Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo

Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo
International Component Project Type December 5, 2021 International Component Project Type The Sub-Planet Company (SPC) seeks to improve its product via market research and present it to international markets, a project which relies on multiple stages for success. The specific project is to conduct market research on what factors influence British consumers to purchase sports shoes. Unlike the local market, the international market is dynamic and presents different challenges. Consequently, SPC requires detailed market analysis before carting out business activities. Particular interest to SPC is also interactions with other parties, including suppliers and customers, and the regulatory environment in which the company will operate. The project management will involve a step-by-step process in market research. It’ll enable product improvement through a robust understanding and project control that facilitates international expansion. International Component for the Project The international component for the SPC project is market research in the United Kingdom. The United Kingdom is among the most suitable countries for international business expansion in Europe, primarily due to its fast-growing economy and labor market (Spear, 2018). For this reason, this market research project carries a global component following its execution in a foreign country and not domestically. Therefore, the SPC project focuses on market research that can help improve products meant to be provided internationally. Project Initiation Project Statement of Work SPC’s vision is to expand into global markets, beginning with the U.K. The main product offering that the company has for the U.K. market is sports shoes. However, market research is required to assess U. K’s sportswear industry before conducting any business activity. The research project aligns perfectly with SPC’s long-term expansion objective. SPC’s market research project in the United Kingdom presents the specific details that the company expects from the project team. First, the market research project will provide aspects and processes that will enable the company to collect information on what type of sports shoes customers in the U.K. prefer. Secondly, the market research project also intends to explore the factors that affect business operation in the U.K. environment. These factors include the regulatory environment, the prevailing culture, and competitors. Project Charter The research project is officially authorized to commence in the U.K and conduct its operations in alignment with SPC’s vision, mission, and prevailing objectives. It is expected that all personnel will adhere to its rules, operational guidelines, and prevailing industry standards. The project must select specific locations within the U.K for analysis to offer the maximum benefit in completing objectives. The project is also authorized to utilize company resources in the form of personnel, time, and finance for maximum efficiency and on-time delivery of project outcomes. Business Case The business case is another crucial aspect that determines and influences project success and completion. First, SPC’s business case presents the specific locations the project team must focus on for a successful market research project in the United Kingdom. The market research will focus on key cities like London, Cardiff, Glasgow, Manchester, and Liverpool. Secondly, selling sports shoes to customers requires concentrating on different aspects, such as quality, design, and satisfying their values and beliefs. For this reason, market research must explore these preferences when conducting evaluations in the mentioned cities. Stakeholder Analysis and Register Sub-Planet Company’s stakeholders include shareholders, employees, customers, and the community. Since the company has not moved operations to the international market yet, this stakeholder evaluation offers the requirements for the domestic stakeholders. One essential requirement and goal of shareholders involves improving profits by 50%. The U.K. market is significant, and successful market research can help improve sports shoes before presenting them to the market. Secondly, employees desire a new working environment with a new culture and potential for growth. Power Low High UK Government Shareholders/ Board Members Potential Customers Employees Low Interest High Figure 1. Power/Interest Grid The criteria used to identify stakeholders will be based on interest, legal rights, ownership, knowledge, and contribution. Individuals who offer the project expert knowledge will be considered stakeholders because they are essential to achieving objectives. The ownership criteria apply to shareholders and legal right stakeholders mainly in the U.K government. On the other hand, the interest criteria apply to customers while the contribution criteria are for employees. Project Documents The contract information indicates a one-year project timeline for the team involved in the project and the stakeholders. Delay in project completion will lead to fines to compensate for potential budget overruns. Contractual details also align with legal specifications of the foreign market and conflict resolution mechanisms. Project Planning Project Management Plan The project scope includes conducting market research to determine elements that determine consumer purchasing sports shoewear. The market research project in the U.K. is expected to take an estimated $2 million (USD) across the five selected cities in Scotland, Wales, and England. The schedule for the project presents a maximum of twelve months for project completion, which is indicated in the project documents with the contract information. Additionally, other key elements, including communications, human resources, process improvement, requirements, procurement, and risk management, will be handled by the stakeholders and the project team during the project. Traceability Matrix The market research project in the United Kingdom requires a traceability matrix to indicate possible test scenarios and monitor project requirements. In addition, SPC proposes specific aspects that the project must align with, including successful delivery of information regarding the U.K. market composition, competitors, the culture, customer preferences, and regulatory agencies. The matrix will help track these requirements and ensure the project team delivers the information the company needs (Hamilton, 2021). Project Scope Statement, Work Breakdown Structure, and Cost Estimates The SPC’s project scope statement includes “team project members must ensure they follow due process when executing the project for optimal completion and delivery.” The project scope is to conduct market research in the U.K on a specific product that is sports shoewear. The work breakdown structure is constructed to reflect the three main categories where information will be collected. The categories are date on customers, competitors, and the regulatory environment. In addition, each category contains a deliverable about the shoe sportswear industry. Budget $2 million Market Research Competitors Regulatory Environment Potential Customers Business Strategy Relevant legislation Quality Component Figure 2. Work Breakdown Structure Cost estimates for the market research project require exploring the specific cities and dividing them by size. For instance, London and Cardiff are likely to take the most significant cost figures, closely followed by Manchester, Liverpool, and Glasgow. SPC omitted Northern Ireland because it does not have a considerable market for international expansion. Budgets, Communications and Risk Management While the international market research project in the United Kingdom costs around $2 million (USD), the budget will be set at $2.5 million to cater to additional costs that may come up during the project. The additional funding is essential to cover the risk of potential budget overruns. In addition, creating a business WhatsApp group will be vital in receiving project updates and include shareholders, SPC management, and the project team. Another communication medium that will be deployed is email. Finally, risk management will involve identifying and responding to unforeseen circumstances, such as cost underestimation, project completion delay, and other adverse factors that impact project completion. Project management is a complex process that impacts how an organization adapts to the ever-changing business environment. SPC seeks to execute an international project that involves market research on improving a product and presenting it to the researched global market. SPC chose the U.K. because it is a fast-growing economy and has vast customer bases that can help boost business profits. The project’s success relies on aligning with different project steps and procedures that influence project activity. In this sense, this Sub-Planet Company market research project seeks to gather information on how the product (sports shoes) can be improved before presenting them to the U.K. market. References Hamilton, T. (2021). What is Requirements Traceability Matrix (RTM)? Retrieved from https://www.guru99.com/traceability-matrix.html Spear, R. (2018). United Kingdom: labor market integration and employment creation. In Tackling Social Exclusion in Europe (pp. 259-280). Routledge.
Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo
8 November 28, 2021 The Sub-Planet Company (SPC) has initiated a project to conduct market research before introducing its product into the U.K sports shoe industry. After defining a project plan and data points required for the project, the next step involves issuing relevant change requests on aspects of the project. Procurement information regarding contract details is also necessary, along with relevant supplier selection criteria. Finally, the project management process requires adherence to industry-standard ethics of practice. Change Requests The initial market research phase for SPC in the U.K revealed significant issues with the original project plan. Consequently, a change request is necessary to alter the project baseline. The first measure is a corrective action to expand the scope of market research to include data collection on online preferences. After the initial information collection, potential customers revealed that they prefer shoe brands that offer online retail options. As a result, online preferences are another data point included in the scope of the market research. Adding another data point in the scope of market research means that the project runs the risk of overrunning the allocated schedule for the project, which is 12 months. Expanding the project scope requires a revision of timelines because there is an addition to the amount of work to be completed. Preventive action is needed because there is a high probability that the project will be delayed and out of sync with the initial schedule. The best preventative action is to hire extra analysts specializing in market research regarding customers’ online preferences. The additional analysts will reduce the workload and prevent unnecessary delays. The corrective and preventive measures taken reveal that the project has some flaws. The undesirable potential situation is that the market research will end without the project offering actionable data or missing key data points (Butt & Jamal, 2017). Thus, a defect repair is necessary to modify the data points the market research will collect information. The repair involves using statistical software and industry expert consultation to discover potential gaps that the market research is not addressing. Procurement Documents Before selecting any supplier or key stakeholder, SPC must agree on a contract. The contract type that is selected for the project is a fixed-price contract. The contract type is applicable because the service required is clear, and there is an established timeline for delivering services. After completing the project, SPC will only be required to pay the agreed-on fee. The contract type is advantageous because the project scope is clear and not likely to change, and the cost of the market research is predictable. The potential risk associated with the fixed-price contract is if the project scope changes mid-market research, adjusting for new charges would be difficult. A fixed-price contract also puts the responsibility of ensuring project objectives are met on contractors. Consequently, SPC will primarily be focused on ensuring data collected during the market research is of high quality. Ensuring the project needs are met will require at least two suppliers. The suppliers will be selected based on their performance history and relevant qualifications. Procurement information will be utilized to initiate the bidding process with potential suppliers. Afterward, a request for information (RFI) and a request for quotation (RFQ) will be used to attract responses from bidders (PMI, 2017). Responses that will be considered after an RFI are those that reveal the potential for a strong partnership. In that case, an RFQ will be sent to get a detailed response on how the vendors will facilitate the market research and the cost of their services and products. Reference List Horning, T. M. (2018). Successful Project Management. Walden University Scholar Works. https://core.ac.uk/reader/217227636 The main point of the resource is that project failure can affect any type of project, whether large or small. The study indicates that the essentials to successful project management include relationship management, best practices, and essential strategies. The resource will be used to assess successful project management strategies and applied in the project planning section. Tereso, A., Ribeiro, P., Fernandes, G., Loureiro, I., & Ferreira, M. (2018). Project Management Practices in Private Organizations. Project Management Journal, 50(1), 6–22. https://doi.org/10.1177/8756972818810966 The study’s main point is private institutions often utilize that project management practices. The study emphasizes the importance of meetings and activity lists in practice. As a result, the study can be applied in the project implementation section of the paper to integrate industry standards in the project. Ma, X., Xiong, F., Olawumi, T. O., Dong, N., & Chan, A. P. C. (2018). Conceptual Framework and Roadmap Approach for Integrating BIM into Lifecycle Project Management. Journal of Management in Engineering, 34(6), 05018011. https://doi.org/10.1061/(asce)me.1943-5479.0000647 The resource asserts that building information modeling (BIM) facilitates project management through a modeled cooperative approach. BIM implementation in the project life cycle promotes project efficiency. The resource can be applied in the project life cycle section to integrate IT in project management. Puška, A., Stojanović, I., Maksimović, A., & Osmanović, N. (2020). Evaluation software of project management used measurement of alternatives and ranking according to compromise solution (MARCOS) method. Operational Research in Engineering Sciences: Theory and Applications, 3(1), 89–102. Retrieved from https://oresta.rabek.org/index.php/oresta/article/view/47/38 Project management software effectively manages multiple projects and is an investment that applies project management techniques. There are many project management software in the market; however, the study reveals that the highest rated by users is Smartsheet. Therefore, the study can be applied to the project planning section to implement software in the proposed project management. Lima, P. F. de A., & Verbano, C. (2019). Project Risk Management Implementation in SMEs: A Case Study from Italy. Journal of Technology Management & Innovation, 14(1), 