Managing Projects for Competitive Success (LDT3105)
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The “ready-to-wear again” project method is about the industrial waste with the form of fabrics and the other materials which is recyclable too. It comes with volunteers and missionaries to create a fashion accessory and the clothing brand too. We would be liking to setup a marketplace for the volunteers with selling the things. The Programme chosen is for the weekend long process which is one and a half day process and then there is other half day which is for the marketing process.
The major objective is about the promotion of circular economy, affordable clothing for everyone along with the handling of cycle waste or earning the profits too.
Being the project manager, I have primary responsibility which includes the proposal of project along with estimation of cost and the overall project which is based on the cycling with the resource allocations and schedule. Besides these, the responsibility matrix, I am working on collection, sorting, and the proper inventory material, creation and also the posting of the ads for proper advertising in public. There is a need of some training sessions for volunteers along with secured material needles and threats. The support is for responsibilities which are found and the survey of companies through collecting the material which is waste (Smith, 2017). There is secured machinery like the sewing machines, tables for cutting and the creation of ads or the reaching out to the fashion schools and other parties.
I have been facing the problem related to estimating costs, and then there are low budgets to the project with the toughness on adjustments for material costs as well. There are problems of location costs and machinery or the maintaining of funds for the other price. The promotion of project is for the major challenge with bringing the attention to the significant tasks (Keers et al., 2018).
I have been asked by my friends and family to pool in and finance me for the initials. With this, I am also involved in promoting and thinking to start with a smaller market too. The seeing of responses along with getting a proper success will help in making the name from it. There are more of larger market segments as well.
The approach is about handling the charges of project proposal with the projection of costs under the total project, allocation of resources. There are timetables and the duty matrix which is set for charge of collecting, sorting and the inventorying material. One tends to create a posting advertisement for the public, with hosting a better training session for volunteers as well. The secured additional materials like the needles and threats and then finding on surveying providers for the collection of garbage which is also a supportive role (Yao et al., 2019). The secured gear is about the sewing machines and cutting tables which tend to produce an advertisement to reach out for the fashionable schools or the other parties as well.
The focus is on different factors which includes:
Strength: The strength is about the possibilities with low costs, and high returns. There are possibilities to alter them over time with the requirement of some effort too. The approach is on the world of beauty and fashion with the billions of dollars that is spent along with the clothing and other accessory work. Not only this, there are high end fashion firms which provide a cloth range for the mass produced to the haute couture in sector of beauty. The basic standards include the factors with the telling of differences on the street fashion with New York City, London, and Paris (Levy, 2018).
Weakness: The weakness is about gain of customer attention with creating better value of customer. The gain customer attention, and then creating of customer value, includes the fashion business that offers a variety of style with the t-shirts and the hoodies with the jeans and blazers. The wider range is on the activities, with product design, development, distribution, marketing and other sales promotion.
Opportunities: The external dangers and opportunities are related to the posing of risks by the suppliers along with the rivals and pricing. They are realities of market which cannot be avoided. There is no control over them and then the organization might also need to analyse the SWOT with the adaptation to the changed environment. This is for conducting a review in a year with the proper strategy review meeting. The people are more interested in investing on the business, and the world to shift towards it (Zhang et al., 2018).
Threats: The economic crisis and the covid pandemic are the major threats.
The prediction is on-going wrong with taking steps that tends to mitigate on risks for the goals of risks management. The risks might be viewed on the good and bad light, with dependency on how it is considered to be for downside threats. The potential to hurt the attainment of specific goals, with the risks. Before risks analysis, the project includes professional works on risk owners to verify the risks on the recognition. The dynamic nature of project includes project risks management process with capturing and managing on emerging risks and incorporating on new information for current risks analysis. The keeping of track is for the risks and the answers analysed, with risks register that might be employed.
Economic Risks
The volatile market includes the economic evolvement. There are positive and bad events which affect the economy, and then this impact the sales. The development and patterns include the preparing with the possible economic stump. The approach is on the money in bank to ensure about cash flow with facing uncertainty of economy. One tends to work on the continuous company cash flow with the ensuring of low overhead company model at the time of economy cycles and then there are component of strategy (Tang et al., 2019).
Compliance Risks
The rules and regulations includes the owners of business that adhere towards the recent data protection with the processing of payment compliance regulations. The example includes the affect with the conduct on specific operations. The keeping up to date comes with applicable federal, state, and local laws that leads to the risks of compliance.
The hefty fines is about the penalties when one do not comply with the attending industry meetings, with reviewing government agency information. One tends to seek for the consultants specialising on compliance with the top of game.
Financial Risk
The significant dangers are majorly involving small business that is monetary with riding on the success of founder, with the risks on entire life saving. The maintaining operations, paying personnel and then work on investment for market penetration and expansion for different factors to consider. The risks might be mitigated through planning and preparation with assistance on third parties. The state of economy includes issue on the keeping in mind. A severe approach is about the damage on wealthy companies with tiny corporation which is set for the Best ways includes the preparation on business for recession. It includes the good with saving money, negotiating better terms of purchase and more.
Strategic Risks
The company includes the getting off the ground, with choosing best course of action that can be challenging. The stage includes the company life cycle and then their set of issues with no established decision making procedures. The small business includes figuring out of the optimised structures along with target market, sales, and the marketing plan. The approach is on handling not only the never ending tasks, with the companies working on facing threats that are set for ever changing external environment. The competitive products and services might rise and then alter over time, with the new opportunity that rise from the technological development. There are existing methods that might be outdated. The forced includes the adjustment of business model on the new legislation. The mitigation is on the risks that is set for conducting a study and planning set ahead of time.
The bringing of together varied group with employees coming from different department or divisions, with coming up on lists of potential hazards, and ranking them. There are asking on the minimized each other potential risks. One will be doing in place, with the investigating on trends for your industry, rivals, previous work to inform research. The point of revisiting is for the listing on once a year to ensure on tracking with listing on what is correct and not.
Keers, B.B. and van Fenema, P.C., 2018. Managing risks in public-private partnership formation projects. International Journal of Project Management, 36(6), pp.861-875.
Levy, S.M., 2018. Project management in construction. McGraw-Hill Education.
Smith, N., 2017. Roles and responsibilities in project contract management. Contracting for Project Management, pp.1-17.
Tang, X., Chong, H.Y. and Zhang, W., 2019. Relationship between BIM implementation and performance of OSM projects. Journal of Management in Engineering, 35(5), p.04019019.
Yao, H., Chen, Y., Chen, Y. and Zhu, X., 2019. Mediating role of risk perception of trust and contract enforcement in the construction industry. Journal of construction engineering and management, 145(2), p.04018130.
You, J., Chen, Y., Wang, W. and Shi, C., 2018. Uncertainty, opportunistic behavior, and governance in construction projects: The efficacy of contracts. International Journal of Project Management, 36(5), pp.795-807.
Zhang, Y., Liu, S., Tan, J., Jiang, G. and Zhu, Q., 2018. Effects of risks on the performance of business process outsourcing projects: The moderating roles of knowledge management capabilities. International journal of project management, 36(4), pp.627-639.
