Unit 6 Managing a Successful Business Project

Unit 6 Managing a Successful Business Project

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Introduction: Unit 6 Managing a Successful Business Project

The term "business transformation" refers to any shift, realignment, or significant change in corporate operations (Ismail, Khater, and Zaki, 2017). The reimagining of flexible workplaces to accommodate changing types of work, personnel, and technology is referred to as workplace transformation. The workplace is always altering to keep up with the quick pace of technological advancements and globalisation. To better align the company's business strategy and vision, the goal is to make changes in business processes, people, or systems (technology). Employers may reap the advantages of workforce transformation in a variety of ways, including

Increasing motivation and performance by empowering people to work more efficiently. Improved teamwork and communication may lead to new ideas and more efficient use of resources. As part of this research, Sainsbury's is examined for how digital transformation has impacted the retail organisation, as well as for the project management approach used to implement the project. As a result, a small-scale project is carried out that makes it easier to understand the major elements for establishing a roadmap to a contemporary workplace and gives some suggestions for the future strategic direction of developing a roadmap for Sainsbury's. Secondary and primary data will also be used in conjunction with news releases to better assess the impact of digital transformation at work.

LO1: Unit 6: Managing a successful business project

P1 “Explain the key stages of the project life cycle and their importance to the success of a project”.

The four stages of managing a successful business project life cycle initiation, planning, execution, and closing. These stages provide the road that leads from the begin to the finish of the project.

Initiation

This is the first step in developing a strategy for addressing a business need, an issue, or an opportunity for the team(Gusakova, Ovchinnikov, and Volkov, 2019). During this stage, one should evaluate the project's purpose, assess if the project is viable, and identify the project's primary deliverables.

The initiation phase of a project may comprise the following steps:

• To carry out a feasibility investigation: Determine whether or not the project will provide a solution to the principal issue it seeks to address.
• Establishing the project's scope: Defining its breadth and depth
• identify deliverables: Define what service or product you'll be offering
• Find out who the project impacts and what their requirements are. 

Planning

Once the business case, work plan, or project commencement document has been accepted, the planning phase begins. Once the project is broken into smaller tasks, the team is put together, and the timetable for each work is established, this phase is when the project management process begins ((Jimenez-Ramirez et al., 2019). Create a series of smaller objectives inside the bigger project, each of which may be completed within the given time limit. Smaller objectives should have a higher success rate.

The following are possible steps in the project planning stage:

• “Developing a plan for a project”: Assume that there will be a set timetable for completing the project, which will include the stages, tasks, and any limitations.
• “Creating workflow diagrams”: Use swimlanes to visualise processes and ensure that team members understand their role in a project.
• “Creating a budget and a financial strategy”: Decide how much money to put in the project to achieve the best return on your investment.
• “Gathering resources”: Creating a functioning team from internal and external talented employees while ensuring that everyone has the required tools (software, hardware, etc.) to perform their job
• “Risk Management”: To avoid a halt in the project's progress, it is important to identify and prepare for any risks and bottlenecks that might lead it to fail.

Execution

The plan is put into effect during the execution phase. Project managers in these stages of the project life cycle are responsible for keeping the project on track, coordinating team members, managing timeframes, and ensuring work is completed according to plan (Harter et al., 2020). The execution process in this project management phase includes:

• “Creating tasks and arranging workflows”: Assign specific components of projects to suitable team members, while ensuring that team members are not overworked.
• “Team members are briefed on their duties”: Instruct team members on how to accomplish assigned duties, and if required, organise process-related training.
• “Communication between team members, customers, and the company's executives”: All project stakeholders should be kept up to date on the progress of the project.
• “Monitoring work quality”: Ascertain that team members are fulfilling their time and quality objectives for assigned assignments.

Closure

Closure occurs when the project team has finished their task. The final deliverables, the discharge of project resources, and the determination of the project's success are all part of the closing phase (Tongo, Oluwatayo, and Adeboye, 2021). It doesn't imply that the project manager's job is done because the bulk of the project work has been completed. There are still vital things to accomplish, such as assessing what worked and what didn't.

• “Assessing team performance”: Examine how team members accomplished, including if they achieved their objectives, as well as the timeframe and quality of their work.
• “Documenting project closure”: Verify that all components of the project have been finished and that there are no unanswered questions.
• “Retrospective reviews”: Conduct a post-implementation examination, taking into account lessons learnt for future projects
• “Budget accounting”: Allocate the leftover funds for future initiatives that have been spent up.

