Discuss about the Application Project Based Learning Using Mind Map.
The two core objectives of the project are as follows:
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Strength Ø Helps in creating strong relationship with the customers[1] Ø Assists in accessing information, data as well as location of the people whom an individual is close |
Weaknesses Ø Slow in response to various enquiries of the customers Ø The quality of the app is not top-notch |
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Opportunities Ø The consumers are interested in installing the app. Ø Can flourish in the market |
Threats Ø Other competitors in the market are creating the same app for accessing information Ø Due to presence of large number of same app the competition in the market is high[2] |
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Strength Ø The customers can be able to get proper information about the location Ø Accessing information, data as well as location helps in tracking friends who are nearby[3]. |
Weaknesses Ø Location of an individual can be tracked by another person. |
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Opportunities Ø People are interested in detecting the location of their friends who are nearby. |
Threats Ø Tracking location can create number of security issue |
Figure 1: Mind Map of the product/service that was developed to achieve its identified objectives
(Source: Created by Author)
Figure 2: Creation of mind map for the product and service
(Source: Created by Author)
It is identified that the initial investments that was made by the organization “Brajo” is around $121 M. The amount of money that is invested in designing an app at the intersection of location and social media for tracking the locations of the friends is mainly collected with the help of funding. It is found that after winning Google hackathon, Damien has got proper opportunity as well a funding for designing the project. The total funding amount that was collected for the project is in 6 number of funding rounds[7]. There are two lead investors in the project who generally provided the maximum funding for the project however there are other 6 investors who also invests their money for the project so that the company can easily design the app.
The amount of money that was collected by Banjo through funding is utilized for designing the app for finding friends who are nearby. It is identified that the entire amount that was collected through funding is around $121 M. The amount of money that is received as funding from various investors is used for bearing the cost that is mainly associated with the project. The funding amount is utilized in order to manage all the phases of the project including imitation, planning, execution as well as closure[8]. With the help of this funding amount, the project manager of Banjo has become successful in designing the app that is very much helpful for the people.
The tangible risks associated with the service are as follows:
Budget shortfalls: If the estimated budget for the project is not estimated accurately then the project faces number of financial issues as well as challenges due to budget shortfalls. Due to budget shortfalls, the project manager faces number of obstructions in completing the project within the estimated time.
Schedule slippages: If the project schedule is not managed properly due to any reason then the project manager faces number of difficulties in managing the project in a timely basis. In addition to this due to time extension, the budget that is associated with the project also enhances which creates number of financial challenges for the company[9].
Unavailability of developer: Due to unavailability of proper experienced developer, the project manager faces difficulty in developing the app within the time that is estimated for the project and as a result the project progress gets obstructed.
Error in designing wireframe: If the wireframe for the project is not designed properly then the app that is created will does not work appropriately. Thus error in designing the wireframe creates number of issues and challenges that is mainly associated with the functionality of the app.
Low customer loyalty: If the customers are not loyal for the organization then they will not get influence by the app that is created by the organization and as result the organization will face lot of financial issues[10].
Leadership risk: If the project manager does not engage with the project team members properly then number of leadership related risk will occur within the project[11]. The leadership risks include inability to lead the project team, discouraging employees, improper engagement in motivating team members and more. All this project risks generally creates negative impact on the progress of the project.
Moral hazard: Due to the development of the app, the location of an individual can be easily tracked which generally can create security as well as privacy issues.
Inability to integrate management: If the leader of the project does not have proper ability to integrate management within the project then the organization will face lot of obstruction in providing the service of location tracking to the clients or customers.
Mismanagement of crisis: If crisis within the project is not successfully managed then the project managers will face lot of issues as well as challenges within the project[12].
Poor public relations: If the organization does not have proper relation with the customers then the customer will face difficulty in gaining profit after launching the app within the market.
The process of measuring risks includes:
Defining characteristics: The first and the most important step is to understand the key characteristics of influencing approach to risk analysis.
Risk analysis: In the second step, it is quite necessary to analyze the various risk drivers.
Risk quantification: In this step, risk analyses are translated into quantifiable measures.
Application in risk management: risk management measures are generally used for informing risk management tools for analyzing the risks[13].
Bull, J.W., Jobstvogt, N., Böhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zähringer, J. and Carter-Silk, E.Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework. Ecosystem services, 17, 2016, pp.99-111.
