Title: what is the business project

Title: what is  the  business project

Introduction:

In the present times, no business can operate effectively without a profound a priori assessment of any prospective projects and their flawless undertaking. No matter if you are an existing company spreading its wings in a foreign market or a startup working out its first product, it is always necessary to prepare a business project. Improvement of operations, effective implementation of changes and creation of value are achieved through projects by businesses. Nevertheless, a number of companies encounter the problem of moving their projects from the stage of ideas into their effective realization.

Therefore, this paper will serve as a practical guide with understandable details on how to carry out and manage a business project. The entire we will be working on the project will be divided into 8 inter-related sub-stages, where crucial points will be underscored for each of them. These stages include everything from coming up with a project and planning it and going all the way through its launching and into its measuring results. Knowing these phases allows you to translate business ideas into activities that maintain process control and achieve objectives.

Brief 1: Project Ideation and Concept Development

Each project that is worth it starts with a solid idea. In this particular phase, a business need, market gap or opportunity is determined and a project to meet it is envisaged. The ideation phase calls for coming up with as many different ideas as possible and assessing them to see which is most appropriate to your business model and capacities.

Main Steps:

Identify an Issue or Opportunity:

 Perform a market analysis in order to investigate the existing environment for any gaps therein or for any opportunities that may be presumed to exist. It could be development of a new offering, enhancement of an existing offering and even development of new technology.

Think of Possible Solutions:

 Motivate your team to consider and offer alternative solutions and/or ideas.

Assessing the Feasibility:

 For every idea, assess the feasibility, cost and expected return on investment (ROI) for each idea.

The objective is to choose a project idea that has good chances of success while ensuring it is consistent with the strategic direction of the organization. This phase more often than not tends to be more participative as stakeholders are needed to endorse the idea and more so, the idea should be based on both internal and external support.

EC Brief 2: Analyzing the Project Goals and Objectives

Once you select a project idea, the next step is to define the project goals and objectives. This will give a bird's eye view of what the project will entail while objectives will help in accomplishing the goals by being targeted to the achievement of certain outcomes which are precise and quantifiable.

Key Activities:

Set SMART Goals:

 It is of utmost importance to set SMART goals i.e. - Specific, Measurable, Achievable, Relevant, Time bound because they help in indicating what you wish to achieve and when you wish to achieve that. 

Set Key Performance Indicators (KPI): 

These are gauges used to assess the performance index of a project for instance customer satisfaction 

percentage, increase in revenue or decrease in costs and so on.

Align Project Costs to the Business Strategy: 

That means ensure that the project pursues the realization of goals that are consistent with the overall business goal. Such relevance of the project increases the chances of the sponsors support.

At the same time, it probably makes sense to have very bold objectives because they give not only the right angle to the execution of the project but also the points for evaluating the effectiveness of the project.

Let’s proceed to Briefing Number 3: Project Planning and Scope Definition

After striving the goals of your project, the next stage would be coming up with a work plan which is more detailed and gives the steps that will be taken in the actual carrying of the project. This is a crucial part of any project. Most, if not all, projects are unsuccessful due to insufficient or no planning.

Key Activities:

Scope Definition:

 Define the scope of the project under consideration. Scope out and scope in or what is included in the scope and what is excluded from the scope. The scope is a positive constraint that helps to make sure that the project remains focused on the achievement of the goals that were set.
Work Breakdown Structure (WBS): Break the project down in such a way that it may be achieved in a number of stages. WBS provides means for the distribution and fulfillment of duties and responsibilities as well as ensuring meeting of all the needs of the project.

Create a Project Schedule:

 Draw up a work plan regarding the execution of the project. This will incorporate the medium-term objectives and placing of each activity and every action involved in achieving the objectives within that time frame.

Resource Allocation:

 Identify all the resources that will be required. Such include but are not limited to personnel, budget, technology materials, etc. Proper allocation ensures that your team is fully equipped in the tools to achieve the set goals of the project.
A nice, coherent project plan can draw a comparison to the master plan of a building. And, in this context, this instrument serves the purpose of adjustment of corporate and other stakeholders’ expectations. It also works well that all the members have thorough scope and accept their duties.

Brief 4: Team Selection and Role Assignment

No solid project can be accomplished without an appropriate team with the right skills and competencies’ blend. Thus, it is vital to seek the right people for the project and ensure that their roles are well captured for effective project’s completion.

