Task 1
1. Identifying the Project Business Features.
2. Discussion on the Key Features- Based On the McDonald’s Project Business.
3. The Importance of Communicating Outcomes.
Task 2
1. Importance of Risk Management.
2. Importance of Shareholder Relationships.
3. Importance of Teamwork.
4. Importance of Management of change.
In the competitive market, project management has become as one of the most vital aspects for gaining success in the long-term. The increased use of internet and digitalisation further maximises the scope of developing new business projects. Concerning the provided scenario, it is apparent that McDonald’s Company initiated development of a new retail chain in Chester. This particular section of the assignment intends to identify the key traits of the proposed development business (Dumitrescu Prodan & Stoica, 2014). In this context, it is worth mentioning that the new projects are the best mean of organisational development. Additionally, the success of the business project would enable the company to gain the maximum share of the overall business profits. Apart from the success of the company, another key factor identified is the increased scope for enhanced information system (Gemino, Reich & Sauer, 2015). Besides, another vital element is that business projects ensure strategic growth as well as improvement in the performed business activities. Moreover, a new business project with new facilities is the most effective approaches in attracting more number of customers and gaining more revenue. Furthermore, it is worth mentioning that the company also needs to design the project plan concerning both the short as well as long-term goals (Dumitrescu Prodan & Stoica, 2014).
Identifying the key resources of the company is another vital factor. Additionally, designing of the scheduled goals are decisive from the perspective of the projects heads for fulfilling the requirements successfully. The business project responsibilities require allocation with respect to the need of the company (Burke, 2013). Apart from the all the mentioned key features of the project, the decision-making process is the most vital. Besides, it is the responsibility of the project manager to ensure the fulfilment of all the activities within the particular period. The estimation of project value is another significant factor, which has the potential to influence the success of the proposed business. The discussed key feature of the project business is knowledgeable by developing a link with the McDonald (Burke, 2013).
The key factors identified and its effective implementation would be effective for the company in reaching new heights. In this context, initiating the establishment of new retail chain for McDonald is one of the most efficient approaches for ensuring the overall growth of the business. Additionally, it would also offer new opportunities for McDonald for instance, the increased scope of the business expansion as well as the attainment of more number of customers (Staples, 2010; Lester, 2007). Besides, with the improvement of the information system, the company would understand the segment of the customers and retain them over a long period. Improvement in the business is the main objective of McDonald for maintaining sustainability as well as growth in the long-term. Thus, the development of the new project should aim at improving the prior service offered by McDonald and operating successfully in the competitive market (Staples, 2010; Lester, 2007).
For gaining competitive advantage in the Chester market, McDonald needs to identify the available resources, which is further effective in managing the business performance and gaining more revenue. The project manager of the new retail project of McDonald needs to hire responsible person for handling the project related tasks. In this context, it is worth mentioning that designing the responsibility of the employees must consider the needs as well as the requirements of the project (Knapp Pmp & Knapp, 2010). Additionally, PERT/CPM are also needed to be concerned in case of developing the project proposal. The main reason behind the stated fact is that PERT/CPM enables developing better understanding with respect to the activities designed under the new retail business plan and examining the completion of each of the events. Thus, for the success of the new business, it is essential to use the Project Network Models efficiently (Knapp Pmp & Knapp, 2010).
This section of the assignment examines the importance of communication in delivering successful project outcome. In this context, the project manager of McDonald would be responsible for developing effective communication plan with respect to the new objective of the business project. Additionally, communication plan also assists the project manager in understanding the projected goals and ensuring the success of the business. It further signifies the standards under the project that supports in the effective communication decisions making (Fatma, 2014; Koivula, 2009). Also, effective communication is essential for informing the necessary stakeholders about the project and projected outcome, which is achievable by the business. Specifically mentioning, the standards, and/or the mediums, which are useful for the company, include conducting meeting, memos, and phone or e-mails among others. Furthermore, conducting project meeting with the manager as well as all the participating members would be effective in updating them with the necessary information (Fatma, 2014; Koivula, 2009).
