Centre name Myanmar Human Resources Co.

, Ltd
your college name

Learner’s name Lynn Lamin Aye

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ABE membership number 6 4 8 8 1 6
your ABE membership number – i.e. 123456

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box, I Insert your full name
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am confirming that the work I am submitting is my own and I have
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the sources of reference I have used in constructing my assignment.
7 11 202
Date:
2
Da Month Year
y
The name of the organisation is Samyang Foods. Samyang Foods company was founded in 1961
by Jeon Jung Yoon in the Republic of Korea. It is a public limited company. Samyang is a one
large enterprise with over 1500 employees. It is known for its instant noodle products. They also
manufacture snacks, spicy sauces and condiments. The factories are in South Korea. Their main
market is in China. Their key competitors are Nongshin and Ottogi. They target teenagers and
young people since they are the most affected by K-pop and the K dramas. Their noodles are
easy to cook, so it is convenient for busy people and people who do not like to take time for
cooking like gamers and teenagers (Samyang, 2022).

The name of the project is ‘The Japanese Vibe’. This project wants to give everyone a chance to
try the tastes of Japan such as Tonkotsu ramen, Udon and Yakisoba. So, the company is starting
to try to make those flavour instant noodles. The company gives 1 million USD to make this project
in 4 months. Samyang is famous for high quality instant noodles. So, they will have to try their best
for quality noodles in this project too.
 Question 1 35 Marks

(1050 words)

(a) Risks are unavoidable things for every business. In every enterprise, from the small
convenience store to the large organisation, there are a lot of challenges with risks,
insurance, interests and possibility of many more problems. The risks can take place
anywhere, anytime and no one can predict exactly what will happen. For example, in
Samyang’s ‘the Japanese Vibe’ project, vehicle accidents, raw material perishments, fire
accidents and the natural disasters can be happened and are the companies will not be
able to forecast them. However, they can get ready to prevent some of those things. Risk
management is the process of identification, analysis, assessment, acceptance, mitigation,
monitoring and reporting of the problem. The project managers have to consider the risk
management right from the beginning. Generally, there are five stages of the risk
management process (KENTON, 2021).

Identify the risk

This is the very first stage when it comes to risk management. In this stage, the company has to
think carefully about all the risks that might happen during the project. In this case, they can
prepare for the best. The risk can be anything that can disadvantage the business such as legal
issues, environmental risks, market risks and much more. In Samyang’s ‘The Japanese Vibe’
project, the effect from the technology risks can be low. But it is never zero. There are also many
risks in that project including the risk of the retiring of chefs and nutrient professions, the risk of
difficulties in buying raw materials, the risk of changing in currency, food poisoning, financial loss
and time loss (Safety Management, 2020).

Analyse the risk

Once the business predicts the problems, they will have to analyse the risks and begin to consider
what will be the highest potential impact among those risks if they come into existence. Moreover,
the project managers will also have to consider how those risks will affect the project and can they
be able to get rid of those risks. They will have to remain calm if the risk takes place out of
nowhere. In ‘The Japanese Vibe’ if the chefs and nutrient professions quit the job, the project has
potential to go behind schedule.

Prioritise the risk

In this state, as the project managers start to know the exact risks, they rank each risk in order to
know which one they should start to focus on. Then, find the right solution and prepare to solve it.
For example, in Samyang’s project, if the company has financial risk, staff retirement risks and raw
material risk, the project managers will have to choose which one to prioritise and rank the
possibility of the impact. In this case, some of the project managers will prioritise raw material
problems. Because without raw materials the whole project will have to stop, so there will be many
disadvantages from that risk such as time loss and some variable cost risks.

Treat the risk

After ranking the risks, the project managers already prepare for the solution and now they start to
solve the risks. In this state, the project managers treat the risks actually. They usually begin with
the highest potential risk since it is the one that can affect the project the most. An experienced
project manager can handle things a lot in treating the risks. But the one we need to be careful of
is not to impact the time and duration by treating the risks. For example, in the staff retirement
risks and financial risks of the Samyang project, if the employee is the professional the project
managers should talk with them and offer some better conditions. If it does not work, the company
will have to find and hire another employee. For the financial problems, the project managers
should discuss with the company and request for more budget.

Monitor the risk

After all the stages above, the project managers just have to watch and monitor for the results. In
this stage, they need to review what they did in previous stages.

(b) Risks are inseparable for every business or project. There can be a lot of unexpected things
that might occur to projects. In this case, for the least disadvantages, the project managers
have to prepare for things that can take place in a project (Jay, 2022). Three risks that
might happen to the ‘The Japanese Vibe’ projects are as follows.