Chen, W.M., Kim, H. and Yamaguchi, H. Renewable energy in eastern Asia: Renewable energy policy review and comparative SWOT analysis for promoting renewable energy in Japan, South Korea, and Taiwan. Energy Policy, 74,, 2014, pp.319-329.
Coulter, J.M.. Mind Mapping as a Tool to Improve Audit Education. Journal of Business and Educational Leadership, 6(1), 2016, p.76.
Dey, P.P., Khan, M., Amin, M., Sinha, B.R., Badkoobehi, H., Jawad, S. and Al Any, L. Managing interacting software project risks. Pressacademia, 2(1), 2016, pp.427-427.
Ervural, B.C., Zaim, S., Demirel, O.F., Aydin, Z. and Delen, D. An ANP and fuzzy TOPSIS-based SWOT analysis for Turkey’s energy planning. Renewable and Sustainable Energy Reviews, 2017.
Fleming, Q.W. and Koppelman, J.M. December. Earned value project management. Project Management Institute, 2016.
Kerzner, H. and Kerzner, H.R. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons, 2017.
Liu, J.Y.C. and Yuliani, A.R.. Differences between clients’ and vendors’ perceptions of IT outsourcing risks: Project partnering as the mitigation approach. Project Management Journal, 47(1), 2016, pp.45-58.
Nikolova, L.V., Rodionov, D.G. and Afanasyeva, N.V. Impact of globalization on innovation project risks estimation. European Research Studies, 2017, 20(2), p.396.
Snyder, C.S.A guide to the project management body of knowledge: PMBOK (®) guide. Project Management Institute: Newtown Square, PA, USA, 2016.
Susilawati, A., Hernani, H. and Sinaga, P. The Application of Project Based Learning Using Mind Map to Improve Students Environmental Attitudes of Waste Management In Junior High School. Proceeding of ICMSE, 3(1), 2016, pp.74-79.
[1] Bull, J.W., Jobstvogt, N., Böhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zähringer, J. and Carter-Silk, E.Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework. Ecosystem services, 17, 2016, pp.99-111.
[2] Ervural, B.C., Zaim, S., Demirel, O.F., Aydin, Z. and Delen, D. An ANP and fuzzy TOPSIS-based SWOT analysis for Turkey’s energy planning. Renewable and Sustainable Energy Reviews, 2017.
[3] Chen, W.M., Kim, H. and Yamaguchi, H. Renewable energy in eastern Asia: Renewable energy policy review and comparative SWOT analysis for promoting renewable energy in Japan, South Korea, and Taiwan. Energy Policy, 74,, 2014, pp.319-329.
[4] Kerzner, H. and Kerzner, H.R. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons, 2017
[5] Fleming, Q.W. and Koppelman, J.M. December. Earned value project management. Project Management Institute, 2016.
[6] Snyder, C.S.A guide to the project management body of knowledge: PMBOK (®) guide. Project Management Institute: Newtown Square, PA, USA, 2016.
[7] Kerzner, H. and Kerzner, H.R. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons, 2017.
[8] Snyder, C.S.A guide to the project management body of knowledge: PMBOK (®) guide. Project Management Institute: Newtown Square, PA, USA, 2016.
[9] Nikolova, L.V., Rodionov, D.G. and Afanasyeva, N.V. Impact of globalization on innovation project risks estimation. European Research Studies, 2017, 20(2), p.396.
[10] Liu, J.Y.C. and Yuliani, A.R.. Differences between clients’ and vendors’ perceptions of IT outsourcing risks: Project partnering as the mitigation approach. Project Management Journal, 47(1), 2016, pp.45-58.
[11] Dey, P.P., Khan, M., Amin, M., Sinha, B.R., Badkoobehi, H., Jawad, S. and Al Any, L. Managing interacting software project risks. Pressacademia, 2(1), 2016, pp.427-427.
[12] Susilawati, A., Hernani, H. and Sinaga, P. The Application of Project Based Learning Using Mind Map to Improve Students Environmental Attitudes of Waste Management In Junior High School. Proceeding of ICMSE, 3(1), 2016, pp.74-79.
[13] Coulter, J.M.. Mind Mapping as a Tool to Improve Audit Education. Journal of Business and Educational Leadership, 6(1), 2016, p.76.
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