P2 “Examine the factors to be considered when compiling a project management plan (PMP)”

Estimation of Project Costs

Even though each project is unique, one doesn’t have to build from zero every time. By looking at it from every viewpoint, it is possible to ensure that you are on the proper path (Tijani?, Car-Puši?, and Šperac, 2020). To estimate a project, a project manager should take into account the following:

• Similar projects might be used as a guide to determine how much effort is needed.
• Ask for the team's feedback.

Establishing a Project Management Team for managing a successful business project

A project's success or failure is directly related to the team's composition. An ideal situation for the project to be finished on time and to an acceptable standard is when you have a smaller crew, rather than a larger one (Bjorvatn and Wald, 2018). Additionally, there is less chance of miscommunication or individuals losing out on important information when there is a smaller team.

Project Timeline Scheduling

The customer will have a huge say in the project's timetable since they often have unavoidable deadlines to accomplish certain business objectives. A critical part of the project is to establish clear expectations and a timeline for the major deliverables. Regardless of how the budget is assessed, a timetable problem is usually a budgeting problem. Making sure that the project schedule is in accordance with the budget is an important step in ensuring that the project will be delivered on time.

Managing and Prioritizing Projects

Understanding that although some projects could be similar, no two will ever be the same is the most important part of this. Too many factors are at play to assume that one situation will be identical to another (Kuusinen, 2018). Different customers, various teams, and different goals. One needs to establish the correct balance between all of these aspects to ensure that the project will be a success.

P3 “Examine a range of research methods and strategies and their importance to project management”

Project management methods are used in a system to make project completion easier, more doable, and more realistic. This is done via the use of project management techniques. However, regardless of the project's criteria, these five project management methods have been introduced time and time again.

Program Evaluation and Review Technique (PERT)

Due to the visual component of the PERT approach, it is frequently used. To convey a project's chronology visually, the charts are being used to create visual representations of the timeline. Using the PERT approach, one may build a thorough plan, and then monitor milestones and progress graphically in a chart-like fashion (Ba'Its, Puspita, and Bay, 2020). Long-term projects, when visualising a tangible schedule is important or for bigger projects with particular obstacles are best suited to the PERT technique.

Waterfall

As an outgrowth of traditional, uncomplicated planning and project management fundamentals, the Waterfall method elevates this approach to a new level. A project is broken down into phases, each of which is dependent on the previous one's completion. Linear in the sense that "1, 2, then 3..." being the desired sequence of events, it leaves little space for unforeseen deviations (Kramer, 2018). For simple task breakdown structures or projects where you know there will be a few challenges, this project management style is suitable.

Kanban

The Kanban project management method was developed by a Toyota engineer to optimise the production process. It is based on cooperation and fundamental project management concepts. PERT-like workflow but using task cards instead of a graphical representation of the process.

Critical Path

This style of project management has been around since the 1940s. The first step is to identify the project's most critical activities and then estimate the time it would take to perform them (Chang et al., 2019). It is necessary to outline all the tasks that need to be completed, how long they take, and any external events that may impact each milestone to meet the finish date.

Extreme

The sound of this project management method is more serious than it is. Because of this, it promotes openness and cooperation rather than rigidity in the planning process(Fayaz and Kim, 2018). There are no formal phases or techniques in Extreme, which makes it perfect for bigger and more complicated projects where there are a lot of variables and uncertainties.

LO2: Managing a successful business project

P4 “Produce a PMP objective of the project. that covers, aim, objectives, deliverables, quality, risk, communication resources and research methods”

The first step in doing research is to define the research aim and objectives, which act as a guide for the research process (Smith 2015).

Aim: In this study, the primary aim is to determine how digital technology has changed the way businesses operate today.

Objectives: The following are the research objectives defined by the study goal:

To determine the influence of digital technology on workplace transformation

To identify the areas at Sainsbury's that have been altered by the introduction of digital technologies

To determine how digital technology has affected many aspects of a company's operations.

• Scope- Sainsbury’s may use this project to better understand the advantages of digital technology in building customer communication and managing change.
• Cost- There is an average cost of 5000 pounds to do this study, which includes expenses such as interview costs and internet fees.
• Quality- Every stage of the study process is monitored to ensure that quality is maintained.
• Time- The study will take place over the course of 2.5 months.
• Risk- Survey participants' replies may be utilised by other parties without their permission.
• Communication- Research results are often disseminated through written communication.
• Resources- Physical, financial, and human resources are all examples of resources that are used throughout the course.

