Unit 4 Managing a Successful Business Project

TASK 1

P1 Project aims and objectives

In current situation, it is very necessary to increase the effectiveness of business as well as to make it advance & communicate all its activities accordingly. It is considered as a progressive method in the current market environment where traditional marketing is diminishing day by day (Trim and Berbegal-Mirabent, 2012). It affects business in positive manner as it help in doing all exercises and task in structured and systematic way.

For instance: With the assistance of cloud computing, Quint Group can filed, store, share or transfer their data and information easily from one place to another. Along with this, it also enables firm to communicate with their potential customers in an effective and efficient manner at wider level. 

Topic: The way in which businesses have coped up with major challenges of digital transformation and disruption.
Background of project:        

            For every business concern, it is essential to expedite changes inside firm premise on constant basis according to the time. There are various new progression happens in current business surroundings therefore, it is required by company to change their operations and activities of business (Chesbrough, 2010). Implementation of digital technology improves business activities and make their operations effective where firm manufacture high quality of goods and services according to requirements and preferences of potential customers.

Besides this, it isn't required by company to exchange their data and information by Emails that boost up conceivable outcomes of hacking. But, selection of cloud technology help with getting information secure and minimise the obstruction of outside individuals. By utilizing digitalisation, it gets simple to enhance procedure of manufacturing as sufficient measure of information gets gathered by different clients. Moreover, mobile technology as well as social media aids in interfacing the business exercises at worldwide level and helps in making their work more legitimate and satisfactory (Crane and Matten, 2016). In this manner, at the beginning of any new business venture, it is important to set different objectives and targets according to the necessities of undertaking for guiding the whole business enterprise to work as indicated by that.

Aim: “To evaluate effect of digital technology on small business innovation and growth - A contextual investigation on Quint Group Ltd”          

Objectives:

• Determination of influence of digital technology on SME.
• To gauge estimation of growth and development for a firm.
• To determine the interrelation between development of private firms and advanced innovation.
• To determine the ways through which a business concern can embrace advanced technology.

Research Questions:

• What are the influence of digitalisation on firm's business?
• How development and growth can influence business?
• What is the relationship between technology and growth within firm?
• What are the various ways through which digitalisation can be adopted by firm in their processes and operations?

P2 Project management plan

Project management plan refers to  a design by which all activities and tasks are managed in proper manner (Den Hertog, Van der Aa and De Jong,  2010). By this, managers are enable to frame different plans and strategies so that time and cost of particular activity can be reduced as well as its effectiveness can be improved. Consequently, administrator can carry out their project and activities effectively and easily. Quint Group can maximize their profits and can enlarges their online business easily by using project management plan. So, there are some points that needs to be consider by manager of Quint Group which are defined as follows:

            Project Scope: Scope includes all the description of project plan. It involves diverse  opportunities by which firm enables to deal with or manage all the activities appropriately. Along with this, they are effortlessly growing their tasks in online activities and in this way they can acquire more incomes. By this, they are able to maintain their good position in market as well as in minds of customers (Gebauer, Edvardsson and Bjurko, 2011). If digital technology is implemented by Quint group they can store more data related to customers which will help them in maintaining large base of consumers and increasing their storage capacity.  
            Risk management: It refers to the vulnerability that is associated with any business venture. Various types of risk are connected that is required to consider by Quint Group. Risk level of firm is high as it is the well established one so, it is required by management to determine each kind of risk that is associated with business project. Use of digital technology helps Quint group in minimising risk as all the work is done by using technology so manual work is less and it ultimately reduces the chances of happening mistakes.  
            Quality control: They find a way to enhance nature of items. This is critical with the goal that firm acquire more incomes and can enhance their sales. Quality services are provided by company to their clients which helps them in maintaining good relations with them for long term. Digital technology assists referred organisation in providing high quality services to customers.
            Cost: Cost of the given undertaking is high as the organization is growing their business and going to deal online, it does not influence their operations much. They have adequate amount of funds in order to manager their activities and operations properly. It will control cost of company as use of technology will reduce requirement of manpower and thus the cost of hiring employees becomes less.

            Time: There ought to be adequate day and age given for executing the undertaking in an effective way as it help in creating better outcomes or result. Time utmost ought to be set by business that empower them to achieve all errands and objectives in inside stipulated time period. For fruitful execution of venture, Quint Group must set particular time term so they can finish all undertaking inside characterized era (Eckerson, 2010). Digital technology assists in reducing time of completion of an activity. It helps Quint group in delivering effective services to customers and reduce their waiting time. 

            Communication: Communication assume enter part in making venture fruitful as it help administration in conveying or conveying their message in a viable way. Choice of fitting correspondence channel likewise assume enter part in achieving business assignment in an organized and through way. Not with standing that it likewise help in characterizing the new field in which affiliation will do their work. Use of technology for communication will makes it easy to communicate informations quickly.
            By agreeing all these above expressed point, Quint Group can effectively execute their task as it have positive effect on general business exercises worried about advertising, human asset, activity and bookkeeping.

