HERE IS SAMPLE OF “MOD004451:ELEMENT 010 ASSIGNMENT SAMPLE:PROJECT MANAGEMENT”
Project is one of the important tasks of any company (Ma, & Rong, 2022). A company generally undertakes the projects to increase its earnings and products advancement. Before undertaking any project various things need to be examined that is cost, quality, and time. The success of any project depends on these things only.
There are various techniques present in the market to increase the efficiency of the project in terms of time, quality, cost, and staffing (Hamta, et al, 2021). The main purpose of writing this report is to provide professional support to the company to gain funding from the venture capitalists company by providing the best project management techniques. The report will identify the new best controlling, budgeting, staffing, change, and quality management system for the project. Therefore, it has been proved that project management requires a wide approach of the project consultant for evaluating all the parameters thoroughly to determine the future project success.
Project is a temporary activity of the company that requires proper budgeting, staffing, and quality, and time to deliver the unique products and services in the market (Khasanov, 2021). The project activities are highly valuable to the company and generate better earnings for the company to survive in the long run. The PMI institute provides various definitions for the project but there is no set definition of the project that exists till now.
The “HealthTech Global Ltd” company deals in the development of medical tools in the market. The company develops artificial intelligence tools for people to detect their current medical conditions (van der Niet et al, 2021). The head office of the company is situated in Cambridge and the company was started in the year 2019 by securing funds from an Innovative UK competition. The company has its presence in Sydney, Paris, and New York also. The project that has been undertaken is to develop more research centers in other countries in the next years by gaining funds of £3M from the venture capitalists. To provide a suitable project control, budgeting, and staffing system, this report has been prepared.
A successful project is always implemented by using the appropriate methods and techniques before starting (Balyk, N et al, 2021). Various project management techniques are available in the market to evaluate all the parameters of the project to check its economic, financial, and environmental viability. Before implementing any project management technique, the project consultant is bound to examine every proposed project activity (Shastri et al, 2021).
The project consultant technique decides that whether the project requires more agile or prince techniques before implementation. There are various project parameters are required to be checked by the project consultant. The technique that is suitable for this above-mentioned project of the Healthcare Company is the Prince2 technique of project management.
The Project management institute has provided detailed information about the Prince2 methodology of project management. The Prince methodology is one of the differentiated methods of project management and one of the favourite choices of the project consultant of the UK. PMBOK is a guide to know about this project management technique (Sobieraj, et al, 2021).
The UK government also used the Prince 2 technique for managing its new project in the UK. Prince 2 includes all those elements that are required to be critically analysed for the success of any proposed project.
The Prince 2 project management technique provides full business support, proper planning, organizing and controlling techniques, risk management techniques, quality management techniques, and change and configuration management. This method of project management is one of the advanced methods that is used widely by all major organizations in the United Kingdom. The Prince technique includes the following stages-
- The first stage is starting stage of the project. Prince 2 techniques are applied to control all the business operations of the project. The Prince 2 techniques oversee all the business operations in the starting and check whether the operations are highly viable to all the business parameters. If at any stage, the viability of the business operations gets low, the project gets automatically stopped.
- The Prince 2 technique second stage involves organizing all the activities of the project. The relevant input about the project activities is provided to the project manager from time to time. All the activities are controlled by taking immediate decisions at all the project stages.
- The Prince 2 technique at the next stage identifies and evaluates all the critical elements present in the project activities that are creating obstacles. A well-designed project identification document underlying all the suitable strategies to properly manage the project. This stage comes once in the lifetime of the project and helps in eliminating all the critical elements from the project.
- Prince 2 helps in the planning process of the project. It ensures that all the required strategies, tools, and resources are available with the project at every stage for faster completion and better delivery in the market.
- The Prince 2 technique next stage is guiding the project consultant from time to time at every project stage. This technique helps in suggesting strategies to a consultant to resolve any issue, proper work management, taking corrective actions, and how to check the viability of the operations from time to time. This is the controlling stage.
- The next stage is product delivery. In this stage, the Prince 2 technique requires all the workers to report on the daily work done by them, completion date, and then feeding the details in the software. This helps in keeping the records of all the workers and timely product delivery of the project in the market.
