The foremost determination of the paper is to focus on an Australian business organization known as the Australian Engineering Works Private Limited (AEW). This business organization has an improved market position for the last 30 years. However, like every other business organizations, this organizations are also facing serious challenges from the external stakeholders of this organization such as their suppliers and the customers. The emergence of the new business organizations is a serious concern for this organization considering the growth and productivity of the organization (Alharbi, 2017). The experienced senior employees of this organization are opting out from the organization and joining the new players in the market as they are providing them better career opportunities considering AEW. The customers of this organization are also evaluating options from the other similar organizations. This report will be helping the senior management team of this business to deal with the challenges in a better way.
The numerous problems associated with AEW such as the sudden rise of the new suppliers, consumers opting for alternate services, retention of senior experienced employees, emergence and rise of new organizations with improved business strategy and market competition.
Forecasting of the financial needs of the project, organizational behaviour of the employees and the other kinds of planning methods used in the projects are considered in this project management category (Amanchukwu, Stanley & Ololube, 2015). The most essential components of PMBOK is the ITTO which is the input, techniques, tools and outputs.
Considering the given scenario, it can be said that the issues faced by AEW can be purposefully managed with the help of PMBOK. All the essential inputs of this from which can come from the management team, project managers will be considered as the input criteria of the PMBOK (Arnold et al., 2015). The industrial tools and techniques which are used to deal with the inputs falls under the category of the tools and techniques. The end results of the techniques are considered as the outputs of the project. The process groups of this project are initiating the change from the management team, planning by the project managers, executing by the stakeholders of the organization, monitoring and control by the senior management team, closing by the project manager when the desired results are obtained.
It is defined as the project management methodology which can be successfully applied in business organizations to deal with each phases of a project starting from the documentation phase to the maintenance phase. Each phase of the project cannot be rolled back under the principles of waterfall management (Asrar-ul-Haq & Kuchinke, 2016).
Considering the given scenario, new and innovative business strategies should be created and implemented carefully, waterfall management can be used for this project. The plan of making the new change should be well documented. Implementation of the change considering the opinion of the external stakeholders of the organization is the most significant aspect of this project management methodology in this project (Bascoul, Tuholski & Tommelein, 2016). Maintenance of the new changes should be also done as the market position of this organization will not be the same even after new changes are implemented. Each phase of this project should be approved by the concerned stakeholders so that the future complexities can be avoided.
It is defined as the type of project management methodology which can be successfully used in business projects which are process driven in nature.
The discussed elements of the PRINCE 2 can be successfully used in Australian Engineering Works Private Limited so that the desired changes can be brought in the organization. The complication of the PMBOK can be successfully resolved with the help of the PRINCE 2. The issues such as the emergence of the new suppliers and changing needs of the consumers of this organization can be purposefully solved with the help of the principles of PRINCE 2. This structured methodology can be used to retain the senior experienced employees of the selected organization as this project management technique can be used on those employees to make them understand their roles and career growths in the industry.
Agile Practice
It is defined as the category of project management technique which is used in complicated projects where the conditions of the projects keep on changing along with the needs and requirements of the end users (Bhatti, Abareshi & Pittayachawan, 2016). According to this technique frequent inspection and adaptation can only lead to the success of the project.
Considering the given scenario, it can be said that the agile practice can be very much useful in Australian Engineering Works Private Limited, as it will clearly satisfy the needs and requirements of the consumers which are changing the every now and then (Yahaya and Ebrahim, 2016). Management of the stakeholders of the project can be done with the help of this project management methodology. Co-operation of the stakeholders is done with the help of this project management methodology. The workflow process of AEW can be successfully managed with the help of the agile practise.
Lean Six Sigma (DMAIC Methodology)
It is defined as the category of the project management methodology which can be successfully implemented in critical project where there are issues with their stakeholders such as the suppliers and the buyers. The statistical analysis tools such as the Pareto chart, Value of stream mapping, Regression Analysis and 5S system can be hugely purposeful with the help of the lean six sigma (Bird & Mendenhall, 2016).
Quality tools such as the Pareto chart, histogram, scatter diagram can be categorically used by the project managers to make the necessary changes regarding the emergence of the new organizations. The stakeholders associated with AEW can be successfully managed with the help of the DMAIC methodology. The root cause analysis can be done with the help of the project managers so that the desired results are obtained.
The continuous change in the requirement and the different phases of the project are sometime very difficult to manage sometime as a result the project gets delayed sometimes (Brioso, 2015). The evolutionary changes are needed to be added based on the priority of the project, these adjustments are possible with the help of the Kanban project management methodology.
The ever-changing needs of the consumers of AEW can be purposefully managed with the help of the Kanban project management methodology. The business requirements of the organization considering the tough market competition coming from the new organizations can be also controlled with the help of this project management methodology (de Carvalho, Patah & de Souza Bido, 2015). The business processes of AEW can be managed in a better way considering the rate of the prices of their products which can be compared by the prices of the new organizations with the help of this project management methodology.