3–10. https://doi.org/10.4067/s0718-27242019000100003 There is a lack of effective project risk management in small enterprises; consequently, this study analyzes the best way to adopt risk management in projects. There exist tools, procedures, and instruments that increase the effectiveness of project risk management. The resource can be applied in the project risk management section to develop effective strategies for guiding risk management in the proposed project. Project Management Ethics The PMI expectation for project managers regarding ethics revolves around four primary principles. The first principle is to take responsibility for work and team members. The following two principles are fairness and respect; the project manager must be impartial and respect the profession’s values. The final principle is honesty and is vital to the practice of project management. The project manager must maintain the confidentiality of client information or proprietary materials. Finally, the project manager must provide accurate information to the client even if it goes against their direct interests. Conclusion and Recommendations In conclusion, ethics in project management is crucial to uphold trust and facilitate project success. The procurement process for SPC requires an analysis of the potential suppliers and contract decisions with relevant stakeholders. Regarding change requests, the recommendation is for SPC to add online preference as a data point in the market research while adding analysts to ensure deadlines are met. In addition, management software can be utilized to assess potential gaps in achieving objectives. References Butt, S. A., & Jamal, T. (2017). Frequent change request from user to handle cost on project in agile model. Proc. of Asia Pacific Journal of Multidisciplinary Research, 5(2), 26-42. PMI. (2017). A Guide to the Project Management Body of Knowledge: (PMBOK guide) (6th ed.). Newtown Square, Pa: Project Management Institute.
Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo
10 Portfolio Milestone Subsections December 12, 2021 The Sub-Planet Company (SPC) project involves conducting market research in the U.K before launching a product in the sports shoe market. The project aims to determine customer preferences, the prominent business strategy in the industry, and identify legislation that will impact the company’s operations. The application of project management principles will help attain the project’s expected outcomes. Work Breakdown Structure The SPC market research project requires a work breakdown structure (WBS) to analyze the outcomes and scope of the project effectively. Planning project aspects such as scheduling and budgeting also require a breakdown of project elements (Al-Kasasbeh et al., 2020). Additionally, it offers a road map for implementing any changes in the project’s duration. Decomposition is applied in creating the WBS to divide the project into smaller tasks (PMI, 2017). The main tasks required for market research are assessing customer preferences, collecting information on competitors, relevant industry information, and identifying legislation that will impact operations. The project can be broken down into four main components based on the market research deliverables. The first is customer preferences which will acquire information from potential customers on factors influencing purchase decisions. The tools and techniques used for this activity include conducting interviews and distributing questionnaires among potential customers. The second component is competitors and analyses the prevalent market strategy in the industry. Finally, the activity can be completed through consulting market experts and performing a SWOT analysis on competitors in the industry. The third category in the WBS is relevant industry information and is straightforward. The activity can be completed through analyzing databases for any relevant research applicable to the sports shoe industry in the U.K. The final component in the WBS is the regulatory environment and requires identifying relevant legislation that can impact the company’s operations in the U.K. The activity can be accomplished by consulting industry regulators, primarily the government. Activity List, Attributes, And Milestone List. The market research’s project scope decomposition and expert judgment can be applied to develop an activity list, activity attributes, and milestone list. There are specific activities that need to be conducted to complete the market research. The activity list will help SPC create a schedule for the project. The market research project consists of six primary activities. The first two activities include interviewing potential customers and offering questionnaires for responses. The next activities include consulting market experts and performing SWOT analysis on established industry players. Finally, the last two activities are analyzing information databases to acquire relevant information and consulting industry regulators. The activities of the market research project have attributes that can be used to describe them further. Conducting interviews with potential customers cannot proceed without creating and revising a list of relevant questions. Designing and administrative tasks such as printing are required to distribute questionnaires. Assessing competitors requires hiring or training individuals who can assess market information through software or technique to produce relevant outcomes. On the other hand, analyzing information databases also requires personnel to use search engines. Finally, consultation with industry regulators requires retaining the services of a legal counsel for advice and interpretation of legislation. The milestone list for the project consists of mandatory events that signify an event in the project. The milestones for the market research project are associated with collecting information on the major categories of the WBS. They include collecting customer preferences, acquiring information relevant to competitors, and identifying relevant market regulations. Precedence Diagramming Method (PDM) The precedence diagramming method (PDM) can be utilized for the market research project to graphically illustrate the logical relationships between project activities (PMI, 2017). By applying the PDM, an activity can either be a predecessor activity or a successor activity. The logical relationship that features prominently