P3 Work breakdown structure & Gantt chart

Research is consider as perfect measure which has been utilised in order to observing or  analysing overall thought and quality of organisation. In order to take project decision making it is essential for business to scan all the external data and content on the basis of which long term plan has been made which allows company to execute their operations in right manner which facilitates optimum utilisation of resources in effective manner at less interval of time (Incelli,  2013). Proper survey is required at the time of conducting any project for business and there are various steps on basis of which finding has been conducted in research which stated below:-

• First of all identifying whole problem and issues for which research has been implemented.
• Review and analyse the whole literature.
• Clear description of whole problem and issues.
• Clearly describe all the methods and mechanism which has been used at the executing any function of project.
• Population criteria or deciding the ways through which respondent has been used at the time of conducting whole research.
• Establishing whole planning process and procedures.
• Collection and nationalisation of data and information.

            All the activities has been carried out in which research project has been executed which is fully based on digital transformation of various business activities. Apart from it, this is very helpful for them in order to observing overall opinion of various individuals. Quint group want to include digitalise techniques and tools through which they expand their operations through online marketing around all over the globe (Jones and Lubinski, 2012).  Quint group want to come in digitalise market on the basis of which they provide financial service on online basis. Apart from it has been consider that opinion of researcher in concern to that aspect is very much helpful on long term future perspective basis and once all the activities has been completed select particular region or area in which they execute their research and under the whole process they get an chance to take thinking perception of people from different backgrounds. Quint an financial group will select 15 respondent which were using random sampling method in which whatever the data has been collected should be consider at the time of taking managerial decision that bring outcomes and profits to company.

            After considering all the task and activities plan which has been prepared finally execute in order to get better gain in future (Kankaanranta and Planken, 2010). Quint Group which is dealing in financial instrument using primary data in which information has been gathered on the basis of questionnaire in which at-least 10 questions has been asked regarding the services, culture, working environment and other measure has been consider and on the basis of feedback of customers improvement has been made in the product services in which company currently dealing.

            For making the whole business structure digitalize which is complex task in which organization has to take different information and data from various respondents and use such data in their operations so that aims and objective of business has been accomplished effectively and efficiently.

Work Breakdown structure:

            This structure has been used  in order to delegating roles responsibilities of business in order to accomplish all the task and operation effectively with innovative and digitalise methods (Work Breakdown Structure. 2018). Their are different factors and elements that has been used in work-break down structure in order to resolve all the issues and complexity in better effective manner. Under this different hierarchical division which are divided into different task and activities in which work allocated among different individuals so that all the work of project completed on defined time period.

Gantt chart:

This is consider as one of the effective technique which has been utilised in order to observe regarding completion of task for depicting project schedule. This chart has been utilised by Quint group in order to establishing proper plan for particular project (Gantt Chart. 2018). Under this resources which has been utilised by company are limited in nature so it is essential to prepare specified framework on the basis which roles and responsibilities are assigned to people according to their specialisation and after comparing actual performance with standard performance if any deviation arises take corrective step for better financial results that also help in enchancing goodwill and brand value of company. 

TASK 2

P4 Research by applying various methods suitable for meeting aims and objectives of project

Research is carrying out for the purpose of collecting data regarding various perspectives. In context of an organisation, it is done for the purpose of collecting data regarding taste and preferences of customers. There are various resources which are being embraced by firm like primary and secondary method of collecting data (Introducing Research Methods. 2017). 
            Primary data: This can be expressed as information which is being gathered by the scientist with the end goal of study. There are various techniques and strategies which are used by enterprise to deal in compelling way and collect fresh data. These includes interviews, questionnaire, etc.  Information which is being gathered should be 100% correct according to the working of organization. Questionnaire tool is being  picked up by Quint Group for gathering data. For this, a sample of 20 respondents are selected by using random sampling tool.

            Secondary data: Secondary information can be expressed as the information that is being used by scholar. This sort of information is now been gathered and accordingly it assists the other scientist for the conduction of research. This sort of informa

TASK 3

P5 Analysis of research and data by using suitable tools and techniques

The main purpose behind analysing data and using this tool is to get essential information or data that can be utilized further for several purposes. By this tool, logical and analytical data is interpreted so that effective conclusion can be drawn. For obtaining effective results, firm use questionnaire for gathering data. Questions as well as their interpretation are defined below: 

Q1: Does Small Businesses require Digitalisation?

1. a) Important- 15
2. b) Not important- 5

Interpretation:

            From the above mentioned diagram, it can be said that the process of digitalization is important for small firms as digital technology is the thing that provides various facilities to those who using it. In firm's case, whether it is small or large, use of digital technology has become necessary. Out of 20, 15 people thinks that use of digital technology is important whereas 5 of them thinks that it is not important.

Q2: Was building up the mobile application is a viable thought for presenting digital technology  inside work environment?

