Last day of the OFFER FLAT 20% off & $20 sign up bonus Order Now

Last day of the offer FLAT 20% off & $20 sign up bonus

us

Free Resources

  • icon 67K+ Completed Assignments
  • icon 1.5K+ PhD Experts
  • icon 100+ Subjects we cater
  • icon 100% Secure Payment

BUS305 Small Business Management

Published : 13-Sep,2021  |  Views : 10

Question:

Write about Project Integration Management
 
Write about  Project Scope management 
 
Write about  Project time management 
 
Write about  Project Cost management 
 
Write about  Project Quality Management 
 
Write about  Project Risk Management 
 
Write about  Project Communication Management 
 
Write about  Project Procurement management
 
Write about  Project Stakeholder Management 

Answer:

Project Integration Management

Project plan development

The plan is formulated for in-store management and POS operations. In-store management comprises of the management of inventory management, customer management, pricing and promotion management, loyalty management, up sells items, layaway management, cash and till management, stock transfer, goods receipt, in-store transaction, sale attributes and reporting the final output. The POS operation on the other hand deals with planning of transaction processing, payment processing and periodic activities.

Project plan execution

Inventory Management- Establishing product database to note the batch number of inventory items. Management of items by attributes like color, quantity, size and price, management of assemblies at individual stores and track items by serial numbers are plans for inventory management.

Customer Management- Formulation of customer database, storing information of membership cards, credit limit and customer contact information and analyzing customer buying patterns for making sales report are the ways to manage customer and their details.

Pricing and Promotion Management- This plan concludes period and volume discounts, happy hour based promotions, discounts on items groups and tax exclusive or inclusive pricing based on governing legislations are some way to execute this section.

Cash and Till Management- Tracing the disbursed and collected cash from each cash POS, maintaining opening balance, auditing and reconciling till values and record the Till Count variance for each device are ways to execute the plan.

Stock Transfer and goods receipt- The stock transfer records are kept between head office warehouse and subsidiary stores and each transaction and procedure is tracked.

Reporting- This report contain the details of sales reports, inventory reports, fulfillment reports and collection reports.

POS operations 

Transaction Processing- Operations of evaluating sales, its return ad exchange value, sales order, layaway booking and captures lost sales are the steps to execute this operation. Printing of gift receipt, Automatic price and tax determination at POS, formulating reason code to transactions and generating sales refund are some other form of execution plan.

Payment Processing- Implementing process for accepting payments through internet and credit cards, vouchers, loyalty points and travelers check. This plan also includes collect payments by multiple tenders, advance payments and print these payments receipts.

Project Scope management 

Planning

  • Liquor store does the following planning
  • To take supply from the farmers or suppliers
  • Maintain the inventory in order to fulfill the user demand
  • Incorporate technology to automate the inventory management and supply chain management
  • To automate the process for generating customer orders and transaction procedures
  • To establish a plan for returning order if the products is not liked by the end-users

Controlling

  • Create a well-formed Work Breakdown Structure (WBS)
  • Maintain an inventory and user database for storing their information
  • To verify the orders for each customers
  • Utilizing the POS technology for automating the payment transaction processes
  • Train the staffs regarding such technology so that they can also use it better
  • Engage customers through gift vouchers, additional discount and tax inclusive products
  • Track user demands and buying behavior
  • Maintain a cost benefit analysis

Closing 

  • Take effective steps if any process does not perform in the desired way
  • Auditing the project deliverables
  • Measure the progress of each milestones

Project time management 

Define Activities

Tasks and milestones are set to complete the liquor project. Some objectives and aims are set and are presented through a Gantt chart with proper justifications. This chart helps all the members and staffs to understand the time period for achieving the milestone.

Prioritize the Activities 

Marketers divide the entire project into millstones and create subtasks if needed. The important activities like storing the inventory are given the highest priority; while, the activities like maintenance of such inventory comes after that. A checklist is also prepared so as to note whether or not all the activities are addressed.

Estimating Activity Resources

Supply and demand of each resource/person is assessed. This is done by assigning job roles to every staff. The performances of these staffs are measured and based on the performance it is decided whether or not additional hiring is required.  Project timeline is created and a project schedule is developed. This timeline is shared to everyone and the status of the project is evaluated regularly so that the progress of the activities can be verified.

Project Cost management 

Resource Planning 

In order to establish the plan some resources are required and the planning of such resources is the major concern of this section. Resources like raw material for formulating alcohols are considered by some liquor stores, who desire to open their own production line. Inventory and warehouse maintenance also need resources like staffs and technology.

