Woolong Company – Project Management Homework Help

The Woolong Company is a renowned firm recognized for the manufacture of high-end vacuum cleaning products.  The following research project offers an outline for a project consultation. It will respond to questions relating to the project consultation. The consultation will result in the identification of the project administrator, the sponsor and the institution of the project team.

Project Stakeholders

Within a corporation, stakeholders in a project would be considered to be the organization, group, or individual that may be influenced by or entangled in the project outcome. In the Woolong Corporation, there are four various chief types of stakeholders that may be split into smaller groups. The stakeholders include internal, external, phantom, and fundamental stakeholders. Internal Shareholders may be split into two diverse levels in the corporation. They include investors in the corporation and the corporation’s members of staff. The external shareholders comprise of the clients, the corporation’s contractors, and rivals. A phantom stakeholder is considered as an individual that may not be acknowledged. However, the individual may take part in the project in various ways and at any period. The key shareholders are clienteles, the project administrator and members of the project team (Project Management Institute, Inc, 2017). The project administrator is the project head. The project administrator is mandated to develop the project plan, guaranteeing that the development is deliverable, creating the schedule and assigning various duties to the team members. The team members are individuals tasked with the duty of completing the project and working on the project objectives.

The project guarantor is the monetary supporter of the development. Their responsibilities include financial pronouncements, approval of the budget, and guarantee the availability of the materials. The contractors ensure a constant supply of materials required for the project. The Project Sponsor is considered as a member of Woolong’s corporation. The financier may also be a conspicuous member of the corporation. The sponsors should possess a sturdy character and have power in the corporation. The financier is to find dependable financing for the development, and they should possess the capacity to consent to the funding.

The project administrator plays a very significant role in the development. The Project Administrator should bear the ability to integrate technology and to manage the team.  The project manager should possess vital communication skills and awareness in directing a project. In addition, they may need to have the ability to plan which channel the development will head in. Some of the responsibilities they may have include generating a cost management mechanism (Assudani & Kloppenborg, 2010). Within the planning stage, the project administrator should possess leadership abilities to generate objectives and targets for the team. In the execution stage, the administrator should possess project management understanding and technical abilities to be capable of helping them move the project forward. In the closure stage, the project administrator should be able to validate the completion of the project.

The shareholders are individuals, corporations, and groups that may be impacted by the project outcome (Doloi, 2011). Every interested party has a diverse role in development.  The project administrator is an individual tasked with overseeing the project and its result. The project manager directs the development through the diverse stages and is liable for the product. Senior administration is similarly impacted by the outcome of the project in various ways. Members of the project team are shareholders working on the development and guaranteeing that the goals are being accomplished in a well-timed routine. Moreover, clienteles are interested parties who may either be internal or external to the corporation.

Communication Plan

Communication is a significant aspect of every stage of development. Shareholders believed to be of a higher level. For instance, senior management, financiers and the project administrator should maintain contact during consultations by either appearing, virtual meetings or seminars with the project administrator. Communications may be both oral and non-verbal. This may assist in reducing any form of miscommunication. If a shareholder is incapable of attending any meeting individually, they may opt to utilize conference calls or conduct a particular form of cybernetic convention, for instance, Zoom or Skype (Mitchell, 2017). Emails may be sent to every stakeholder, for example, members of the team, clienteles, and suppliers, to keep them well-versed in the development and any alterations made.

Communication throughout the project ought to be adhered to in four typical series. A reporting checkpoint ought to be carried out at various project timelines to guarantee stakeholders are updated on the project status, challenges that can arise and the notice of any change requests made. Reporting the highlights may occur at less recurrent interludes compared to checkpoints. This may be achieved with the inclusion of a particular area that several individuals may opt to evaluate, for instance, make financial arrangements or risk management (Meredith et al.,2017). By splitting the development into diverse subdivisions that are particular to the tasks should be stated during the planning phase. The end report of the project is prepared at the project conclusion and will consist of the undertakings in assessment to the commencement of the project.

Project Risks

A Risk Management Plan should be incorporated throughout the execution of the project.  Every likely risk should be acknowledged at the beginning of this stage. With the risks, there should a cause and effect of the risks along with how to fix or avoid them. This can be capable of turning transforming several risks into prospects for development. If this is the situation, it may turn out to be valuable. Every risk should bear its action plan. Moreover, every risk must be recorded in a Risk Register (Hartono et al., 2014). Throughout the development, the risk register should be observed. Alterations that happen will be integrated into the risk register. Senior management shareholders will be liable for keeping the risk register up to date as a result of how imperative it is to the plan.

With the project completion, the shareholders find numerous profits await them. Prospects for the corporation may develop due to the completion and may also be lucrative. Internal gains may be considered to be salary or bonus increments. A great profit may be attributed to personnel closely collaborating and developing a powerful bond. External profits come from better gratification from clienteles, which may lead to advanced benefits (Schwalbe, 2010). This may be achieved through the word of mouth of clienteles telling their associates about the merchandise.

With every fresh development, the corporation will incur a start-up expenditure. Upon the successful completion of the project, the firm will be capable of recovering the costs incorporated in the project. This means that the company will generate more revenue more income to be used for future endeavours.  The venture has a duration allocated. This is in terms of the commencement and the culmination. The project is to be accomplished devoid of exceeding the allocated funding. The project’s success is projected to bring more income for the corporation and robust corporation morals.

Conclusion

With the fresh vacuum machine products added to the corporation’s prevailing merchandise, the income will be a profit that the business will be contented with. The new clientele purchasing the products will add to the current clientele. The corporation offers its clients the understanding that Woolong cares about their welfare. The fresh product is believed to fulfil every need and maintain consumers’ loyalty and contentment.

 

 

References

Assudani, R., & Kloppenborg, T. J. (2010). Managing stakeholders for project management success: an emergent model of stakeholders. Journal of general management, 35(3), 67-80.

Doloi, H. K. (2011). Understanding stakeholders’ perspectives of cost estimation in project management. International journal of project management, 29(5), 622-636.

Hartono, B., Sulistyo, S. R., Praftiwi, P. P., & Hasmoro, D. (2014). Project risk: Theoretical concepts and stakeholders’ perspectives. International Journal of Project Management, 32(3), 400-411.

Meredith, J. R., Shafer, S. M., & Mantel Jr, S. J. (2017). Project Management: A Strategic Managerial Approach. John Wiley & Sons.

Mitchell, D. (2017). Seven of The Best Project Management Tools for Your Business. Entrepreneur. Retrieved 26 February 2020, from https://www.entrepreneur.com/article/303849

Project Management Institute | PMI. (, 2020). Pmi.org. Retrieved 17 February 2020, from https://www.pmi.org/

Project Management Institute, Inc. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide, 6th Ed.). Newtown Square, PA, USA.

Schwalbe, K. (2009). Introduction to project management. Boston: Course Technology Cengage Learning.

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