Project Management Updated

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International Business School in Budapest**We aren't endorsed by this school

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MANA OPERATIONS

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Management

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Dec 17, 2024

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Uploaded by ElderMask15915

Project ManagementHome Assignment ContentsProject management technology used..................................................................................2Stakeholder management......................................................................................................2Internal stakeholders.........................................................................................................2External stakeholders.........................................................................................................3Work breakdown structure....................................................................................................4Risk Management:.................................................................................................................6Requirements of the Projects:...........................................................................................6Project Management Life Cycle:........................................................................................6Lessons Learnt:.......................................................................................................................6References:.............................................................................................................................6Team: Hanna T., Violetta H., Laura M., Gréta S.Introduction to PM technologyStakeholder managementWork breakdown structure

Project management technology used Project management technology consists of a collection of principals, tools and techniques employed for planning, execution and administration of projects in order to achieve success. These technologies are useful tools to support project managers in guiding team members andoverseeing tasks (Atkinson, 1999). Asana was selected as the tool to plan the execution of the Casa Nostra project. With the helpof Asana, the following adjustments were made within the project:First, tasks were identified and assigned to team members. Afterwards, the tasks were organized into project and subprojects, and for better collaboration, team members were invited to the project so they could share files and updates. The next important step was to set due dates depending on the importance of each task. A project timeline was created with significant milestones, starting from market research until the planned opening date of the restaurant, detailing each phase. In order to visualize the project schedule, the timeline view was integrated, serving as a useful tool to see how tasks overlap and adjust the timeline accordingly. Task dependencies were set to ensure everything was completed on time and to notify team members of any changes in planning. To check progress in real-time and update task statuses,the team employed Asana’s mobile application. Stakeholder managementInternal stakeholdersInvestors/owners hold a significant importance in the project. Since they have invested money in the restaurant, they have relatively high power and high interest in the success of the project. Their primary goal is to maximize profit and achieve a highreturn on their investment. Management team consist of people who are highly responsible for the operation of the business. Their power is medium to high, as is their interest in the project. Their goal is to help in creating efficient workflows and ensure employee and customers satisfaction. Employees’ power is significantly lower than the previously mentioned stakeholders. Employees, such as servers, bartenders and chefs are mainly interested in job security,

fair treatment, positive work environment and career growth opportunities. Their interest level ranges from low to medium. The restaurant’s success influences their livelihoods. Marketing/PR team’s aim is to create awareness and attract customers to the restaurant. They are responsible for generating effective branding ideas, managing therestaurant’s online reputation and creating strategic promotions. Their responsibility isrealively high as they have to build a significant part of the customer base. Their interest in the restaurant’s success is medium. External stakeholdersCustomers’ power is high, as they play a significant role in the restaurant’s success. Their interest is also high, because they expect a positive dining experience and great value for their money. Suppliers are interested in maintining a profitable and stable relationship with the restaurant business. Their interest is medium, as is their power. Local community including IBS students, Graphisoft Park employees, residents could be included in the customer section. However, their interest may be higher because it is important for them to have high quality services in their neighbourhood. They have both high interest and power. Competitors’ power is low, and their interest in the restaurant’s success can be defined as medium. It is important to maintain a positive relationship (or at least neutral one) with competitors, and to remain informed about their strategies. Government has a medium interest, which is protecting the interest of the public, and high power depending on the law.

The table below will summarize the stakeholders and the business’s strategy related to them:Communication By implementing the communication plan described below, our new restaurant will be able toeffectively engage with all relevant individuals, creating a sense of excitement and establishing a respected culinary reputation among both the student population and the wider Budapest community. Internal CommunicationEffective internal communication is crucial for a successful launch and ongoing operations. This guarantees that individuals at all levels, from the lowest ranks to the highest positions, are well-informed, coordinated, and driven. Our internal communication strategy includes: Daily Briefings: overseen by the Floor Manager, will ensure that all staff members are informed on the daily specials, areas of focus for service, and their assigned roles. Menu Updates:The Head Chef will inform the kitchen and service staff about new menu items and modifications, and will seek their input to improve the offerings. Customer Feedback Reviews:These sessions, conducted on a weekly basis, will provide a continuous feedback loop, facilitated by the Floor Manager, to enhance the quality of service.Marketing News:The management team will be kept informed of promotional efforts and branding endeavors through regular updates from the Marketing Manager. Staff Training:Training sessions will be conducted as necessary to familiarize staff with new service procedures and ensure customer service quality. These sessions will be supervised by the Floor Manager. Health & Safety Updates:On a monthly basis, the Compliance Officer will deliver briefingsthat cover safety protocols, compliance updates, and tackle any staff inquiries or concerns.