in the SPC market research is the finish-to-start (FS) logical relationship. For instance, the distribution of questionnaires cannot begin until a questionnaire is designed and printed. Therefore, the distribution of questionnaires is the successor activity, while designing a questionnaire is the predecessor activity. The logical relationships are represented below. Dependency determination in the market research project reveals dependencies in the project’s activities. Mandatory dependency is present as with the logical relationships that exist among project activities (PMI, 2017). These activities provide a physical limitation; for instance, it is impossible to distribute questionnaires without first creating, designing, and printing them in bulk. An external dependency may also exist in the project in the form of the regulatory environment. New legislation may be proposed during the course of the market research requiring research on regulation to halt and resume after legislation passes or is discarded. The project will utilize leads to schedule tasks for leads and lags because the most logical relationships between activities are finish-to-start (FS). Project Schedule Network Diagram The market research project activities can be represented using a project network schedule diagram. The primary activities of the market research are independent; consequently, the primary tasks can run concurrently. Therefore, the completion of each activity will directly contribute to the completion of the project. Regarding slack, an incomplete task would mean that the project cannot conclude based on the expected outcomes. Conclusion and Recommendation Creating a work breakdown structure will enable the project to focus on the primary components that reflect the project scope. A WBS is essential in scheduling, planning, and budgeting for the project. An activity list can be developed to emphasize the primary tasks with activity attributes to expand on processes involved in each task. Applying the precedence diagramming method to the project reveals that the prominent logical relationship between project activities is finish-to-start. Each predecessor activity has to finish for successor activities to begin. The project network schedule diagram illustrates that the project activities can run concurrently. References Al-Kasasbeh, M., Abudayyeh, O., & Liu, H. (2020). An integrated decision support system for building asset management based on WBS. Journal of Building Engineering, 101959. https://doi.org/10.1016/j.jobe.2020.101959. PMI. (2017). A Guide to the Project Management Body of Knowledge: (PMBOK guide) (6th ed.). Project Management Institute. APPENDIX WORK BREAKDOWN STRUCTURE Market Research Relevant industry information Regulatory Environment Competitors Potential Customers Relevant legislation Business Strategy Quality Component Analyzing information databases Consult Industry Regulators Conduct Interviews Distribute Questionnaires Consult market Experts Perform SWOT Analysis ACTIVITY LIST Market Research Project ACTIVITY LIST ACTIVITY ID ACTIVITY TITLE ACTIVITY DESCRIPTION WBS1.1.0 Construct interview questions Creating interview questions for customers WBS1.1.1 Design Questionnaire Constructing the questionnaire that will be distributed WBS1.1.2 Interviewing potential customers Conducting the actual interview with potential customers WBS1.1.3 Consulting market experts Seeking relevant information from industry professionals WBS1.1.4 Performing SWOT analysis Identify the strengths and weaknesses of market players WBS1.1.5 Analyzing information databases Seeking relevant information through search engines from databases WBS1.1.6 Consulting industry regulators Approaching government officials to acquire information about the legal framework. PRECEDENCE DIAGRAMMING METHOD ACTIVITY RELATIONSHIPS Finish to Start (FS) Distributing Questionnaires Designing Questionnaire Finish to Start (FS) Conducting Interviews Creating Interviews Questions PROJECT NETWORK SCHEDULE DIAGRAM Perform SWOT Analysis Begin Consult market Experts End Consult Industry Regulators Analyzing information databases Distribute Questionnaires Conduct Interviews
Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo
8 Module 5 Portfolio Milestone Subsections The Sub-Planet Company (SPC) intends to conduct market research and promote its product to international markets, necessitating project management concepts. The purpose of the project is to conduct market research on the factors that influence British customers’ decisions to purchase sports shoes. Unlike the home market, the foreign market is dynamic and has distinct challenges. As a result, SPC demands a complete market analysis before engaging in commercial activity. SPC is concerned with interactions with other parties, including suppliers and customers, and the regulatory framework in which the firm will operate. Cost Estimates The successful completion of the SPC market research requires cost estimation to determine the cost necessary to complete objectives. Since the market research is a service project, most of the funding required is for labor. The project requires personnel who will distribute questionnaires and consult with experts. The other finances necessary are equipment, including computers to capture, store and analyze the information gathered. A cost estimate for purchasing computers is $200,000, while the cost estimate for labor is $300,000. The methodology for deriving the estimates is a vendor bid analysis that compares previous bids submitted by suppliers for similar projects SPC conducted in the past. The market research project requires a cost-benefit analysis to determine the effectiveness of the decision made regarding labor and equipment by summing the potential reward and subtracting cost. The total cost for the market research is adding $200,000 and $300,000 to arrive at $500,000. Since the market research is a service project, the potential benefits are intangible and consist of faster project delivery and effective information gathering and analysis. The cost of quality methodology is also necessary for SPC to determine the resources required to prevent poor quality. The cost estimates derived for labor and equipment are designed as preventative costs; these avoid quality problems. The equipment that is computers ensures service requirements are met while labor estimates account for training and development activities that