Portfolio Milestone Building on your work in Module 1 and 2 Portfolio Project Milestones and with a specific focus on your physical project at the company you selected, develop the following subsectio

Portfolio Milestone Building on your work in Module 1 and 2 Portfolio Project Milestones and with a specific focus on your physical project at the company you selected, develop the following subsectio
International Component Project Type December 5, 2021 International Component Project Type The Sub-Planet Company (SPC) seeks to improve its product via market research and present it to international markets, a project which relies on multiple stages for success. The specific project is to conduct market research on what factors influence British consumers to purchase sports shoes. Unlike the local market, the international market is dynamic and presents different challenges. Consequently, SPC requires detailed market analysis before carting out business activities. Particular interest to SPC is also interactions with other parties, including suppliers and customers, and the regulatory environment in which the company will operate. The project management will involve a step-by-step process in market research. It’ll enable product improvement through a robust understanding and project control that facilitates international expansion. International Component for the Project The international component for the SPC project is market research in the United Kingdom. The United Kingdom is among the most suitable countries for international business expansion in Europe, primarily due to its fast-growing economy and labor market (Spear, 2018). For this reason, this market research project carries a global component following its execution in a foreign country and not domestically. Therefore, the SPC project focuses on market research that can help improve products meant to be provided internationally. Project Initiation Project Statement of Work SPC’s vision is to expand into global markets, beginning with the U.K. The main product offering that the company has for the U.K. market is sports shoes. However, market research is required to assess U. K’s sportswear industry before conducting any business activity. The research project aligns perfectly with SPC’s long-term expansion objective. SPC’s market research project in the United Kingdom presents the specific details that the company expects from the project team. First, the market research project will provide aspects and processes that will enable the company to collect information on what type of sports shoes customers in the U.K. prefer. Secondly, the market research project also intends to explore the factors that affect business operation in the U.K. environment. These factors include the regulatory environment, the prevailing culture, and competitors. Project Charter The research project is officially authorized to commence in the U.K and conduct its operations in alignment with SPC’s vision, mission, and prevailing objectives. It is expected that all personnel will adhere to its rules, operational guidelines, and prevailing industry standards. The project must select specific locations within the U.K for analysis to offer the maximum benefit in completing objectives. The project is also authorized to utilize company resources in the form of personnel, time, and finance for maximum efficiency and on-time delivery of project outcomes. Business Case The business case is another crucial aspect that determines and influences project success and completion. First, SPC’s business case presents the specific locations the project team must focus on for a successful market research project in the United Kingdom. The market research will focus on key cities like London, Cardiff, Glasgow, Manchester, and Liverpool. Secondly, selling sports shoes to customers requires concentrating on different aspects, such as quality, design, and satisfying their values and beliefs. For this reason, market research must explore these preferences when conducting evaluations in the mentioned cities. Stakeholder Analysis and Register Sub-Planet Company’s stakeholders include shareholders, employees, customers, and the community. Since the company has not moved operations to the international market yet, this stakeholder evaluation offers the requirements for the domestic stakeholders. One essential requirement and goal of shareholders involves improving profits by 50%. The U.K. market is significant, and successful market research can help improve sports shoes before presenting them to the market. Secondly, employees desire a new working environment with a new culture and potential for growth. Power Low High UK Government Shareholders/ Board Members Potential Customers Employees Low Interest High Figure 1. Power/Interest Grid The criteria used to identify stakeholders will be based on interest, legal rights, ownership, knowledge, and contribution. Individuals who offer the project expert knowledge will be considered stakeholders because they are essential to achieving objectives. The ownership criteria apply to shareholders and legal right stakeholders mainly in the U.K government. On the other hand, the interest criteria apply to customers while the contribution criteria are for employees. Project Documents The contract information indicates a one-year project timeline for the team involved in the project and the stakeholders. Delay in project completion will lead to fines to compensate for potential budget overruns. Contractual details also align with legal specifications of the foreign market and conflict resolution mechanisms. Project Planning Project Management Plan The project scope includes conducting market research to determine elements that determine consumer purchasing sports shoewear. The market research project in the U.K. is expected to take an estimated $2 million (USD) across the five selected cities in Scotland, Wales, and England. The schedule for the project presents a maximum of twelve months for project completion, which is indicated in the project documents with the contract information. Additionally, other key elements, including communications, human resources, process improvement, requirements, procurement, and risk management, will be handled by the stakeholders and the project team during the project. Traceability Matrix The market research project in the United Kingdom requires a traceability matrix to indicate possible test scenarios and monitor project requirements. In addition, SPC proposes specific aspects that the project must align with, including successful delivery of information regarding the U.K. market composition, competitors, the culture, customer preferences, and regulatory agencies. The matrix will help track these requirements and ensure the project team delivers the information the company needs (Hamilton, 2021). Project Scope Statement, Work Breakdown Structure, and Cost Estimates The SPC’s project scope statement includes “team project members must ensure they follow due process when executing the project for optimal completion and delivery.” The project scope is to conduct market research in the U.K on a specific product that is sports shoewear. The work breakdown structure is constructed to reflect the three main categories where information will be collected. The categories are date on customers, competitors, and the regulatory environment. In addition, each category contains a deliverable about the shoe sportswear industry. Budget $2 million Market Research Competitors Regulatory Environment Potential Customers Business Strategy Relevant legislation Quality Component Figure 2. Work Breakdown Structure Cost estimates for the market research project require exploring the specific cities and dividing them by size. For instance, London and Cardiff are likely to take the most significant cost figures, closely followed by Manchester, Liverpool, and Glasgow. SPC omitted Northern Ireland because it does not have a considerable market for international expansion. Budgets, Communications and Risk Management While the international market research project in the United Kingdom costs around $2 million (USD), the budget will be set at $2.5 million to cater to additional costs that may come up during the project. The additional funding is essential to cover the risk of potential budget overruns. In addition, creating a business WhatsApp group will be vital in receiving project updates and include shareholders, SPC management, and the project team. Another communication medium that will be deployed is email. Finally, risk management will involve identifying and responding to unforeseen circumstances, such as cost underestimation, project completion delay, and other adverse factors that impact project completion. Project management is a complex process that impacts how an organization adapts to the ever-changing business environment. SPC seeks to execute an international project that involves market research on improving a product and presenting it to the researched global market. SPC chose the U.K. because it is a fast-growing economy and has vast customer bases that can help boost business profits. The project’s success relies on aligning with different project steps and procedures that influence project activity. In this sense, this Sub-Planet Company market research project seeks to gather information on how the product (sports shoes) can be improved before presenting them to the U.K. market. References Hamilton, T. (2021). What is Requirements Traceability Matrix (RTM)? Retrieved from https://www.guru99.com/traceability-matrix.html Spear, R. (2018). United Kingdom: labor market integration and employment creation. In Tackling Social Exclusion in Europe (pp. 259-280). Routledge.
Portfolio Milestone Building on your work in Module 1 and 2 Portfolio Project Milestones and with a specific focus on your physical project at the company you selected, develop the following subsectio
8 November 28, 2021 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. Change Requests 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. Procurement Documents 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. Reference List 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. References Butt, S. A., & Jamal, T. (2017). Frequent change request from user to handle cost on project in agile model. Proc. of Asia Pacific Journal of Multidisciplinary Research, 5(2), 26-42. PMI. (2017). A Guide to the Project Management Body of Knowledge: (PMBOK guide) (6th ed.). Newtown Square, Pa: Project Management Institute.