Some of the main assessment questions are being mentioned thereunder:
- Give all the strategic planning and management.
- Elaborate on the components in the strategic management process.
- Give an effective project portfolio system.
The strategic project management is one of the crucial aspect in the organization. Present report deals with GGMC (Gulf Glass Manufacturing Company) located in Kuwait and engaged in glass manufacturing. Strategic management is beneficial for company in attaining an edge over its competitors by formulating strategy. Explanation of how projects are linked to strategic plan will be discussed.
Along with it, various components of strategic management process will be enumerated in effective manner. On the other hand, it will also include explanation about risks that arise in projects and how it could be overcome. Moreover, for reducing project risks, importance of project portfolio system will be implemented in a better manner. The role and tasks performed by project manager in company will also be discussed. Hence, importance of strategic project management has much influence on overall performance of business and how it can achieve project completion within stipulated time.
Explaining how projects are linked to strategic plan
The strategic planning is required to be done in a better manner so that firm may be able to accomplish set objectives in the best manner possible. It can be analyzed that for completing project within stipulated time, strategic management needs to be implemented. It guides company to have proper direction so that tasks can be accomplished with ease. Business environment is then studied and creating business strategy is required so that stated goals can be accomplished. Projects are concrete action which are taken by business for executing strategic plan. The two models can be listed such as Kaizen Model and TQM Model are explained below-
Kaizen model is a strategy to make continuous improvement as small changes can reap more of the improvements quite effectually. It is quite important for Gulf Glass Manufacturing Company (GGMC) which is engaged in manufacturing of glass and it can eliminate wastage during production quite effectually. It can be interpreted from above chart how Kaizen cycle for continuous improvement works. The stages are listed below-
Get employees involved-
The involvement of workers are required so that issues and problems may be analyzed. Specific group of employees should be charged with gathering information.
Creating shortlist of complaints from employees by taking widespread feedback from them and potential opportunities if any.
Encourage employees to sufficiently create solutions or presenting ideas. From this, winning idea should be implemented (Heldman, 2018.).
The winning solution should be taken and pilot programs to be created for testing solution or checking viability.
Regular check at various intervals and monitoring strategic plans of GGMC so that ground-level employees remain intact. Determining success of change initiated
The results if are positive, adopt the solution overall in the firm so that standards may be set and more effective manufacturing can take place (Carnall, 2018).
Repeat whole steps-
The above listed steps should be repeated in order to enhance overall results in effectual manner for new solutions for tackling problems with ease.
TQM (Total Quality Management) Model-
TQM model is another model which can be adopted by GGMC in order to achieve desired level of production with reduced wastage leading to fulfilment of goals in the best way possible. There are 8 principles on which TQM model is based which are listed below-
The level of quality is being determined by customers. No matter what methods are used for quality improvement such as training workers, upgrading computers and customers determines whether quality is good or not.
Total involvement of employee-
Achieving common goals can be made by full participation of employees. It can be assessed that GGMC should empower employees to work towards accomplishment of goals. Self-managed team is one form of empowerment (Daniel and Daniel, 2018).
Process thinking is followed which means that series of steps from input from suppliers are taken and conversion to output is made and are delivered to customers.
The integration is one of the factor which helps for accomplishing specialization of integrated tasks. It is the horizontal process that interconnects organization functions.
Systematic and Strategic approach-
The strategic planning is important for attaining group’s mission, vision and goals. This helps to prepare strategic plan in which quality is integrated as a main component.
The improvement to be made on continual basis by GGMC by incorporating both analytical and creativity in finding ways to satisfy stakeholders (Tonchia, Tonchia and Mahagaonkar, 2018).
Decision based on facts-
Data collection on continuous basis is required and analyze so as to improve decision-making and initiate accuracy in the best way possible.
The communication is key factor as during periods of organizational change, effective communication maintains morale of employees to stick with productivity.
Thus, by adopting Kaizen Model and TQM Model, GGMC will be able to increase its efficiency at operating level and desired productivity would be achieved. Thereby, meeting expectations of customers and stakeholders with ease.
Describing major components of Strategic management process
Strategic management process is one of the important process in which organization’s strategy can be applied. The management is able to make choice of set of strategies which will enable to accomplish better performance. It is termed as continuous process which appraises industry in which firm is engaged, competitors are analyzed and goals are fixed in order to ascertain competencies and assessing strategy. The main components in strategic management process are as follows-
The term environmental scanning means to process of collecting, scrutinizing and imparting information for the purpose of strategy (Amoako-Gyampah, Meredith and Loyd, 2018). It is quite helpful as it lists and assesses external and internal factors which has major influence on GGMC. It provides clarity what competencies are evaluated in a better manner so that factors may be assessed for preparation of strategy. Soon after making execution of environmental process of analysis, management of GGMC should assess the same on continual basis in order to derive deviations and strive for making improvement.
