The project refers to a group activity designed to achieve the desired output by the organization. Project management means the application of the knowledge, skills and techniques for the execution of the project with efficacy and effectiveness. The project report focuses on the feasible and convenient execution of the project (Bryde, 2003). It will include the implications of the project and a suitable methodology for it along with the structure of the human resources for the organization. Procedure of the monitoring and controlling will be included in the project according to the detection of the management aspects in the business. Finally, risk management will be added along with the description of the necessary steps for the completion of the project.
The author of this paper will now attempt to demonstrate and dissect the complex mechanics of project management through a straightforward example of moving a company from location “A” to “B”.
LO1 analysis of the business objectives for the identification of the feasibility of the project
1.1 Identification of projects required from an appraisal of established business objectives
A company is planning to relocate to the area around Banbury, Oxfordshire. The main objective of this relocation is to reduce costs and to increase the profitability of the business by 10%. Therefore, the company is required to analyze its operational procedure. As a consulting company that will be a great way to fund a startup to make a great income. Based on the hourly rate they can bill, they will belimitedby the number of their employees and/or their location. With the location change they will be able to reduce their expenses and increase their income. This will be the main motivation for relocation planning.
Regular examination of the operational processes is essential for the success of the business and it should be undertaken based on suitable techniques of project management, taking into consideration the cost benefit and the trend of the organization. The selected methodology should enhance the quality of the project and efficiently drive it towards an output that is compliant with the requirements (Eve, 2007). It will make the process of the monitoring and controlling easier and help the project manager to complete the project in a shorter period with economical resource management.
In the present project report, this business relocation is analyzed to attain the goal of expansion and the growth of the business. Apart from this, it is very important to review the business operation and procedure so that suitable project can be identified for meeting requirement of business. The general manager identifies the needs for relocation, the HR manager makes the necessary steps for searching the right applicants. The most critical point is how soon can employees be taught to execute their daily routine operation. This will help to start up the service in the short term.
The cost-benefit analysis (CBA) is a useful technique for non-critical financial decisions. It involves adding up the benefits of actions and comparing them with the costs associated with it. This tool can be used in the following situations:
- Improvement in operational activities: Operational activities will be improved in order to accomplish financial objectives such as growth in revenue and profitability.
- Development of IT department: For this project, the IT team will be developed who will work for the improvement ofthe existing IT systems of.
- Management of human resources: This project will be focused on the minimization of human resource costs particularly associated with redundancy, recruitment and training.
At this juncture, management can conduct cost benefit analysis which leads to provide information regarding project to be done. Not only this, time line, resources, budgeting and accountability of project also need to be considered and accordingly project should be selected. In addition to this, team manager can also make arrangement for alternative project so that business objectives can be met on right time.