will facilitate the completion of objectives. Budget The next aspect after cost estimation is to determine the budget, which is an aggregation of the cost of project activities. The source of funding for the market research is the Research and Development department in SPC. The department is in charge of creating services or products that expand the company’s product offering. In this case, the market research in the UK is an opportunity for the R&D department to expand SPC’s market range. The cost baseline the R&D department provides for the project is $1.5 million. A management reserve of $500,000 is withheld from the budget for control purposes and to cater to unforeseen events. The market research will also have a contingency reserve of $500,000 to cater to risks identified in the project. For the market research, the risk may consist of a component essential for the sports shoe industry in the UK. An activity contingency of $250,000 will allow the project manager to handle aspects of the project that contain deficiencies. In total, project funding requirements will consist of $750,000 and cater to the project’s expenditures and liabilities. Procurement Procurement will help the market research obtain the products necessary to complete the project successfully. The SPC market research will first place an advertisement on its website for potential sellers to submit proposals that contain estimates for the equipment required. In addition, the website will also advertise for personnel gaps that are required to fulfill particular roles in the project. A bidder conference will also be conducted to create consensus about the procurement process and promote fairness among potential bidders. In proposal evaluation, data analysis will be conducted to ensure proposals actively respond to the bid package (PMI, 2017). The proposal evaluation will determine which seller has competitive prices, which will form the basis for seller selection. After selecting a seller, the final stage will involve issuing a contract that contains an agreement that obligates the seller to provide specified project requirements. Schedule Forecasts The SPC market research will utilize schedule forecasts to monitor and control project work. The schedule forecasts will review, track, and report to ensure the project meets its objectives. The schedule forecast will be aligned with the project milestones to ensure the project is on track (Andrade et al., 2019). The project milestones are derived from the major categories of the work breakdown structure, which contains the significant avenues that require data collection. The milestones include collecting customer preference, competitor information, and identifying relevant market information. These are the primary areas where financial resources are going to be spent. Since the project has a schedule of about 12months, each milestone should be completed every four months. The cost-benefit analysis technique is the measurement that SPC will utilize to ensure the project is on track and that the decisions made are the best alternative for the project. Rules for Cost and Performance Management The criterion that specifies the indicators for project performance will use the primary categories of the work breakdown structure. The categories include potential customers, competitors, relevant industry information, and the regulatory environment. Each category is further divided into subcategories and the relevant activities or tasks. The market research will use the earned value measurement to analyze project performance against scope, cost, and schedule. Cost performance will measure cost efficiency by assessing the earned value and the actual cost (PMI, 2017). A cost performance index is used to calculate the value of the work done. The schedule performance index is necessary as a ratio of the initial slotted project duration versus the actual time for project completion. In addition, it is effective in determining the accuracy of schedule estimation. Earned Value Management The SPC market research project necessitates a comprehensive framework for assessing project performance and feedback tools for project management. In this case, earned value management (EVM) is useful because it gives the project manager a method for integrating cost, scope, and schedule (Salikuma & Anna Johny, 2016). The three data points in EVM important for the market research are planned value, actual cost, and actual value. The market research’s planned value reflects how the project progresses at a certain time according to the project schedule. If the market research is operating according to schedule, it is on schedule. In contrast, if project activities lag behind schedule, the project will fail to meet the deadline and exceed the allocated budget. The earned value is the amount of progress accomplished by the project at a certain point in time and is a true representation of the quantity of work that has been performed. On the other hand, the actual cost will represent the resources used to get to the project’s current stage. It will determine if costs have exceeded budget or are on target. Conclusion and Recommendation  Certain project management features are required to complete the market research effectively. The project should have clear regulations that spell out the criteria for determining whether or not the initiative is a success. In this case, an earned value measurement is used to assess the work completed on a given day and evaluate project success in terms of scope, cost, and schedule. Earned value management should be used in SPC market research since it provides a structure for monitoring numerous areas of a project. A schedule forecast is also needed to assess future circumstances and cost estimations to establish the financial resources necessary to fulfill the goal. References Andrade, P. A. de, Martens, A., & Vanhoucke, M. (2019). Using real project schedule data to compare earned schedule and earned duration management project time forecasting capabilities. Automation in Construction, 99, 68–78. https://doi.org/10.1016/j.autcon.2018.11.030 PMI. (2017). A Guide to the Project Management Body of Knowledge: (PMBOK guide) (6th ed.). Project Management Institute. Salikuma, S., & Anna Johny, M. (2016). Application of Earned Value Analysis in Analysing Project Performance. International Journal of Engineering Research & Technology (IJERT), 5(9), 459–464.
Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo
11 Risk Management Subsection The Sub-Planet Company (SPC) is involved in a multinational endeavor. SPC plans to perform market research and promote its product in worldwide markets, which will need project management methods. The study aims to perform market research on the elements that impact British customers’ purchasing decisions for sports shoes. Unlike the domestic market, the overseas market is dynamic and has unique problems. As a result, before starting operations in the United Kingdom, SPC needs a thorough market investigation. SPC is concerned with the firm’s contracts with other parties, including suppliers and customers, and the regulatory environment in which it will operate. The project includes inherent hazards that need the use of project management techniques. Identifying risk, developing a reaction plan, and monitoring project aspects are all part of the risk management process. Analysis Techniques Identifying hazards is an important part of risk management for the SPC project. The approach will help SPC document risk sources for the market research project. Moreover, it leads to gathering information needed to launch a proper reaction (Russell, 2018). First, expert consultation was employed by SPC to identify dangers in the market research study. Individuals with a specialist understanding of related business sectors are consulted as part of the process. The experts will offer advice on many aspects of the project. SPC will need to identify dangers, and for this purpose, data collection and analysis will be vital. Contributions will be required from project members, including stakeholders; this process will be conducted as an interview. In terms of data collection, brainstorming with the project team is also a valid option. A SWOT analysis will be beneficial in finding organizational strengths and weaknesses that mitigate risk or leave the project vulnerable when it comes to data analysis (PMI, 2017). Risk Breakdown Structure A risk breakdown structure will categorize project hazards in the market research project. The risk breakdown structure will enable project members to assess the full range of potential project risk sources (PMI, 2017). The risk breakdown structure deployed by SPC for the market research is represented in the appendix. However, the structure contains categories and subcategories that can be expanded for clarity. Technical, management, financial, and external risks are all present in the market research study as the primary sections. Each category is broken down further into subcategories that detail the dangers associated. Technology and process are subcategories of the technical category. The project necessitates using technology to acquire data systematically. The management subcategories include resourcing in terms of suitable employees and accurate communication. Financial risk can also be found in the form of supplier capability and attractive contract conditions. Finally, external hazards, which might be manifested through legislation or changes in currency rates, are included in the last category. Probability and Impact Matrix SPC’s probability and impact matrix for the market research project is also represented in the appendix. After evaluating project risks, the next step is to prioritize them to allocate resources for mitigation properly. The chance of risk occurrence will be ranked using a predetermined criterion for the market research project. In the criterion, there are four levels of probability: high, medium-high, medium-low, and low. On the other hand, the risk effect will be high, medium, or low. A probability and impact matrix will be created using the probability and impact definitions. The matrix will prioritize risks in the market research project and act as a reference for making vital risk management decisions. Risk Register The risk register deployed by SPC consists of five columns: category, risk ID, name, description, and potential mitigation. The market research study will use a risk register to document identified hazards. A list of potential hazards and actions will be the main components of the risk register. A unique identity and description are assigned to each risk. A possible response is added to the risk register after recognizing project risk. The potential mitigation category can consist of brainstorming ideas that the team members develop to address risks identified. The possible hazards in the risk register correspond to the risk categories in the risk breakdown structure. Technical, managerial, financial, and external are the four categories. Technological failure, inefficient procedures, inefficient staff, and supplier delays are just a few of the dangers included in the register. The risk register for the market research project in its entirety can be found in the appendix. Quantitative Risk Modeling SPC will need to measure the impact of each project risk, and for this, the market research study will conduct a quantitative risk analysis. Risk responses will be developed using the findings of the quantitative risk analysis. A decision tree analysis is the data analysis approach that the market research will use to examine risk management decisions. The decision tree will assist the project manager in determining the best course of action (PMI, 2017). Each relevant branch in the decision tree represents a choice and associated costs. Personnel training will focus on the market research project’s decision tree. Personnel is a possible project risk since acquiring or training qualified workers strongly influences the project. Training staff or employing new personnel are the two main branches of this risk. An important aspect to consider between the two decisions is which of the branches effectively utilizes financial resources and increases the efficiency of achieving project objectives. Strategies for Negative and Positive Risks Following the classification and identification of project risks using a breakdown structure and register, the next step is to devise methods for dealing with negative and positive risks. The SPC project will deal with possible dangers or negative risks by relying on four tactics. The first technique prevents risk by altering project components or operations to remove or considerably lower the hazard (PMI, 2017). For SPC, this may include eliminating a project activity to avoid its associated risks. The project’s next strategy is to transfer project risk; this will be done through acquiring insurance to mitigate the damage a risk may cause. Insurance will also help SPC transfer risk to a third party; in this case, the third party is the insurance company. Risk mitigation is another strategy because the project contains a risk register for prospective dangers. Supplier delays, for example, are marked as a possible risk in the register. As a result, a comprehensive supplier study might be used as a mitigation approach for this hazard. Acceptance is the last technique for dealing with financial risks