The second component of strategic component process is of the important step as in it best course of action available to firm is decided. This selection of best available ideas help to enhance and attain stated goals and objectives in the best way possible. Hence, organization purpose can be successfully accomplished without any difficulty. Soon after conducting environmental scanning, management of GGMC is able to formulate corporate, functional and business strategies in the effectual manner. This helps firm to effectively attain competitive edge over its competitors with ease.
Next component of strategic management process is to implement strategy in the best manner possible. The chosen strategy into action could be implemented in a better manner achieving organization’s desired objectives. The strategy implementation involves making design of company’s structure, distributing resources and then developing process of decision-making (Bredillet, Tywoniak and Tootoonchy, 2018). Lastly, human resources are managed in effectual manner. Thus, company is able to implement strategy in effectual manner which helps firm to achieve efficiency. Hence, strategy is implemented for attaining efficiency in organization.
It is the final component in strategic management process. In its activities which are covered are appraising external and internal factors that represents root of current strategies, then measuring performance in order to find out deviations from planned and actual performance as per the strategy. After that, corrective action is taken for improving current performance or remedial actions are taken (Amarakoon, Weerawardena and Verreynne, 2018). The evaluation strategy ensures that strategy and its implementation meets objectives of GGMC in effectual way.
It can be evaluated that components listed above are carried in accordance to chronological order to create fresh strategic management plan. GGMC can revert to these steps for enhancing its operational level and then attaining desired objectives in the best manner possible. Hence, it can be said that strategic management plan can be made in accordance to situation’s requirement and thus, necessary essential changes could be made by the firm. Hence, company may be able to achieve goals with ease.
Role, task and skills of project management
It is important for the project manager of the organization to be disciplined and responsible in order to manage task or certain project within derived time constraints. Project managing person of organization are effective negotiator, reasonable, achievable an overcomes milestones within set deadline. The role of project manager of organization is based on imitation of idea, planning to achieve certain innovation with cost effectiveness, designing and execution path in order to conduct smooth work in progress of all workers (Kerzner and Kerzner, 2017). Further, the project managers of companies are focused on monitoring and controlling executive stage because it assists the managing person in making optimum utilization of resources and mitigating risk. For example, Gulf glass manufacturing company of Kuwait assigns project management for every order or new task. This is the strategy which assist the firm in simplifying task and aligning resources and employee work in one direction.
Apart from this, task of project manager is to develop and manage use of technology and employee according to strategic planning which is done according to different models like, total quality management, six sigma, four stage of operation contribution, etc. In this manager aim at determining way to accomplish certain target. However, project manager is responsible for planning project for which person focuses on use resources required, setting deadline, tea building, and areas of initiating certain project work (Pant and Baroudi, 2018). After deriving all the planning aspect of project the management aim at communication plan to responsible and related people like employee who will be part of particular team experts and senior authorities who sanction execution.
Allocating task is another responsibility of project which need to done according to employee interest and capabilities. It helps in boosting individual morale of working on project and aid in aligning activities in appropriate way. The least consideration of project manager is setting mile stone in which every activity is executed by deriving particular time frame. It helps in managing value of operation management which is foremost art of strategic planning of project manager.
Skills of project manager play crucial role in managing effectiveness in project management plan of organization. Skills comprise characteristics and traits of individual for managing employee in one direction which aim at meeting deadline and lean and quality management. For example project manager of Gulf glass manufacturing company aim at managing transparent communication with employee which is the best way of reducing waste and managing smooth flow of project plan.
On the other hand, project manager needs to be good leader because the person is responsible for guiding employee in one direction. Further, in this the person aim at influencing workers to coordinate skills and work with other employee in order to complete task within set time constraints (Gammelgaard and Larson, 2011). Likewise, risk mitigation and scheduling are the essential skills of project management which helps the person in incorporating safe working practices for protecting all stakeholders involved in particular project. Thus, as per the discussion, it can be articulated that skills of project manager are direct proportion of role and responsibility of person because it derives completion of task.
Project portfolio system
Implementing and managing project according to strategies is the best technique for the business for eliminating errors as it promotes strategical decision making. The project managers of manufacturing companies implements the use of project portfolio management which is centralized management system which offers incorporation of process, methods and technologies. It is effective for reducing errors because it helps the project managing in making proper use of resources which helps in creating value of project. In accordance with this system the companies is bale to derive setback of particular project which needs to be managed.