Acceptance

Changes of suppliers; There can be changes of suppliers in any industry. These changes can lead
the project to go a bit difficult. Once the supplier is changed, the company has to replace the
things that supplier did. In this case, the company has to hire another supplier who is suitable for
‘The Japanese Vibe’ project. There can be changes such as changes in raw materials’ cost,
quality and waiting time. But it is better than not doing anything at all. However even though raw
materials change, the project can still keep going and can be successful.

Reduction

Raw material perishment; This is an unavoidable thing when it comes to the food industry. Some
ingredients to make ramen broth such as pork or beef bones and vegetables can perish in a small
amount of time by some circumstances like changes in temperature. Project managers can
proactive these things by checking the freezers frequently or order those things little by little.

Prevention

Price changes in rent things; This risk can happen the most if the business is operating with the
renting non-current assets. Companies rent and purchase the non-current assets in order to have
better cash flow. Cash flows play the main role in operating the projects. In Samyang’s new
project, project managers can prevent these things by renting the premises and vehicles with 3
years or 5 years agreements. But if the managers did not do that and this risk happened, firstly,
the company should discuss with the owners of non-current assets. Some can be solved in this
stage. But if this does not work the company has to provide more budget to the project. Or move
the factory to the nearest place with a lower rent price; however, this is the last choice for the
company.

Word Count (1017)

 Question 2 20 Marks

(600 words)

(a) Gantt chart is a type of bar chart that is commonly used to illustrate a project’s schedule. It
includes showing starting dates and ending dates of the project. The Gantt Chart also
shows how long a project or a task should take. Thus, the project managers and staff can
know if the project is behind the schedule or ahead of schedule. Hence, the company can
find the ways to save time if a project is behind the schedule. Some advantages of using
Gantt Charts are can consider how many resources the project needs and predict what the
business needs to prepare for problems that might happen during the project (GRANT,
2022).

Task Description Duration (week) Predecessor

A Hiring new chefs
B Finding right supplier
C Buying raw materials
D Create new ramen taste
E Create new pack design
F Do survey on people’s taste
preferences & pack design
G Prepare most recommend
taste & design
H Mass Production &
Distribution
2 None
1 None
2 A, B
2 C
1 C
4 D, E
2 F
2 G

Task Description Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk
1 2 3 4 5 6 7 8 9 10 Wk 12 13 Wk
 11 14
A Hiring new chefs
B Finding right
supplier
C Buying raw
materials
D Create new
ramen taste
E Create new pack
design
F Do survey on
people’s taste
preferences &
pack design
G Prepare most
recommend taste
& design
H Mass Production
& Distribution

(b)

Task A Task D

Hiring Create
New New
Chefs Ramen

2-Wk 2-Wk

Task F Task G Task H

Task C
Survey Prepare Mass
Buying Most Producti
Raw 4-Wk Recoman on &
Material d Taste Distributi
& Design on
2-Wk
2-Wk 2-Wk
Task E
Task B
Create
Finding New
Right Package
Supplier Design
1-Wk 1-Wk
There are two path A-C-D-F-G-H and B-C-E-F-G-H.

The first path is 2+2+2+4+2+2= 14 Weeks. And the second path is 1+2+1+4+2+2= 12 weeks.

The critical path is A-C-D-F-G-H since it is the longest part of the project.

Hence, the project’s duration is (14) weeks according to the critical path.

(c) There are many ways to save time during the project. By saving time, the project managers
can review and check the tasks all over again. Moreover, the business will not have to
worry about being late for the deadline. Among multiple ways to reduce time, three methods
that assist the completion of a project more quickly are as follows (fifteen, 2019).

Analyse the network logic

This method’s explanation in short to the point is not to take too seriously the arrangement of the
project, be flexible and adjust the things if it can bring better results. Focusing on one task at a
time can be helpful in improving the performance of the staff. But doing some tasks together can
save time a lot and make the projects ahead of schedule. For example, in ‘The Japanese Vibe’
project, the project manager can save time by doing some tasks concurrently.

Consider subcontractors

Working with experienced subcontractors can truly help in speedy completion of the project. When
the company outsources some of the tasks, the subcontractors can do more efficiently and
effectively. Hiring subcontractors can cost a bit but it is better than the tasks not getting the best
quality or the project gets behind the schedule by doing everything in house. However, the project
managers have to choose carefully the subcontractors and check their experiences, reputations
and accountabilities (Seacoast Construction, 2019).

Target the critical path

As the critical paths are the total time length of the project, the tasks that can save time can be
found on the critical paths. For example, in Samyang’s project, if the project managers may
manage to reduce a week in each task of A, C and F which are in the critical path, the project will
be saved 3 weeks of its original duration. But the critical path might be changed.

