commonly for this process are given below:

Qualitative

Quantitative

Analytical

Therefore, most of the researcher used these methods so that they can make their research more authentic and appropriate in nature. Qualitative and quantitative assist them in getting suitable results. Therefore, for conducting this research, researcher optimise latest tools and technology for achieving the same (Pinto, 2015).

Primary data: This is the basic method of of collecting data as it includes interviews, questionnaires or the process where direct interaction with others. It is more effective because the data which are collected are not used by any other sources and it is authentic in nature. For conducting the research Mr Jones Watches has designed a questionnaire for which they have selected 30 respondents. As the sample is random so the chances of bias will not be there.

Secondary data: This is used for collecting information and these are taken from secondary sources like magazines, articles, journals and many more. Therefore, these are not authentic because they are gathered form other sources (Planko and et. al., 2017).

Case study 1: As per this scenario, Mr. Jones seeks to create innovation in products and before its production, this firm used to suggest a name of such items which is easy to remind by customers. Since main mission of this company is to offer best quality of wristwatches to customers therefore, under this situation, managers are required to measure requirement of changes as per latest trend of marketplace.

QUESTIONNAIRE

Name:

Age:

Gender:

Q1. Is digitalisation affecting business growth positively?

a) Yes

b) No

Q2. Does the digital technology benefits organisation for long term goals?

a) Yes

b) No

Q3. Is digitalisation needed for the company for deliver advancement and continuous increment in the technologies?

a) Acceptable

b) Not so much applicable

Q4. Will the digital technology create more positive influence to business?

a) Yes

b) No

Q5. Will this is required for company to transform the technology for their business?

a) Agree

b) Disagree

Q6. Do the organization optimize adequate digital technologies within workplace?

a) Yes

b) No

Q7. What are the long term objectives on the company through the transformation of digitalization?

a) Positive

b) Negative

c) Neutral

Q8. this is utilization in functioning entire functions of business more appropriately and decrease red tap-ism?

a) Yes

b) No

Q9. AS per the trending, which marketing method id more influencing and persuading for marketing an promotion purpose?

a) Traditional marketing

b) Modern marketing

Q10. What are the recommendation that company can optimize for further development?

Task 5

P5 Interpretation and evaluate the project outcome

Theme: Effect of digitalisation upon growth of business

Q1. Is digitalisation affecting business growth positively?

Frequency

a) Yes

21

b) No

9

Interpretation: It can be ascertained from the above chart that 21 out of the 30 respondents undertaken believe that digitalisation carries a direct positive impact upon the growth of business. This organisation works in field of internet marketing and can definitely benefits from focusing on entertaining digital measures. Whereas 9 respondents were not agreeing with the statement. This analysis is showing that more that fifty percent people are in favour of taking help of digital technologies in running business operations in market in order to produce higher quality items for hitting actual and real need of customers.

Theme: Role of digital technology in fulfilling long term goals.

Q2. Does the digital technology benefits organisation for long term goals?

Frequency

a) Yes

18

b) No

12

Interpretation: It can be interpreted from the above statement that digital technology plays a crucial role for business in fulfilling their long term objective. Out of 30 respondents, 18 believed that technology is supportive in attainment of goals whereas 12 were not agreeing to this statement. According to this study, it is summarised that people are not in state of saying anything and ratio between beneficial and non beneficial are three is to two. It is clear that digitalisation is quite appropriate and very useful specially in context of business expansion.

Theme: Role of digitalisation in advancing and attaining continuous improvement

Q3. Is digitalisation needed for the company for deliver advancement and continuous improvement in the technologies?

Frequency

a) Acceptable

23

b) Not so much applicable

7

Interpretation: it can be identified from the above illustration that 23 respondents out of 30 people perceive digitalisation to be an crucial tool for a business looking to achieve advancement and continuous improvement in their respective domain. Whereas 7 out of 30 respondents believe that an organisation have to rely on the other physical and human resources if they wishes to achieve growth. It is clear that in order to deliver more smoothness in business functions then digitalisation is necessary and to apply this employment of new and latest technologies are quite important and useful.

