Deliverable 7 - JBH Project Plan Deliverable 7 - JBH Project Plan

Frequently Asked Questionnaire (FAQ)

Brooklyn Maasch

11/19/2021

Kingstone-Bryce Limited

Frequently Asked Questionnaire (FAQ)

What is the purpose or definition of the project?

The primary purpose of this project is to increase the profitability of Kingstone-Bryce

Limited by improving the quality of the products that we produce to achieve a competitive

advantage. We will require additional resources and also work as a team to meet the project

scope.

What is the timeline of the project?

The goals of the project should be completed by the end of the financial year 2021. The

financial year runs from January to December, just like the calendar year.

What is the project budget?

The projected cost that we need to achieve the profitability that we projected is $5000. The

budget includes costs like the labor costs of $1000 since we will need to employ an

additional workforce to achieve the deliverables of the project within the financial year

2021. There is also a material and procurement cost of $2000 to secure the raw materials.

Other operational costs, such as the bill payment of power and water, will be $1000. An

allocation for the unforeseen circumstances will be $500, with the other $500 allocated for

payment of taxation needs.

Who are the stakeholders in the project?

The project will have five key stakeholders, including the customers, the quality

improvement will directly impact our customers, and therefore they will be the first group

of stakeholders. The investors are also other stakeholders as they invest their capital in the

business in terms of shares. They expect to earn specific rates on the invested capital; thus,

making any changes in the Company would require them ("Stakeholder," 2021). They are

also the providers of the working capital that will make it possible to continue with the

quality improvement project. The suppliers are also important stakeholders. This project

will require a constant supply of high-quality raw materials. The government is also an

automatic stakeholder since the business requires authorization to produce a particular

product, and also the government generates income through taxation. The government can

also be a shareholder in the Company or even offer grants to fund the project.

The community members are also stakeholders since, with increased production, the

Company will need to expand its size in terms of land, and the community owns this land.

They should therefore be kept happy to sell it to the Company.

Who will manage the project?

The project will be managed by a project manager who will select a project team to ensure

all the project outcomes are achieved by the end of the specified period.

What project management tool or methodology will be used in the project?

The project will utilize the six-sigma project methodology that helps in the continuous

improvement in all the aspects of the project. It involves first defining the objectives and

the scope that the project is expected to meet. There is also a measurement phase that

details the metrics in which the project outcome is evaluated. For example, we can evaluate

after every three months to see if we are going according to plan. There is also an analysis

phase that focuses on finding the root cause of the problem. For instance, the problem of

reduced profitability is caused by the reduction in the quality of our products. The next

phase is to improve where we come up with solutions to the problem, such as improving

the quality by either changing suppliers or going for a quality raw material. Then there is

the control phase, which involves evaluating the implemented solution, which is the change

of suppliers and standardizing the entire process.

What evaluation technique will be used?

The Company will use the goal-based outcome evaluation method to ensure high quality

and profitability are achieved.

What are the project team collaboration tips?

After selecting the project team, we will give them a common goal to be achieved, thus

encouraging collaboration and success will also be rewarded.

References

3 Top Project Management Methodologies You Should Know. (2021). Retrieved 16

November 2021, from https://www.northeastern.edu/graduate/blog/project-management-

methodologies/

Project Management Basics | Project Management Guide. (2021). Retrieved 16 November

2021, from https://www.wrike.com/project-management-guide/project-management-

basics/

Stakeholder. (2021). Retrieved 16 November 2021, from

https://corporatefinanceinstitute.com/resources/knowledge/finance/stakeholder/