Project Development for Strategic Management

Sample on Project Development for Management Students

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INTRODUCTION

Project development refers to the process of conducting different activities through the means of which suitable and reliable results and outcomes can be generated. In general context, developing a project in a feasible manner consists of various vital aspects such as design, analysis and evaluate. Therefore, it is important for a project manager to undertake all these aspects for generating the best possible outcomes and results (Bentham, 2012). However, project management refers to the process of planning, organising, directing, controlling and making optimum utilisation of available resources to generate the desired aim and objectives. Considering the present management dissertation report, researcher aims at evaluating different specifications, strategies and approaches for developing a beauty product so that needs and wants of different customers can be satisfied.

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Present report focuses on illustrating the development of men beauty product for L’Oreal in order to enhance company’s range of products for men segment as well as to increase the number of target customers so that competitive edge can be maintained within target market. In this regard, L’Oreal Men Expert Face Wash has been selected as the product which will assist in attracting large number of men from above 18. The main purpose of selecting this product is that it will assist in enhancing the portfolio of L’Oreal as well as introduce them into male segment for increasing the business volume. In this context, researcher carries out different prospects such as factors that are responsible for the selection of project and identification of project specification so that project of development of new beauty product can be executed in an appropriate manner. Thereafter, suitable plan will be designed to conduct the whole project so that risks and uncertainties can be minimized. However, the main purpose of investigator behind carrying out this project is that it helps the leaders and readers in enhancing their knowledge and skills regarding different project management tools, financial tools, etc.

TASK 1: Selection of Project

1.1 Factors responsible for the success of project selection

Looking at the nature of present study, there are various factors that can play a significant role in the successful selection of project. Herein, it is the responsibility of project manager to make sure that each aspect is being analysed in an effective and suitable manner so that smart decision can be made on the selection of project. Therefore, product development team of L’Oreal has responsibility to understand the feasibility of different factors that are responsible for the success of new Men Beauty Product:

Financial factors: Economic aspect is considered as the most significant aspect of the project because in order to execute the project successfully, it is essential for company to have adequate amount of financial resources (Kerzner, 2013). According to the present case, L’Oreal is planning to introduce a new range of Men beauty product i.e., “Men Expert Face Wash”, thus, it is important for the senior authority to maintain the financial adequacy in order to make sure that different areas of the project are addressed in a suitable and reliable manner.

Human resource factors: It is the most important factor because; personnel of L’Oreal are the one who are responsible to carry out the entire project of introducing new men beauty products. However, it is the duty of company’s project manager to ensure selection of effective and efficient employees which are right for the defined tasks and operations so that production and launch of new product can be done in the best possible way.

Marketing factors: Importance of this factor is that it assists the project manager to understand the requirement or need of particular project for company (Highsmith, 2009). In the present case, L’Oreal is planning to introduce men beauty products thus, with the help of marketing factor, senior authority can understand the needs and wants of male customer segment as well as their expectations so that face wash can be designed and produced accordingly and would lead to generate higher demand from the target market.

Target Audience:

The product “L’Oreal Men Expert Face Wash” will be launched in UK due to presence of large customer base.

Target Market:

The target audience for the L’Oreal Men Expert Face Wash is young male who are cautious about their skin as well as attracted towards the cosmetic products.

Along with this, there are various other factors that need to be considered while making any decision regarding selection of the project for L’Oreal:

1.2 Developing outline project specification for the production of L’Oreal men face wash

In the present case, top level management of L’Oreal is planning to introduce men beauty product named as “Men Expert Face Wash”. The main purpose of this expansion is to enhance the male customer base for company as it is a female oriented firm. Along with this, to increase the male products portfolio for the cosmetic company (Meredith and Mantel, 2011). Operating in such a competitive environment, it is important for the cited firm to make sure that they satisfy the wide range of needs and expectations of customers to maintain the competitive edge and to increase the market share.
By the means of above defined classification of activities, production of new L’Oreal Men Face Wash can be easily understood. The major aim behind defining the outline of project specification is that it assists in developing basic understanding regarding the activities and approaches that project manager of L’Oreal will undertake to carry out the entire project of L’Oreal Men Face Wash. According to the outline proposed, project is classified under four major headings that are subdivision of project, resources required, cost estimated and time projection (Lanata and et.al., 2015).

