Solved!! Project Report

Visit an enterprise around your college or home, interview with the proprietor and prepare the project report considering that you are an entrepreneur and going to start the business. Briefly explain scope, identify activities and prepare a budget for the start up. Include and describe processes and justify the process that you have followed while choosing them. 

It needs to be 4-5 pages following APA 7 guidelines. An introduction to the concept and conclusion is a must  to finish the report. 

A++ Answer

Introduction

Project management involves use of specific knowledge, skills, tools and techniques to deliver service or product to people. This can be improved business process, construction projects, product development and many other projects. All projects involve creating value provision of products or services or other results as stated by (Gido & Clements, 2014). The projects have a beginning and an end. The projects consist of teams, budget, schedule, scope and the expected results. The project is concluded when the goals are achieved. Project management covers defining the reason why a project is necessary, capturing the project requirements, specifying quality of the deliverables, estimating resources and timescales, preparing a business case to justify the investment, securing corporate agreement and funding, developing and implementing a management plan for the project, managing the risks, issues and changes on the project, monitoring progress against plan, managing the project budget, maintaining communications with stakeholders and the project organization, provide management and closing the project in a controlled way when appropriate.

The project scope covers the work that has to be done so as to deliver a product, result or service successfully according to the product scope. It describes all the elements involved in the project. This is important in regulating what can be added or removed from the project as it progresses. The project scope also plays a great role in determining the time the project will take and cost. When the scope is well understood by all stakeholders, they are able to agree on what is needed of the project and how it will be achieved.

Project scope

A project management plan will be used to create, validate and control the project’s scope. This will be achieved by establishing the project’s objective (Fageha & Aibinu, 2013). The project under study is a business startup which sells and supplies engineering supplies and fasteners. The project aims at supplying fasteners and other engineering supplies to companies, workshops and people in the area who requires the different fasteners and suppliers. The area has hardware which has stocked and provide only construction materials without any fasteners and other engineering materials that are used in fitting works. The business will enter into the engineering sector and gain a market share where it will be able to have regular and new customers purchasing goods from it. The shop will be in a position to provide the required fasteners considering the different types, sizes and different varieties. The business will get a stable and constant market share, it will be in a position to earn sufficient profit to keep it operational and to pay its employees. The business should be in a position to attract new customers and provide the fasteners which are in demand in the area. The business has a probation period of 6 months where it will have established and gained a substantial market share. By the sixth month the business should be in a position to add stock, pay rent, pay for utilities and salaries for the employees working there. The business will have me as the manager and accountant, a cashier and two sales people. The sales person will be responsible for getting customer request, obtaining the goods ordered for and packaging them. I will confirm the goods provided from where the customer can go ahead with the payment at the cashier’s place. The business will be registered as a sole proprietor where I will be the only owner of the business.

The business will have flyers which will be distributed to the different companies in the area and workshops. The flyers will be distributed by one of the sales people who will be advertising the company every Tuesday of each week for three months. The flyers will have details of the business name, products, location and contacts. The business will also have a website where customers can see the business products and buy online. The customers will be in a position to login and create their accounts from where they can be accessing the business goods and catalogue. The business will also have a Facebook account, Twitter and Instagram. The cashier will operate the accounts where he can follow other companies and people and be followed by them and other people. This will help in advertising the business goods.

Project activities

The project activities will be analyzed using a work breakdown structure. The activities will include ordering of goods from suppliers, collection of goods, arranging in the business store, removing goods from store when bought and packaging them, sales of goods, paying of all the permits and required certificate for the business operation, hiring the staff, cleaning the store and business operating area, fabricating the store structures, purchasing all the business operating requirements such as computers, receipt books, office equipment, furniture and stationaries. With the activities identified a schedule can then be prepared with each activity being given a timeline. The timeline will be given by the manager and the required resources especially the human labor. This will act to give responsibilities to the various teams involved in the project.

Project budget

The project budget will be developed from the activities determined using the work breakdown structure. Three quotes and above will be obtained by the manager for all the products to be stocked in the shop from various suppliers. This will ensure purchasing the products at the lowest price so as to increase the profit. The quality of the products will also be considered where goods of different quality will be stocked where each will fit the respective customer. This will make sure that high end, low end and medium level customers will be considered in the stock availed in the shop.

The following budget will be used for the shop

ItemQuantityCost
Rent3 months$16000
Furniture (6 chairs, 3 tables) $2780
Store and office partitioning $9000
Stock purchase $80000
First three-months’ salary $135000
Transport cost $15000
Office supplies and equipment cost $10000
Permit and certificates payment $5000
Total $272780

Table 1Business shop budget

The work breakdown structure was used in determining all the required activities for the project. This guided in developing the budget and the work schedule. The budget was developed by determining the most suitable location for the shop considering the rent costs. Purchases of other properties like the furniture was done by obtaining quotes from different suppliers where the cheapest and best quality product was selected. The permit and certificates required for the shop operation have a standard price which is constant. The stock has a budget of $80000 where the fasteners to be purchased include bolts of different sizes, their nuts and washers, plastic seals, cable ties, silicon and other products which are used in fastening. To buy those products, quotes will be obtained from different suppliers and companies. The cheapest will be obtained.

Conclusion

The project scope covers the project objectives which guide management of a fasteners shop opening and stocking. The scope defines the project objective which guides in developing ways to achieve them. This includes ways to stock the shop and procedure to purchasing the stock. The scope also covers the shop target and the ways to be used to achieve it. The activities involved in the project are also covered. To adequately cover the activities, a work breakdown structure was developed. This helped in identifying all the activities. A budget for the shop was also developed covering all the cost to be incurred in establishing the shop. The cost for all purchases was obtained from quotes given by different suppliers.

References

Fageha, M. K., & Aibinu, A. A. (2013). Managing project scope definition to improve stakeholders’ participation and enhance project outcome. Procedia-Social and Behavioral Sciences74, 154-164.

Gido, J., & Clements, J. (2014). Successful project management. Cengage Learning.

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