Risk Response Plan
7
Project Management
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Introduction
One project that I did manage includes developing a new product for my employer. Having worked in an electronic organization for long enough, I approached the manager with a project proposal of developing a new smartphone for the next-generation smartphones. Given the technological advances and the changing world, this idea of developing a smartphone for the next generation hit my mind and I thought that it would be received well by end-users. The next generation of smartphones would look amazing and people would enjoy using this product like they enjoyed using 4G and 5G smartphones with voice and fingerprint recognition.
Mission and objectives of the project
The mission of this project was to ensure people in the next generation loved the experiences of new gadgets that brought them closer and more linked to the world they lived in. Phones are gadgets known to occupy most of our daily lives and bringing up advanced smartphones close to consumers would be so lovely. This is a product that will sell the brand of the company given that few companies have immersed themselves into introducing such products. Usually, customers come first in business and that’s why the mission statement addresses not only what the company anticipates to achieve but also consumer needs.
The SMART model is used in stating the objectives of a project (Radujković & Sjekavica, 2017). In this case, some of the objectives include increasing the company’s market share, making the company’s brand recognizable, widening the market for the company’s products, satisfying market demands for the next generation smartphones with new features, increasing efficiency in how consumers operate smartphones and increasing a base where the company can collect more revenues. With this product, the company will have set itself to move into the next generation as technology advances and this means bringing in more consumers.
Scope of project
Designing or developing a new product needs not only knowledge but effective skills which will ensure the project is a success. The project included a team of different members who would help in developing the product. The company provided different resources including the most advanced technology that would help in making and designing the product. The main goals of this project included presenting an advanced gadget that will be so productive and will be more connected to the end-user following its features. Project deliverables included a well-designed next-generation smartphone with more advanced features which was to be presented to the company’s CEO before the fiscal year. Some constraints of this project included insufficient materials that would make the product be completed in time.
The needs for the project
The project’s need was identified using the current smartphone generation. From researches, consumers felt that the current gadgets needed to be upgraded, and more features needed to be added. Also, from the research, people stated that the phones they have been using are updated and that companies needed to put more effort into advancing their products given the available technological advancements. With such information, consumers had to be kept satisfied by addressing their needs and bringing in a new product. For instance, consumers indicated that the 5G smartphones were outdated because they were slow in their internet search and that they didn’t have long-lasting lives given that their batteries powered out more easily.
The cost of the project and funding
Having calculated the profit margin, the production cost of this gadget was $400. Well, this was a huge sum of cash and the company had to allow other companies to get in and fund the project. The company’s shareholders participated in the project’s funding by providing the needed resources while the company took part in educating the team on how the product was to be developed. Different organizations operating under the same realm also participated in funding the project by providing materials that would be needed to get the project finished, successful and working.
The timeline
Having consulted with the company’s CEO who later debated the topic of the project to the board of governors, the project was given a period of approximately one and half years to be complete. This was an estimated timeline because some materials lacked and the company would have to include sponsors to help out. Although the board wanted the project finished in one year, it becomes considerate following the insufficiency of required materials to get the project complete.
Parties involved and their roles
One member within this project was the project manager (PM) who took part in resource planning, organizing how team members would work while assigning responsibilities, governing time administration, estimating the cost, and developing the project’s budget. Investors and sponsors were also part of the project because they funded the project and they wanted to be informed of every activity that took place and the overall running of the project. Stakeholders both internal and external were also participants in this project because they take part in influencing the project (Radujković & Sjekavica, 2017). The top management that included the CEO was active in that they support the project management. The last group of individuals included the team members who took different roles in designing the gadget.
Steps for ensuring the project was a success
Before the project commenced I picked out the right people. These include team members who made sure that the project deliverables were well met. Comprehensive and smart planning was crucial to make sure the project was a success. The planning kept the team focused and stakeholders informed of every step undertaken to complete the project. I communicated openly not only with the team but with shareholders. This was to ensure that the team was well-informed and anything that arose was quickly addressed. Open communication also included providing stakeholders with feedback so that they would know what direction the project took. Risk management was also a factor I employed to ensure deliverables were met.
Measuring the successes of the project
Having finished the project, I had to know if stakeholders were satisfied. Well, the purpose of a project is fulfilling the needs of consumers. Consumers are part of stakeholders and they have a lot of say concerning a project’s deliverables. So checking out how they felt about the new device was a good starting point. I also reviewed the quality of management practices to identify whether deliverables were achieved (Demirkesen & Ozorhon, 2017). Did I meet the deadline? This question is very essential and it’s a question that mostly determines the success of a project and I ensured this by regularly updating my project schedule. After completing the project, I had to evaluate how it performed financially. Well, consumers were happy that this type of product was available and they largely purchased it.
Role of project management in making the project a success
Project managers play integral roles in managing a project and they are some of the few individuals who determine if projects are a success or not (Demirkesen & Ozorhon, 2017). For instance, the assigned roles to team members based on how they would carry on with their works while providing feedback to shareholders on the project progress. In cases where required materials lacked, the project manager informed the parties involved so that they would help out.
Conclusion
Usually, to meet project deliverables every team must play its role. This ranges from the PM, stakeholders, and team members. As stated above each team played its role and that’s why the product was well developed and deliverables met in time. The product was presented to the CEO (employer) within the specified date regardless of the constraints.
Demirkesen, S., & Ozorhon, B. (2017). Impact of integration management on construction project management performance. International Journal of Project Management, 35(8), 1639-1654. Retrieved from https://www.sciencedirect.com/science/article/pii/S0263786317300029
Radujković, M., & Sjekavica, M. (2017). Project management success factors. Procedia engineering, 196, 607-615. Retrieved from https://www.sciencedirect.com/science/article/pii/S1877705817331740