Project Success and Project Failure (Essay Sample)

Project Management
Name
Institution/Affiliation
Project Management
Introduction
The purpose of project management is to meet the requirements of the venture better by combining knowledge, skills, tools, and technologies. This paper will focus on presenting two projects which were based on two products that the S Company planned to launch in 2019 when it was operational. Under this, there will be an analysis of the project scope, schedule, cost, and risk. These two projects were designed to meet the current global demand for power supply at home. The primary role of the single UPS in case of sudden power failure is to meet the need for a short period. These products have been found to sell relatively well in Africa and Asia due to their weak infrastructural development. Further, this paper will define terms and concepts used in project management. A detailed discussion of project management approaches will also be included to look into the opportunities and benefits of these approaches with an emphasis on agile project management and traditional project management.
Part A: Project Success and Project Failure
In 2019, the S company planned to launch two household power products. Although both products had a single UPS, the two projects had different business models and marketing analysis positioning during the implementation process. Notably, this affected the scope of the project and also brought about various risks. In a business setting, plans are of strategic importance as they are one of the reasons why corporate managers are confident that their alignment leads to the accomplishment of the company’s performance, goals, and strategies (Erveg & Gulam, 2018). Traditionally, in project management, the metrics of time, cost, scope, and quality have had the essential factors in assessing the success of a project. However, recent studies practitioners in project management have determined that project success should be measured by considering the achievement of the project objectives (Al-Shaaby & Ahmed, 2018). The reason for this approach has been due to the business needs and the changes in the market environment before the completion of the project.
Project A, referred to as the Whitney 9 single UPS, was mainly aimed at getting to the Chinese market as it was positioned as a low-end product. It was aimed at customers who live in the areas with underdeveloped infrastructure in the second and third-tier cities in China, banks or supermarkets who often require low lower supply. It was hoped that customers could purchase this UPS in hypermarkets and supermarkets, and therefore it was necessary to make it within the range of their daily lives. Because of the current Chinese market power product iteration, the update speed is faster than before. To speed up the listing and the overall progress of the project, S Company decided to outsource the production line to V, a licensed supplier under S Company. Using the original concept of the S product, S Company made simple design changes and launched their new product. Whitney 9. The implementation process of the entire project turned out to be faster than the original plan taking five months from the stage of project planning to deliver the first product to the market.
Project B, also known as the Pan Gu single UPS, is initially targeted for the U.S. market and positioned as a low-end product as well. Customers could purchase the product from stores such as Wal-Mart and other large retailers. In the early stages of this project, the focus was on conducting business, developing a management plan, and engaging the top management who were particularly interested in this project because of the projected high financial returns on the investments. Unfortunately, this project was canceled mainly for two reasons, first was the outbreak of a trade war with China, where products produced domestically for export to the United States market experienced a partial increase in tariffs. Additionally, project costs of more than 10% were experienced at the initial stages of the projects. The second reason was that this product was produced in S Company's factory, and due to the standard requirements, the project schedule was affected. The interruption in the program was from the design stage to the trial production stage. The phase was lagging hence changing the market demand for the product even before it was launched. Therefore, the project had to be terminated.
Besides, when comparing these two projects, the plan required correspondence and adjustments on some of the risks and future mitigations. Therefore, aspects such as cost, scope, and schedule are considered very important in addressing these changes, especially when uncontrollable risks take place. It is required that a reassessment of the new business management plan with the first plans in place should be considered a viable approach with consideration to the changes. It is possible to determine the success of a project from the budget, the schedule, or the scope (Camilleri, 2016). However, this can only take place when there is a significant change in the current business needs or the market environment before the project is completed.
Part B: Definition of Project Management Terms
Considered a temporary endeavor that is usually undertaken to facilitate the production of a unique good, result, or service, a project should have a beginning and end, which are the time or schedule, well-defined scope, and the overall cost as illustrated in a budget (Heagney, 2016). The availability of these aspects in project management results in a smooth transition, especially in the project life cycle. Under these five stages, concept, definition, planning, execution, and termination of the scope, cost and time play a significant role in the planning process and ensuring that the project is successful in the long run. In understanding the application of project objectives, strategies, and long-term goals should be included to ensure that the outcomes can meet the set expectations of each project.
Project scope refers to the processes of job authorization, developing scope statements that can identify and define the boundaries that the project will operate. It also focuses on the division of labor based on the project deliverables. It entailed the verification of the amount of work under the plan and achieved, and the specification of changes in the scope (Heagney, 2016). besides, to initiate the identification of the project scope, the first step should be planning the management of the range through collecting requirements. Further, laying the foundation for project and product scope and then defining the scope, creating the work breakdown schedule (WBS) through breaking down the project into smaller compartments, which is a process of turning an idea into practice. In the later stage of the project, it is necessary to control the scope to prevent duplication or an unnecessary spread. Sometimes, the project team does double and extra work, which is of no value to the project. In general, to please customers, the project team may do more work, which also violates the requirements of "beyond project responsibility," which should not happen or is a risk that can be controlled (Perrin, 2015).
A project schedule is defined as the process of developing a program that can be met and then being able to control work that the plan has adhered to accordingly. The method of project scheduling begins with the planning of schedule management through the identification of activities, the sequence of these activities, estimating the duration it will take for the events, developing the actual schedules, and controlling the programs (Salama, 2018). The process of determining activity duration should not be left to the project manager to decide and develop, but to the individual tasked with carrying out the activities within the team. For instance, in an actual project, the estimation of activity duration should be done by the quality engineers, project managers, and any other related engineers. After the process of estimating is done, contingencies must be added to allow extra time in the schedule to cater for the unexpected events that were not planned for prior. One of the most effective ways of project scheduling is through determining the critical path method (Heagney, 2016). This is used to identify the activities that will determine the end of the project and also helps in guiding how the project should be managed in general.
Project cost addresses the estimation of the cost of resources that include people, materials, equipment, travel expenses, and any other support costs for the project. After the estimates are made, values are then budgeted, and they are tracked to ensure that the plans are within the stated budget requirements. The process of project cost begins with management through cost estimations, budgeting to cost controlling (Lock, 2018). Estimated costs are essential at the project's initial stage as they give a projection of the overall cost of the project. In addition to this, prices need to include the exact amount that is required to complete the project, management reserves, and emergency funds. Projects have a lot of uncontrollable factors; thus, the cost is the most crucial aspect as it will determine the market price of the good or service. Other factors include its competitiveness, the marketing and company strategies will also be based on the actual costs as compared to the market situations to make the required adjustments.
The project management triangle, as shown in figure 1 below, is a tool used by managers in the analysis of the difficulties that could stem due to the execution or implementation of a project. When they unde...