Question

Please Select a Product and Make it on that product

Project Description: Student groups will select an industrial project to be developed throughout the semester. Students groups will select an appropriate project and define measurable project objectives and requirements. A project plan and schedule will be generated as well as resources allocated to accomplish project objectives. Prepare a group project for the class. Use as your model one of the following

1. Construction project

2. Software development project

3. Events management project ( e.g. Awards banquet)

4. New product development

Project Components: Using the following outline, student groups will develop project content as specified by the instructor.

- Scope

- Initiation

- Planning

- Definition

- Planning and scheduling (executing process)

- Work Breakdown Structure

- Activity definition

- Activity sequencing

- Activity duration estimation

- Network Diagrams

- Project cost management

- Resource planning/allocation

- Cost estimating

- Cost budgeting

- Risk Management

- FMEA

- Project control (monitoring)

- Monitoring and measuring progress

- Project closing

Answer 1

New product development:

Product development is the technique of bringing the new product to the market and offering it to its customers. It is a process of converting the business idea into a product. The product development process includes the generation of an idea and then planning its implementation phase and developing the product for the market.

Initiation:

The first phase is to initiate the development of the product by bringing in multiple ideas for the product and after studying the pros and cons of the idea, accepting the best idea.

Planning phase:

It involves planning the future of the product in an organized manner. It involves planning every aspect of the product, looking at the costs incurred in its development. The time required to complete its production, the resources needed for the development.

Execution phase:

Next part of the project involves the execution of the product. It requires scheduling the product and setting time for every activity to be carried out and pre defining what needs to be done and when it needs to be started.

Cost budgeting and estimation:

It is important to set the costs and setting the budget for the product. Budget need to be decided well in advance as the company needs to arrange the finances as well. Estimates are set for the product and amount to be spent on every job is estimated.

Resource planning and allocation:

It is important to plan for the resources and see from where the resources will be available for the development of the product. Contact need to be maintained with the suppliers and inventory should be decided beforehand. After acquisition of the resources, its allocation is must, hence deciding where and how to use the resource in an efficient manner.

Activity sequencing:

Every project has multiple tasks and activities that need to be accomplished step by step in order to complete the entire project. So it is very important to sequence the activities on the basis of the importance attached to them and their contribution towards the project. If proper sequence is made then activities will be performed with ease.

Network diagrams:

In order to develop the product one needs to create network diagrams beforehand. The network diagrams used are the PERT (project evaluation and review technique) and the CPM (critical path method). PERT helps organizations in looking at the sequence of tasks in the project, its schedule. On the other hand CPM tells about the tasks that have the least scheduling flexibility and hence cannot be delayed for longer period of time.

Risk management:   

While working on a project, it is important to manage the risk involved with the project and taking steps in order to minimize the risk. Risk management does not involve fully eliminating the risk, but it means reducing it to some extent by using different techniques.

Monitoring and progress check:

After performing all the activities the project manager must monitor the entire project and see for the any drawbacks or failures. Continuous check is required from time to time in order to see that the project is working as per the set schedule or not.

Project closing:

The last phase is to close the project. Closing means winding up the entire project and seeing that every task is complete, the suppliers are paid accordingly, extra raw materials are returned back, the final output is fully ready and supplied to the customer.