Cost estimating

A budget is set to predict how much amount is required to perform the project activities. Marketers utilize the level of information available for estimating this budget. Usually account department and some finance experts are consulted for this work. Techniques of factor estimating like parametric estimating and equipment factored estimating and detailed estimating are considered for accurate budgeting.

Cost budgeting

The managers of the store look at the estimated budget and evaluate whether or not all the factors worth the estimated budget. Cost of each work package or activity is closely evaluated. Lastly, a cost baseline is approved to measure actual performance progress. The process is then started. In liquor store, investment in security, shelve maintenance and incorporating automation technology is the major concern.

Cost control

Some cost can be reduced than the estimated cost. Sometimes initial investment may be higher than estimation like adapting green packaging system in the organization but the end results are good and thus marketers agree on such one-time investment in order to obtain future profitability.

Project Quality Management 

The quality management comprises of three things- input, tools & techniques and output.

Input: Stakeholder register, risk register and documentation are the major aspect of input in the liquor store management process. There are several stakeholders like suppliers, staffs and customers, whose details are stored accurately in the database management system. The risk register contain all the aspect that can cause risk to their business like natural calamity or stealing of the inventory or quality compromise of the liquor.

Tools & techniques: Cost benefit analysis, design of experiments, meetings with staffs and statistical sampling area the major focus area of this aspect. The cost benefit analysis is done so that actual revenue can be obtained. The cost of conformance includes the cost of risk prevention and appraisal cost. Liquor store also value user’s demand more and thus they carry out different procedure like online survey and take feedback after every purchase.

Output: Quality metrics for assessing the profitability and process improvement plan is the major plan for this aspect. Liquor industry prepare a quality checklist and check whether or not all the requirement is fulfilled related to the liquor’s quality and the customer’s satisfaction.

Project Risk Management 

Identified Risk

  • Inebriated customers are the client of such store and thus managers are liable to understand their inebriation prior selling their liquors to them.
  • Broken inventories are the major risk as most liquor is packaged in glass bottles and thus shelves are managed properly. The reason is a single broken glass can results in spillage of other bottle in the shelf.
  • Another risk that can cause to the liquor is expiry of the content even though they have long shelf life.
  • Political reason may affect the liquor business like many NGO might get against of this business and political rivalry also hampers the profitability.
  • There are higher insurance premiums risk associated with a liquor store especially when a new store is opened. There is greater risk of being sued if any process through getting the ownership is occurred.

Responding to the risk

  • The managers usually set a limit of bottle a customer can purchase. In this way, they can closely note whether or not to sell their products more to them. Some liquor companies also have Breathalyzer Alcohol Tester with them to test whether or not the alcohol level in them is high otherwise they do not make that sale.
  • Some company use bubble wraps to store the bottle in selves and some use separate chambered shelves for each bottle.
  • Automation problem is incorporated to note the expiry of the products. All the products are checked properly prior selling to ensure that all the sold products are genuine.
  • Marketers can formulates their regulation based on the governing policies so that government can be protected these organization when problem arise.
  • These stores can follow CSR activities so that government can protect them and cost of premium can be lessened.  

Project Communication Management 

Establishing open communication environment 

Staffs are allowed to share their experience as they are communicate with the users more. They can suggest ways through which better strategies can be incorporated and better results can be attained.

Deciding the best communication method

There are several ways of communication- written formal, written informal, oral formal, oral informal and non-verbal communication. The best way to communicate in liquor store is written formal way as most people can understand that instruction. News updates are given in their websites blogs and social media so that more people can follow their news feed.  

Project Procurement management

Specification

This process involves the planning of the procurement, solicitation planning, source selection, contract administration and contract close-out. Liquor store establish their scope statement along with the product description, market condition and procurement resources. These scopes and objectives are them communicated with the staffs of the concerned organization.

Selection

This includes the selection of the suppliers, who are responsible for the delivery of the liquor to the store. Liquor Company often follows governing regulations to supply the alcohols that satisfy the minimum criteria of the concerned liquor store. Vendor selection criteria are also taken into consideration and this is measures through service quality, part performance, delivery and cost of their associatively.

Contracting

In this phase, the liquor store contacts their suppliers for communicating the details of dates and payment conditions. Stakeholder communication also plays a crucial role so that details of the inventory and re-filling of the inventory can be obtained in real-time.

Control

The success of the control aspect can be obtained based on the performance of delivery and payment processes. In United States, this is obtained by the liquor store owners by meetings with vendors, reviewing the ordered items, tracking delivery progress and user’s review. Necessary steps are taken if any negative consequences are seen.

