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Introduction

Project management refers to the process of planning and organising different activities related to the project and its parts. It involve establishment of principle, policies and procedure for managing the project from conception to its completion. This report is about Trend craze limited company which is currently operating its business in Bristol city of UK by offering fashionable clothes and clothing related accessories (Weinstein, 2013). This project is divided into two parts own reflection and individual report. First part provides a detailed explanation about business case and various methods that are used for management of expansion project taken by Trend craze limited company. It also elaborates about the project milestones, Work breakdown structure and Gnatt chart plan that support in determining the actions to be taken for accomplishing the objective. The second part of project includes the reflection regarding the development of skills and learning that are experienced after the completion of project.

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Main Body

Business case

Trend craze limited company is taken for current report, it is currently operating in a retail industry and offer fashionable clothing material as well as ready-made dresses for youngsters. Main goal of company is to offer high quality and trending clothes to its customer so that they don't mind to some extra money for it. After achieving success in Bristol, company now want to expand its business by setting up its new branch in a porsche location of London. As after experiencing a hike over sales volume, demand of trending clothes and suggestions of customers from their feedback related to starting the fashion store near them influence the company to expand their operations (Wheelen and et. al., 2017). The localities of London are more concern about the new trends and location prevailing in market and their attraction toward the quality of clothes motivate Trend craze limited to choose that location for their new setup.

Rational for exhibiting

Rational is a course of action in which all the information of a project is mentioned and all the future steps that are going to be taken by the management of the organisation have also been discussed under the report. As Trend craze limited company is currently operating its business in Bristol. The organisation have achieved success there and now it is willing to expand the business in London for the purpose to acquire higher market share. A business plan has been made by the managers of the company so that all the activities can be executed effectively in future. If Trend craze limited get higher work load in future than all of it can be managed with the help of this business plan because it guides managers to manage all the work in an effective manner. It is very important for the managers to exhibit the business plan to all its employees who are responsible to perform effective duties so that possibility for the errors and issues may get reduced. In process of exhibiting manager discuss various expenses of the business to the workers so that they may estimate the expenses that may take place in future. The business plan reduce the possibility of unfavourable events because all the functions are monitored, managed and controlled by higher authority of the organisation (Schaper and et. al., 2014).

Exhibiting is very important because it is required to communicate all the plan and strategies to the concerned persons of the company. As London is a new location for Trend craze limited hence it is very important for the managers of the organisation to formulate business plan in effective manner and show it to different divisions of company. This step may help to get their valuable opinions on the plan or they may also guide to make modifications in their activities that are going to be conducted by the company in future or upcoming period. If the managers of the company are not able to generate a proper business plan than it may result in big problems like failure or loss in business in future. An effective business plan with high transparency can help to analyse that business is going to get success in future or not. While exhibiting the business plan the executives have to take a look that it is not provided to those persons who are not a part of organisation and have no authority to get confidential of the business. It is essential for all the business executives to keep a track record of all the activities that are going to be operated in future.

Activities

Time taken

Identify the new location appropriately

20 days

Gather information about political factors

5 days

Environmental analysis

30 days

Study buying behaviour of customers

60 days

Exact location for the new branch

15 days

Best suppliers at new location

10 days

Selection of ware house and stores

8 days

Analysis or market trends of new market

15 days

Formulate marketing plan

2 days

Research and development activities

5 days

Follow up

10 days

Total

180 days

From the above table it has been understood that all the activities of the company are going to be accomplished in 180 days. It is very important for the organisation to plan the activities effectively so that the new branch of  Trend craze limited in London.

Project plan and budget

A project plan can be defined as the document in which all the important informations like scope, cost, time, communication, quality and risk are recorded in order to analyse that a new branch will result successfully or not (Armstrong and Taylor, 2014). Budget is a plan in which all the information of future expenses and estimated costs are recorded by the managers. Project plan of Trend craze limited is as follows:

Scope: In order to make the business plan successful the organisation have to identify its scope in market. The new branch of Trend craze limited can help to acquire the market of the company because tit is successfully established in Bristol and now it is possible for the organisation to acquire higher market share in London because it has a good market image.

