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Importance of Project Management | PEIENCE 2 theory

272 Downloads1 I Published: 02 Dec ,2019

Introduction

Event management is a part of project management in which a person or a team develop or organized events on a large scale such as conferences, ceremonies, weddings, college event, formal parties, concerts and many more. For organizing event in appropriate and effective manner, an organizer or project planner needs to various activities such as budgeting, scheduling, arranging transportation, arranging speakers and many more (Braglia and Frosolini, 2014). This report is based on QA Higher Education (QAHE) who is going to conduct event in college during fresher's week in September. For this all responsibility of organising event in effective and appropriate manner given to project manger. Thus for efficient event project manger develop activities and plans like prepare budget, time scale for its completion, decide objectives, hire and arrange staffs, attract stakeholders. Along with this they develop work break down structure of activities which is conducted in order to make event appropriate. They also develop risk register which they might face during pre or post action of events. This report also include short report analysis which is going to present in front of project sponsor, Directors of operations and many more. At last report include analysis and evaluate strength as well as weakness of project by adopt PRIENCE model.

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Task

1. Sample project initial document

Title of Project:- Attract students and make the university more competitive.

Estimate Budget:- Budget which is given for organising or creating events to attract students and enhance competition at market, managing director provide approximately £50,000 to project manger. This budget is for all things which is going to conduct and required for a effective and appropriate event such as building or ambiance, foods and drinks, invitations for local and international and many more (Bucero and Englund, 2015). From given budget most part of budget or funds will be spend on advertisement and promotional activities. Along with this arranging foods and drinks as well as ambiance also required huge budget. University has to do promotional and advertising activities to attract more and more pupil of London, Birmingham and Manchester.

Project manager decide to divide portion or ration of whole budget according to activities which is conducting at event such as approx 20 % will be spent on food and drinks, 50 % required for distributing invitations to audiences and media partners. Media is required at this event because by university able to promote there effective and advance classrooms as well as computing labs in effective manner. Form budget of £50,000 approx 20 % will be required to arrange ambiance for organizing events for near by 2000 audiences. Along with this 20 % which is left from budget will be used in miscellaneous activities such as hiring office, staffs and many more.

Timescales:- This refers to time duration which is required to conduct whole research of organising event in effective and appropriate manner (Burke, 2013). For this product manger need to develop a team of efficient members which conduct research to identify effective and potential audiences for there classrooms and computing labs. For completing and organising events project manger at least required 1 month so that they plans and arranges things as well as resources in effective and efficient manner. From which they required 20 days for promotional and advertisement activities. Along with this project manger take approx 2 days in for booking every things such as caterer for food and drinks, ambience, speakers, mice and many more.

Objectives:- Main objective for organizing this event is toattract students and there peers in order to make the university more competitive. So that more pupils form London, Birmingham and Manchester get attract and encourage to take admission in respective University.

Approach:- This refers to factor which is required to make event effective and efficient. Project manager of QA Higher Education is more focused on advertising and promotion of this event in order to attract more and more learner from all areas. For this they conduct advertisement on social media- face book, Instagram, twitter, linked in and many more; social media like email marketing or search engine (Fleming and Koppelman, 2016). Along with this they are also do advertising through print media like newspaper, pamphlets, posters and many others. Project manager of respective university also update there websites so that visitors who go through university websites get aware about event.

Stakeholders Analysis:- There are various type of stakeholder of an organisation such as suppliers, directors, members partners and many others. From these stakeholders some are important for an organisation and some are not must efficient and significant. QA Higher Education classify there stakeholder into four parts- Donors, Governments and university head, and suppliers, whose description is given below:-

  • Donors (High power, high interest):It refers to those peoples who invest there capital in operations and functions of University such as trustee, parents, alumni, employees, research councils and many others. These peoples always involves and take part in decision making related to university. Manager of respective university take part in every decision and provide ideas in order to enhance there potential audiences ratio and profitability.
  • Government (High power, low interest):It refers to those stakeholders how have more power in activities of university but have very low interest (Fortune and et.al., 2011). The government develop develop strategies, policies and rules and regulation which affect decision making as well as activities of university. Governments also develop strategies and plans for activities or event which QA Higher Education is going to conduct. There is also some chance that it may affect activities and process.
  • University Head (Low power, high interest): There are those individuals or group of individuals which have more interest in activities and process of an organisation. Such as in QA Higher Education university heads are Board of directors or Dean who have more interest and less power. In respect of event which is going to conduct in respective university.
  • Suppliers (Low power, low interest): Suppliers refers to an individual or group of peoples who supplies things to university such as suppliers of foods and drinks,other colleges or university, suppliers of books and stationery. In respect of event which is going to conduct in QA Higher Education university suppliers indicates suppliers of food and drinks, speakers, mics, tables, chairs and many more.