In this context, subdivision of project helps in defining the major aspects that are essential for the manager to consider while carrying out the production and implementation of project. Thereafter, resources required to conduct the whole proposed project are illustrated and the costs that will be incurred during accomplishing different activities of the introduction of new L’Oreal Men Face Wash. Lastly, time estimation is made so that efficiency level of whole project can be managed and controlled in an effective way (Koskela and Howell, 2002).

In this regard, following are the activities that senior authority of L’Oreal should undertake for the production of new Men Face Wash:

Activities

Classification

Project Subdivision

Planning and Designing of L’Oreal Men Face Wash

Managing financial resources

Personnel management

Chemical Experts and Beauty Professionals

Resources

Economic Resources

Material and equipment’s required for production of Face Wash

Human Resources

Packaging Machines& Equipment’s

Cost

Investment cost for Production of Men Face Wash

Amount invested for Research and Development

Cost for indulging latest technology

Employing beauty professionals and chemical experts

Time

Production process duration

Acquiring of the funds and capital

Arrangement of Chemical Experts and Beauty Professionals

Finalising the ingredients of Face Wash

Evaluating gaps and taking effective actions

Time required to finally start the operations

1.3 Producing a specification for the production of L’Oreal Men Face Wash

The above defined specification clearly states that there are different aspects that project manager have to carry out carry out entire course of project in a feasible and reliable manner. For the current project, manager has classified the activities into four different segments which are essential for the successful execution and completion of project (Cullen, 2014). However, the suitable specification for the selected project is divided into four different parts which are project subdivision, available and required resources, estimation of costs for all the activities and time required to carry out the whole project in the desired manner. All these elements are important for the success of project because they assist in addressing different aspects of the project which is the basic necessity for the successful execution and closure of project. Further, under these four main elements, various sub-elements are present which will be the guidelines for the project manager to plan, organise and deliver the project of L’Oreal in the best possible manner.

Feasibility of proposed project has been judged through application of investment appraisal techniques.

Calculation of Net profit:

Particulars

Year 1

Year 2

Year 3

Year 4

Year 5

Sales

55000.00

57750.00

62370.00

68607.00

76839.84

Cost of sales

8250.00

8662.50

9355.50

10291.05

11525.98

Gross profit

46750.00

49087.50

53014.50

58315.95

65313.86

Administrative expenses

2750.00

2887.50

3118.50

3430.35

3841.99

Research & Development

1375.00

1443.75

1559.25

1715.18

1921.00

Miscellaneous expenses

2750.00

2887.50

3118.50

3430.35

3841.99

Total expenses

6875.00

7218.75

7796.25

8575.88

9604.98

Net profit

39875.00

41868.75

45218.25

49740.08

55708.88

*(Note: Net profit has been assumed as the cash flows for the appraisal techniques)

Net Present Value:

Years

Cash flow

Pv factor @ 10%

Present value ($)

Year 1

39875.00

0.91

36250.00

Year 2

41868.75

0.83

34602.27

Year 3

45218.25

0.75

33973.14

Year 4

49740.08

0.68

33973.14

Year 5

55708.88

0.62

34590.83

Total present value

   

173389.39

Less: Initial investment

   

121000.00

Net present value

   

52389.39

Internal rate of Return:

Year

Cash inflow/outflow

Year 0 (Initial investment)

-121000.00

Year 1

39875.00

Year 2

41868.75

Year 3

45218.25

Year 4

49740.08

Year 5

55708.88

Internal rate of return

25%

Payback Period:

Year

Cash inflow/outflow

Cumulative cash flow

Year 0 (Initial investment)

-121000.00

-121000.00

Year 1

39875.00

-81125.00

Year 2

41868.75

-39256.25

Year 3

45218.25

5962.00

Year 4

49740.08

55702.08

Year 5

55708.88

111410.96

Payback period (in years)

A+B/C

3.87

TASK 2: Planning the Project

2.1 Produce a project plan for the Development of L’Oreal Men Face Wash

Task Mode

Task Name

Duration

Start

Finish

Predecessors

1

L’Oreal Men Face Wash

60 days

Fri 12/25/15

Thu 3/17/16

 