posed by external risk variables such as exchange rate fluctuations (Russell, 2018). The market research project may have no option but to accept risks posed by external project factors because they have no control over these aspects. When combined with escalation tactics, acceptance is also efficient in dealing with positive risks. Accepting positive risks does not need aggressive action on the project team members. On the other hand, SPC may apply escalation by instructing the program-level managers or activity leaders to manage any opportunities that arise from positive risks. Conclusion and Recommendation Risk management is an important part of project management that greatly influences the project’s success. In the United Kingdom, the SPC firm has a worldwide service project in market research. Risk management for a market research study requires categorizing and identifying relevant hazards. A risk register effectively documents risks identified and potential responses during a brainstorming session. Consultation with specialists and discussions with team members are the initial steps in identifying concerns. Afterward, a risk breakdown structure is required to categorize project components and assess possible risk sources. The primary strategies for dealing with positive risks are acceptance and escalation. On the other hand, tactics for dealing with negative risks in the market research project are acceptance, mitigation, altering project components, or transferring risks. References Russell, J. S., Pferdehirt, W. P., & Nelson, J. S. (2018). Managing Project Risks. Technical Project Management in Living and Geometric Order. PMI. (2017). A Guide to the Project Management Body of Knowledge: (PMBOK guide) (6th ed.). Project Management Institute. APPENDIX Risk Breakdown Structure Technology, Process Suppliers, Contract Terms Legislation, Exchange rates Resourcing, Communication Market Research Risks Management Technical Financial External Probability and Impact Matrix PROBABILITY High Medium-High Medium-Low Low IMPACT High Very High Very High High Moderate Medium High Moderate Moderate Low Low Low Low Low Low SPC Market Research Risk Register Category Risk ID Name Description Potential Mitigation Technical 1.1 Technology failure Breaking down of device required to capture information Install redundancy IT systems Technical 1.2 Inefficient process The data acquisition process is time-consuming Revert to performing only essential activities. Management 2.1 Inefficient personnel Employees are unable to produce project deliverables Perform thorough recruitment or training. Financial 3.1 Supplier delay The project suppliers are not able to deliver on contract promises Conduct thorough supplier selection. Eternal 4.1 Legislation The U.K enacts legislation that changes project scope Consultation with market experts Eternal 4.2 Exchange rates A shift in exchange rates that makes the project more expensive Manage the project from within the U.K Market Research Train or Hire Decision Tree Increased Efficiency Train (Invest 1M) No change in Efficiency Hire (Invest 0.5M) No change in Efficiency Increased Efficiency Train or Hire Staff
Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo
Portfolio Tips Option two is based on a physical product You’re going to create a project that has a physical type of outcome. You might be opening a new store, building a house, or manufacturing a widget. Again, that international component, manufacturing base; it’s something tangible versus a service component. Many students struggle with the international component, but it’s not that difficult. It could be that some of your supplies are coming across the waters, or you’re working with a vendor that’s getting supplies or doing some consulting, or there’s just some international component to it. It does not have to be an international project just has to have an international component. It could be staff resources, and part of them are in Dublin. Whatever the case may be, you just need an international component. It doesn’t necessarily mean that the whole thing needs to be an international project. You’re going to build your capstone project from all the milestone assignments. We’re high on Turnitin and making sure that it is 3% below everybody knows how it works. Do’s and Don’t Do Don’t Choose your project carefully! Is it too big? Do you need to take that project and make it smaller? Ignore the feedback. If you see a 1, it means I’m trying to get your attention. Create the artifacts first BEFORE you start writing the narrative. Wait until the last moment to revise. There will be limited opportunities. Pay attention to what’s required and what’s optional. Rush, this is a marathon, not a sprint. Communicate! If something comes up, let’s talk sooner than later. The next thing to do is create your ARTIFACTS before you start writing the narrative. Your artifacts will be all those things and the tools you’ve learned about in all your previous courses. For example, the stakeholder analysis, stakeholder register, the budget, the Gantt chart, the project charter statement of work, all those artifacts do those first. If you write them first, it’s easier for you to summarize what you’ve done in those things. So going back to the example, if I’ve got a work breakdown structure with seven phases, it’s easier for me to write, hey, we’ve got 7 phases in the work breakdown structure because I’m looking at the work breakdown structure. People have tried to do it the other way, and some get through it. Still, over the last ten years, I think my experience tells me that if you start with the end in mind going through and writing the front matter, the summary piece of the capstone in the milestones will be so much easier for you to do and less time-consuming. Pay attention to what’s required in each milestone and what’s optional. Finally, you will see on the milestones and the capstone there’s a page length requirement. The page length only extends to the narrative portion of each assignment. You might be thinking this first one you’ve got to do a project charter, you got a statement of work all those things could be multiple pages, but the Appendix does not count. So, you’re going to put your artifacts in that Appendix. You’re going to summarize your artifacts in the front part, ahead of the references. To meet the page length requirements of the assignment, place all examples, charts, tables, figures, or other project management artifacts (like project charter, WBS, etc.) in the Appendix (after the references) of the assignment. Don’t reinvent the wheel; there are plenty of examples of how to do the things that we’re asking you to do on the Internet. You can use the templates, don’t just submit an empty template, and say, oh, I’ve met the requirement. For example, if you use a risk register but don’t fill it out for your project, that’s not helpful. We want to see you use the template, don’t just find a template, and submit one that’s blank or has some example information not relevant to the capstone.