Program management, portfolio management and management of the project are done with the help of this organizational project management (Donate & de Pablo, 2015). Strategic goals of the organization can be achieved with the help of the OPM. The implementation of the business strategy can be done with the help of system thinking for the lean projects.
Considering the given scenario, it can be said that the AEW can be successful in bringing business changes in their system with the help of the OPM strategy. Co-ordination between the internal as well as the external stakeholders of business organization is a must and this is source of concern for AEW which can be solved purposefully with the help of OPM (Efferin & Hartono, 2015). The issue of senior employee retention can be also minimised if good employee turnover can be maintained in the office environment which is possible id the employees are aware of their roles and responsibilities which can be measure with the help of OPM.
Risk Register
|
Risk ID |
Risk |
Reason behind the risk |
Impact of the risk |
Solution |
|
1 |
Threat from new suppliers |
Management failure |
Low |
Business strategy |
|
2 |
Market competition |
Inefficient business strategy |
High |
Examining future market trends |
|
3 |
Alternative option for consumers |
Inefficient business strategy |
High |
Maintain wide range of products and services. |
|
4 |
Senior employee Retention |
No appraisal procedure |
Moderate |
Maintaining good employee turnover. |
Table 1: Risk Register of AEW
(Source: Created by the author)
|
Identification of risk |
Qualitative Risk Analysis |
Risk Plan Response |
Risk Monitor |
|||||||||||||
|
Category |
Risk Id |
Risk |
Risk Event |
Probability (P) |
Impact (I) |
Risk Score (PI) |
Risk Rank |
Potential Response |
Cost |
Date Raised |
Date Closed |
Status |
||||
|
High |
Medium |
Low |
High |
Medium |
Low |
|||||||||||
|
0.25 |
0.5 |
0.75 |
2.5 |
5 |
7.5 |
|||||||||||
|
Financial |
Risk1 |
Threat from new suppliers |
Business direction |
ü |
ü |
3.75 |
1 |
Impactful business strategy |
$700 |
01.01.2019 |
22.01.2019 |
|||||
|
Organizational |
Risk2 |
Alternative options for consumers |
Change in management structure |
ü |
ü |
1.25 |
4 |
Maintain wide range of products and services. |
$400 |
26.12.2018 |
30.01.2018 |
|||||
|
Financial |
Risk3 |
Market competition |
Material Pricing |
ü |
ü |
1.875 |
3 |
Examining future market trends |
$14,000 |
15.12.2018 |
25.12.2018 |
|||||
|
Technical |
Risk4 |
Senior employee Retention |
Management of resources/ project budget |
ü |
ü |
2.5 |
2 |
Maintain good employee turnover. |
$2,000 |
15.08.2018 |
30.08.2018 |
|
Risk |
Risk Ownership |
Plan |
Connection |
|
Threat from new suppliers |
Rise of new Stakeholders |
Maintenance of stakeholder relationship |
The aspirations of the stakeholders of the organization should be understood by the management team of AEW. |
|
Alternative options for consumers |
Management team of AEW |
Customer engagement practices |
Innovative business strategies considering the current market trends. |
|
Market competition |
Emergence of new similar organizations |
External environmental analysis |
Increase the business reach of this organization so that are no business loss associated with the organization. |
|
Senior employee Retention |
Management team of the organization. |
Employee retention policy |
Provide efficient appraisal policy and incentive schemes. |
Table 2: Risk responses
(Source: Created by the author)
|
Risks |
Enactment |
|
Threat from new suppliers |
New and innovative business strategies must be implemented considering both the external as well as the internal stakeholders. |
|
Alternative options for consumers |
Bringing new consumers by increasing the business reach of this organization can be hugely beneficial to deal with this issue. |
|
Market competition |
Fresh and innovative business strategies must be implemented to face the tough market competition. |
|
Senior employee retention |
Employee turnover must be very good for this organization which will be useful to retain the senior experienced employees. |
Table 3: Implementation Plan for the risks
(Source: Created by the author)
Considering the provided scenario, it can be said that Australian Engineering Works Private Limited (AEW), have different categories of challenges which have a direct impact on the growth and productivity of the organization. The previous unit of the paper have discussed the risks along with their impact on the organization and the stakeholders responsible for the issue (Franco & Matos, 2015). The qualitative risk analysis helps in understanding the different types of risk along with their impact and probability. Monitoring of each risk associated with the selected organization is very much essential so that the risks can be minimized to a significant extent and the progress of the organization is not impacted (Frankel & PGCMS, 2019). Each risk has to be professionally monitored. Alternative solutions should be created and implemented if the proposed solutions of the risks are not working. Organizational strategy must be very much useful to monitor the changes if the risk response plan has no effect on it. The monitoring of the risk requires the effective participation of both the internal as well as the external stakeholders associated with the organization (Kesting et al., 2016). All the market parameters of the organization should be knowing about the change in strategy so that they can fill up the gap that were created which led them to opt for better options.