Handing the new retail chain project of McDonald requires maintaining full consistency. In this context, the communication plan facilitates development of interaction process, which is effective in developing relation among the participants involved in the project. Besides, well-development communication system minimises the risks associated with the delay of the McDonald business project. For gaining suitable position in the new market, McDonald also needs to ensure improved and increased productivity of the employees. Thus, in this case, communication among the project members facilitates development of better understanding with respect to the project plan as well as the project report (Miller, 2012; Elving, 2005; Barker & Angelopulo, 2005). Moreover, working together is an effective strategy under the communication plan. It enables the employees in sharing their viewpoint, which in turn has a positive impact on the productivity and the outcome of the project. The performance level of the project members is important for achieving the business goal of McDonald. In this context, communication plan is effectual for improving employee productivity as well as enhancing their level of performance. Thus, form the above discussion it is apparent that opening a new retail service outlet by McDonald would be effective for ensuring the continuous growth and effective business outcome (Miller, 2012; Elving, 2005; Barker & Angelopulo, 2005).
Risk management is one of the vital aspects of the business projects. Concerning the project proposal of the company, the term risk defines as any harm, which has the potential to influence the actions taken by the McDonald (Fadun, 2013; Das, 2006). There are a number of risk factors, which can significantly affect the business project including the financial loss, credibility associated with the business, and scope for long-term growth among others. In this context, it becomes essential for any business to take effective measure for the risk management. It is the responsibility of the project manager of McDonald to design the risk management plan, which would be effective in identifying as well as eliminating the risk of the new retail chain (Fadun, 2013; Das, 2006).
Risk management assists in examining the strengths as well as weakness involved in the business activities. Additionally, planning with respect to internal and external factors enables the project manger to evaluate the opportunities available for the further expansion of McDonald. Besides, risk management is important, as it has the potential to minimise the issues with respect to performance management. Furthermore, managing the risk prior to the execution of the business project can be effective in satisfying the budget and the business goal of McDonald (Bolton, Chen & Wang, 2013; Alhawari, Karadsheh, Talet & Mansour, 2012).
The shareholders being the proprietor McDonald are important for the success of business in Chester. In this context, the shareholders of the company plays the most vital role for financing different activities of McDonald and other operational activities among others. Additionally, financing signifies the process of gaining certain lump sum amount from the investors, which would be for the project purpose and achieving the business objectives. In the context of the operational activities, managing the shareholders relation would enable the company to raise its value in the stock market (Christopher, Payne & Ballantyne, 2013). Furthermore, it is the responsibility of the company to meet to the requirement of the stakeholders. Besides, shareholders engagement in the business is effective in managing the performance issue faced by the company. In this context, McDonald should implement efficient shareholder engagement strategies. Conducting annual meeting with the important shareholders is one of the strategies, which is necessary for raising awareness about the project pans and other decision associated with the expansion of the retail chain in Chester. Moreover, for the success of the new business plan, the examination of investor’s base is vital. This in turn would further facilitate developing familiarity with them and satisfying the individual investor’s needs (Laskin, 2010).
Teamwork is an effective strategy for managing the performance of the employees and the entire organisation. Additionally, teamwork among the project members of McDonald enables development of relation among the members and sharing of different opinion (Salas & Rosen, 2013). Besides, working in team enables managing the performance of the employees and overall productivity of the company. Another importance of teamwork is that it is effective in examining the strengths and weaknesses of each of the individual employees in the organisation. This in turn assists in improving the job role and responsibility allocated to the employees with respect to the new business project. Additionally, teamwork develops efficiency, which enables the team members to perform the task systematically and quickly (Salas & Rosen, 2013).
New project associated with the business development are subject to a number of risk factors as discussed in the above section. In this context, working in teams proves to be effective for taking the relevant as well as accurate decision related to the business process. Additionally, mitigating the risks and the issue faced by the company depends on the overall efficiency of the team in developing effective solution. Thus, conducting the project and performing the various activities under different teams could be effective in providing appropriate solution to the problems faced. Also, offering suggestions further adds to the importance of the teamwork. Thus, it could be easier for the company to take effective decision and communicating it properly for effective performance management (Salas, Bowers & Edens, 2001).
Organisations are subject to changes with respect to the external factors, which signify the need for the management of change. Additionally, management of change by McDonald would ensure retention of the competitive position. With the improved quality products offered to the customers, change management would be effective for understanding the requirements of the customers as well as satisfying it (Graetz, Rimmer, Smith, & Lawrence, 2012; Ramanathan, 2009). Moreover, it leads to the change in the main result relating to the improvement in technology. Besides, initial change in McDonald would be disruptive, as it becomes difficult for the employees to examine its need for improving the performance. However, raising awareness about the importance on change and providing training can be effective for implementing the change within the organisation (Graetz, Rimmer, Smith, & Lawrence, 2012; Ramanathan, 2009).