Theme: Ascertaining influence of technology upon business

Q4. Will the digital technology create more positive influence to business?

Frequency

a) Yes

20

b) No

10

Interpretation: it can be understood from the above illustration that 60% of the respondents undertaken believe that incorporation of technology in business help in creation of a positive environment. On the other hand, 10 out of total respondents believe that emphasis on digital technology measures is a waste of financial resources of an organisation. 

Theme 5: Digital technology transforms business

Q5. Will this is required for company to transform the technology for their business?

Frequency

Agree

25

Disagree

5

Interpretation: As per the above illustrated data, it can affirm that there are various types of technologies and methods that are being optimised by Mr Jones watches for their promotion, marketing, distribution and manufacturing their business in more significant manner. Hence, this can be claimed that 25 out of 30 responder stated that digital technologies are assisting in the business transformation On the other side, more than 5 responders stated that there is no large distribution and transformation of business.

Theme 6: Organization optimize adequate digital technologies

Q6. Do the organization optimize adequate digital technologies within workplace?

Frequency

Yes

22

No

8

Interpretation: This can claim that various techniques and technologies are being optimised in regard to carry out better operation and outcome of business in more significant manner. Approximate 22 out of 30 responders given their statement in the agreement of digital technologies in more ideal manner. On the other side, more than 8 people claimed their opinion against this statement. Hence, the company need more digital disruption for ease their work and manage their practices accordingly. 

Theme 7: Digital transformation is affecting long term objectives

Q7. What are the long term objectives on the company through the transformation of digitalization?

Frequency

Positive

15

Negative

8

Neutral

7

Interpretation: The above mentioned graph states that digital technologies have large contribution in the acceptance and achievement of long term objectives of organisation along with creating positive influence in the marketplace. 15 out of 30 people state their statement in the agreement whereas 8 of the claimed that there are more negative long term impact due to digital technologies. Whereas more than 7 testee were also those who has neutral opinion in contexter of this. 

Theme 8: With support of digitalisation red-tapism will get reduced.

Q8. this is utilization in functioning entire functions of business more appropriately and decrease red tap-ism?

Respondents

a) Yes

22

b) No

8

Interpretation: It is required for each and every organisation to use latest techniques and methods in business as it assists to reduce unwanted cost. Along with, they will be able to accomplish entire work with maximum effectiveness and appropriateness. From above graphical representation it has been comprehended that almost 22 individuals are in favour with above statement but remaining people are entirely against of this. If there is less strict rules on firm then, staff members are able to accomplish their task with an effective and efficient manner.

Theme 9: Company is using modern marketing methods for promotion

Q9. AS per the trending, which marketing method id more influencing and persuading for marketing an promotion purpose?

Respondents

a) Traditional marketing

23

b) Modern marketing

7

Interpretation: In today's digitalisation world, it is necessary for a company to create changes in business and offer innovative products at marketplace. It will help in getting sustainability at marketplace and a better position also. Along with this, they will attract numerous individuals towards them. As per above graph, it has been comprehended that almost 23 respondents are in favour of this argument but remaining are totally against of this. By promoting products with assistance of new techniques, manager of firm will maintain their brand image at national as well as international level. 

Task 6

P6 Recommendations on findings

Mr. Jones Watches already grabs a good percentage of market share in United Kingdom and looking forward to expand its business at international level. But, in order to catch eyes of consumers in huge numbers at both domestic and at international level it is essential for firms to start doing business through internet. Online business may help in directly getting connected to customers without any hand of mediators. It will help a company organisation in improving as well as enhancing productivity of business through which high profitability can be generated. Along with this, it has been examined that digitalising may help firm in attaining their goals and objectives in much more effective ways. Modifications is must for organisation so that desired targets can get hit right on time. Keeping information of consumers has became must in this era for firms as with the help of this it is may be possible that it may aid in making determinations right on time. In this context, Mr. Jones watches is also recommended to cloud computing technique through which it can store necessary information and important documents in a confidential manner.