1.1

Planning

10 days

Fri 12/25/15

Thu 1/7/16

 

1.1.1

Collecting information

7 days

Fri 12/25/15

Mon 1/4/16

 

1.1.2

Identifying Face Wash essentials

4 days

Fri 12/25/15

Wed 12/30/15

 

1.1.3

Approving the essential from senior authority of L’Oreal

3 days

Tue 1/5/16

Thu 1/7/16

3,4

1.2

Plan development

13 days

Fri 1/8/16

Tue 1/26/16

 

1.2.1

Prepare the designs

2 days

Fri 1/8/16

Mon 1/11/16

5

1.2.2

Reviewing Face Wash Specifications

5 days

Fri 1/8/16

Thu 1/14/16

4,5

1.2.3

Finalizing the specifications entire product

3 days

Fri 1/15/16

Tue 1/19/16

8

1.2.4

Reporting the final specifications

3 days

Wed 1/20/16

Fri 1/22/16

9

1.2.5

Approve the Product

1 day

Mon 1/25/16

Mon 1/25/16

10,8

1.2.6

Reporting to the Management

1 day

Tue 1/26/16

Tue 1/26/16

11

1.3

Application of plan as per the provisions

21 days

Tue 1/26/16

Tue 2/23/16

 

1.3.1

Gathering of chemicals

5 days

Tue 1/26/16

Mon 2/1/16

9,11

1.3.2

Finalizing the chemicals from Chemical Expert

2 days

Tue 2/2/16

Wed 2/3/16

14

1.3.3

Gathering Beauty ingredients

4 days

Thu 2/4/16

Tue 2/9/16

15,7

1.3.4

Finalizing the beauty ingredients from Beauty Professionals

2 days

Wed 2/10/16

Thu 2/11/16

16

1.3.5

Initiating the Production process

2 days

Fri 2/12/16

Mon 2/15/16

17

1.3.6

Initiating the Printing process

2 days

Tue 2/16/16

Wed 2/17/16

18

1.3.7

Initiating the Packaging process

2 days

Thu 2/18/16

Fri 2/19/16

19

1.3.8

Initiating the Labelling process

2 days

Mon 2/22/16

Tue 2/23/16

20

1.4

Monitoring

12 days

Wed 2/24/16

Thu 3/10/16

 

1.4.1

Inspection

5 days

Wed 2/24/16

Tue 3/1/16

21

1.4.2

Comparing actual work against the given description

2 days

Wed 3/2/16

Thu 3/3/16

23

1.4.3

Identify the loopholes

3 days

Fri 3/4/16

Tue 3/8/16

24

1.4.4

Taking corrective actions

2 days

Wed 3/9/16

Thu 3/10/16

25

1.5

Project closure

5 days

Fri 3/11/16

Thu 3/17/16

 

1.5.1

Preparing the report of project

2 days

Fri 3/11/16

Mon 3/14/16

26

1.5.2

Post Implementation review

1 day

Fri 3/11/16

Fri 3/11/16

25,26

1.5.3

Reassigning the resources

2 days

Tue 3/15/16

Wed 3/16/16

29,28

1.5.4

Launching of L’Oreal Men Face Wash

1 day

Thu 3/17/16

Thu 3/17/16

30

2.2 Appropriate resource to the L’Oreal Men Face Wash Project

Considering the critical side of every project, it is important for company or individual to have adequate amount of resources so that proposed can be carried out in successful manner. There are several resources that are required by the top level management o L’Oreal to conduct the project of introducing new Men Face Wash (Sharma, 2011). However, these resources can be classified under three different headings such as human resource, equipment resource and financial resource.