External Communication Outside of the restaurant premises, our strategy for communicating with the public is specifically crafted to generate excitement, establish brand awareness, and attract customers both before to the official opening and in the future. This category encompasses the followingcomponents: Investor Updates:The Owner/CEO will provide regular updates to investors on the company's financial status, business plans, and future prospects through quarterly meetings and reports. Supplier Meetings:The Purchasing Manager will conduct monthly meetings with suppliers to engage in negotiations over terms, guarantee product quality, and strategize for seasonal offerings. Social Media Updates:Our Marketing Manager will utilize channels like as Instagram, Facebook, and TikTok to showcase the atmosphere of the restaurant, showcase popular menuitems, and advertise events, actively interacting with customers and the general public. Event Announcements:These announcements, overseen by the Marketing Manager, will generate enthusiasm for upcoming events, providing the public with a preview of what to expect.This comprehensive communication strategy serves as our guide for fostering a transparent and well-informed atmosphere inside our team, as well as building a dedicated and enthusiastic client base. By adopting this strategy, our restaurant is not merely opening, but rather integrating itself into the cultural and social fabric of Budapest, establishing itself as a prominent destination for outstanding eating experiences for both students and urban residents.TopicFrequency/lenghtChannelAgendaOwnerAudienceInternalDaily BriefingDaily / 15minutesPersonal1. Review daily specials2. Discuss service focus areas3. Assign roles & responsibilitiesFloor ManagerAll StaffMenu ChangesAs requiredPersonal/ Email1. Introduce new items2. Phase out items3. Collect feedbackHead ChefKitchen & ServiceStaffCustomer FeedbackReviewWeekly / 30minutesPersonal1. Discuss feedback trends2. Identify improvement areas3. Share positive and negative feedbackFloor ManagerService & KitchenStaffMarketing UpdatesMonthly / 1hourPersonal/ Email1. Review marketing campaigns2. Plan upcoming promotions3. Coordinate event marketingMarketing ManagerManagement TeamStaff TrainingAs requiredPersonal1. Introduce new service protocols2. Food safety updates3. Customer service excellence trainingFloor ManagerAll StaffHealth & Safety UpdateMonthly /30 minutesPersonal1. Communicate safety protocols2. Review compliance requirements3. Address concernsCompliance OfficerAll StaffExternalInvestor UpdatesQuarterly /1 hourMeeting / Report1. Present financial updates2. Discuss business growth strategies3. Future investment opportunitiesOwner / CEOInvestors

Event planningAs requiredPersonal/ Email1. Plan for private events2. Staffing and menu considerations3. Coordination with event organizersEvents ManagerRelevant Staff,OrganizersSupplier MeetingMonthly / 1hourPersonal/ Email1. Negotiate supply terms2. Discuss product quality3. Plan for seasonal ingredientsPurchasing ManagerSuppliersSocial Media UpdatesWeekly /As neededInstagram/Facebook/TikTok1. Share restaurant ambiance and menuhighlights2. Promote specials and events3. Engage with customer commentsMarketing ManagerCustomers &General PublicEvent AnnouncementsAs requiredInstagram/Facebook/TikTok1. Publicize upcoming events2. Offer sneak peeks of event preparation3. Highlight special guests or featuresMarketing ManagerCustomers &General PublicWork breakdown structureA work breakdown structure (WBS) is a hierarchical division of a project’s tasks, in order to accomplish project objectives and generate essential deliverables. It specifies and clarifies thescope of the entire project. Each level of the hierarchy provides a more comprehensive perspective of the project’s tasks. The structure of the WBS, which consists of ’work packages’, focuses on both internal and external outcomes (Norman, Brotherton and Fried, 2008). The following tables will represent the WBS of the Casa Nostra project:1.0 Project planning & development1.1 Develop business plan1.2 Secure funding1.1.1 Market research oncompetitors1.2.1 Business proposal1.1.2 Identify target audience, their needs1.2.2 Present proposal to investors1.1.3 Analyze market research findings1.2.3 Secure agreement1.1.4 Operational plan2.0 Location & Renting procedure2.1 Secure retail space2.2 Restaurant building& design

2.1.1 Define criteria2.2.1 Develop design2.1.2 Search for options in the chosen neighborhood2.2.2 Obtain permits2.1.3 Negotiate lease2.2.3 Construction3.0 Inventory & marketing3.1 Inventory procurement3.2 Marketing & branding3.1.1 Identify products3.2.1 Develop brand3.1.2 Contact suppliers3.2.2 Create social media awareness3.1.3 Purchase stock3.2.3 Advertising3.2.4 Place brochures inGraphisoft Park and IBS3.2.5 Opening event with food tasting opportunity 4.0 Launch & operations4.1 Restaurant opening event4.2 Daily operations4.1.1 Plan and organise4.2.1 Staff training4.1.2 Create awareness4.2.2 Assign tasks within employees4.1.3 Execute event4.2.3 Customer service4.2.4 Financial management

