Project Management Case Study: Discussion On Success And Failure Factors Of Maxima LT
Successful completion of this assignment will result in
achievement of the following subject learning outcomes:
1. Understand PMBOK knowledge areas and process groups and their role, relevance and impact on project management best practice and PMI’s Code of Ethics.
2. Critically compare and contrast project management approaches and their appropriateness for managing a variety of project types.
3. Apply appropriate project management tools and techniques, paying particular attention to risk management.
4. Critically reflect on the leadership styles necessary to succeed in a range of project management situations, and their personal capacity to succeed in those situations.
Context: At the beginning of your learning journey on this subject, you were encouraged to reflect on your learning experience and knowledge obtained from the learning modules through discussions and participation. This assessment will provide an opportunity for you to reflect on your learning, document lessons learned, identify global project management practices you hope to adopt in your career. In short, your reflection is a tool for developing knowledge
Project management is a study from understanding new potential projects for an organization to implementing it within the company’s framework through step by step process. The project management case study aims to understand project management life cycle, practices, competencies, methodologies along with success and failure factors for Maxima LT.
Project management life cycle of Maxima LT
The project management life cycle is defined as the four-step process, which all the management leader and a project need to go theory for ensuring that the project is on the right track. The four-step process in project management life cycle includes initiation of the entire project, planning for the project and executing it, and closure. The knowledge areas in context to the project management life cycle are comprised with project’s integration, cost, scope, quality, resource, schedule, communication, procurement, risk, and stakeholder management (Duehlmeier, 2018). In the context of the project initiation for Maxima LT, it is nothing but developing the project charter, in context to planning to develop a project management plan. Furthermore, in context to executing direct and managing the project work and managing project knowledge and in context to closure, closing the project or phase.
According to the project management case study, Maxima LT is a retail organization situated in the Baltic States such as Lithuania, Latvia, Estonia, Bulgaria and others. Project management is a study which helps the organizations to successfully implement and complete new projects within an organization. According to Marchewka (2016), Project Management Body of Knowledge (PMBOK) is a collection of knowledge, terminologies, best practices and guidelines about the projects. Over the years, Maxima LT has implemented and improves their business processes so that they can deliver a better product as a relatively cheaper price range. From implementation to properly management; every step of the project life cycle needs proper leadership skills to compete. Implementation of automated systems and work processes, improvement of the existing processes and structures and all have achieved through proper use of project management. PMBOK guides Maxima regarding how to assess their ongoing operations, what needs to change in the system, what is necessary to bring the change and implementation of the proposed system (Heagney, 2016). Maxima have no R&D unit, and it is evident that they need to understand what is best for them to improve their business operations. I think Maxima need to prepare their workforce about new projects so that they can accept and involved in those projects by their own to make those projects successful in the first place.
Project management process groups are nothing but the chosen alternative for PMBOK for the implication of chronology or sequence in an existing organization (Kerzner, 2016). The Main role of process group is divided into 47 project management process and ten different knowledge areas for accomplishing a project plan. In context to the Maxima LT, ten knowledge areas and five process groups related to project management are initiations, planning, monitoring & controlling, executing and closing.
What are the project management practices discussed in the scenario of project management case study?
Project management is a study of structuring, developing, managing and implementing new projects within Maxima. In my opinion, as Maxima lacks a dedicated R&D department, they at first arrange a group of people who are innovating minded and thin for future development (Schwalbe, 2015). The only implementation of the new projects is not good enough; Maxima also have to make sure that the new system is operating properly. To do that, Maxima at first have to understand what they want to achieve and what they want to change in their existing system. If I am a Project Manager in Maxima, I would first communicate with each of the employees and higher officials about their problems and possible solutions so that I can develop a plan for probable solutions for the problems. According to the project management case study, Maxima have started a new air-ticket voucher collection process in their check-out counters for their customers. Another approach is to offer customers to pay their communication bills in their check-out counters (Walker, 2015). Now the challenge is to convince people to utilize their services above to make it successful. Just implementation is not sufficient; Maxima also have to make sure that the implemented project is successfully delivering proposed outcomes. The roles of process groups always need to ensure that all ongoing projects along with the upcoming projects are following all the code of ethics to ensure that the overall project is on the right track (Pmi.org, 2019). On the other hand, I think the company policies and comply with the code of ethics are upbringing the overall policies followed by all the employees, subordinates and other operational management.