By this, both employer and employees can contain or transfer details of customers to each other or other documents that are related to business. Moreover, this process also helps in accessing information from any place. Through this process, Board of department of Mr. Jones watches can easily access information and take proper decision related to particular project easily. Mr. Jones can attain goals and objectives by taking in use of cloud. This type of digitalised tool is much secure and firms can use them in order to keep the benefits like holding huge data at one place in much more effective and efficient way. In recent timings, it has been analysed that Mr. Jones Watches can use this tool so that to hit their targets in much more effective ways.

Task 7

P7 Reflection on the research

There are various numbers of demerits which occurs at a working time of any project. Thus, an particular have to execute the same in proper manner by which they can handle issues and problems appropriately. This is useful for them in making a proper project report and make a efficient use of workers. Individual efficiency signifies by executing operations properly as well as results effectively. At a time of organising the research I faced various problems in which cost and time are main things. While doing a project there is a lack of time for such research and population which I choose was a low range. Hence, I do not have to linked with accurate results. The cost which give research is very low in various ways proper research are not organised but I manage every and each thing which come while completing a project. For this relation, I use the option of various peoples through internet as it is a best path where they can interact personally with them easily. In this I utilize cost effectively by which functions become properly and outcomes are very higher. From the report I achieved reliable, accurate and relevant information related to the study. I was more efficient and I completed all the task in the desired time that was allocated to me. I learnt different things such as using the most effective sources of collecting effective data and getting information from the reliable sources.

Competencies

How I developed in this area

What I need to do to develop further in the area.

Analytical Skills

There is deep studies carried out for different activities and information is gathered for making further improvement

The documents should be evaluated in most effective manner.

Research Skills

In order to develop effective skills there should be proper plans and policies formulated.

In order to get the more effective information from the overall working

Strategic Thinking

The targets and objectives should be achieved and tools, techniques should be identified.

There is critical evaluation of further plans at both professional and personal level

Project Planning

This can be achieved by proper time management

To carry out further research report in schedule with the set plans and policies

Communication skills

Through effective interaction with employees

In order to develop communication skills there is requirement of using different methods.

Report writing

Questionnaire is formulated for conducting research.

There is effective interpretation carried out for the overall research working.

Negotiation

This can be done with dealing with various types of clients

There should be effective marketing research carried out.

Team building

There should be focus on team working

Different ideas should v=be developed from the team members

Delegation

Assessing the responsibility for planning with the subordinates

The research working should be carried out in effective and planned manner.

Budget planning

Effective budget should be formulated for research operations

There should be knowledge about different parts of management accounting.

Risk assessment

Through analysing past transactions

By focusing on the future events

Progress monitoring

Assessed from the facts about achieving objectives in planned manner

Through effective outlining of various activities.

Conclusion

As per above report it has been concluded that research is important before doing all functions effectively. For this things size of sample have to choose in which different opinions of respondents are measured. Therefore, by using the tools of analysis such results are analysed for taking a decision of advantages which is linked with digitalization. There are various demerits also occur at a research time. Thus, by working on proper decisions can be earned. There are various kinds of themes are made with a motive to prepare a report attractive as well as effective and enable management to execute a proper decisions on continuous basis.

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References

  • Axinte, S. D., Petrică, G. and Barbu, I. D., 2017, June. Managing a software development project complying with PRINCE2 standard. InElectronics, Computers and Artificial Intelligence (ECAI), 2017 9th International Conference on. (pp. 1-6). IEEE.
  • Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
  • 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.
  • Dutta, D. and Bose, I., 2015. Managing a big data project: the case of ramco cements limited.International Journal of Production Economics. 165. pp.293-306.
  • Gama, F., Sjödin, D. R. and Frishammar, J., 2017. Managing interorganizational technology development: Project management practices for market‐and science‐based partnerships.Creativity and Innovation Management. 26(2). pp.115-127.
  • Kaiser, M. G., El Arbi, F. and Ahlemann, F., 2015. Successful project portfolio management beyond project selection techniques: Understanding the role of structural alignment.International Journal of Project Management. 33(1). pp.126-139.
  • Kerzner, H. and Kerzner, H.R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
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