The key elements of project portfolio management are enterprise project structure which is determined by making an overview of overall plan and design. Further, it enables organizational breakdown structure which improve flow of task and information of certain task. Next is scheduling and budgeting in which focus of managing person in on setting mile stone and make proper allocation and use of resources (Altuntas and Dereli, 2015). Next element is tracking key indicator which is linked to performance evaluation of project which helps in outlining benefits of investment made. Last aspect of PPM is deriving efficiency of project portfolio which aim at outlining forthcoming challenges and profits from specific project.
Implication of project portfolio management help the project managing in overlooking entire project which is the best way to design and plan task. In this focuses of manager in on deriving improvement areas and challenges which can hinder smooth flow of employee activities. The centralized system suggest the use of resources and requirement of technology for different functional units. For example the gulf Glass manufacturing company implies of project portfolio to keep a check over management of activities and use of resources by employees.
The PPM is implemented and used by project manager of various companies because it helps the person in outlining answers of 5 essential queries of any project that is optimum utilization of resources which helps in deriving individual interest in business activities. Further, there is promise of return where the manager aim at analyzing return from particular project. In accordance with this business sis able to derive whether the project is beneficial for business or not. However, the management system allow the manager in analyzing need of changes which are set to overcome loopholes which can be hindrance to project execution.
Want help in project management assignment writing, subscribe to us at Project Management Assignment Help and get it done at affordable prices.
In addition, PPM is centralized and therefore helps manager in deriving wellness of execution and need of resources to manage smooth and systematic flow of project operations. Lastly, the portfolio helps in deriving effectiveness of investment by predicting return. Thus, it can be articulated that PPM is effective centralized tool for project manager (Stettina and Hörz, 2015). Hence, it can be outlined project portfolio system can go a long way to reduce, or even eliminate the impact of various business problems which come when performing one specific task.
5. Five common project risk strategies to identify threats that project may face
GGMC is facing lot of project risk that includes poor leadership, lack of resources, ,lack of training etc. Organization in order to successfully achieve the business goals make sure that risk are identified in order to achieve the objectives of the organization and complete the project. GGMC can face problems of lack of resources which may affect the project and reduce the performance level of firm in completing that project(de Carvalho, Patah and de Souza Bido, 2015). Project risk strategies assist in reducing the risk to successfully archive the business objectives. These strategies consist of the following :
- Avoid the risk : Avoiding the risk assist in eliminating the cause of risk. GGMC in order to avoid risk can change its activity or objectives that are at risk. Some risk can be avoided by early identification of information and communicating it to different members of the organisation. For example, changing the scope of project activity and also to avoid risk which can affect company growth and liquidity organisation must close the project completely.
- Transfer the risk : In this approach of risk management, the risk is transferred to the third party that include insurance company or any other third person. The burden of the risk by using this strategy is borne by the third party on behalf of the organisation. Risk transfer does not eliminate the risk but it eliminates the direct impact of risk on project. This approach is most effective in reducing financial risk. For example, To reduce the financial risk which may impact project organisation can sign a contract with the third party to bear the risk.
- Mitigate the risk : This strategy reduces the probability of occurrence of the risk by following the fundamental principle of taking action earlier before the risk affect the project. For example, use of high technology to detect error at the earlier stage of project.
- Accept the risk : Accepting the risk when no other option is available with the firm to reduce the risk factor. Passive acceptance require documentation of risk to deal with it occur. In active acceptance, contingency reserve is implemented to recover the loss of time, money and resources (Shahrokhi, Nasserabadi and Babaei, 2017). For example, risk that are small and also which are insured by the insurance company are accepted.
- Contingent risk response strategies : These strategies are implemented by the organisation when certain event occur. The project team before implementing these strategies wait for warnings. These strategies include financial reserve, staffing reallocation and implementing workarounds to minimize the loss and damage. For example, Risk response strategy is implemented when the project faces risk of financial crises.
GGMC can implement these strategies to reduce the risk factor and successfully complete the project without any risk. GGMC implemented these strategies to overcome the difficulties.
Hereby it can be concluded that project management is one of the important part in the manufacturing firm as it has to go through series of tasks for completing project within stipulated time. The strategic planning in GGMC requires high level of functioning so that maximum operating level can be met in the best manner possible. Project management is based on the strategic process which is being carried out by management. In addition to this, GGMC should be able to attain series of components of strategic management process so that competitive edge can be accomplished.
Project Manager has various tasks to be performed and must possess project management skills. The project could lend into problems if strong priority system is not linked to problems. Hence, importance of project portfolio system can reduce impact of such problems quite effectually. The strategies for mitigating risks should be employed so that firm may be able to attain efficiency in project completion at due date.
You may also check some related samples -