P5 “Produce a work breakdown structure and a schedule to provide timeframes and stages for completion”

Gantt Chart:

LO3: Managing a successful business project assignment

P6 “Conduct a business project as stated within the PMP and communicate findings”.

Initiation of the Project:

Sainsbury's has experienced a significant loss of business as a result of the shutdown of physical stores as a result of the current pandemic scenario. Thus, the digital transformation project and the implementation of automation and robots in warehousing will result in fewer human tasks, which will save the organisation time and money (Rodrigues et al., 2019). Thus, the project will begin with market research to ascertain the wants and desires of customers as well as the trends that exist in the retail business in the United Kingdom. The full project will take around two and a half months to complete, including monitoring and control. Additionally, risks will be monitored and analysed continually by the project management team, and an appropriate contingency plan will be developed to ensure the project's smooth implementation. Following quality control, the project manager will analyse and verify performance at each step of the project's life cycle to guarantee timely completion.

Resources and Cost Consideration Relating to the Proposed Project:

The analysis cost is determined as the researcher's net expenses for the whole investigation. It is also critical from a cost management perspective for the assessment. To manage expenditures effectively, it is necessary to understand the numerous procedures involved in resource allocation. It must work properly regarding the discovery. This must be accomplished. The current study report will cost 5000 pounds. This is accomplished by efficiently allocating and spending expenditures for various types of required tasks necessary for efficiently completing the whole study of the project. The Project is intended to deliver substantial and prominent information to learners and future researchers on this pertinent issue because of this.

Risk Register:

Monitoring and Control

Therefore, the entire project will be monitored and traced by conducting meetings with the stakeholders for effective project management. Stakeholders will be encouraged to participate in decision-making and project direction conferences via team discussion using a variety of communication methods (Derakhshan, Turner, and Mancini, 2019). Monthly team meetings will be conducted here to address important topics such as developing concerns, the need for change, and new strategic directions, among other things. Verbal and nonverbal ways of communication both work to maintain such secrecy. In both written and oral communication, language is at the heart of everything.

P7 “Present data to draw valid and meaningful conclusions and recommendations from data analysis”

Primary Research

Interviews have been conducted among two managerial executives of Sainsbury’s to analyse how digital transformation has affected the organization so far.

Q1. Do you feel digital transformation has improved the organizational productivity of Sainsbury’s?

R1: Quality items at reasonable prices, excellent availability, and knowledgeable Sainsbury's associates are what consumers expect when they shop at our shops or on Sainsbury's online. The customer experience has been enhanced by new technologies, and we've been focusing on three areas: speedier supply chains, better self-service checkouts, and coupon-at-the-till technology.

R2: The use of digital coupons as well as self-service checkout helped a lot to conduct business during the pandemic. Also, the online delivery system helped to provide contactless delivery which in turn helped our business to conduct business even in the pandemic.

Q2. How is Sainsbury's using technology?

• R1: First in Europe, we installed self-service checkouts in all our supermarkets, offering our customers a choice of how they pay and shortening up queues for consumers with smaller baskets. Self-service checkouts now account for over half of all transactions at our more than 1,000 locations.
• R2: Mobile Scan & Go, which Sainsbury's is now testing, allows consumers to scan things while they shop utilizing their iPhone / Android mobile device and pay at the checkout without having to empty their cart or bags at the cashier's. Using this innovative technology, shoppers can watch how much they're spending, see savings right away, and pay at the register without having to empty their shopping cart, basket, or bag.

Secondary Research

Digital sales at Sainsbury's are also still double what they were before the Covid-19 pandemic. According to Nielsen data, the store claims to be the second-largest online grocery shop. In the first six months of its financial year, 17 percent of its grocery sales were made online, up from 15 per cent last year and 8 per cent two years ago. this is a big increase. No new sales were made in the digital market (Rohwer and Topi? 2019). “In the 28 weeks ending September 18, 2021, Sainsbury's recorded revenues of $15.7 billion. Pre-pandemic 2019, we were 5.2 per cent ahead of where we were at this time last year, and 5.3 per cent ahead this year”. Retail sales were “£14.9bn, up 0.2% from the previous quarter and 7.3%” from a year before.