Cost: Cost refers to the expenses that are related to each unit or total units of the company. It is very important for the managers of Trend craze limited to analyse total costs that may occur while expanding business in London. A budget for the expansion of the business is formulated which is based on assumptions and it may guide the management to reserve funds appropriate funds for the organisation so that all the activities can be performed effectively.

Particulars

Amount

Expenses for the new shops and wares houses

150000

Promotional expenses

25000

Material

180000

Market research

15000

Stitching cost

16000

Electricity expenses

11000

Rent for building

14000

Total cost

411000

From the above budget it has been identified that estimated total cost for the company is 411000 that may occur in future while establishing business in London.

Time: It is the total time which is going to be invested by the managers and other concerned persons in the expansion of business in London. Executives of Trend craze limited are focused to give their full efforts so that the business get a success. As the decided time for the project is 180 days and the managers needs to be assured that project is completed on time (Bamberger, Meshoulam and Biron, 2014).

Quality: Management of Trend craze limited needs to analyse that they are offering good quality products to their customers because it is very important to be get a success in the market of London. It is an element which is required to get competitive advantage in the market and to grab attention of customers and  target market. Good quality is a source to enhance profitability and establish a new business successfully.

Risk: As Trend craze limited is willing to expanding its business in London which is a new place for the company. These is always a risk involved in every project which is going to be introduced by a company in the market. Risk for the company is very high as establishing business in a new market is very tough. Managers of  Trend craze limited should also make plans to deal with the risks so that it can be resolved effectively and appropriately.

Communication: It is an essential element to get success in an project and to complete all the activities on time. Lack of communication can create conflicts among employees as well as the managers because it is very important to discuss and make effective decisions. If the organisation is not communicating effectively with all its employees than it may result negatively for the organisation (Švárová and Vrchota, 2014).

Potential return on investment

Return on investment: It refers to the ration in which relation of net profit and cost of investment is analysed by the organisation so that it can be examined that what will the organisation will receive on the amount which has been invested by it in business. Shareholder always caters to invest in such companies who are providing good returns on their investments because higher returns make them more interested in the organisation. A return on investment of the company is calculated on the assumed amount of revenues and costs. Calculations are as follows:

Return on investment

Total revenue – total cost / total cost * 100

Total revenue

520000

Total cost

411000

ROI of  Trend craze limited

= 520000 – 411000 / 411000 * 100

= 26.52%

Inflation rate

4.00%

Net ROI

= 26.52% - 4%

= 22.52%

From the above table it has been analysed that return on invest fro the company before deducting inflation rate is 26.52% and after deducting the same rate of return is 22.52%

Conclusion

From the above business and project plan it has been summarised that it is very important to form a business plan so that all the activities can b performed effectively at workplace. Budget is also very important to be formulated by the managers so that all the possible expenses and costs can be estimated.

Reflection

It was a great experience of being a part of such project as throughout this execution I came to know about various things that supported me in developing my knowledge and skills. This learning includes knowledge regarding fashion industry, method to handle conflicts, necessities for business expansion and different ways to manage a project effectively to achieve set objectives (Bharadwaj and et. al., 2013). Apart from this there are various skills like communication, problem solving, presentation, group work etc. that I assumed are enhanced during execution of project. These skills are used while practising the week activities which keeps on improving as I experienced these activities. As each week bring new challenges and success in achieving the targets or objective of particular week, my confidence enhanced that motivate me to work harder toward improving my skills to perform task more effectively. Following are the key skills that I assumed  get enhanced during the execution of project:

Communication:- It refers to process of sharing information through speaking, writing and some other medium. Communication is consider as one of the major factor that support a person to interact with the people that are involve in project for ensuring the proper execution of project in planned direction. By becoming the part of this expansion project of Trend craze limited, I came to know about various mistakes that I must consider while communicating information with others. As sometimes the meaning of content delivered to other group member may miss-interpreted if not presented accurately that may leads to failure of activity performed by workers (Sherwani, 2012).

The tasks as well as objectives are divided into different parts and are prioritize as per their importance so that these aims can be achieve effectively that provide overall goal accomplishment. So for making other team members informed about the task they are required to perform, I have to communicate with them regarding the tasks that are assigned to particular person and in which way they have to complete it. While having conversation with those there are various question that are asked by them this help in removing my hesitation of communicating in public. Apart from this it also support me in considering the factors that must be included while communicating with other for delivering the a understandable information. For instance after collecting the information regarding the consumer behaviour I have to communicate it with fashion associates about the demand of targeted customers. This supported me in improving the presentation skills as well as also helped in developing my knowledge regarding the fashion trends (Sekaran and Bougie, 2016).

