Unit 5 Managing A Successful Business Project London School of Science & Technology

Task1

P1 Aims and Objectives of the chosen scenario

 Project

A project can be defined as a bed for the purpose of accomplishing set objective to various staff and using a particular amount of resources. It can relate to anything but as far as business is concerned, mostly it would involve investing money in certain projects and its execution. A project usually has a defined objective as well as defined cost, time, resources through which it has to be completed (Špundak, 2014). A project usually requires participation from Greg the organisation and all its departments, no project can be successful there will be hindrances as well as communication gap within the organisation and its important departments. Sainsbury’s is a reputed company in UK, and therefore constantly looking for new projects in order to invest and expand its business. The current scenario is that the company is looking to invest in a fresh project of supermarket in the city of London in UK. The company is already having stores in the city but is trying to expand and therefore has undertaken this project.

Stages of Project management

There are various stages of project management, which needs to be followed by the project manager in order to execute the project well. Sainsbury’s new project of fresh supermarket in the city of London would require planning in various stages and also its execution would be required in an effective manner. The various stages are discussed as follows:

Project initiation

It is the first phase of a particular project life cycle, under this stage the projects real value as well as its visibility to operate a measured so that the project can be exit cute it in an effective manner. It would involve business case document and a feasibility study.   

Project planning

This would involve obtaining necessary resources for activation of the project like proper financing, row materials, Workforce, and necessary approvals which may be required for the purpose of accomplishment of project. This will also involve preparation of a budget about what can be the expenses for the purpose of completing the project. Sainsbury’s will have to prepare a budget in order to know the expenses and resources that would be needed to open a supermarket store within London (Pearlson, Saunders and Galletta, 2016). 

Project execution

This is the most important part of project management, execution means that the customer would receive the project or service and satisfaction can be derived by the business Organisation (Halibozek. and Kovacich, 2017).

Project monitoring and control

This would mean monitoring the project closely as to what are the expenses that are in the coming and how the income generated from the project. Also proper controlling should be take place like efficient management of workforce, management of finances and other aspects of project.

Project closure

A project can be said to have been completed, when the project team decides to release the resources from the current project and also communicate regarding the completion of project to all it stakeholders as well as customers (Shang, 2012).

Advantages of a project management plan

A proper project management plan can help company to manage and I locate it catches sources in in an effective manner to all the workings of the project. There will be a record of all the expenses as well as incomes along with benefits of the quality of Management that will be managing the project.  Hence it can be said that project management is very crucial from the standpoint of a company as it will be able to implement the project with efficiency and effectiveness. Officiant project management plan will allow Sainsbury’s to open up its new store in a more timely and cost-effective manner.