Key Activities:

Define Roles and Responsibilities:

 A matrix that outlines the RACI of the entire project and its members should also help clarify who does what and to whom each accountability rests.

Select Team Members: 

Make sure the right skill sets and professional competencies are included along with any other members who will assist in meeting the project goals.

Establish Leadership:

 A team, which has no lead, will be a group without focus and purpose. Therefore, selecting a project manager, who will help command authority over the team is of utmost importance.

Communication and teamwork are the means for accomplishment of the objectives. Team members must inform each other about their work at all the times and also schedule meetings frequently so as to meet the deadlines and other targets.

Brief 5: Risk Management and Contingency Planning 

Every business project has risks involved which if not attended to may bring down the whole project. Therefore it is necessary to identify the risks early and to formulate the strategies in order to realize the project objectives.

Key Activities:

Risk Identification:

 Conduct a risk analysis of loss of resources, time, and other funds on the project and their consequences as to the anticipated risks.

Risk Mitigation Plan:

 Identify how the impact of the risks evaluated will be diminished; this could be having alternatives such as additional resources or increased budget etc.

Contingency Planning: This is whereby precautions are put in place to deal with adverse events should they occur.

Ongoing updates to the risk management plan guarantee that the potential risks are kept at the minimum from the inception to the closure of the project. It is also advisable to keep the stakeholders informed of any risks, especially when the management team will require their assistance.

Brief 6: Execution and Monitoring

This is the phase where all the plans put in place are turned into reality. It is the stage in which all the pre-writing takes shape and the project design is put into practice. The achievement of the aims of this phase is dependent on the supervision and control of the elements of the project.

Key Activities: 

Task Execution. Make sure, each member of the team is implementing the tasks assigned to him or her per the project plan. 

Progress Tracking. Check the status of the project often and compare it with the Project Schedule/Plan or Project KPIs. Where applicable, use appropriate project management software to monitor the achievement of targets and delivery of outputs. 

Quality Control. Put in place quality control procedures in order to ensure that the results of the project are within the expected range.

Kathy, true to her nature, was able to calm herself and manage the situation. Progress meetings should be planned regularly as well as make sure that the project is completed on time, within budget, and at the right quality.

Summary 7: The Importance of Interacting and Communicating with the Parties Involved

Well-developed relationships with stakeholders are among the main considerations while undertaking any business project. Stakeholders are all individuals concerned with the project, whose interests includes project sponsors to the end-users, clients, investors, and partners.

Main Actions:

Stakeholder Analysis: 

Identification of all relevant stakeholders at the beginning of the project and attempts to understand what they want and what their needs are.

Communication Plan:

 

Develop and undertake a communication strategy addressing relevant stakeholders in the project to ensure that they are informed from time to time. Such may be in the form of progress updates, engagement meetings or presentations.

Feedback Mechanism:

 Provide a feedback mechanism that allows and encourages stakeholders to voice any complaints or suggestions in the course of the project. It is more effective to involve stakeholders in the earlier and consistent processes to gain the commitment of stakeholders or to solve issues prior to them escalating into major concerns.
It is very important for the success of the project and its follow-ups especially if there is a need for extra resources or approvals to keep everyone “in the loop” and also happy.

Brief 8: Evaluation, Closure and Lessons Learned

After finalizing a project, it is crucial to carry out an evaluation to determine whether the project was successful and what lessons can be learnt from it. This phase is fundamental in making sure that lessons that are beneficial are captured for use in the next projects.

Key Activities:

Final Deliverables:

 Make sure that all the project deliverables have the quality standard iv and are delivered in time.
Post-Implementation Review: Carry out a formal management process post-project so as to assess if the project objectives, time and budget were all adhered to.

Gather Feedback:

 To evaluate the overall results of the project, find out the opinions of the stakeholders, team members, and customers about the project.

Documentation of Lessons Learned:

 Record the achievements and setbacks faced during the course of the project. This will be very useful for enhancing the prospects of future projects. 
There is a project closure which signifies the official closing of the project. However the knowledge gained out of that will enhance the organization’s future projects, hence fostering a culture of improvement.

Conclusion

Doing a business project must be followed up with proper planning, setting the right objectives, controlling risks and working in a team. If businesses respect the eight key phases businesses increase their chances of success. Each phase from ideation to evaluation, plays a significant role in ensuring that the project brings about value to the business as well as its stakeholders. As such, successful projects will achieve their objectives in the short term, but will also work towards building and sustaining the organisation for the long term.