Project Management The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents fo
Portfolio Project Assignment The goal of the Portfolio Project is to develop a project plan to successfully execute a project. In this option, you will develop, compile, and write important project documents for a physical product type project with an international component in a company or non-profit organization that you have selected. You must clearly detail the international component of your selected project. It may be that the project is executed in a country other than the United States, or that the supplier is hired from a company headquartered outside the United States. The company or organization can be one that you work for, one with which you are familiar, or one you find through research. The project must be a real project, not yet started, and for delivery of a physical product. Product projects may include construction, manufacturing, and infrastructure delivery among many others. The project must be a new project that you will plan and must not be an existing project within the organization, nor one you have used in any previous courses in the program. Your instructor will use Turnitin to ensure all work is unique for this section of this course. You must select a project that is complex enough to allow you to demonstrate an understanding of the learning objectives for this course, and that allows you to deliver on all the project management components required in this portfolio project. The following components must be addressed in your project management plan and must be broken into the following five sections and the associated subsections that follow the project management process groups: Project Initiation; Project Planning; Project Execution, Project Monitoring and Control; and Project Closure. The requirements for each section are as follows: Project Initiation – Your project plan must include an introduction of the company and the scope of the project. Your project initiation portion of the portfolio project is to include an explanation of those inputs, tools, and techniques that result in a project charter, and stakeholder register. It is strongly suggested that you consult Chapters 4 and 13 from the PMBOK ® Guide for further detail on the deliverables for this section of your portfolio project.  Project Planning – It is strongly suggested that you consult Chapters 5.1-5.4, 6.1-6.6, 7.1-7.3, 8.1, 9.1, 10.1, 11.1-11.5, 12.1, and 13.2 from the PMBOK ® Guide for further detail on the deliverables for this section of your portfolio project. Monitoring and Controlling- It is strongly suggested that you consult Chapters 4.4-4.5, 5.5, 6.7, 7.4, 8.3, 10.3, 11.6, 12.3, and 13.4 from the PMBOK ® Guide  for further detail on the deliverables for this section of your portfolio project. Project Execution – It is strongly suggested that you consult Chapters 4.3, 8.2, 9.2-9.4, 10.2, 12.2, and 13.3 from the PMBOK ® Guide for further detail on the deliverables for this section of your portfolio project. Project Closure and Professional Responsibilities – It is strongly suggested that you consult Chapters 4.6 and 12.4 from the PMBOK ® Guide for further detail on the deliverables for this section of your portfolio project. You began this work in your Module 1 portfolio assignment. To finalize your work in order to deliver the requirements for this portion of your portfolio project, you must include the following artifacts in the appendices of your document: Module 1: Project Statement of Work (SOW) – including the business need, product, service, or result scope description, and the strategic plan to show how the project aligns with the organization’s vision, goals, and mission. Module 1: Project Charter – which will formally authorize the project and use of resources Module 1: Business case – including information relative to the market demand, organizational need, customer request, technological advance, legal requirement, ecological impact, or social need. Module 1: Stakeholder analysis – including analysis of relationships, quantitative, and qualitative information regarding interests of the parties and documented in a power/interest grid, power/influence grid, influence/impact grid, or salience model. Module 1: Stakeholder register – including the identification information, assessment information, and stakeholder classification. Module 1: Procurement documents – including contract information for key stakeholders and suppliers, and supplier lists. Module 1: Traceability Matrix – including information on project requirements, rationale for inclusion, source, priority, and status. Module 1: Project Scope Statement – including scope description, acceptance criteria, deliverable, exclusions, constraints, or assumptions. Module 1: Create WBS & WBS Dictionary– including information on decomposition, and WBS to five levels as shown in the video example in Module 4, Activity list, attributes, and milestone list Module 1: Preliminary Cost estimates – including basis of estimates, vendor bid analysis, cost benefit analysis, and cost of quality. Module 1: Preliminary Budget – including: cost baseline, management reserve, control accounts, contingency reserve, activity contingency reserve, and project funding requirements. Module 1: Communications management – including communication requirements analysis, communication technology, communication models and methods. Module 1: Risk management – including analytical techniques used, risk breakdown structure; risk categories, probability, and impact matrix; risk categorization, and urgency assessment; risk register with list of risks and potential responses; use of quantitative risk modeling through tornado diagram, decision tree diagram, or cost risk simulation results; and strategies for negative and positive risks. Module 1: Precedence diagramming method (PDM), dependency determination, task duration, and leads and lags, and critical path method (CPM). Module 1: Project schedule network diagram with critical path, ES, LS, EF, LF, and slack. Module 1: Human resource management – including organizational charts and position descriptions, responsibility chart matrix, RACI matrix, networking requirements, and pertinent organizational theory. Module 1: Procurement management – including make-or-buy analysis, market research, and source selection documents. Module 1: Stakeholder management – including desired engagement levels for key stakeholders, and engagement assessment matrix. Module 2: Change Requests – including formal process to assess changes. Quality Audit – including formal process to evaluate quality. Procurement Audits – including closing procurements, and organizational process assets updates. Module 2: Project Management Ethics – including PMI expectations. International Project Considerations – including use of human resources from outside the United States or executing the project outside the United States. Project Closure – Create a project closure report which is summary of the project performance, lessons learned (retrospective), a plan for passing deliverables to the customer, a plan for turning over the project document, and plan for closing vendor contracts and agreements The project plan must include a 20-30 page essay addressing each of the required components of the paper. You must also include a cover page, references page, and appendices, not included in the page count. The appendices must detail any documents necessary to communicate your plan which may include, but are not limited to a WBS, project budget, documentation on assignment of resources, and budget calculations. Your project must be well written, properly referenced, and in conformity with CSU Global Guidelines for APA Style. The paper must be supported by at least 8 quality sources, of which 3 must be current, scholarly resources. For this assignment, current, scholarly sources are peer reviewed journal articles published within the most recent 3 years and accessed from the library databases or other academic sources. Textbooks will not count toward peer reviewed requirements but may be used as quality sources if published within the most recent 3 years. The use of the PMBOK ® Guide   as a quality source is strongly suggested. The PMBOK ® Guide is not a scholarly resource.