MAN133 International Business Issues and Practice Assignment Sample
Module code and Title: MAN133 International Business Issues and Practice Assignment Sample
Introduction
The organisations have followed different strategies to achieve their desired goal. This report will be based on different aspects of project management and the strategies followed by the organisations to make their business successful. Apart from this, the strategies that help the company to achieve success in making a project will also be discussed.
This report will highlight the Mark & Spencer company popularly known as the best clothing and food retailer brand in the UK. The management strategies followed by the company to deal with all the risk factors will be elaborated. Apart from this, this report will identify the challenges and risk factors of the projects and analyse those critical factors as well.
Furthermore, it will describe the risk management skills that help to make the project successful. It will further recommend some special risk management skills that help to increase the efficiency of the project and give the company huge profit.
Literature review
Project Management
The concept of project management is based on the factors of leading awards achieved by a team. it involves the process of mitigating all project goals within the given constraints of the project. It also invoices the process of optimization of necessary allocation in the form of inputs in order to achieve predefined objectives for the project.
The prime objective of project management deals with the process of completion of a project on the basis of the objectives that are provided by the client. in this case, the client is regarded as the objective creator for the organization in order to upload a specific project (San Cristóbal et al. 2018). It also deals with integral parts of managing the project that finalize the attainment of the motive of the project.
The attributes needed for a perfect project management system are not a single-handed job and need the contributions of the project manager, the designer, the contractors, and the sub-contractors. The quality of a project determines the development of objectives and the process of decision-making in order to achieve the objectives.
The final motive of a project is to develop a product or service from its beginning till the finished product. formulation of goals and objectives at the primary phase of project management and it is developed by analysis of specific data that are related to the project and a repetitive permanent or semi-permanent (Stanitsas et al. 2021).
The aspect of project management can be divided into 5 principles that collectively help in the production of the ideated object. the five principles of project management are as follows:
Initializing with the addressing of important questions
It is basically done during the start of a project in order to identify the cause and the motive of the project. The important questions are framed on the important attributes of the project and the process of conceptualizing with the client via software intermediate helps in the development of the project value and the mission of the project.
The questions to be framed are related to the cause of the project and how the project will affect the organization (Owusu et al. 2019). Along with this, the effect of the project on the organization as well as the client benefits are prescribed in the first step. a detailed description of how the problem of the project can be solved and the ideation of the steps to solve the problem is of prime importance.
Understanding the scope of the project
It is very important to understand the scope of the project that is to be constructed. It helps in the formation of the schedule and the algorithm that is used to deliver the project within the stipulated constraints and the time period. The main motive of the project is determined along with the subordinate parts. Identification of the deliverables is aligned with the objectives (Hugo et al. 2018). This helps in the ideation of the perfect person who is responsible for the project.
Communication among roles
It is evident that in one part of an organization multiple people are engaged with a project hence it is important to develop a clear communication channel. In order to develop a clear communication prospect within the project norms, it is important to identify the roles of each member, the progress and expectation at each phase of the project, and the risks that are subordinate to each phase of a project. and overall compilation is done to mitigate the fact that every attribute of the project is identified too well and mitigated thoroughly (Battisti et al. 2020).
Monitoring progress
It can be said that once the project is initiated it is very important to monitor the progress in order to reach the final result. The process of money helps to keep the alignment of a project and the team involved in that phase. It also helps in the development of perceptions towards the roadblocks that tend to exist in every phase.
Finalizing project
This is the last phase of project management and it packs off on the content that every aspect of the project is mitigated successfully and the identification of the resultant (Galli, 2020). It also enables the project closure factor that will help identify the structure of the final product and relate it with the expected final product.
Tools of Project Management
In order to develop a perfect project, multiple tools are used to focus on every aspect of the project.
Project Estimation
That’s pretty project estimation helping identify the real-time progress of the project and the upcoming constant that to me is a fact the performance of the project. It is generally based on monetary terms regarding budgeting forecasts and baselines.
Budgeting
cost is an effective factor that is to be constrained within specified limits in order to make a project valuable. Budgeting is the process of managing costs according to a free defined budget by the process of tracking the actual cost, forecasted cost, and the health of the budget.
