Introduction: Project Background
The global automotive industry provides a plethora of opportunities. Even with corporate monsters such as Toyota, Tesla, and GM in the target market, there are chances to find a specific niche. The current project is aimed at introducing a car with improved properties and an autopilot function to the global market.
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Milestones of the Project: What Needs to Be Accomplished
The primary stages of the project are rather basic. A range of goals from budget planning the design of a promotion campaign will have to be considered (see Appendix B). Among the primary stages, the following steps will have to be considered:
- Product outline;
- Leadership strategy choice (the Transformational Leadership style is preferable because of the opportunities for increasing the motivation levels among the staff members;
- Enhancement of quality management (a rigid set of rules and standards must be produced so that the quality levels should remain consistently high);
- Product design (the most successful choices must be identified and implemented so that the product could meet the needs of the target audience impeccably);
- Procurement strategy enhancement (particularly, the logistics-related processes need to be managed efficiently so that the required supplies and products should be delivered on time and that deadlines could be met);
- Technology enhancement (particularly, information management tools must be updated);
- Target market analysis;
- Financial strategy development;
- Risk management approach identification;
- Exit strategy design;
- Communication tools improvement;
- Marketing and promotion campaigns development;
- Product distribution.
Once the steps outlined above are completed successfully, a triumph in the target market can be expected.
Main Assumptions and Executions: What Is to Be Expected
Dependencies: Determining the Link Between the Elements
In the identified project, after the product is defined and the financial resources are detailed, most of the steps can be carried out in any order. Therefore, there are rather few dependencies that can be identified in the system, and, for the most part, the project can be represented as a relatively simple Start-to-Finish (SF) framework. As Appendix A shows, the SF approach seems the most reasonable since it helps render the connection between the key elements and reinforce cooperation among the employees working in different departments (Babafemi, 2015).
Risks: Factors Jeopardizing the Success of the Project
In a multicultural environment, there is always a threat of a misunderstanding.
Promotion of cooperation
Similarly, conflicts and disputes may occur.
There is a threat that the process of information management will not be efficient enough due to a large number of stakeholders.
Maintaining the quality levels high will require tough discipline and increase in motivation levels.
Unless an appropriate leadership framework is chosen, employees may feel unmotivated. Thus, the product quality will drop.
Bureaucracy as an impediment
There is a possibility that the bureaucratic machine will prevent from carrying out essential logistics steps on time.
With a range of processes taking place, supervising them will become a problem (Demartini, 2013).
Risk Mitigation Approaches
Mitigation: designing the prevention strategies
One should consider focusing on precaution measures aimed at preventing the instances mentioned above
Transfer: inviting other organizations to participate
A significant number of risks can be transferred to the partners.
Reducing Project Duration
Key Techniques: How Time Issues Can Be Handled
Improving information management
The staff will have to be encouraged to use the latest IT tools so that the relevant information could be transferred within the shortest amount of time possible. Furthermore, security enhancement strategies will have to be viewed as a necessity because of the threats of cyberattacks (Dimon, 2013).
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Introducing time management techniques
Keeping a log is bound to help track the essential steps of the project completion and, therefore, not to waste time on the irrelevant activities. Furthermore, the introduction of progressive deadlines will help.
Possible Impediments to the Introduction of the Strategies
There is a threat that there might me obstacles on the way to carrying out the steps mentioned above. For instance, it may take time for the employees to develop the required level of proficiency in using the IT tools that will ensure the company’s data safety. Moreover, the time management problem may be rooted in intrinsic problems of the organization. Therefore, the reconsideration of the values, mission, and leadership strategies will have to be viewed as an option.
Controlling the Project: How Essential Steps Can Be Supervised
Control Process: Description
Reports and supervision will be used as the primary control tools. To be more specific, the staff will be instructed to provide regular reports about the tasks that they will have accomplished. Furthermore, the supervision of the essential processes will be carried out to ensure that possible problems should be detected at the earliest stages of their development and addressed accordingly (Biswas, Mukherjee, & Roy, 2014).
Control Steps: Key Guidelines
Quality control is the first step toward meeting the expectations of the customers and succeeding in the target market. As stressed above, the project is bound to have a lot of competitors, and high quality is what will help it stand out of the range of similar cars. Therefore, the principles of repeatability and reproducibility as the primary tools for quality control should be used. Furthermore, the principles of the Total Quality Management and the Six Sigma framework (particularly, the DMAIC Model) will have to be integrated into the production process. Thus, the number of defects will be reduced to a minimum, and the end product will be all the more impressive.
Introduction of the Earned Value System
The use of the Earned Value System (EVS) will help reduce the waste produced in the process. Furthermore, the EVS framework will allow for a more efficient allocation of the available resources, primarily, the financial ones. For instance, it may help reduce the costs to 75% compared to the initially planned ones with the help of the EVS by determining a pattern in the current allocation of funds.
Project Budget and Expenses: Analysis
To calculate Cost Variance (CV) one must subtract Actual Completion (AC) from EV. In the case in point, the AC levels are expected to reach 95%. Therefore, the CV rates will peak at CV = $95,000-$100,000=-$5,000.
Schedule variance can be calculated with the help of the following formula:
In turn, EV si represented by the following formula:
Therefore, PV=25%*$100,000=$25,000. EV, however, is 15%*$100,000=$15,000. Therefore, SV equals EV-PV=$15,000-$100,000=-$85,000.
Baseline Budget (PV)
As stressed above, it is assumed that the project will be completed by 95%. Therefore, the Baseline Budget (PV) will reach $95,000.
Actual Cost (AC)
The actual cost is expected to reach $75,000. It is assumed that the strategies aimed at reducing the levels of waste and using the available resources sparingly will help create a sustainable approach that will finally lead to a drop in costs. Consequently, AC is expected to be reduced (Sears, Sears, & Clough, 2015).
At present, the project is 2% competed. Particularly, the foundation for starting it has been created. It is expected, though, that, once the project assets are identified, and the necessary resources are collected, the process will occur at a faster pace. Specifically, the introduction of the latest IT tools for managing the available data is bound to accelerate the production of the car and its further marketing.
Conclusion: Ending the Project Successfully
Project Closure Process: Description
In order to close the project, one will have to cease the essential processes associated with logistics. Thus, car production will be stopped, and the project will come to an end (Liu, Sung, & Yao, 2013).
Major Considerations for a Smooth Closure
When considering the factors that define a successful closure of the project aimed at launching a new car, one must make sure that the end product should meet the needs of the target population. Furthermore, the lessons learned in the course of the project will have to be taken into account so that further endeavors could also be successful. In the case in point, the risks faced in the course of launching the car, especially regarding its perception by the target audiences, need to be scrutinized. Thus, the foundation for building the framework allowing one to adders the needs of customers in the most efficient manner possible can be created.
Babafemi, I. D. (2015). Corporate strategy, planning and performance evaluation: A survey of literature. Journal of Management Policies and Practices, 3(1), 43-49.
Biswas, A., Mukherjee, A., & Roy, M. (2014). Leveraging factors for consumers’ car purchase decisions: A study in an emerging economy. Journal of Management Policies and Practices, 2(2), 99-111.
Demartini, C. (2013). Performance management systems: Design, diagnosis and use. New York, NY: Springer Science & Business Media.
Dimon, R. (2013). Enterprise performance management done right: An operating system for your organization. New York, NY: John Wiley & Sons.
Liu, H. C., Sung, W. P., & Yao, W. (2013). Information technology and computer application engineering. Chicago, IL: CRC Press.
Sears, S. K., Sears, J. A., & Clough, R. H. (2015). Construction project management. New York, NY: John Wiley & Sons.