1. a) Yes- 12
2. b) No- 8

 
Interpretation:

            As a finance company, Quint group give loans and many more facilities to people. In order minimize the consumption of time, firm has introduced a mobile application by which customers are enable to access various features as well as avail services by company with single click. As per the above mentioned graph, it is observed that out of 20 people, 12 of them are thinks that mobile application is viable whereas 08 of them are not thinking the same.

Q3 Does Mobile Application assist in enhancing the experience of clients?

1. a) Yes - 14
2. b) No- 6

Interpretation:

Mobile application allow individuals to easily access the services that are being provided by firm. They enable to easily avail services provided by firm with the help of single click. From the above mentioned graph, it is observed that there are 14  respondents out of 20 which are agreed while 06 of them are not agree.

Q4 Can Quint group accomplish success and growth by digital technology and advancement in it?

1. a) Yes- 16
2. b) No- 4

Interpretation:

            From the above mentioned chart, it can be said that by adoption of digital technology  and its advancement, firm can easily attain growth and success. Digitalisation  can enable firm to easily access to untouched sectors so that sustainability can be attain. There are 16 respondents out of 20 agreed with this while 06 of them are not.

Q5 Do you think digital technology assists in increasing number of clients?

1. a) Definitely- 13
2. b) Not sure- 7

Interpretation:

            From the above diagram, it is observed that 13 respondents are agree that digital technology helps in increasing number of customers while 7 are not agree with that. Digital technology is identified as an effective tool that are being used by company for making their goods and services accessible. This assists in attracting customers more.

Q6  According to you what is the impact of digitalisation procedure on company?

1. a) Positive Impact- 15
2. b) Negative Impact- 5

Interpretation:

            from that above diagram, it is interpreted that among 20 respondents, 15 are agree with the fact that digital technology put positive impact on business of firm while 5 are not agree with the similar.

Q7 Do you feel that mobile application will going to help a business in pulling up more number of clients?

a)Yes- 11

b) No- 9

Interpretation:

Before introducing mobile application, a lot of time of customers is consumed for availing services of Quint Group as there is a lot of paper work is done. For reducing this consumption of time, firm introduce mobile application that helps in minimizing paper work and time. So,. From that above mentioned graph, it can be said that 11 respondents are agree that mobile application will support in attracting more customers while 9 are not.

Q8 Does this procedure is suitable for every last person?

a) Acceptable- 14

b) Unacceptable-6

Interpretation:

            From the above mentioned graph it can be said that 14 respondents out of 20 has positive view point regarding digitalisation as it is a suitable process for each individual while 6 are not accepting this fact. 

Q9 Will this give a long haul or short term advantage to a firm?

1. a) Short term-7
2. b) Long term- 13

Theme: Impact of digitalisation on business
Interpretation:

From the above mentioned graph, it can be sad that 13 out of 20 people thinks that  digital technology will provide long term benefit to company while 07 of them thinks that it will provide short term benefit.

P6 Recommendation

Quint group is one of the company that deals in providing financial services to their potential customers. It is a firm which maintains strong and healthy customer relationship which is the main reason behind their success and long term sustainability in market. Effective plans, policies and strategies are being made by manager of firm before entering into new market place.  These plans assists administrators in providing direction and in making appropriate decisions regarding plans and activities of company in an effective and efficient way. In the present competitive market, digital technology has been used by firms widely and Quint group also doing the same. It facilitates in improving working and operations within firm. So, it can be recommended that use of digital technology is beneficial for company as it improves their operational efficiency. Modifications can be done by firm in the following manner:

• Innovation can be introduced by company in their cloud technology as it enables in effective storage, filing and information sharing. It makes easy for customers as well as company to access information or data any time.
• Several kinds of applications are there that can be used by firm before introducing mobile application to resolve issues and fixes bugs with updates.
• Evaluation of activities needs to be done on continuous basis in order to ensure their timely completion.
• Customer reviews can be taken so that improvements can be made.

TASK 4

P7 Reflection on value of undertaking research to meet objectives

The work that I have done plays crucial role in increasing my skills and enhancing my  knowledge. Due to lack of experience, I face various problems while doing work but I have learnt a lot form the situations. I get good experience which enables me to perform my work in more better and effective manner. From the above mentioned report, it has been analysed that for attaining sustainability in business environment, it is required by manager to bring effective solutions for problems. For introducing innovation within firm, I was being awarder by my seniors. Some obstacles that were confronted by me are as follows:

• I have committed many mistakes at the time of performing tasks. It is required by me to complete task on specified period of time but I am not able to do so due to lack of experience.
• Availability of limited resources creates a lot of problems for me while performing my work.
• The samples that were collected by me was not technically updated because of which it is not easy for me to understand context and hence solutions are similar.

CONCLUSION

As per the above mentioned report, it has been concluded that digital technology is a very  effective tools or technique that assists in leading firm towards high growth and success. There are various elements that may influence positively or negatively on processes and operations of firm. Determination of these factors assists in gaining competitive advantage in market which allows firm to attain objectives and target in an effective and efficient way.

REFERENCES

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