Human Resource:

In any project, human or personnel resources play a significant role. However, in general, they are responsible for carrying out each and every activity that is defined by the project manager so that the complete proposed project can be carried out in a successful manner. Following are the personnel resources that are required for the production of L’Oreal beauty products:

Role

Association with project

Project Manager

Planning, plan development, implementation and closure of project

Chemical Experts

Planning, plan development, implementation and closure of project

Administration officer

Implementation and closure of project

Beauty Professionals

Planning and plan development

Production staff members

Plan development, implementation and closure of project

Through the help of above illustrated table, it can be evaluated that human resources are allocated for the production of new L’Oreal Men Face Wash in an appropriate way. Project management tools and techniques are associated with the planning and closure of project. Therefore, it is the duty of project manager to make sure that all the tools and techniques are utilised in an effective and efficient manner so that desired results and outcomes can be generated (Kim and De La Garza, 2005). Along with this, chemical experts of L’Oreal will assist in selecting the best suitable chemical for the production of new face wash so that, demand of male segment customers in beauty products can be met. Along with this, administration officer will be employed for the project to carry out the entire paper work that is crucial for the successful completion of project. Main purpose of administrative officer is that he/she would take care of the basic needs and wants of each department of L’Oreal that are involved in producing new Men Face Wash product. Thereafter, beauty professionals will be used at the time of planning and developing the product so that identification of different beauty ingredients will assist in enhancing the beauty of men. Lastly, production staff members will help in carrying out all the activities that are defined by the project manager and the experts so that reliability and suitability of the project can be measured (Durmuşoğlu, Calantone and McNally, 2013).

Financial Resources:

Funds or money are the most crucial resources that any company or individual requires to carry out any project or operations. However, it is the duty of financial authority of the company to maintain the adequacy of funds or money so that each activity can be executed in suitable and reliable manner. According to the present given case, L’Oreal required huge amount of investment for developing a new range of products for the male category (What to Review. Post-Implementation Reviews: Making Sure That What You Delivered Actually Works. 2015). There are different areas for which company required adequate amount of money such as: salary to staff members, research and development department, hiring of beauty professionals, chemical staff and indulging latest equipment’s and machineries for packaging etc. However, in order to raise funds for these elements, L’Oreal can make the use of internal and external sources such as: retained earnings, bank loan, investors etc. In order to minimize the financial risks and uncertainties associated with each stage project manager has to use budgeting techniques. Through the means of this, project manager of L’Oreal can compare the actual costs against the budgeted costs (Burke, 2013).

2.3 Cost of all the resources required for the production of new L’Oreal Men Face Wash

Equipment Resource:

Equipment’s

Estimated Costs ($)

Manufacturing machine

30000

Packaging

15000

Printing

10000

Labelling

8000

Total

63000

Financial Resources:

Financial Resources

 

Resources

Estimated costs ($)

Additional Personnel Resources

8000

Additional Equipment’s

12000

Total

20000

Human Resources:

Role

Association with project

Pay (£)

Project Manager

Planning, plan development, implementation and closure of project

8000

Chemical Experts

Planning, plan development, implementation and closure of project

10000

Administration officer

Implementation and closure of project

5000

Beauty Professionals

Planning and plan development

6000

Production staff members

Plan development, implementation and closure of project

3000

 

Total

32000

2.4 Agree timescales for the management and implementation of the Men Face Wash Project

Gantt chart:

It is the most common approach for presenting the activities and time required to complete the entire course of project. However, it is one of the major tools of Project management. In general it is the horizontal bar chart which helps in providing graphical presentation of the schedule through the means of which project manager can easily plan, coordinate and track the specific tasks and operations.

men-face-wash-gantt1

men-face-wash-gantt2

Network Diagram:

men-face-wash-gantt3

Critical Path:

 

Critical Path

Total Time Taken (Days)

Planning

3 + 5

7 + 3

Plan Development

8 + 9 + 10 + 11

5 + 3 + 3 + 1

Implementation of plan according to the specification

14 + 15 + 16 + 17 + 18 + 19 + 20 + 21

5 + 2 + 4 + 2 + 2 + 2 + 2

Monitoring

23 + 24 + 25 + 26

5 + 2 + 3 + 2

Closure

28 + 30 + 31

2 + 2 + 1

 

Total

58

Through the means of above table it has been evaluated that, using project management tool project manager of L’Oreal is able to compute the total time required to carry out entire course of Face Wash Project. However, 58 days will be required by the manager and the team to conduct the whole project in feasible and reliable manner.