Word Count (663)

 Question 3 20 Marks

(600 words)

(a) There are generally two types of budgeting methods. They are top-down and bottom-up
methods. Top-down is giving the specific amount of finance to the project and limiting the total
spends. Bottom-up approach is also known as resource-based costing method. In this
method, the company adds the most detail of every individual task from the lowest essential of
the project and price up. It is so detailed to the point where it includes all the items that need
to be used in the project. After the project managers make a list of the required materials, they
start to calculate the overall budget. The resources can be divided into 4 categories which are
needed for any project. They are human resources, materials, equipment and premises and
finance for resources. If Samyang apply a resource-based budgeting method in ‘The
Japanese Vibe’ new ramen project, things will be as follows (TEAM, 2022).

Human Resources; This factor is crucial in every project and cannot be neglected. Human
resources include all the employees who work for the project. In Samyang’s project, this resource
contains chefs, nutrient professionals, food specialists, suppliers, consultants, project manager
and all the staff. In hiring employees, it is important to make sure that the right employee is in the
right place. In this category, the business can choose whether they will use part time employees
and full-time employees.

Materials; These resources are consumable. In Samyang’s raw materials like flour, salt and
potato.

Equipment and premises/facilities; In Samyang’s project, these resources contain factories,

vehicles, machines etc. Whether using purchasing equipment method, hire and paid on a time-
related basis or buying is the project manager’s choice to make.

Financial Resources for subcontractors; This is where the company has to choose whether they
will outsource some of the tasks in the project or not. But if the project team does not have a
specialist for a required task, this resource is needed.
 Task Duration Fixed Cost ($) Variable Cost Total Variable Total Cost ($)
(week) per week ($) Cost ($)
A 2 60000 0 0 60000
B 1 25000 0 0 20000
C 2 500000 0 0 600000
D 2 25000 0 0 25000
E 1 25000 0 0 25000
F 4 30000 5000 20000 50000
G 2 30000 0 0 20000
H 2 110000 20000 40000 150000
Project 50000
Manager Cost
Total 1000000

(b) There are many ways to reduce cost in a project. Saving money is also a necessary thing for
every project. The time, cost and quality need to be fair. Following methods are some options for
reducing cost on Samyang's project.

Challenge the initial resource estimate

Estimating the original resource-based budget may decrease some amount of finance. By doing
this, unnecessary costs can be narrowed down and the total cost can be lean and agile. In “The
Japanese Vibe’, a new instant ramen project, the project manager can do manpower reduction
and use raw materials carefully.

Negotiate market manpower rates for contractors

Negotiating a fair contract rate is good for the client, contractor and agency. If a company wants to
hire contractors but still wants to reduce the outsource rate, they have to negotiate wisely.

Plan resources over longer periods

This is truly a crucial factor to consider because the cost will be more expensive if the hire period
is shorter. For example, if Samyang hires a premise as the factory for a month, it may cost about
3000 dollars. However, if they hire the same premise for 3 months or 6 months it will definitely cost
much less than 9000 or 18000 dollars. Also, for the human resources, if the companies hire a
specialist with hourly-based schedule and full-time specialist, they will have to pay much more to
the part-timer (Wright, 2017).

Challenge all project overhead

Overhead costs are indirect costs that cannot be avoided. Sometimes it can struggle a lot with too
much overhead. Overhead costs are connected with the project such as security, transportation
fees, required equipment and insurances. Even though these things cannot be neglected, they can
be minimised to some lower point by replacing things.

Word Count (676)

 Question 4 25 Marks

(750 words)

Projects should be monitored and controlled to get better visibility of how the project is moving
forward. It is important to know if the project is working or if the project can be finished on time.
Sometimes gut feelings are not enough. By tracking the projects, the project managers can notice
whether the project is going well or not. If not, they have time to determine what to fix or how to
solve the problem by monitoring the project. With time scale or results to go look back, the
business will realise how the project is progressing and lower the chance of things to go south.
Another benefit of tracking is it can boost resource management and reduce the risks of delaying
delivery ( Kate Eby, 2022). There can be many ways to track a project. Some of the techniques
are as follows.

Tracking the progress with Gantt Chart

The improvement of the project can be measured by a Gantt chart. It is simple and easy to
understand. Gantt charts are convenient for planning and scheduling the projects and they support
a lot to calculate what resources are needed for a project, how long a project should take and the
order of the tasks.