Managing the change associated with the technology enables improving the communication system in McDonald. Additionally, management of change also offers different opportunities to the company for improving the performance. Besides, change enables the employees to learn new things with respect to the new skills and knowledge. Change also requires the company to provide training to the employees for managing the change (Jabri, 2012; McCalman, 2000). Also, change brings learning opportunity for the employees at workplace. For the success of the new retail chain of McDonald, it is essential to mitigate the gap between the present competency level of the employees and required skill for satisfying the needs of the organisational change. Thus, from the discussion it is apparent that change is important for McDonald for maintaining its position in the market as well as attracting the new chain of the customers in Chester (Jabri, 2012; McCalman, 2000).
References
Alhawari, S., Karadsheh, L., Talet, A. N., & Mansour, E. (2012). Knowledge-based risk management framework for information technology project. International Journal of Information Management, 32(1), 50-65.
Burke, R. (2013). Project management: planning and control techniques. New Jersey; USA.
Barker, R. & Angelopulo, G. C. (2005). Integrated organisational communication. South Africa: Juta and Company Ltd.
Bolton, P., Chen, H., & Wang, N. (2013). Market timing, investment, and risk management. Journal of Financial Economics, 109(1), 40-62
Christopher, M., Payne, A. & Ballantyne, D. (2013). Relationship marketing. UK: Taylor & Francis.
Dumitrescu, F., Prodan, A., & Stoica, M. (2014). Small & medium it projects in small & medium enterprises. Small, 2(1), 3-6.
Ducros, M. & Fernet, G. (2010). Project Management Guide. Paris: Editions TECHNIP.
Das, S. (2006). Risk Management, Volume 1. Singapore: John Wiley & Sons.
Elving, W. J. (2005). The role of communication in organisational change. Corporate Communications: An International Journal, 10(2), 129-138.
Fatma, T. (2014). Importance of communication in management. Global Journal of Multidisciplinary Studies, 3(5).
Fadun, O. . (2013). Risk management and risk management failure: Lessons for business enterprises. International Journal of Academic Research in Business and Social Sciences, 3(2), 225.
Graetz, F., Rimmer, M., Smith, A. & Lawrence, A. (2012). Managing Organisational Change. Australia: John Wiley & Sons.
Gemino, A., Reich, B. H., & Sauer, C. (2015). Plans versus people: Comparing knowledge management approaches in IT-enabled business projects. International Journal of Project Management, 33(2), 299-310.
Jabri, M. (2012). Managing organizational change: process, social construction and dialogue. UK: Palgrave Macmillan.
Knapp Pmp, B. W. & Knapp, B.W. (2010). A project manager’s guide to passing the project management (Pmp) exam. USA: www.pmexam.com.
Koivula, J. (2009). Succeeding in project communication – effective tools for the purposes of change management. Retrieved February 06, 2016, from https://www.theseus.fi/bitstream/handle/10024/8462/Koivula.Jonna.pdf?sequence=2
Lester, A. (2007). Project management, planning and control: managing engineering, construction and manufacturing projects to PMI, APM and BSI Standards. UK: Butterworth-Heinemann.
Laskin, A. (2010). Managing investor relations: strategies for effective communication. USA: Business Expert Press.
Miller, K. (2012). Organizational communication: approaches and processes.UK: Cengage Learning.
McCalman, J. (2000). Change management: a guide to effective implementation. London: SAGE.
Ramanathan, T. R. (2009). The role of organisational change management in offshore outsourcing of information technology services: qualitative case studies from a multinational pharmaceutical company. USA: Universal-Publishers.
Salas, E., & Rosen, M. A. (2013). Building high reliability teams: progress and some reflections on teamwork training. BMJ quality & safety, 22(5), 369-373.
Salas, E., Bowers, C.A., & Edens, E. (2001). Improving teamwork in organizations: applications of resource management training. London: CRC Press.
Staples, L. (2010). Project management: a technician’s guide. USA: ISA.
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