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2. Work Breakdown Structure (WBS) with at least 20 items

Work break down structure refers to procedure or technique in which whole procedure is divided into various small activities or portions which leads to completion of task in effective and efficient manner (Hanisch and Wald, 2011). In respect of QA Higher Education university project manger divide whole activities or process in small portions of 20 activities which is mentioned below:-

  • Establish Objective: Identify and establish appropriate objective what QA Higher Education university want to convey to there audiences about there advance technology classrooms as well as computer lab.
  • Market research: In this QA Higher Education university conduct market research and identify potential audiences from local and other area of countries.
  • Selection of suitable ideas: In this QA Higher Education university conduct select appropriate ides for selecting audiences in effective and appropriate manner.
  • Develop plans of activities: In this respective university develop plans to various activities they have to conduct.
  • Design promotional and advertising activities: When QA Higher Education university know there potential customers they will develop advertisement and promotional activities
  • Up date Websites: After advertising respective university update there websites for those who visit at there website after watching advertisement of QA Higher Education university.
  • Conduct analysis: After advertisement university conduct analysis to know in what ratio audiences are attracting towards QA Higher Education university.
  • Evaluate Decision: Then they conduct meeting with seniors and staffs in order to analysis effectiveness of decision.
  • Market Feasibility: It is a situation when respective company conduct analysis of effectiveness of ideas.
  • Demand Forecasting: At this QA Higher Education university conduct forecasting of demand and need things for conducting event in effective and appropriate manner.
  • Data Collection: In this respective University collect data and information which is required for respective event which is going to organised by respective company.
  • Evaluate Data: Then they evaluate data so that they do further activities in effective manner.
  • Develop Budget: After deciding and evaluating all data and information respective university prepare budget in effective and efficient manner.
  • Set activities accordingly: In this step project manager conduct evaluation and set activities according to budget in effective and appropriate manner.
  • Books Ambiances: Respective University book ambiances according to audiences they are estimating.
  • Develop invitation cards: Then university print invitation cards for pupils and there peers, other college and university and so on.
  • Book caterers: After deciding approx number of audiences QA Higher Education university book caterers for foods and drinks.
  • Invite media: QA Higher Education university also invite media so that they can promote there advance technology class rooms and computer labs which help them in attracting more learners.
  • Hire bloggers: Respective university hire bloggers and writers who will do positive advertising and promotion of respective events.
  • Analysis effectiveness: At last project manger of respective company analysis effectiveness of events through feedback and suggestions.

3. Risk register

It refers to a tool or techniques which is use by an organisation in order to identify risk and develop risk management plans accordingly and effectively (Kerzner and Kerzner, 2017). In respect ofQA Higher Education university major risk are given below:-

Risk

Mitigation Action

Contingency Action

Pre action score (Out of 10, where 10 is high risk and 1 is low)

Post action score (Out of 10, where 10 is high risk and 1 is low)

Delay in delivery of products which is required for event.

In this an agreement must be prepare in which it is mentioned that if supplier delay in delivery of products. Respective university can file legal action against it.

Project manager also plan strategies according to Plan B if in case respective situation occur

4

6

Demand of pupil not match with university products

It is a situation in when demand of students get change there demand or ask for more facilities.

For this project manger of QA Higher Education university decide to update there facilities and strategies according to demand and feedback of audiences.

6

4

Fluctuation in budget or cash flow due to increase in need of resources.

 

In this project manger manage and develop proper strategies according to distribution of cash in effective and appropriate manner according to need of activities (Ramazani and Jergeas, 2015).

To tackle this situation in effective and appropriate manner respective university project manger take short duration loan from bank or any financial institutions.