4 Leadership style appropriate to bring about the change
The role of the leaders of this organization is very much important considering the proposed changes as they can be implementing their managerial capability to deal with this situation (Masuda & Kostopoulos, 2016). The three different types of leadership qualities which will be very much useful to bring the change in AEW are paternalistic leadership quality, strategic leadership quality and the situational leadership quality.
It is defined as the type of leadership quality which can be successfully used in business organization where the role of the leaders will be significant in determining any kinds of organizational change. According to this leadership quality, every stakeholder associated organization is considered equally so that the leaders gets the support of all the employees of the organization (Nicholas & Steyn, 2017). The paternal leaders consider every employee as their extended member and treats them likewise. The paternal leaders expect loyalty from the employees in return of their organizational behaviour. The paternal leaders provide huge encouragement to the employees regarding any adverse business conditions (Orzen & Bell, 2016). Diversity is maintained in the office premises as it maintains good relationship with the external stakeholders of the organization such as the suppliers and the distributors.
The role of the leaders is very much important for Australian Engineering Works Private Limited (AEW), and the paternal leaders have the capability to play a huge role in the crisis situation which is hampering the reputation of the organization. The issue of retention of the experienced senior employees can be solved purposefully with the help of the paternal leaders as they tend to provide all the facilities to the senior employees which they are looking for (Pavanello et al., 2018). The issue coming from the suppliers can be also solved as this leadership quality considers all the business parameters such as the consumers, suppliers and service providers in a similar manner.
It is defined as the type of leadership quality which can be purposefully used in the business organizations to deal with their internal and external complexities. Strategic thinking is applied by strategic leaders to implement business policies in the working environment (Sadgrove, 2016). The role of the strategic leaders is important to deal with the management issues of the organization. The strategy of the business organizations are aligned with the help of the strategic leaders. The strategic leaders play a huge role in the successful implementation of the business strategies. The contribution of the corporate organizations on the society are also accessed by the help of the strategic leaders.
Considering the discussed qualities of the strategic leaders it can be said that the strategic leaders can play a huge role in the working environment of Australian Engineering Works Private Limited (AEW). Dynamic business environment can be created with the help of the strategic leaders (Shao, Feng & Hu, 2017). The issue of the emergence of the new organization can be solved to a limited extent with the help of the strategic leaders. Alternative options from the consumers is also an issue which can be solved professionally with the help of the strategic leaders also as they can implement innovative business strategies in the selected organization (Smothers & Lawton, 2017). The issue of the retention of the senior employee can be also solved with the help of the strategic leaders as they can be very much useful to maintain a good employee turnover in any selected organization.
It is defined as the type of quality which is most used in all the global business organizations all around the world. Every business organization have different categories of challenges, each challenge has to be addressed separately. The role of the strategic leaders is very much important to deal with the challenges (Sohi et al., 2016). The situational leadership quality can be categorised into the following styles such as coaching, directing, delegating and supporting. There is two competence stage associated with situational leaders such as the low competence stage and high commitment. The commitment of the workers can be categorically improved by the help of the situational leaders. Morale of the employees and the other stakeholder of the project can be improved with the help of the situational leaders.
Considering the provided scenario, it can be said that the issues and challenges faced by this business organization such as the threat coming from the suppliers and the retention of the experienced senior employees can be easily solved with the help of the situational leaders (Sunder, 2016)). The situational leaders will be also helpful to create and implement innovative business strategies which could help the organization to have a competitive advantage over the new organizations which is a serious concern for AEW.
Conclusion
The paper was also useful to understand the role of the project management methodologies in this case study. Seven different categories of project management are applied in this report so that issues can be addressed effectively. From the above report, it can be said that this business organization have different categories of risks associated with their working environment such as the threat coming from the new supplier, alternate options for the consumers, threats coming from the new organizations and retention of experienced senior staffs. These risks were identified with the help of the qualitative risk analysis unit of the paper, that also helps in understanding the impact and the probability of the risk with the help of the risk score. The identified issues can be successfully addressed with the help of the role of the different categories of leaders such as the paternalistic leaders, situational leaders and the strategic leaders.
This paper was useful as it provides an idea about the different types of project management methodologies and its application in this case study. A detailed risk management plan has been presented after the application of the project management methodologies. The risk management plan has been evaluated on the basis of their impact of the selected organization. The probability and the impact of the different category of risk is focused on the quantitative risk analysis unit of the paper. The response to the risks is also presented in the paper along with the implementation of the risk responses. The role of the different category of leaders in bringing the proposed changes in Australian Engineering Works Private Limited has been discussed in this paper as well.
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