Numeracy:- This is consider as an most essential skill that support a person in preparing a budget which is an estimation of total capital required by a company for effective execution of project. While working with  Trend craze limited over their project of business expansion I came to know about the importance of numerical data in representing the image of company in front of stakeholders and investor. Apart from this it also support in learning the skills of creating a budget that depict the amount that a company require to perform its operations. While executing project I have learned about the ways to create and represent financial information of company by preparing financial statements. In addition to this I have also learned the method of calculating ROI and the figures which I had determined from the available financial information is 22.52%. This ROI percent depict that the financial position of Trend craze limited is good and the return that a investor get over investment is also higher. This will help in attracting large number of customers to invest in the project of company to get higher return.

ICT:- This skill is very essential for performing the project in an informed and most reliable manner. As Trend craze limited company is expanding its business to a new location in London, therefore it required to communicate with several people about the project information and its objectives. Therefore, while working in this project I have been assigned with a work to create a power point presentation regarding the location selected for warehouses and store to represent the methods of transporting for completing the orders. Apart from this I had also been asked for sending mails to warehouse managers regarding the demand of designed required by store manager and at what time. These all tasks helped me out in enhancing my skills regarding the methods that can be used to make a presentation most attractive and explanatory. In addition to this I also came to know about various factors that can ruin the matter presented in PPT or may result in misinterpretation of information. Along with this I also came to know about proper format that must be followed while framing a mail (Veblen, 2017).

Problem solving:- The execution of expansion project I had experienced several challenges and conflicts that are arrived among the team member. While going through these situation I have learnt from my seniors about the ways through which I can resolve the conflicts among team members. One of the conflict that aroused among the team members regarding the information that has been collected for the selecting of warehouse location. As the location that has been selected for warehouses is at longer distance from the store. Because it take more time to deliver the knots of clothes that sometimes hamper the work of fashion associated who are presenting the design in front of customers (Morecroft, 2015). This create conflicts among them so at that time I handled this issue in absence of my senior and then I asked the fashion associate to make a list of items that are most demanded by customers. So that the information regarding customer demand remains known to warehouse keeper that help them in keeping the stuff available at its requirement.

Working with others:- After being a part of this expansion project I also able to develop my group work skill as the activities performed are generally inter-related. Therefore, the team is formed with the people who are belong to different fields (Storey, 2016). During this project execution I have to communicate with different peoples like suppliers, warehouse managers and R&D department regarding the inventory for store. For instance after determining the need of London's target market I have been assigned a task to ensure that the required patter and design must be available at store. So for this I have to communicated with suppliers for making order regarding the design required after that I have to ensure proper delivery of order to warehouse by communicating with  its manager. Therefore while working with suppliers, warehouse keepers and store mangers that has supported me in developing my team work skill.

Conclusion

From the above given report it has been concluded that for the achievement of objective behind a project it is very essential for a company to manage the activities that are performed within the project. It includes identifying the work to perform, breaking down of project into task, determining the time taken by tasks and people to whom task must be assign. These actions are performed using work breakdown structure, critical path analysis and Gnatt chart plan. Along with this it is also very essential for a company to prepare a budget that depict the capital required for performing the activities performed during execution of project.

References

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  • Wheelen, T. L. and et. al., 2017. Strategic management and business policy. Pearson.
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  • Bamberger, P. A., Meshoulam, I. and Biron, M., 2014. Human resource strategy: Formulation, implementation, and impact. Routledge.
  • Švárová, M. and Vrchota, J., 2014. Influence of competitive advantage on formulation business strategy. Procedia Economics and Finance. 12. pp.687-694.
  • Bharadwaj, A. and et. al., 2013. Digital business strategy: toward a next generation of insights.
  • Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
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  • Morecroft, J. D., 2015. Strategic modelling and business dynamics: A feedback systems approach. John Wiley & Sons.
  • Sherwani, N. A., 2012. Algorithms for VLSI physical design automation. Springer Science & Business Media.

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