Project plans outline the intended course of events; however, things don’t always happen as intended. Organizations need to consider risks and develop a contingency plan. This plan is typically presented to management.
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Add the following 2 columns to the project plan table you created in Wk 4 – Apply: Project Plan:
- Potential Risk Factors
- Contingency Plans
Based on your prior research, determine potential risk factors for not meeting each of the project objectives. Develop a contingency plan for each of the potential risks. Add the potential risks and contingency plan to your Wk 4 – Apply: Project Plan.
Use Microsoft PowerPoint® , Prezi® , or another software to create a 12- to 14-slide executive presentation—with appropriate images and diagrams—that summarizes the following information:
- The organization’s information presented in Wk 1
- SWOT analysis and market trend research
- Project objectives
- How success will be measured
- The value this project will bring to the organization
- Project metrics
- Timelines
- Responsible parties
- Potential risk factors
- Contingency plans
Include detailed speaker notes within the presentation. Convert the speaker notes to a Microsoft Word document and add it to the citations slide.
Cite all sources according to APA guidelines.
You will submit 2 different deliverables:
- Updated project plan with potential risk factors and a contingency plan
- Executive presentation with detailed speaker notes as a Word document within the presentation
Running head: PROJECT OBJECTIVES AND METRICS
1
PROJECT OBJECTIVES AND METRICS 2
Project Objectives and Metrics
German Levitan
Institution
BUS/475: Integrated Business Topics
Professor Bruce Mc Ewan
1/20/2020
Introduction
Wal-Mart, which is an organization that was established in 1962, has multiple threats and opportunities. The organization should consider setting goals and objectives for its threats and opportunities to continue striving in the highly competitive market in the contemporary world of business.
Project objectives
are business goals that a businessman wishes specific projects to accomplish and to make the company prosper in the respective market or industry. In essence, Wal-Mart has taken into account numerous project objectives to tackle some of its significant threats as well as helping it to turn its opportunities into its strengths.
The selected threat
Based on the organization’s SWOT analysis, Wal-Mart has several opportunities and threats. For this paper, the threat to be projected by the organization is the increasing number of lawsuits. The primary reason for choosing the threat is that with time, it has significantly declined the number of its sales. This is a result of customers losing faith in the organization. In other words, the threat has tarnished and damages the organization’s brand reputation, thereby making customers not to trust the products and services it offers to them. For instance, about one thousand employees have been filing lawsuits against Wal-Mart regarding gender discrimination. Allegedly, the claims have been based on the failure of the company to pay an equal amount of salaries to its workers regardless of their positions (Rubin, 2017). Besides, due to the increasing number of lawsuits, the organization has been experiencing some additional expenses, which are in terms of fines they pay to clear the trials presented in the courtrooms.
The threat is anticipated to benefit the company by increasing trust with its customers. In essence, customers are the principal reason for an organization to operate. Without the presence of customers, companies cannot make sales, and therefore no revenue will be generated to run different operations required. Substantially, customers are often in a large number where the organization’s concern has more trust with them. One of the reasons why customers tend to lose trust with companies is when such companies break the laws that are enforced to protect the consumers. As such, creating trust with customers is a decision that will enable the organization to increase customer numbers. Besides, it will save the organization the extra expenses that it has typically have to pay to settle some of its lawsuits. In the long run, the organization will have more customers to make enough sales and generate substantial revenue to grow its operations.
Measurable project objectives
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Project tasks/Deliverables
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Responsibilities
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Timeline
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Incorporation of the organization business
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Separating the organization’s owners from the company’s liabilities
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On the first two/three weeks
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Implementation of government policies and procedures
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Ensuring the organization’ operations and activities are based on the legal procedures and policies
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On the next one/two weeks
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Observation of ethics, moral and honesty
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Ensuring that the organization pays attention to moral behaviors that respects all of its stakeholders
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On the final two/three weeks
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The three objectives are appropriate for the organization project since they tend to cover some of the significant issues faced by the company. Currently, the organization is having issues with numerous lawsuits which as result, the number of customers visiting its stores have significantly decline. The objectives will help to regain the trust lost by its customers thereby regaining the initial number of customers.
Development of the organization’s metrics
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Project objectives
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Metrics 1
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Metrics 2
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Incorporation of the organization business
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Cost – the government requires companies to pay between $50-$200 incorporation fees. The company is currently capable of accomplishing the requirement
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Productivity – the threat is among the factors that the company has been unable to make more sales as expected. As such, it consideration will be productive for the company
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Implementation of government policies and procedures
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Cost – before begging any business, businesses often ensures they follow respective policies and regulations of government. Same applies to Wal-Mart.
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Productivity – implementing the government policies will create a smoothen environment for the organization’s operations.
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Observation of ethics, moral and honesty
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Cost – in essence, it cost nothing for any organization to observe ethics, honesty and morals. Therefore, it is possible for the organization to accomplish the goal.
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Productivity – treating people with respect and honesty will earn the company with high number of customers.
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The two appropriate metrics are significant for the company’s three objectives since; in general, they help to increase the growth and expansion of its operations. Cost associated with the implementation of each objective can be handled by the organization management. Besides, the productivity that will be obtained from such objectives will benefit the company in general. In essence, incorporation of the organization will enable the owners to avoid some unnecessary expenses that might incur from lawsuits. Here, the objective will ensure that the opposing side can only sue the management based on assets related to the company. Also, the implementation of government policies and procedures will help the organization to ensure all of its operations and activities are in alignment with the regulations made by the government (Rubin, 2017). As such, it will be able to defend itself from any lawsuit directed to the organization. Finally, observing the intended morals and ethics related to business will help the company to follow the right procedures when dealing with its workforce and other stakeholders. Customers are often in a large number where the organization’s concern has more trust with them. One of the reasons why customers tend to lose trust with companies is when such companies break the laws that are enforced to protect the consumers. As such, creating trust with customers is a decision that will enable the organization to increase customer numbers. Besides, it will save the organization the extra expenses that it has typically have to pay to settle some of its lawsuits.
Reference
Rubin, Z., Kondolf, G. M., & Rios-Touma, B. (2017). Evaluating stream restoration projects: what do we learn from monitoring?. Water, 9(3), 174.