W
Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk k
Task Description 1 2 3 4 5 6 7 8 9 10 11 12 13 14
A Hiring new chefs
B Finding right
supplier
C Buying raw
materials
D Create new
ramen taste
E Create new pack
design
F Do survey on
people’s taste
preferences &
pack design
G Repare most
recommend taste
& design
H Mass Production
& Distribution

Gantt Chard with TimeNow line

Now the project managers can be able to deduce the planned progress. And compare the planned
and actual progress. In this Gantt chart, if the TimeNow line is at the end of the week-8,

Task A - 100%
The project manager will be able to see that the task should be finished 100%

Task B - 100%
Also, Task B should be finished. It is too obvious to the point every person without business
knowledge can understand.

Task C - 100%
Task C is also should be fully completed.

Task D & E – 100%

These tasks should be finish 100% too. They should be perfectly completed because according to
its predecessor, Task D &E can be started right after Task C.

Task F - 50%
Even without the calculation, one can clearly notice that task F should finish half of its work. Task
F should finish 2 weeks of work out of 4 weeks duration. It can be calculated by dividing the
completed work by the total planned duration for the task and multiplying with 100. (2/4) ×100 =
50%.

Task G - 0%
Task G was not planned to start by week-10.

Task H - 0%
This task was not planned to have a start by this time (Wright, 2017).

In every project, there can be many things that did not complete as the plan. If the project is ahead
of the schedule, there is no problem for the business. However, if the project is behind the
schedule, there can be a lot of disadvantages on company. To prevent from happening that, the
project managers can use Gantt chat with TimeNow line and actual progress and find out how
much process is done.
 W W W W W W W W W Wk Wk Wk Wk Wk Wk
Task Description k 1 k 2 k 3 k 4 k 5 k 6 k 7 k 8 k 9 10 11 12 13 14 15
A Hiring new 10
chefs 0
%
B Finding right 10
supplier 0
%
C Buying raw 75
materials %
D Create new 10
ramen taste 0
%
E Create new 50
pack design %
F Do survey on
people’s taste 75
preferences & %
pack design
G Repare most
recommend
taste & design 0%
H Mass 0%
Production &
Distribution

Gantt Chart with TimeNow line and actual progress

This chart shows how much work is done in actual. As one can see, Task A, B and D are 100%
complete as the plan. Even so, project manager will have to focus on Task C and Task E since
they are behind the schedule. Task F is doing a really great progress and it is ahead of the
schedule. Task G and Task H were not planned to start by that time. Moreover, the companies
can use project manager software such as GanttPro and Trello.

Word Count (739)

Reference list

References
1.

Kate Eby, 2022. Guide to Project Monitoring and Control Phase of Project Management. [Online]
Available at: https://www.smartsheet.com/content/project-monitoring-control#:~:text=The
%20primary%20purpose%20of%20monitoring,and%20updating%20the%20project%20plan.
[Accessed 29 11 2022].

2. fifteen, 2019. 8 Timesaving Tips for Project Management. [Online]

Available at: https://www.fifteendesign.co.uk/blog/8-timesaving-tips-for-project-management/
[Accessed 28 10 2022].

3. GRANT, M., 2022. Gantt Charting: Definition, Benefits, and How They're Used. [Online]
Available at: https://www.investopedia.com/terms/g/gantt-chart.asp
[Accessed 27 10 2022].

4. Jay, 2022. What Is Risk Management?. [Online]

Available at: https://www.orangescrum.com/blog/manage-risk-in-project-management-
process.html
[Accessed 26 10 2022].

5. KENTON, W., 2021. What Is Risk Management in Finance, and Why Is It Important?. [Online]
Available at: https://www.investopedia.com/terms/r/riskmanagement.asp
[Accessed 25 10 2022].

6. Safety Management, 2020. What is Risk Identification?. [Online]

Available at: https://safetymanagement.eku.edu/blog/risk-identification/
[Accessed 25 10 2022].

7. Samyang, 2022. Samyang. [Online]

Available at: https://www.samyangfoods.com/eng/information/company/index.do
[Accessed 10 29 2022].

8. Seacoast Construction, 2019. 4 Things to Consider When Selecting Subcontractors. [Online]

Available at: https://seacoastconstruction.net/4-things-to-consider-when-selecting-subcontractors/
[Accessed 28 10 2022].

9. TEAM, T. I., 2022. Bottom-Up Investors. [Online]

Available at: https://www.investopedia.com/articles/investing/030116/topdown-vs-bottomup.asp
[Accessed 29 10 2022].

10. Wright, W., 2017. Plan resources over longer period. In: H. Ltd., ed. Project Management.
Yangon: ABE, p. 60.

11. Wright, W., 2017. Tracking progress with a Gantt chart. In: H. Ltd., ed. Project Management.
Yangon: ABE, p. 64.