Project Management Lifecycle
At the commencement of each and every project, the planning and the kind of work to be done in many cases presents challenges and which seem to be so overwhelming. There are numerous tasks that need to be accomplished at the end of the project and which must be in line with the time and sequence of performance. Breaking down the project into different phases allows the project managers to be in a better position to reduce the work load and assign according to plan and minimize the cost. Project initiation is the first phase for the commencement of the project. The value and the feasibility study are done to determine whether the project is valuable to pursue. Looking at the project which is LG (Life’s Good) electronics, there are numerous potential benefits of taking the project. LG is an international and multinational company from South Korea, there is many benefits of commencing a project on this company.
LG electronics is one of the largest and most known companies in the world for the production and manufacture of Smartphone’s, TVs, home appliances and many other devices (Kerzner, 27). LG has gained a lot of market and demand for its products especially the television sets since it has been manufacturing the best quality types of televisions. The goal of the project is to ensure that the project is completed within the scheduled time limit and also according to the budget allocated. Quality projects are very important since they determine the final results of the project.
Planning of the project is very important since it creates a chance for the project to be handled according to the budget and reduce the risks of losses and lack of quality. The project on LG electronics will be done on a standard budget for a period of not more than 5 months. Over the five months, the project will have been completed on the allocated budget without incurring any extra cost. LG has been in the market for more than 50 years and this makes it a company that has invested in its products and has the capability of overcoming the market challenges (Kerzner, 26). The company has given employment opportunities to more than 80 000 personnel’s and has opened close to over 100 business units all across the world through subsidiaries. LG has grown in terms of its productivity. Since the company was founded, there has been a development from just manufacturing domestic appliances to manufacturing products to be exported to other nations which import such devices. The company has been making profits of more than $50 billion in one year. In the financial year 2014, the company got a profit of more than $55 billion which was ranked the third in the world.
Executing the projects is very important since it ensures that the cost allocated to covering the project does not exceed the budget. The resources to be used in the project include the materials to be used in formulating questionnaires to be filled out by various members (Verzuh, 65). Interviews will also be very important to give more information on the content of the project. LG is an international company and therefore most people ought to have known about the company and therefore conducting an interview about the products will be an easy task for the team to complete in time.
Monitoring the project is very important to ensure that everything goes according to plan. The aim of having a reduction in the cost after completion of the project is very important. Progress is measured according to how well the project is completed. LG electronics project will be successful since the methodology used to conduct the research is conclusive and simple. With LG's many affiliations in the market, controlling the outcome of very simple especially due to the fact that there is a reliable source of information with regards to the performance of the company. Smooth planning, execution, and control assist in making sure that there are minimal and or no errors.
On the close of the project, the final outcome is presented and which indicates how well the project was successful including formulating the challenges of the project. Completing a project is important since it allows for a chance to discuss the challenges and the success factors influencing the project. Looking at the five strategies for the formulation of an effective project which is the life cycle of a project, it is important to consider the possibility of development of new skills which can be useful in handling another project in the future (Kerzner, 25). Completing a project is important since it allows the management of the resources and a distinguishing factor on the best strategies for a more effective future project.
Success factors for the completion of the project involve the fact that there was adequate and good planning over the project execution. Projects which in many cases lack a plan always end up being a failure since the budget allocated at times is less than the actual amount used in the projects. Being organized and working on deadlines allows the completion of the project. Quality planning all through the project assisted in keeping the team very focused and determined to work on their duties. Reliability and realistic time allocation of the resources ensured that the project was smooth and a success from the start to the end. Having a successful and open communication contributed to the completion of a quality project. Communication is very important to ensure that there are no errors which might contribute to the project being a failure (Verzuh, 45). The delivery of the recommended schedules was highly enhanced by being communicative and always optimistic of the best. The interviewees of LG electronics proved to be very communicative and ready to share in every case they were requested. Due to the planning of how to have a successful project, success was assured as there was a ready strategy to deal with any risks that might have arisen during the project execution.
During the execution of the project, a number of challenges affected the project mostly from the field work. Lack of adequate skills is one of the major challenges that affected the project. Some of the team members had inadequate skills to deal with the general public and any person who might have been productive to the project. The language barrier is another challenge that influenced the decisions of some of the members. Due to the difference in the language, many opted to use translators or interview fewer people. For a project to be successful one must apply the best strategies and reduce the unnecessary spending which can cause the budget of a project to rise (Kerzner, 34). Projects are very important since they assist in knowing the value versus the risk of undertaking such a project. In every project, objectives are very important to prevent lack of a motive to performing certain tasks.
Works cited
de Guzman, Abraham R., and Won Jae Kim. "Potential Financial Effects of the 2015 Corporate Tax Reform of Japan to Electronics Companies with Comparison to South Korea." Academy of Accounting and Financial Studies Journal 19.3 (2015): 27.
Kerzner, Harold. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons, 2013.
Stark, John. "Product lifecycle management." Product Lifecycle Management (Volume 1). Springer International Publishing, 2015. 1-29.
Verzuh, Eric. The fast forward MBA in project management. John Wiley & Sons, 2015.
