Project Management – Portfolio Milestone
The Sub-Planet Company (SPC) has initiated a project to conduct market research before introducing its product into the U.K sports shoe industry. After defining a project plan and data points required for the project, the next step involves issuing relevant change requests on aspects of the project. Procurement information regarding contract details is also necessary, along with relevant supplier selection criteria. Finally, the project management process requires adherence to industry-standard ethics of practice.
The initial market research phase for SPC in the U.K revealed significant issues with the original project plan. Consequently, a change request is necessary to alter the project baseline. The first measure is a corrective action to expand the scope of market research to include data collection on online preferences. After the initial information collection, potential customers revealed that they prefer shoe brands that offer online retail options. As a result, online preferences are another data point included in the scope of the market research.
Adding another data point in the scope of market research means that the project runs the risk of overrunning the allocated schedule for the project, which is 12 months. Expanding the project scope requires a revision of timelines because there is an addition to the amount of work to be completed. Preventive action is needed because there is a high probability that the project will be delayed and out of sync with the initial schedule. The best preventative action is to hire extra analysts specializing in market research regarding customers’ online preferences. The additional analysts will reduce the workload and prevent unnecessary delays.
The corrective and preventive measures taken reveal that the project has some flaws. The undesirable potential situation is that the market research will end without the project offering actionable data or missing key data points (Butt & Jamal, 2017). Thus, a defect repair is necessary to modify the data points the market research will collect information. The repair involves using statistical software and industry expert consultation to discover potential gaps that the market research is not addressing.
Before selecting any supplier or key stakeholder, SPC must agree on a contract. The contract type that is selected for the project is a fixed-price contract. The contract type is applicable because the service required is clear, and there is an established timeline for delivering services. After completing the project, SPC will only be required to pay the agreed-on fee. The contract type is advantageous because the project scope is clear and not likely to change, and the cost of the market research is predictable.
The potential risk associated with the fixed-price contract is if the project scope changes mid-market research, adjusting for new charges would be difficult. A fixed-price contract also puts the responsibility of ensuring project objectives are met on contractors. Consequently, SPC will primarily be focused on ensuring data collected during the market research is of high quality. Ensuring the project needs are met will require at least two suppliers. The suppliers will be selected based on their performance history and relevant qualifications.
Procurement information will be utilized to initiate the bidding process with potential suppliers. Afterward, a request for information (RFI) and a request for quotation (RFQ) will be used to attract responses from bidders (PMI, 2017). Responses that will be considered after an RFI are those that reveal the potential for a strong partnership. In that case, an RFQ will be sent to get a detailed response on how the vendors will facilitate the market research and the cost of their services and products.
Horning, T. M. (2018). Successful Project Management. Walden University Scholar Works. https://core.ac.uk/reader/217227636
The main point of the resource is that project failure can affect any type of project, whether large or small. The study indicates that the essentials to successful project management include relationship management, best practices, and essential strategies. The resource will be used to assess successful project management strategies and applied in the project planning section.
Tereso, A., Ribeiro, P., Fernandes, G., Loureiro, I., & Ferreira, M. (2018). Project Management Practices in Private Organizations. Project Management Journal, 50(1), 6–22. https://doi.org/10.1177/8756972818810966
The study’s main point is private institutions often utilize that project management practices. The study emphasizes the importance of meetings and activity lists in practice. As a result, the study can be applied in the project implementation section of the paper to integrate industry standards in the project.
Ma, X., Xiong, F., Olawumi, T. O., Dong, N., & Chan, A. P. C. (2018). Conceptual Framework and Roadmap Approach for Integrating BIM into Lifecycle Project Management. Journal of Management in Engineering, 34(6), 05018011. https://doi.org/10.1061/(asce)me.1943-5479.0000647
The resource asserts that building information modeling (BIM) facilitates project management through a modeled cooperative approach. BIM implementation in the project life cycle promotes project efficiency. The resource can be applied in the project life cycle section to integrate IT in project management.
Puška, A., Stojanović, I., Maksimović, A., & Osmanović, N. (2020). Evaluation software of project management used measurement of alternatives and ranking according to compromise solution (MARCOS) method. Operational Research in Engineering Sciences: Theory and Applications, 3(1), 89–102. Retrieved from https://oresta.rabek.org/index.php/oresta/article/view/47/38
Project management software effectively manages multiple projects and is an investment that applies project management techniques. There are many project management software in the market; however, the study reveals that the highest rated by users is Smartsheet. Therefore, the study can be applied to the project planning section to implement software in the proposed project management.
Lima, P. F. de A., & Verbano, C. (2019). Project Risk Management Implementation in SMEs: A Case Study from Italy. Journal of Technology Management & Innovation, 14(1), 3–10. https://doi.org/10.4067/s0718-27242019000100003
There is a lack of effective project risk management in small enterprises; consequently, this study analyzes the best way to adopt risk management in projects. There exist tools, procedures, and instruments that increase the effectiveness of project risk management. The resource can be applied in the project risk management section to develop effective strategies for guiding risk management in the proposed project.
Project Management Ethics
The PMI expectation for project managers regarding ethics revolves around four primary principles. The first principle is to take responsibility for work and team members. The following two principles are fairness and respect; the project manager must be impartial and respect the profession’s values. The final principle is honesty and is vital to the practice of project management. The project manager must maintain the confidentiality of client information or proprietary materials. Finally, the project manager must provide accurate information to the client even if it goes against their direct interests.
Conclusion and Recommendations
In conclusion, ethics in project management is crucial to uphold trust and facilitate project success. The procurement process for SPC requires an analysis of the potential suppliers and contract decisions with relevant stakeholders. Regarding change requests, the recommendation is for SPC to add online preference as a data point in the market research while adding analysts to ensure deadlines are met. In addition, management software can be utilized to assess potential gaps in achieving objectives.
Butt, S. A., & Jamal, T. (2017). Frequent change request from user to handle cost on project
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PMI. (2017). A Guide to the Project Management Body of Knowledge: (PMBOK guide) (6th ed.). Newtown Square, Pa: Project Management Institute.