2.5 Planning of strategy in order to implement the project

Every project requires specific approach to be taken into account at the time of implementing the defined project; hence in the present case, PRINCE 2 approach has been taken into account because the approach is highly effective and efficient. The purpose of subsequent project (Loreal Men face wash) is to deliver quality services men so that they can feel revitalized. PRINCE 2 strategy is useful in project management and through this, proper guidance can be acquired related to project implementation. The model is useful in deriving optimum outcomes because execution of the model is directly emphasized on result oriented dimension (PRINCE 2 method, 2015). PRINCE 2 model is useful because it integrates all organizational resources in adequate manner and chiefly it works in developing adequate coordination among financial and human resources. Furthermore, it is also beneficial in terms of acquiring information about the designing aspects and along with the same, PRINCE 2 approach also works to supervise and monitor all the related activities. As per the model, project manager can make frequent changes in the time schedule; thus it increases the suitability of the project. Hence, all such efforts helps the project manager to accomplish the desired objectives in adequate manner.

PRINCE 2 is also considered the best approach that can be adopted so that certain changes can be made in the project regarding quality improvement aspects (Simons, 2013). The project is highly beneficial in the domains of strategic alliances, mergers, acquisitions and new technological advancement and apart from this, it is also useful in developing new products and services. The present case is about bringing Loreal face wash for men; thus for such aspect, PRINCE 2 model has been taken into account and that will also assist in proper implementation of the project. Thus, as per the scenario, the main purpose of the project is to bring new and innovative products at market place so that larger market share can be acquired. As per the project, the main aim of the company is to deliver quality services to the clients so that they can feel revitalize afterwards using the product. The company wants to encourage customer segment and also wish to encourage the product line; thus to fulfil the same purpose, this new product has been developed by the business entity (Flyvbjerg, 2013). The process follows particular process and that also aids in adequate implementation of the existing process.

Process of PRINCE 2

Start up of a project: Manager at the initial stage is required to develop brief scenario of the project and for the same purpose, the business entity needs to develop a team who can assist the project manager to execute the process properly. At the next level, it is vital for the project manager to construct adequate outline of the project so that it can provide adequate directions to all the team members. Similarly, project manager can also take imperative decisions related to human and financial resources and as a result, it can assist in completing the project on time (Colin and Vanhoucke, 2014).

Project initiation: At this stage, project manager has to allocate financial and human resources according to diversified activities. It is one of the crucial step that lies under the project implementation management aspects.

Project direction: Here at this stage, the activities are required to be monitored and analysed so that the areas of changes and modifications can be identified. Project manager can also facilitate controlling actions on the performance of the associated people and as a result, appropriate feedback can be provided to them regarding the work aspects (Burke, 2013).

Controlling stage: At this stage, the project manager supervises the work which is completed by the team members. The manager is also accountable to review success and progress aspects of the project; therefore it gives idea regarding the areas of loopholes.

Stage boundaries management: At this stage, board members are required to take decisions related to carrying the project for future time period. Alternative plan can also be prepared for the same.

Product delivery management: This stage is all about identification of project's quality and here in all the team members have the right to undertake decisions related to change management in the implementation aspect of the project (Rouleau and Balogun, 2011).

Winding the project: The project winds up after the completion of the project and after acquiring all the determined aims and objectives. This particular decision is taken by the board members and also by the top management authorities.

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TASK 3: Implementing the Project

3.1 Implement a project in accordance with agreed specification

According to the present given scenario, top level management of L’Oreal is planning to introduce new range of face wash for the male segment. On the basis of above illustration of different project management tools it has been identified that, project manager of L’Oreal and the team will require 58 days to complete the project in the agree specification. Furthermore, it is the responsibility of senior managers to evaluate and analyse the loopholes and obstacles so that all the activities can be carried out in effective manner (Dalmarco, Hamza and Aoqui, 2015). Furthermore, project manager, administrative officer, chemical experts and beauty professionals has to make sure that each and every activity identified in the plan is conducted according to the agreed specification. In addition to this, PRINCE2 approach has been used by the manager of project because it assist in providing suitable guidance of requirement and good practice which helps in evaluating whether the project is feasible or not.