Resource Allocation
The process of resource allocation helps in the maintenance of putting the right people in the right place to mitigate every task. It is essential in order to avoid overworking for every employee and to maintain the culture of the project.
Collaboration
The prospect of collaboration is to involve collectively every stay holder of a project and virtually move forward by communicating through every phase with the help of this tool. collaboration is not about virtual chat, web meetings involvement in forums, and physical meetings.
Risks of Project Management
A project has multiple functional parts and does have the potential to develop multiple risks in every part of the project.
Technology Risk
The concept of technology race is the process of running a project with complex deliverable motives that need the use of technology in order to provide the height turnover (Hugo et al. 2018). The discrepancies regarding the technology are known as the technology risks of the project. The impact of this type of risk is effective in degrading the budget and the time of the project.
Communication Risk
It can be said that with the environment of multiple notes within a project the risk of quality communication is predominant. the establishment of clear communication channels mitigates major discrepancies and keeps everybody involved in the project (Eldridge, 2018). The effect of communication risk is a major part of the dissolution of the project.
Project Execution and Launch
The execution process is the main part of the project as it takes an of time to execute the project plans. Apart from this, the method of launching is a most difficult part of a project as this process need to be handled by the proper project team. An understanding of the execution is important and proper planning is required to make this process successful. According to Fishe and Raman (2018), there are so many problems of the project that are visible during the execution of a project plan.
Mark & Spencer has always tried to launch their products within the expected time, and they have planned the projects continuously. Along with that, they have made all the product launch processes successful with the help of the best project team. The company has completed all the demands of the customers through their projects, and they have cleared the aim of the project in the launch date.
Additionally, the company has made a perfect framework for the project and the scheduling software has helped them a lot in making the project execution faster. The software has made work faster and more efficient as there are fewer chances of ham errors. However, the company needs to recruit more skilled managers to make the projects readily available before the expected time. This will help the company to compete with the other retailer companies and improve their sustainability practice as well.
Project close
This is the last and most important part of the project as it helps the project to be readily available. Along with that, this process tries to meet all requirements of the customers and make the project performance better. Correani et al. (2020), The project work is incomplete without this part as it makes sure about the payments of the project team.
Apart from this, all of the extra payments for the projects such as bonuses and bills have been discovered in this process and solved all the previous payments. Mark & Spencer has focused on this part of the project as it confirms that all requirement of the project has been fulfilled.
Effects of good risk management impacts on project management
The risks defined above are the uncertainties that business enterprises are likely to face. These uncertainties impact the implementation of corporate plans and strategies. As an outcome, wastage of every resource will occur as the targeted objectives will not be achieved and even if this project team pushes and keeps the process of implementation, additional costs will be the risk management strategies helps to increase the accuracy of the project.
Apart from this, the method of reducing the risk factor is important to make the project work better than the previous one. incurred. This is the reason in project management; risks must need to plan in advance.
Analysis
The strategies of project management are much required to make a project successful as it helps to solve all the problems associated with the project. Apart from this, the management strategies are made to deal with all difficulties and help to go in the right direction. According to Pinheiro and Fernandes (2020), Mark & Spencers has followed so many strategies to deal with challenges and make the project more efficient.
They have made so many projects and made them successful with the help of the right management strategies. The main aim of the company is to make projects that improve their economic growth and make their base strong in the retail industry. Mark & Spencer has made so many projects to improve their clothing department and they have succeeded in maximizing projects. Perry and Wood (2019) said that This is the reason the company has made a good reputation for its clothing section and made a huge profit from this sector.
The reason for the success of their projects is they have hired designers with higher knowledge of fashion, and they have planned the best clothes that attract their customers very easily. On the other hand, M&S has also worked really hard to make the home products affordable and made projects to improve the product quality. Additionally, the expert food scientist and quality checkers are always ready to make the food quality better to provide the best quality food products to the customers.
The process of Risk Management
There are so many challenges and risks faced by the company for the project plans. The projects are made to improve the product quality but there are some project ideas that are harmful to the company. Based on the opinion of Voss et al. (2019), The chances of economical loss are higher when it comes to making a totally new project as the company has to invest a huge amount of money. The idea of making innovative products has brought so many risks for the company.