- The next stage is the management of boundaries of the project stage. This stage helps in transmitting from one stage to another of the project. These stages record the weaknesses of the earlier project stage and take prior instructions of the viability of the next stage. This helps in protecting against the delay in project activities performance.
- The last stage of this technique is closing a project. The techniques apply all the recorded weaknesses data of earlier stages on the final results and evaluate the remaining results. The project closes if it passes the tests of customer satisfaction, successful delivery of the products to the customer, and after evaluating the post controlling methods of the business operations related to the product.
Therefore rather than using the agile technique of the project management, the Prince 2 technique would be more beneficial for the project to achieve the desired results in the end.
The various factors involved with the Project, its effectiveness, and precautionary measures to avoid the occurrence of any unfavorable event
A successful project always requires proper planning, organizing, directing, and controlling functions at every stage (Irfan, 2021). These functions have already been elaborated in the Prince 2 technique that has been suggested for the Healthcare Company Research Centre Development through venture capitalist funding. Further to ensure the complete success of the project in the market, these functions need to implement the various factors that affect the projected growth at a later stage. Some of the factors that are important in the project development area are as follows-
- Costis one of the major factors that affect the overall viability of any project (Asadabadi et al, 2021). The primary goal of every project should be to ensure that the project involves minimum cost whether it is production cost or the marketing cost. The higher returns and minimum cost is the main objective of every project. This ensures the successful completion of the project.
The budgeted cost for this project of the Healthcare Company is £210,000, which includes all the computer software costs, meeting costs, and consultants’ costs. The salaries and employee remuneration has been excluded from this budgeted cost. This budgeted cost is estimated according to the quality products and services that the project has proposed to provide. This budgeted cost could be reduced by applying some cost reduction methods. Some are as follows-
- Efficient resources must be hired in the initial stage of the project. This will help in identifying all the weaknesses of the project at the initial phase that is related to the project structure, planning, organizing, controlling, project design, and schedule. This will help in saving any unnecessary future costs.
- Using the matrix organizational structure will help in identifying the skilled and cost-efficient resources at every project stage. If at any stage the resources are not available the work will not stop because of the availability of another resource. This will help in both saving the cost and project schedule.
- The job rotation strategy must be used, so the hired people could be shifted for different designation and one person could be used for doing the different tasks.
- The overall scope of the project must be identified at the initial stage because it is a major reason due to which various project fails at the end (Ajmal et al, 2021).. All the employees working on a particular project must be provided information about the different activities that they have to perform at the project under the specified scope. Sometimes due to the lack of communication, the project scope gets wider and overall project planning fails. Some technique to avoid this failure area follows-
- The proper training must be organized by the health care company to teach the employees about the scope of the project.
- The project proposal plan must include all the activities clearly that the project has to perform till the completion.
- The project detailed plan must be affixed at the location of the project.
- Another factor that affects the projected growth is quality (Anh, et al, 2021). Sometimes project fails in offering good quality products and services to the customers that have been proposed in the project plan. This results in the creation of a poor brand image of the product and rejection from the customers in the market. To avoid such issues, these precautionary methods have been suggested-
- The product and services proposed to be delivered by the project must be designed after analyzing the customer’s taste and preferences. This will help in avoiding the risk of rejection by the customers in the future.
- The proposed products and services must be unique and different from the competitors. This will help in creating a powerful brand image and avoid the risk of duplicity in the market.
- A product marketing manager must be hired for designing, marketing, and promote the proposed product and services in the market.
- A proper quality check must be ensured by the product manager on all the materials that have been used for the manufacturing of the project at the operational level.
- Every project requires efficient resources to complete the project like proper staff, equipment, and materials. These resource costs can be increased at any stage of the project and create a lot of risk at the last. Proper control and check are required on the resource utilization. The precautionary measures are as follows-
- The more efficient, reused and recycled resources must be utilized in the project activity completion. This will save the cost of resources.
- The unnecessary staff that is increasing cost be removed from the project from time to time according to the completion of the project activity.
