6015 Week 2 Dis
Posted: August 26th, 2021
6015 Week 2 Dis
Name
Institutional Affiliation
6015 Week 2 Dis
As a project manager, leading the development of a new drink product for Coca Cola hallmarkis a great achievement not only for my career progression but also in cementing the its continued market dominance. As such, it is essential to analyze how each of my planned set of activities reduces or exacerbates the risks involved within the project. Firstly, the availability of relatively sufficient funds for the project will reduce the risk of being unable to source for the necessary raw materials required for developing the new drink product. With the allocated $5 million, my team and I will be able to develop a sophisticated yet simple to use drink product. Thus, the risk of new and complicated products becoming unpopular in the market will have sufficiently been reduced.
Secondly, there is sufficient time between now and March 1st,2021. Therefore, as a project manager, I have sufficient time to lead my team through idea generation, screening, business analysis, development, testing and commercialization stages that are usually involved in new product development. For this particular project, each of the steps mentioned above has unique risks associated with them. For example, before embarking on developing the new drink for Coca Cola, it is crucial to conduct business analysis on the viability of the new product. Through such a market study, I will be able to establish whether the company stands toprofit significantly from the new drink when it eventually gets to the market, and thus, reduce the risk of incurring losses.
Thirdly, when going about this
project, I will inevitably break down the entire work involved in smaller
actionable tasks. Each task will be assigned to particular team members, which
should be accomplished within a set period.Coming up with the Work Breakdown
Structure (WBS) for the entire project will enable me as the project manager to
oversee the smaller actionable tasks more effectively as compared to overseeing
the entire complicated process. In addition, breaking the tasks will provide me
with the basis for estimating staff, costs, and timelines required, and thus,
reduce the risk of the project stalling halfway through due to exhaustion of
the allocated funds before project completion.
References
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley & Sons.
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.