Project management methodologies for Maxima LT
Leadership plays a crucial role in project management in every organization, including Maxima LT. The success of every project can be understood based on three factors, time, cost and scope (Meredith, Mantel Jr & Shafer, 2017). Maxima have implemented two projects recently according to the scenario. Project management follows different methodologies, and according to me, Waterfall methodology is one of the best methodologies where the project operations or steps are structured during the development stage of the entire project, and later the steps are followed as per the structure for the Maxima. As per the readings of the project management case study it can be stated that the leaders in Maxima have to make sure that every project runs efficiently and effectively. If I am a leader, I have to make sure that the overall project finishes within the proposed time limit, the cost for the project must be minimum or as proposed and the project must run successfully. The leader has to make sure that during the project maintaining Waterfall methodology, the operations and steps are followed currently within the time frame and after finishing the project, every operation is followed as per the plan in Maxima for success of that project.
Competencies of project management success and failure of Maxima LT identified in the project management case study
The project management approaches are extremely beneficial for ensuring that the triple constraint is fulfilled traditionally in context to Maxima LT. The components of business success related to supply chain improvement and delivering customers self-service options (Fleming & Koppelman, 2016). Due to the changing environment of the existing business portfolio, I think the business needs to be adaptable and flexible for ensuring that focusing on value creation is essential. Project outputs of Maxima LT need to properly identify all the time, scope and cost for intending the compliance with the project management approach with the appropriateness. Empowerment of employees, encouraging them for further creativity and critical thinking along with offering a safe environment is making the employees more engaged towards the company by which Maxima LT is on a journey towards success even if having some fallout. The critical analysis of project management case study illustrates that a competency-based training need to be provided to all the employees and subordinates of Maxima and initiation process for designing a competency model is necessary. These training and model are extremely beneficial for not only improving the overall market share but also gaining success in the global business platform. Mitigating the risks related to different aspects to business can be proven helpful for saving the business from ultimate failure. Maxima need to make sure that every implemented project are have implemented after communicating with the employees and their customers. However, it is good to implement new projects and services often is a business, but Maxima also have to make sure that the new projects are showing expected results as predicted. Management of risk, procurement, resources, communication, and strategic management is taken into consideration to do so.
Depending upon the probability, frequency, impact on the existing resources, and priority, the risk analysis is done for identifying the preliminary stages whether the risk management tools can be useful or which precautionary management can be taken into consideration for upgrading the market criteria of Maxima LT. I came to know about the Risk assessment matrix for identifying and analysing the risks in the very preliminary stage in context to Maxima LT. However, the Risk Register can be useful for reassessing, updating and communicating with risks. On the other hand, considering the findings of project management case study I can say that the organization needs to focus on the consequences of their risks in their existing business for identifying the fact whether the response strategies are positive, negative or both as all of them need to cater with specific ones (Porter & Kramer, 2019). For instance, the negative risks need to be avoided, transfer or mitigate, whereas the positive risks need to be exploited, enhance and share. However, in my opinion, the resource management can be possible with the application of Float, Resource Guru can be useful in various prospects, whereas for communication management in Maxima LT they can take help from online platforms including Skype, Slack and others.
From the above project management case study, it has been concluded that Maxima LT needs to focus on its failures and the exact reason by which the success level can be improved. Mitigating the risks related to different aspects is extremely beneficial for ensuring that the four-step process of project management life cycle is implemented properly. Developing the competencies-based training and competency model also act as a catalyst to ensure the success of the overall business of Maxima LT.
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