- The proposed staff like secretaries at the salary of £ 3,500 and consultants at £ 100 per hour for this Healthcare company project are not recommended at all. One efficient project manager who is a multi-tasker must be hired to perform all the project activities. This will save the resource cost.
- The time for completion of every project activity must be explained in the excel sheet and handed over to the employees. The deadlines must be given to timely delivery of the proposed products in the market. The overall schedule of the project activities must be prepared by the project manager in advance.
- The proper modes of communication must be selected by the project manager, to avoid any kind of interruptions at various stages of the project. A project sometimes fails due to poor communication to the stakeholders like suppliers, shareholders, investors, and customers. The regular feedbacks purchase and sales sheet filling, product follow up after delivery, and providing the annual reports to the shareholders of the company will help in mitigating these issues of the project. This will bring more customer satisfaction (Kania et al., 2021).
- The risk management procedure must be followed by the risk managers to identify all the risk elements present in a particular project. The risk identification process that has to be followed is identification, allocation, evaluation, and implementation of the risk. The basic causes of arousal of risk in a project are always associated with a cost increase, delay in delivery, increased cost of resources, poor quality standards, and others.
- Implementation of new project structure
The project implementation comes at the last stage of the project. The implementation includes proper controlling and follows up of the project activities according to the estimation (Gupta, 2021). The current market surroundings need to be checked for successful implementation of the project. The political, social, and economic environment of the business needs to be checked before the implementation. This process comes after the project planning, evaluation of the cost, time, investment, and risk evaluation. The main issues with the implementation of any new project structure of a health care company that has to be taken care of are as follows-
Mini Report on Identifying the best VC company option:
The fruitful and higher potential venture capitalists for the healthcare company project must be identified. The venture capitalists are the ones who support the funding requirements of the new start-up and company (Hellmann, 2021). The healthcare company can submit its current financial valuation to the VC company for raising the funds in the investment proposal. A detailed investment proposal with the project requirements must be prepared. The healthcare company must follow and complete all the requirements of the VC company. The healthcare company can take the funding in the form of promissory notes, simple agreement contracts, convertible preferred stock, and founder stocks. This overall process will take a maximum of twenty days to complete.
- Presentation of the investor options
- The current project management practices include that will run at the initial stage will be the planning of the resources, identification of the minimal resources, preparation of the formats of the government proposals, setting a schedule of the project, developing the cost-effective techniques, and all. These activities will run for ten days of the initial period of the project.
- The various strategic planning practices will also run in parallel with the main practices for the ten days of the initial implementation phase of the health care company project. This will include current market situation analysis, portfolio management of various investment that has been taken, and product designing.
- The new project development standards will include the use of advanced technology, best raw material, inputs in the quality check software and other activities that are required to maintain the quality of product will be adopted in the project tie to time.
- The new staff of the Health Care Company will be provided an orientation training of five days to explain the overall scope of the project including a detailed explanation of all the processes and techniques used for the same.
- The change management process will run side by side for the implementation phase of the project (Soybir & Schmidt, 2021). This will include these activities that will ensure time to the time change in the project-
- Adoption of capital budgeting techniques for cost reduction,
- The new environmental practices adoption
- The new software like web-based project management software, breed software, on-premises project management software, and integrated software will be installed for improving the effectiveness of the project.
- The transportation and logistics team will be decided.
- The local supplier with cheap rates will be identified.
- The legal consultants with cheap salaries will be identified
- The human resource software will be installed to keep the track of all the project employees will be installed.
- The various registers for the projects will be maintained as per the country law guidelines for the project.
- The overall location will be checked to ensure feasibility.
The above information has concluded that project management is a process that requires a lot of effort of the company management. A successful project proper quality checks, pricing, scheduling, and market research. The investment proposal and funding companies must be selected after aligning with the project parameters. The project activities must be properly planned and implemented. All the changes to ensure a successful project delivery must be done. The new structure of the project of the Health care company will increase the company earnings, provide more growth in the market, maintain data confidentiality by using advanced software and bring more satisfaction to the customers.
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