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Midlands State University

Bachelor of Commerce Honors Degree in Business Management

INDIVIDUAL ASSIGNMENT

STUDENT NAME : PHIRI BRIAN TINASHE

REGISTRATION NUMBER :R 183196 A

PROGRAMME : BUSINESS MANAGEMENT

MODE OF ENTRY :HARARE WEEKEND CLASS

LEVEL : 3.1

MODULE NAME :PROJECT MANAGEMENT (BM404)

LECTURER : MR MATABA

DUE DATE: 3 APRIL 2020

 1. Explain what project management is, and why it is different to other forms of
management. (15)

A project can be defined as an endeavour in which human (or machine), material and
financial resources are organised in a novel way, to undertake a unique scope of work, or
given specification, within constraints of cost and time, so as to deliver beneficial change by
quantitative and qualitative objectives. Project management is comprised of organising,
motivating and controlling procedures, resources and protocols to achieve specific goals of a
specific project.

Also project management is the shared understanding of what it takes to deliver products and
services effectively. There are core skills involved in project management including
identifying and agreeing on project objectives, scheduling and estimating. In addition, other
issues such as managing risk, communication and dealing with other people are key areas of
importance.

A project may be a temporary and time bound mission that is geared towards the production
of a specific result. It is also constrained by funding and other resources. The aim of project
management is to use limited time and resources to channel them towards achieving of the
goal of the project. End result should be to achieve optimum results that are beneficial and of
added value.

Projects are temporary and they help the organisation to meet organisational goals and to
respond quickly and easily to the external environment. Characteristics of a project include
being temporary, being an endeavour, to create a product and being unique.

Besides project management, there are also other types of management which includes
general management, operations management and risk management.

Project management is usually employed in projects that are temporary and time constrained
whereas general management is employed for on-going procedures of an organisation. Also,
in project management, resources are limited and in contrast, general management is also
responsible for resourcing whatever necessary requirements for continuation of functions.

The key difference between a project management and operations management is the focus.
A project is a temporary undertaking, with a fixed start and end date to innovate the new
outcome, whereas an operation is outside the scope of a project. The desired results for
project management will be unique to each project; however, operations management’s focus
does not change.

A risk is something which has the potential to occur or go wrong in an organisation. Risk
management focuses on the organisation as a whole. For example, risk managers may focus
on a particular type of financial risk such as liquidity risk. On the other hand, project
management risk only focus on the failures that has an impact on the project alone.
 2. Explain how Project Management can be applied to your company project. (15)

When a company is implementing a project, there are phases of a life cycle that are used to
make sure that the project becomes a success. The phases includes idea generation, feasibility
study, implementation, start-up stage and post project evaluation stage. When a project has
been initiated and completed, it calls for project termination. As a medical aid company,
these phases of the life cycle are crucial in coming up with a new plan cover that caters for
the general populace, who have been, for a long time not included in the original company’s
focus.

Idea generation and screening the idea is done through a feasibility study. It is a decision of
whether to go for the project or not. This is whereby the project proponents assess for needs
from the targeted community through different methods like surveys. As a medical aid which
wants to introduce a low cost plan for the general populace, a study has to be done to
consider if the target market will be able to appreciate the effort of the company as well as to
partake in the project by becoming clients on the introduced plan. This idea generation can be
realised by an organisation as a penetration to the market or after receiving a request from the
market to have such a plan.

The other stage is feasibility study also referred to as project formulation. This stage looks
into issues such as location, finance and the general impact of the new plan to the
organisation. When the project has been agreed to then there is need to plan for it by sharing
the picture that initiators have in mind with everyone else for clarity. Specific groups of
people who are willing to partake in joining the new plan have to be approached, have the
issue delivered to them for their opinions and contribution. This stage gives the organisation a
clear picture of what they need to offer for the target market to accept the new idea.

Execution is the third stage of project life cycles. It is also known as the implementation
stage. This entails launching of the new medical aid plan that the company has introduced. It
requires a loud voice in the market to reach to as many potential clients as possible. It
requires the product to be delivered to the people. In most instances, road shows and
awareness campaigns are held in light of the execution of the new plan. This stage requires a
team of energetic people who executes their professionalism in dealing with different types of
people who will be in asking about the package. It is this stage that makes the project known
to and accepted by the market which will then determine its failure or success.
As the project goes on, it has to be monitored, controlled and evaluated. These are the critical
stages of a project so as to have it a success. The way the clientele is accepting and
welcoming the new product should be a communicating flag. More clients coming in for the
product means that the product has been well accepted but small numbers should raise a
concern of worry to the organisation. Engagement with stakeholders such as doctors,
pharmacies and potential clients should be an on-going exercise so that the project doesn’t
flop along the way due to poor engagements. Feedbacks from clients are mostly welcome so
as to maintain or improve the standards of the new plan.

Although a project is deemed to have a specific period of survival, in medical aid companies,
the duration of such projects in largely unknown because clients should be there to stay thus
the company has to make necessary measures to keep the clientele. Suppose the organisation
wishes to terminate the current plan, proper engagements and communication has to be done
to both clients and stakeholders. In most cases we do not wish clients to fall off but to have a
better option upwards. There are various factors which affect continuation of such low cost
plans such as acceptability by service providers as well as the economy at large.

Inasmuch as the project will have been terminated, results must be measured against set
objectives and goals, in this case it will be to have the company’s reputation known all over
the market. Lessons should be drawn from the project in its failures and achievements. Also
sustainability must be proved.

The above discussion brings the application of project management to a medical aid company
which wishes to introduce a new cost plan for the general populace who, in for a long time
have not been included on the generic plans for the company but has become a necessity to
have them included to make the company’s reputation a positive and to increase market
shares.
REFERENCES

Ayas, K. (1996) “Professional Project Management: A shift towards learning and a

knowledge creating structure.” International Journal of Project Management. 14(3)131-
136

Harvey, M. (2010) Project Management, Fourth Edition. London: Pearson

Rondinelli, D.A. (1993) Development projects as policy experiments 2nd Ed. New York:
Routledge

Rory, B. (2003) Project Management, Planning and Control Techniques, fourth edition.
New Zealand

Subramanian, T. etal(2010) Financial Management. New Delhi: New Age International

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