However, the company has overcome and dealt with the risk factors by following the strategies of risk management. Along with that, the risk management strategies have helped the company a lot to make the project work successful and offered them a successful career. The risk management strategies allow the company to increase its profitability with the help of smart decisions. It also gives the idea to make better decisions so that it can increase the efficiency of the project work.
Mark & Spencer has increased the stability of their employees and they have made a healthy environment for them as it helps them to focus on the projects. However, there are different methods of risk management that help reduce all the risk factors are given described below.
Transferring
The transferring process allows the company to transfer all the risk factors to the insurance companies and saves them from huge economic loss. Apart from this, it gives them the assurance to deal with the challenges with the collaborated companies. This method allows the company to collaborate with the other brands and reduces the chances of huge loss.
Along with that, some insurance companies have shared a partnership with Mark & Spencer and they have made assured them to save them and give them proper financial support. According to Sogn-Grundvåg et al.(2019), The fashion retail company has made insurance as there are possibilities of damages to the clothing factories. The insurance companies have assured them to provide the costly machines if there are any chances of damages.
Avoidance
This method plays an important role to make a successful project as it helps to avoid all the risk factors that can be harmful to the company. The process of avoidance allows the company to make a decision as per their requirement and gives them the permission to collaborate with the other companies if there is a chance of profit.
Mark & Spencer has made some life-changing decisions by avoiding the product return policy in some special cases. Apart from this, they have disagreed to pay for the shipment of the products as there are fewer chances of profit in some cases. Based on the opinion of Jackson et al.(2019), this company has avoided all the illegal actions as they know the consequences of breaking the rules.
Along with that, Mark & Spencer has made a good reputation in the market and made a strong relationship with the government by paying all the taxes timely. This is the reason they get permission in some special cases because of their good image.
Loss Reduction and Prevention
This method is used to save the company from future losses and reduce the chances of loss. Loss prevention is the strategy of saving the company from fraud and giving them the right path that can make a profit. Apart from this, the main motive of this method is to eliminate the chances of errors in the work of the project and increase the efficiency of the work.
According to Al-Shehan and Assbeihat (2021), Some insurance facilities have been taken by Mark & Spencer as it gives protection from the fraud companies. Along with that, The company has assured their employees to give all the healthcare facilities so that they can focus on their project work without any disturbance.
On the other hand, the company has recycled the old clothes and made them reusable to reduce the chances of loss. Mark & Spencer has also hired some high-skilled quality checkers to make sure there are fewer chances of getting low-quality raw materials from the suppliers. This helps the company to reduce and prevent losses as this helps to run the project easily.
Customer Retention
The customers are the main focus of the company as they have the power to change the whole shape of the economy. This is the reason customer retention is most important to get a successful career. Apart from this, the company has followed so many promotional strategies to increase its customer engagement.
According to Tudor (2018), Mark & Spencer have tried their best to get attached to the consumers as they give the idea for modification of the products. Along with that, they have taken the feedback from the consumers about their preferences and take the idea of the design of the clothes.
The company has promoted its business on digital platforms as it helps them to reach most of the consumers. Mark & Spencer has collaborated with popular brands to gain the popularity in UK market. However, the customer retention strategy has helped the company to make strong bonds with their customers and this is the reason their projects get the success most of the time because of brand reputation.
Sharing Method
The method of sharing helps the company to save itself from huge losses. The company has improved its risk management strategies with the help of the method of sharing as it allows them to resolve all the problems by sharing them with each other. Apart from this, the company trained their employees to learn the method of sharing to improve the project work.
Along with that, they have taught their managers to make the process of sharing easier for their employees and give them the courage to explore new ideas. Goworek et al.(2020) opined that This strategy allows the employees to solve the problem easily as they get the chance to handle the problem without any hesitation. Mark & Spencer has made a healthy environment for their staff as it inspires them to make creative ideas for the company.
Additionally, some projects are really tough to execute as there are so many chances of failure but the ideas of every individual help to make a powerful project for the company. The process of sharing also helps to break all the stereotype thinking and allows today’s generation to think freely and give their best advice as it helps to make innovative products with the help of project plans.
Effectiveness of Risk management
The risk management strategies have so many advantages that help to make the project successful. Apart from this, it helps the company to focus on the real issues faced by them that affect their business. This management strategy identifies the core problems and solutions with the best solution with the help of experienced project members.
