Explain the activities that occur when initiating a project.
As a Project Manager for Kingston-Bryce Limited you have been assigned to create a business case. The Board of Directors for Kingston-Bryce Limited (KBL) is eager to move forward with the acquisition of their competitor. The acquisition of the competitor will enable KBL to expand operations and triple their workforce and will take 18 months to complete with a projected cost of $5 million. In order for this acquisition to be successful, you will need to use your project management skills to ensure success.
Your task is to create a business case in Microsoft Word to justify the steps necessary to complete the acquisition. The business case is essential for providing justification and details of the scope of work for the project. You will need to be creative and develop the following items as if you were running the project.
Include the following (you will need to create these items):
- Project scope
- Funding schedule (this is how you project to allocate the $5 million budget)
- Timelines for the acquisition (plan out the 18 months of the project)
Expert Solution Preview
When initiating a project, several activities need to occur to ensure its success. These activities involve careful planning, outlining the project’s scope, allocating resources effectively, and establishing timelines for project milestones. This response will address the specific activities that should be considered when initiating a project, using the given scenario as a context.
To initiate the acquisition project successfully, the following activities need to be undertaken:
1. Project Scope:
Identify and clearly define the project scope by determining the objectives, deliverables, and outcomes of the acquisition project. This includes understanding the goals and requirements of expanding operations, tripling the workforce, and completing the acquisition within 18 months.
2. Stakeholder Analysis:
Conduct a thorough stakeholder analysis to identify all individuals, groups, or organizations affected by the acquisition project. This evaluation helps in understanding the expectations, interests, and influence of each stakeholder, enabling effective communication and engagement throughout the project lifecycle.
3. Risk Assessment:
Perform a comprehensive risk assessment to identify potential risks, uncertainties, and obstacles that may arise during the acquisition project. This includes analyzing external factors such as market conditions, regulatory changes, and competition, as well as internal factors like resource constraints and integration challenges. Developing risk mitigation strategies will ensure a smooth project implementation.
4. Resource Allocation and Funding Schedule:
Determine the required resources, including financial, human, and technological, for the successful completion of the project. Allocate the $5 million budget strategically across different project activities, such as due diligence, legal processes, workforce recruitment, and facility expansion. A detailed funding schedule should be created, specifying the projected allocation of funds throughout the project timeline.
5. Stakeholder Communication Plan:
Develop an effective communication plan to keep stakeholders informed and engaged throughout the acquisition project. This plan should define the frequency, channels, and methods of communication, ensuring that all relevant project information, updates, and milestones are effectively shared. Regular communication helps manage expectations, build trust, and mitigate potential issues.
6. Project Timeline:
Create a detailed timeline that outlines the key milestones, activities, and dependencies required to complete the acquisition within the designated 18-month period. This timeline should consider critical tasks such as due diligence, legal processes, regulatory approvals, hiring and training new workforce, system integration, and facility expansion. Regular monitoring and evaluation of the timeline will help track progress and take corrective actions if necessary.
In conclusion, initiating a project, such as the acquisition detailed in the scenario, requires careful planning and execution. The project manager should focus on establishing a clear project scope, conducting stakeholder analysis, assessing risks, allocating resources effectively, developing a communication plan, and creating a comprehensive timeline. By addressing these activities, the project manager can lay a solid foundation for the successful completion of the acquisition project.