Project Stakeholder Management 

Identify and acknowledge stakeholders 

Stakeholders in such organization are suppliers, who formulates alcohols, staffs, who maintain the bottle, customer, who consumer the products and the governing bodies, who place legislation regarding the selling of such products.

Determine their interest 

Farmers can sometimes be suppliers and can formulate wines, alcohol and other products for selling to the liquor store. Some alcohol manufacturing companies are also the stakeholders. Their major interest is to make a strong bond with Liquor Company.

The staff’s interest is to gain more wages through their services. They intends to work effectively on behalf of the company for attracting more customers and can obtain more profitability.

The governing bodies have interest on drug and alcohol policies processes for protecting the people from the adverse effect from overdose of these items. The government is also liable for addressing the fact that enough revenue should be attained from such business but by not harming the user’s health.  

Establishing communication plan

The liquor company formulates goals or objectives like building trust, managing expectation for future growth, enhance employee teamwork, educate their customers and improving product delivery.

These companies then choose their audience as not all people can be targeted as their end-user. Audience can also be segmented into levels or in hierarchy system so that the entire process can be carried out effectively.

The most important thing is to choose the reliable communication method. Liquor store provide all the details through their social media sites, media relations, website blogs, email marketing, training collaterals and annual reports.

References

Brodie, Roderick J., et al. "Consumer engagement in a virtual brand community: An exploratory analysis." Journal of Business Research 66.1 (2013): 105-114.

de Araújo, Maria Creuza Borges, Luciana Hazin Alencar, and Caroline Maria de Miranda Mota. "Project procurement management: A structured literature review." International Journal of Project Management 35.3 (2017): 353-377.

Eskerod, Pernille, and Anna Lund Jepsen. Project stakeholder management. Gower Publishing, Ltd., 2013.

Fleming, Quentin W., and Joel M. Koppelman. "Earned value project management." Project Management Institute, 2016.

Grunig, James E., ed. Excellence in public relations and communication management. Routledge, 2013.

Haimes, Yacov Y. Risk modeling, assessment, and management. John Wiley & Sons, 2015.

Holloway, Jake. "What stakeholder management should learn from sales and marketing." Further Advances in Project Management: Guided Exploration in Unfamiliar Landscapes (2016): 236.

Kerzner, Harold. "Project Execution." Project Management Case Studies (2017): 211-308.

Kheni, N. A., and Frank Ackon. "Impact of Total Quality Management Practices (TQMPs) on Construction Project Quality Performance in Developing Countries: Study of Construction Businesses in Ghana." International Journal of Management Science 2.3 (2015): 35-51.

Larson, Erik W., and Clifford Gray. Project Management: The Managerial Process with MS Project. McGraw-Hill, 2013.

Munier, Nolberto. "Project Quality Management." Project Management for Environmental, Construction and Manufacturing Engineers. Springer Netherlands, 2013. 201-208.

Pheng, Low Sui. "Project Procurement Management." Project Management for the Built Environment. Springer, Singapore, 2018. 177-193.

Pheng, Low Sui. "Project Scope Management." Project Management for the Built Environment. Springer, Singapore, 2018. 63-77.

Phillips, Joseph. PMP, Project Management Professional (Certification Study Guides). McGraw-Hill Osborne Media, 2013.

Schwalbe, K. (2015). Information technology project management. Cengage Learning.

Smith, P. V. "The Project Cost Management Profession–In Pursuit of Global Recognition & Standards." 9th International Cost Engineering (ICEC) World Congress. Federation of Scientific & Technical Associations (FAST), 2014.

Team, F. M. E. "Project Cost Management." (2014).

Xiong, Gang, et al. "Intelligent Technologies and Systems of Material Management." Intelligent Techniques in Engineering Management. Springer International Publishing, 2015. 295-330.

Our Amazing Features

delivery

No missing deadline risk

No matter how close the deadline is, you will find quick solutions for your urgent assignments.

work

100% Plagiarism-free content

All assessments are written by experts based on research and credible sources. It also quality-approved by editors and proofreaders.

time

500+ subject matter experts

Our team consists of writers and PhD scholars with profound knowledge in their subject of study and deliver A+ quality solution.

subject

Covers all subjects

We offer academic help services for a wide array of subjects.

price

Pocket-friendly rate

We care about our students and guarantee the best price in the market to help them avail top academic services that fit any budget.

Not sure yet?

Get in touch with us or

get free price quote.

Get A Free Quote