Sainsbury's claims it is now the second-largest online food retailer, with 17 per cent of Sainsbury's grocery sales taking place online, despite a drop in online grocery demand. Both selection rates and basket sizes have increased because of increased investment in online, as well as the relaunch of same-day click & collect and home delivery (Davies, Dolega, and Arribas-Bel, 2019). More and more people are placing items online and getting them delivered the same day, or within half an hour, from more than 440 stores. Virtual queues are being tested by Sainsbury's while consumers wait in line following social distancing norms. At five locations in the capital, Leicester and Watford, this will be the first shop to test the ufirst app. SmartShop mobile app is currently used by more than a million consumers and account for over half of sales in certain of its supermarkets, and the company plans to extend its usage(Rohwer and Topi?, 2019). Sainsbury's became the first third-party store in the United Kingdom to use Amazon's "Just Walk Out" cashierless system. SmartShop Pick & Go convenience shops have debuted in London's Holborn Circus area powered by Just Walk Out technology, according to Amazon on Monday. Sainsbury's SmartShop smartphone app is integrated with contactless technology, allowing users to scan things and pay without having to queue at the checkout.

LO4: Managing a successful business project assignment

P8 Reflect on the value of undertaking the business project to meet stated objectives and own learning and performance.

It is essential to research a given subject to discover fresh ideas and opportunities. It's also necessary to perform a study on digital technology and its impact on the workplace since I feel this is a topic that requires constant attention. In addition, the specified goals are attained with the aid of the study methodologies used. All study goals have been attained owing to the employment of both qualitative and quantitative approaches. In addition to this, the study is conducted methodically, with each portion connected to the preceding section in an efficient manner (Oldman and Da Silva 2015). In this research investigation, the proper results have been obtained because of the systematic study that was carried out.

Furthermore, I think that my research and analytical skills have improved because of this project. In addition to this, I believe that I was able to put my theoretical knowledge to use in a real-world context via this study. In addition, I gained a better understanding of survey methods and the data they provide. I gained a lot from the experience. I was able to better organise my time in my personal life because of this study.

Conclusion and Future Recommendations

Considering the above discussion, it can be considered that all of the research goals have been met in an efficient way. That being said, the study has been broken down into many sections, and each section has been well discussed in the report provided. Digital technologies have a greater favourable influence on business fields than a negative one, as seen in the preceding section. Another factor clearly contributing to increased productivity is the advent of various technological advancements, including the use of communication and data software. There are, however, several issues that have been uncovered from the data. For this reason, a variety of suggestions have been put up.

Retaining revenues to fund digital technology

Retained profits should be used to finance digital technologies, which will alleviate the load on business sectors. To avoid overlapping of finances, separate financing should indeed be done for each of the company's many business units. In addition, personnel should get specialised training in their specific fields of work via group sessions or other means.

Refraining from a total reliance on digital technologies

As a result, it is advised that businesses should not depend primarily on digital technologies since there is a considerable risk of company operations being affected when technology fails. Traditional business operations and technological features work together to increase the chances of a company's success. While promoting items and services, for example, both conventional and digital methods should be used (Stone et al. 2015).

References

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Bjorvatn, T. and Wald, A., 2018. Project complexity and team-level absorptive capacity as drivers of project management performance. International Journal of Project Management, 36(6), pp.876-888.

Chang, J., Gao, B., Xiao, H., Sun, J., Cai, Y. and Yang, Z., 2019, November. compile Critical path identification and analysis for smart contracts. In International Conference on Formal Engineering Methods (pp. 286-304). Springer, Cham.

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Derakhshan, R., Turner, R. and Mancini, M., 2019. Project governance and stakeholders: a literature review. International Journal of Project Management, 37(1), pp.98-116.

Fayaz, M. and Kim, D., 2018. A prediction methodology of energy consumption based on deep extreme learning machine and comparative analysis in residential buildings. Electronics, 7(10), p.222.

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Ismail, M.H., Khater, M. and Zaki, M., 2017. Digital business transformation and strategy: What do we know so far. Cambridge Service Alliance, 10, pp.1-35.

Jimenez-Ramirez, A., Reijers, H.A., Barba, I. and Del Valle, C., 2019, June. A method to improve the early stages of the robotic process automation lifecycle. In International Conference on Advanced Information Systems Engineering (pp. 446-461). Springer, Cham.

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