Project ScheduleRisk Management:The major focus of the Project Scope Management Knowledge Area is indeed the identification and documentation of client requirements. (Robert K. Whysocki, 2019)Requirements of the Projects:Two-Level Approach for Complex Projects: oHigh-level requirements list: Because it is crucial for customers to have high-quality services in their community, interest can be stronger.oLower-level requirements developed iteratively: Specifics, such as equipment demands, interior design features, and workforce requirements, will be filled out through the following:Client Meetings:Ongoing interactions with the customer will ensure that their vision is implemented and expectations are controlled.Industry Research: Benchmarking against comparable businesses will help guide decisions in design, menu offerings, and operating practices.Regulatory requirements: It is critical to understand and follow local safety and health codes.Project Management Life Cycle:Given the continual process of requirement gathering, Agile is an appropriate project management method for this project. This enables flexibility and modification as the work progresses.Work Breakdown Structure (WBS):The WBS will be an ordered list of the work required to complete the project.1.Pre-Construction:a.Finalize the concept and the menub.Develop the architectural plans2.Construction:a.Interior finishingb.Preparation and construction of the site3.Furnishing and Equipment:

a.Purchase necessary equipment, fixtures and furnitureb.Installation of the kitchen equipment4.Pre-opening:a.Staff trainings and recruitmentb.Marketing and promotionc.Develop building and menu5.Grand Opening & Ongoing Operations:a.Open a restaurantb.Continuous monitoring and improvementBenefits:By implementing a clearly defined project scope management plan, this Italian restaurant project will benefit from:Clarity and Consistency:Clear communication of requirements ensures everyone involved is on the same page.Reduce risk: Early identification of potential issues enables proactive remediation strategies.Increased efficiency: A clearly defined scope minimizes scope expansion and keeps projects on track.Control costs:Accurate estimates based on defined requirements lead to better financial planning.Creating Value:Projects exist within a larger system, such as a government agency, organization, or contractual agreement. For the sake of brevity, this standard uses the term "organization" when referring to government agencies, corporations, contractual arrangements, joint ventures, and other arrangements. Organizations create value for their stakeholders. (A Guide to the Project Management Body of Knowledge, 2021)Lessons Learnt:Lessons learnt are important take-aways for all the projects, moreover the project management is not an exception.Planning and Scope:Clearly Defined Scope: the well-detailed project scope explains the employees tasks,without misunderstandingFlexibity: There is inherent uncertainty in most projectsCommunication and Collaboration:Open Communication: Speaking straight leads to less misunderstanding, Regular Meetings: Regular scheduled meetings is Building the flexibility to adapt to change is critical.Teamwork: Discuss progress, identify roadblocks, and make sure everyone is on the same page.Risk Management:Proactive Risk Identification: Identify potential risks early and develop contingency plans to mitigate themLessons Learned Documentation: Document lessons learned throughout the project.This valuable information can serve as the basis for future projects and improve overall project management practices.

References:Atkinson, R. (1999). Project management: cost, Time and quality, Two Best Guesses and a phenomenon, Its Time to Accept Other Success Criteria. International Journal of Project Management, [online] 17(6), pp.337–342. doi:https://doi.org/10.1016/s0263-7863(98)00069-6.Norman, E.S., Brotherton, S.A. and Fried, R.T. (2008). Work Breakdown Structures: The Foundation for Project Management Excellence. [online] Google Books. John Wiley & Sons.Available at: https://books.google.hu/books?hl=en&lr=&id=pfKADwAAQBAJ&oi=fnd&pg=PA3&dq=work+breakdown+structure+definition&ots=ITbhn43U3t&sig=mMImoT5gXRr5wt7eP7wxGgzCL4k&redir_esc=y#v=onepage&q=work%20breakdown%20structure%20definition&f=false [Accessed 12 Apr. 2024].Robert K.W. (2019), Effective Project Management, Project Management, [Online], https://ereader.perlego.com/1/book/991274/10?element_plgo_uid=ch10__218&utm_medium=share&utm_campaign=share-with-location&utm_source=perlego, [Accessed: 12 April 2024]2021, Creating a Value, A Guide to the Project Management Body of Knowledge (PMBOK ® Guide)-7thedition and The Standard for Project Management, [Online], https://ereader.perlego.com/1/book/2825638/13?element_plgo_uid=ch13__394&utm_medium=share&utm_campaign=share-with-location&utm_source=perlego, [Accessed: 13 April 13, 2024]