Essay on Applied Project Management part 3
Essay on Applied Project Management part 2
Another requirement to the project is the cost efficiency. Funds invested in the project should bring return on investments. Otherwise, the project will be not worthy of investing and developing. The investment into the project should be efficient that allows the company introducing the project to maximize the effectiveness of funds used for the development of the project and its successful accomplishment.
Furthermore, one of the main requirements of the project is the involvement of the popular sportsman, who will own the new company partially and promote the new sport nutrition at the same time. The involvement of the celebrity will also help to match another project requirement, the brand popularity and attractiveness for customers.
Finally, the project needs the effective system of monitoring and control. In this regard, the implementation of the project will be controlled and monitored by the control officer. For instance, the project may involve two owners of the new brand, the popular sportsman and the project manager. As the sportsman is responsible for the promotion of the new brand and communication with customers, the project manage may fulfill the function of control and monitoring. As a result, the project manager will be the control officer, who monitors the implementation of the project.
- The roles and responsibilities of people
The roles and responsibilities of people involved in the project will depend on their position and functions in the project. In this respect, it is possible to distinguish three major groups involved in the project: top managers, managers and employees. Top managers of the project include the project manager, who is responsible for the development and implementation of the project plan and project design. The project manager will manage the project and conduct the monitoring and control over the implementation of the project plan. Another top manager involved in the project will be the popular sportsman, who will be responsible for the promotion of the new sport nutrition and public relations, including customer relationship management of the project.
Managers will be responsible for their part of the project. The project will involve three managers heading three departments: human resource manager, production manager and sales manager. Human resource manager will be responsible for the recruitment of the personnel and personnel training. Production manager will be responsible for the production process as well as for the supply of resources required for the production of the new sport nutrition. The sales manager will be responsible for the distribution of the new sport nutrition and the delivery of the product to retail stores, specialized stores and to customers directly.
In addition, there are customers, which are not involved in the production and supply of the new sport nutrition, but they play the determinant part in the overall success of the project. In fact, the customer behavior will determine, whether the project is successful or not.
- The benefits:
While introducing the project, the company is trying to achieve a strong position in the local market of sport nutrition. In fact, the project intends to make a breakthrough into the local market with the new sport nutrition. The product will have to take its niche in the New York City’s market and outpace its major rivals, which are already present in the market and operate in New York.
At the same time, the implementation of the project will show whether the new product is successful or not. In case of success, the project may be expanded and its scope will include the major large cities of the US from the Eastern coast to the Western one. In other words, the successful implementation of the project will open the way to the nationwide expansion of the new sport nutrition. On the contrary, if the project fails, the company will fold up the production of the sport nutrition and will not expand business any further. Instead, owners of the business will try to use the exit strategy with possibly smaller financial losses.
Moreover, the implementation of the project has broader issues than the mere business opportunity or profits that can be gained from the project. In fact, the project has a considerable social role because the introduction of the sport nutrition of the high quality may help professional sportspersons as well as amateurs practicing sport intensively to improve their physical shape and protect their health because the proper nutrition is crucial for the preservation of good health in professional sportspersons, in particular. In a long-run perspective, the project can help to improve the public health minimizing the risk of health problems in professional sportspersons in the area, where the project is implemented.
- The value proposition for sponsor
The value proposition for the sponsor, i.e. the popular sportsman, will include the 50% ownership in the company producing sport food. The sponsor should help to raise funds or invest his personal funds into the project and focus on the promotion of the new product and communication with the public and the target customer group, in particular. In such a way, the sponsor will have to invest into the project, help to raise funds and promote the project. On the other hand, the project manager and co-owner of the company will focus on the management of the project, internal business processes and operations and other issues related to the implementation of the project.
- Constraints and assumptions
Constraints of the project are related to the current lack of financial resources. The celebrity endorsement and engagement of the popular sportsman into the project can help to resolve the problem, to a significant extent. In addition, in case of the ongoing lack of funds, the celebrity endorsement may attract other investors, who may grow interested in the project, which otherwise would remain unnoticed.
Another constraint of the project is the relatively limited scope of the project which focuses on New York as the target market alone. The focus on this market alone raises risks and limits business opportunities since the company puts all resources at stake on one market only, while the expansion of the project could expand business opportunities. For instance, if the project has failed in New York, it could have succeeded in Los Angeles or other potential markets, where the project could have also been implemented.
- The implementation strategy including Critical Success Factors (Targets, KPIs and Tolerances).
The implementation strategy will rely on several key success factors, including the quality of products, promotion and reaching the target customer group. The quality of the new sport nutrition is crucial for the overall success of the project because the quality determines the safety of the new sport nutrition and contributes to the growing popularity of the new product among the target customer group, which are sportspersons both professionals and amateurs. The quality of the product increases the tolerance of customers to the product that may contribute to the overall success of the project.
Furthermore, the promotion of the new sport nutrition is another important factor essential for the success of the project. The promotion should reach the target customer group and increase their interest to the product. In this regard, the celebrity endorsement is the core promotional strategy that will be implemented in the course of the project.
Reaching the target customer group is also important for the ultimate success of the project. The celebrity endorsement and the communication of the popular sportsman with the target customer group and public at large will help to reach success in this regard.
- Risks and treatment
The development and implementation of the project involves several risks. First of all, the project may raise the risk of the failure of the new sport nutrition to obtain FDA’s certification (Gitlow, 1997). In fact, such risk is relatively low since the modern technology allows developing safe sport nutrition of the high quality.
Another risk is the possible failure of the celebrity endorsement strategy for the promotion of the new sport nutrition. For example, a scandal involving the popular sportsman sponsoring the project can make the celebrity endorsement ineffective or even harmful for the public image of the new brand. In this regard, the company may shift from the celebrity endorsement strategy to conventional ways of promotion, including advertisements online, placed on specialized sport websites, specialized print media and other methods.
- How phases can facilitate delivery of future phases (particularly design or constructability)
The planning and design phase is the key to transit toward the practical implementation of the project since the planning and design identifies key resources and elaborates strategies with the help of which the project may be carried out successfully. Therefore, the planning and design phase will prepare the project to its practical implementation.
- Work Breakdown Structure
The project’s work breakdown structure includes the development of minor parts of the project. The general project is the introduction of the new sport nutrition in the market. Minor parts of the project include the technical development and introduction of the product, including tests to ensure health safety of the new sport nutrition (Chenhall, 2003). At the same time, the implementation of the project will involve the recruitment of the personnel and construction of the production facilities, where the new sport nutrition can be manufactured. Third, the project will need the development of the distribution network that means the identification of key distribution channels, such as retail stores, specialized stores, and direct sales. In addition, the project will need the development of the specific promotional campaign. The promotional campaign needs the specific strategy and the team or professionals responsible for its implementation.
- The impact of the project on stakeholders
The project will have a considerable impact on stakeholders, especially owners of the new brand because they will put their money and reputation at stake. At the same time, managers and employees will also feel the impact of the project because they can obtain the new job and work in a potentially fast growing organization with wide opportunities of promotion, if the project proves to be successful in New York and the company expands its business nationwide.
Essay on Applied Project Management part 4
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