3.2 Measures to monitor and evaluate the progress and outcomes

Work breakdown structure: This technique is useful for the project manager and the manager can make the structure at the time when the project is planned. The project needs to be divided in sub tasks and according to the same, roles and responsibilities can be delegated to all the concerned managers. All the activities are managed in hierarchical structure where in the project is divided into varied parts (Courtney, Long and Hall, 2013). Tasks and practices are generally interrelated to each other; hence it avoids the chances of confusion and misconception. As per the structure, concerned people can easily manage all the activities within the time limit and as a result, project aims and objectives can be acquired.

Budgeting: With the help of proper budgeting, resources capability of the project can be identified and according to the same, delegation of resources can be made. Estimation can also be made regarding income aspects; hence the project can be managed in right direction (Durmuşoğlu, Calantone and McNally, 2013).

3.3 Monitoring the implementation of the project

The below mentioned techniques have been used by the project manager so as to evaluate the progress and outcomes of the determined project. Among these techniques, the subsequent project can monitor the implementation aspect through these processes:

Budgeting: Project manager is also accountable to search for different resources through which financial assistance can be taken. Financial resources needs to be collected on adequate basis so that each and every work process can be managed properly. As per the expected standards, resources can be allocated to all the business practices so that desired aims and objectives can be accomplished (Koskela and Howell, 2002).

Risk register: Project department is entitled to prepare a statement which records all the activities done by the human resources. The subsequent method prepares proper structure so as to identify all the associated constraints and issues related to human resources. Further, suitable strategies can also be developed for allocating all the resources in proper manner and chiefly it is useful in human resource management.

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TASK 4: Evaluating the Project

4.1 Analyse the outcomes of a project in terms of the original project specification

In the present case study, introduction of new face wash by L’Oreal has been considered and for which different methods has been undertaken. Project manager has used PRINCE2 strategy for comparing the actual results against the original specification (Lanata and et.al., 2015). Furthermore, through the help of Gantt chart it has been evaluated that, L’Oreal will require $121000 to complete the project and network diagram assist in showing that 58 days will be required to accomplish the entire production to launching of new face wash project.

4.2 Evaluate the outcomes of the L’Oreal Men Face Wash Project

Looking at the outcomes generated by the project manager, it can be said that it is feasible for the firm to make investment in the expansion of Face wash portfolio of the Men beauty products. However, considering the investment appraisal techniques, proposed project is showing feasible and fruitful outcomes (Simons, 2013). According to the IRR and NPV it is recommended that senior authority of cited firm should invest in the introduction of new Men Face Wash. While on the other hand, project management tools are also showing feasible results as it clearly indicates that, 58 days will be required by the company to produce and launch the new Face Wash within the target market.

4.3 Recommendations for future improvements

A few areas have been explored that needs to be improved because while managing the project (Loreal Men face wash), manager has faced several issues; hence on that basis, recommendations have been made in the below section.

TASK 5: Presenting a Project Report

5.1 Able to present the outcomes of the project

To,

The Management of L’Oreal

Subject: Summary of Project

Looking at the nature of present study, there are various factors that can play significance role in successful selection of project. Top level management of L’Oreal is planning to introduce men beauty product named as “Men Expert Face Wash”. The main purpose of this expansion is to enhance the male customer base for the company as it female oriented firm. Along with this, to increase the male products portfolio for the cosmetic company.

For the current project, manager has classified the activities into four different segments which are essential for the successful execution and completion of the project. However, the suitable specification for the selected project is divided into four different parts which are project subdivision, available and required resources, estimation of costs for all the activities and time required to carry out the whole project in desired manner. Lastly, through the means of above computation of critical path it has been evaluated that, project team of L’Oreal will require 58 days to accomplish the entire project with desired specifications.

Project Manager

Conclusion

In conclusion to the above report it has been evaluated that, project management is one of the major study through the means of which accomplishment of a project can be carried out in effective and efficient manner. In the present case, top level management of L’Oreal focusing on introducing new range of male face wash and for which project manager has been given the duty to evaluate the feasibility of expansion. Through the means of various tools and techniques it has been evaluated that, introducing new range of Men Face Wash will be feasible for the firm as it will assist in improving the male customer base as well as enhance the business volume.

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