Question: K&Q International is a digital manufacturing company that wishes to examine a number of potential innovative projects

Company Profile

K&Q International is a digital manufacturing company that wishes to examine a number of potential innovative projects. Each project is to be ranked according to its likelihood, measured by the ability to adhere to a number of corporate objectives. K&Q International wants to expand into new global market by investing in new innovative project. The company already have some existing products which include digital cameras, smart speakers, smart phones and smart TV sets. The company has been enjoying a steady growth in the sales of these products and last year it generated a revenue of over £20 million with a 22% profit margin.

The overriding objective of the company is to be a global leader in the production of modern digital innovative technologies from the perspectives of innovation, creativity, connectivity, and profitability.

There are three (3) proposed digital innovative projects which is to be judged against the strategic corporate objectives of the company and the company will commission only one (1) of these projects.

The company has three (3) “must have” strategic objectives as listed below. These objectives are determined by the company executives and in line with shareholder expectations of ethical, responsible, and profitable business outcomes and comply with the organisation’s strategic aims.

1. The selected project should not have an adverse effect on a current or planned operation within the larger community.
2. The selected project must need to meet legal, safety and environmental standard.
3. The selection projects must have the ability to remain compactable with existing product from the perspectives of functionality and connectivity.

The third objective is in reference to the corporation’s strategic plan to expand into African nations hence the need to maintain a neutral political position.

The company also have 7 “Want” strategic objectives are assigned relative importance by top management. Mapping of all projects will adhere to the already established weighting for their relative importance. Want objective are not critical to the company's mission and are as follow:

1. Generate additional revenue such through enhanced functionality and connectivity with existing products.
2. Raise public consciousness about environmental issues.
3. General ROI in excess of 22 percent and a one-year time to market.
4. Advance the state of the art in digital innovation.
5. Provide the basis for the developments of a new digital products.
6. The project product will have the potential to be nominated for and win a digital innovative product of the year in the next global technology award.
7. Attract and create a strong media attention.

Project Proposals

Project Proposal 1: Energy Saving Automated Light Bulb

An energy saving automated light bulb with control ability via smart mobile phones. The automatic bulb will be designed and produced to be compact, much brighter, have better colour representation, and feature control apps. The project is expected to deliver a ROI of 32% and will have a 2 (two) year time to market with £250k budget.

Project proposal 2: App for Social Connection

The social connection App with a potential RIO of 12% and a 8-month time to market prospect with £950k budget. The app will include features that will prompt social inclusivity and engagement. It will also include features that propel citizens of the selected market countries in social engagements of the rest of the World.

Project Proposal 3: K&Q AI Home.

A virtual assistant AI technology K&Q AI Home which will be support by the K&Q smart speakers. It is capable of voice interaction, music playback, setting alarms, streaming podcasts and audiobooks, and providing weather, traffic, sports, and other real-time information, such as news. K&Q AI Home can also control several smart devices using itself as a home automation system. The project is expected to deliver a ROI of 45% and will have a 3 years’ time to market with £1m budget.

YOUR TASK

• Project Selection (Appr. 300 words)

You are part of the strategic project selection team and expected to evaluate each of the submitted proposals. The task is to rank each submission according to the corporate objectives, and to select a project to be commissioned by the company using the project selection tool in Appendix 1.

• Project Justification and Critical Success Factors (Appr. 500 words)

Using credible and appropriate project management literature,

• 1. Show how your selected project aligns with the strategic organisational objectives of K&Q International, and
  2. Advise the company on the critical success factors of the project.
• Project Initiation document (PID) (Appr. 1200 words)

Following your project selection, K&Q International has appointed you to manage the project. You project management task begins with the development of a PID, drawing on appropriate project management theory and frameworks, to present to the Project Sponsor. In delivering the project, the project sponsor has asked you to develop a prototype product, test run the prototype for both functionality and quality, establish a manufacturing system for the new product, and organised a product launch event.

The environmental impact assessment of all the project proposals have been completed and all budgets have been reviewed and provisionally approved. Market research has also been conducted for all proposals.

The PID should consider the following aspects of the project:

1. 1. 1. The project scope statement, including a Work Breakdown Structure (WBS)
      2. The project schedule including a Gantt chart and project milestones.
      3. An initial assessment of stakeholders (minimum 6) by identifying, analysing, planning, and providing recommendations on how these stakeholders should be managed to maximize the chance of achieving the project objectives.
      4. An initial assessment of risks (minimum 6) presented by the project and the response strategies propose.
      5. A critical evaluation of the project management skills required to deliver the project.

NOTE

You are required to research and apply project management theories and literature in order to successfully complete this assignment. In order to pass, you will need to use a minimum of 10 separate sources, including a minimum of 5 textbooks and/or journal articles. DO NOT copy the research article without providing critical and academically sound analysis. The use of theories and literature must be evidence across all sections.

Criteria for Assessment

This table details the weightings of the five criteria by which your work will be assessed.

Module Learning Outcomes:

The Learning Outcomes for this module align to the marking criteria which can be found at the end of this brief. Ensure you understand the marking criteria to ensure successful achievement of the assessment task. The following module learning outcomes are assessed in this task:

2. Evaluate current issues in project management and its application in the business environment.
3. Critically evaluate and apply different tools and techniques used in project management.
4. Critically assess the impact of hard and soft skills on the management of a variety of different projects.