 

7

3

4. Risk management plan and PEIENCE 2 theory

(a) Risk Management Plan

It refers to methods or techniques that is adopted by an organisation in order to identify as well as analysis risk in effective manner and then accordingly they able to develop strategies in effective and appropriate manner (Kerzner, 2013). By using this approach an organisation able to analysis and minimise or cut down risk factors and accomplish work in effective manner. Along with this by analysing risk in advance an organisation able to same resources and money from getting waste. Effectiveness of risk management plans and its impact in ignoring risk in appropriate manner, is mentioned below:-

  • Identification of risk:- By adopting risk management plan an organisation able to identify risk in effective and efficient manner that help them in developing strategies in appropriate manner. According to this project manger of respective university conduct analysis of macro and micro factors to identify risk, so that they can develop strategies and policies accordingly in appropriate and effective manner.
  • Assure high quality work:- By risk management plan an organisation able to identify risk which help in developing appropriate strategies in order to attain work and accomplish task in effective and efficient manner. By this project manger of QA Higher Education university develop plans, strategies, polices and regulation which save there time as well as resources. Along with this by respective methods event will be organised and accomplished in efficient and proper ways.

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(b) PRIENCE 2 Theory

This theory is use by an organisation when they are working or conducting a project. This theory is mainly concern or focus on three aspects that are organisation of event, controlling of event from starting to end and end of the project in effective manner (Meng, 2012). Through PRIENCE 2 methodology QA Higher Education university project manger analysis Strength and weaknesses which is mentioned below:-

Strength:-

  • Predictable:-By adopting respective method QA Higher Education university project manger able to predict things and risk in effective as well as efficient manner. By which they plan and develop strategies in appropriate manner.
  • Time and Cost Effective:- By using PRIENCE 2 method respective university able to accomplish process or task in appropriate time duration and in given budget. That makes work or event more effective and efficient.
  • Standardisation:- This method reduce or minimise the chance of misdirection and miscommunication which leads to achievement of goal as well as objectives in effective and appropriate manner (Meredith and Mantel, 2011). So if project manger of respective company use PRIENCE 2 methods they able to organized and accomplish event in effective and appropriate manner.

Weaknesses:-

  • Complex:- PRIENCE 2 Method is a complex and difficult approach in adopting due to which very less peoples or leaders adopt it. So to adopt it in effective manner respective university has to spend more funds in training and development of staff who work in particular event.
  • Not realistic:- Some steps in this methods are non realistic which didn't help in finding risk in effective and appropriate manner. Due to which it is is is not consider as realistic approach.

Conclusion

From the above discussed point it can be analysis and conclude that for planning a event it is essential for an organisation to conduct various activities such as market analysis, identify potential customers. Along with this they able to develop strategies, plans and budget according and in effective manner. It can also be recommended for an organisation to adopt PRIENCE 2 method in effective manner in order to identify strength and weakness of a project which they want to conduct. Manger of an organisation also do analysis of resources and staffs and if they required anything manger will develop strategies and plans accordingly. An organisation can also develop risk management plan to identify risk and then respectively manger will develop strategies in effective manner.

References

Books and journals

  • Braglia, M. and Frosolini, M., 2014. An integrated approach to implement project management information systems within the extended enterprise.International Journal of Project Management.32(1). pp.18-29.
  • Bucero, A. and Englund, R.L., 2015, October. Project sponsorship: Achieving management commitment for project success. Project Management Institute.
  • Burke, R., 2013. Project management: planning and control techniques.New Jersey, USA.
  • Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.
  • Fortune, J. and et.al., 2011. Looking again at current practice in project management.International Journal of Managing Projects in Business.4(4). pp.553-572.
  • Hanisch, B. and Wald, A., 2011. A project management research framework integrating multiple theoretical perspectives and influencing factors.Project Management Journal.42(3). pp.4-22.
  • Kerzner, H. and Kerzner, H.R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
  • Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
  • Meng, X., 2012. The effect of relationship management on project performance in construction.International journal of project management.30(2). pp.188-198.
  • Meredith, J.R. and Mantel Jr, S.J., 2011.Project management: a managerial approach. John Wiley & Sons.
  • Ramazani, J. and Jergeas, G., 2015. Project managers and the journey from good to great: The benefits of investment in project management training and education.International Journal of Project Management.33(1). pp.41-52.
  • Walker, A., 2015.Project management in construction. John Wiley & Sons.
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