Mark & Spencer has identified the serious problems of supply chain management with the help of these factors. Along with that, they have focused on the different aspects that reduce the risk factors. It also helps to resolve the problems with smarter ideas and finds innovative ways to deal with the problems.
Environmental Sustainability
Most clothing retailers have faced so much controversy for creating pollutants. Mark & Spencer company has tried to handle this situation very well with the help of experienced workers. The projects made the company focus on the recycling process of the old fabrics and made the clothes a whole new look.
This strategy of recycling has helped the company to make its sustainability practice better and they have caught the attention of eco-conscious people. This environment-friendly behavior has made a good reputation for the company as they get the preference of those concerned people. Apart from this, they have produced so many home products in the exchange for the old ones.
Decision making for success
The process of decision-making plays the best role in making a project successful. Apart from this, it helps them to deal with the challenges easily and makes it successful. It’s the responsibility of project managers to make the decisions carefully as there are so many so chances of economical damage because of the failure.
Based on the opinion of Roggeveen et al. (2021), The right decisions making skill helps to prevent the risk factors and provide safety to the company. Mark & Spencer has made the best decisions in the last few years that have made them the best clothing retail brand in the UK market.
Connect with People
The connection with the stakeholders is important for the company as it helps to build trust and loyalty with their customers. According to Naidoo and Gasparatos (2018), The right knowledge of communication with the employees helps to make the success of the project faster.
Along with that, communication has the ability to solve all the problems associated with the project as it helps to share better ideas for the company. Apart from this, the company gets to know about the experience of the customers through surveys and online campaigns. This communication strategy helps them to understand the needs of the customers.
Conclusion
At the end of this report, it can be concluded that the risk management strategies of Mark & Spencer are the main reason behind their successful career. The special strategies of project management have helped the company to become one of the leading clothing retailers company in the UK market. Apart from this, the company has worked hard to reduce all the risk factors that can harm the company’s economy.
M& S has made the most creative clothes at an affordable price and their project. Planning is the reason behind their high-quality products. Along with that, the company has built a strong project team that helps them to create better ideas as it helps to make the projects successful. The managers with higher leadership quality are the reason for their successful projects as they have made the project plans with their high-level ideas.
However, the company has to put more effort to give their employees proper guidance and train them the right way so that they can be able to improve the project quality. Mark & Spencer has dealt with all the challenges and threats of the clothing retailer industry and tried their best to produce the best products and services for their customers and this is the reason they have made a strong brand name in the UK market.
Recommendations
Mark & Spencer has tried to improve their skills in project management but there is still a lack of effort and planning ideas to make more successful projects. Mark & Spencer has to recruit employees with higher knowledge as it helps them to create a strong project team. Apart from this, the managers have to be more active in monitoring the activities of the projects and the employees as well. The reason is they can be able to find the core problems by monitoring the activities.
According to Ryu et al. (2019), the company has to give proper training to their employees to increase their communication strategies as it helps to run the project smoothly. Along with that, the project managers have to be more specific in choosing the topic of the projects as it can focus on the big problems faced by the company.
The company has to make more projects to improve its budget planning and increase the sales rate. High-skilled software professionals and developers have to be recruited by the company to deal with the technical glitches during the execution of the projects. The technical team has to put more effort to solve all the technical difficulties of the project.
However, the company has to mainly focus on their customer’s needs and they have to take feedback from their customers so that they can make more projects to fulfill their needs.
It can recommend from the above discussion has been listed below:
- Mark & Spencer have to put more effort into the project’s plans and improve their decision-making skills.
- More high skilled project managers need to be recruited by the company.
- They need to focus on the projects that help to improve the product quality.
- The company has to communicate more with its customers to understand their needs. (Le Thuy and Oe 2020)
- The projects must be focused on fulfilling the demands of the customers.
- The process of shipping the products should be improved by good project plans.
- It is recommended that to work on the projects of online marketing to increase the sales rate.
- The budget plan and sales graph should be planned by the project team very carefully.
- The project managers have to monitor constantly to every activity of the employees.
- The high technology team is required to resolve the technical difficulties in the projects.
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