The Process of Project Development

Introduction

A project can be identified as a sequence of steps having one purpose that must be completed within a particular period and budget (Ofori, 2013). It can also be presented as an investment of sources to achieve specific objectives (Ofori, 2013). Project implementation is always associated with risks, so they should be studied during the first stages of project development. To plan a successful project, it is crucial to conduct proper research. To do so, I will investigate the market and study similar business cases to learn what problems can occur during the implementation of my project. I will also consult business and finance professionals to see what issues I need to pay attention to and what tendencies exist in the related business sphere. I will present my findings to them and correct the planned project objectives according to the evaluation results. Then, I will choose a strategy according to the collected data. The chosen approach will be evaluated after the project implementation. According to Besteiro, Pinto, and Novaski (2015), the investigation of the management strategy effectiveness and adjusting it to the current needs is key to the success of the project.

Project Deliverable Outline

To develop the project, I will take the following steps:

1. Define the possible problems and complications.
2. Conduct research relevant to the potential problems, evaluate the findings, and consult the professionals in the field.
3. Formulate the objectives of the project.
4. Choose the strategy.
5. Implement the project.
6. Observe the consequences of the chosen strategy.
7. Adjust the plan according to the results of the implementation.

The Elements of a Mission Statement

Mission statements are necessary for organization’s management, marketing strategy, and planning (David, David & David, 2014). They not only list a company’s mission details but also represent its attitude and perspective. That is why it is crucial to invest time in creating a good mission statement. According to David and David (2014), there are essential elements a mission statement should have. First of all, it should be broad but less than 250 words. A good mission statement is designed to be inspiring and create a positive attitude towards an organization and motivate the readers to take action. Moreover, a firm should be presented as socially and environmentally responsible. It is essential that customers see the successful, goal-oriented, and worthy of investment organization. A clear mission statement provides basic suggestions on generating and screening options. Another crucial point is customer orientation, an effective mission statement is designed to reflect clients’ anticipations and meet their needs. A company should properly define their clients’ needs and fulfill them by providing the right product.

According to David and David (2014), mission statements can serve different purposes, but they all should include the following points:

1. Defining the company’s target audience and showing them responsibility and care.
2. Introducing the organization’s products or services.
3. Giving an idea about the market the company is interested in.
4. Introducing the technologies the firm is using and the purposes they serve for.
5. Showing commitment to growth and profitability.
6. Presenting the company’s philosophy, its beliefs, values, and ethics.
7. Underlining the organization’s competitive advantages.
8. Showing the firm’s responsibility for environmental, social and community concerns.
9. Expressing the company’s positive attitude to its employees.

The Purpose of a Key Operating Principle

The firm’s operating principles are essential for its success. The purpose of a key operating principle is to ensure that the strategic decision-making is implemented within the chosen project system. According to Reymen et al. (2015), strategic decision-making provides flexibility in response to changing circumstances. To achieve the goals, it is crucial for companies to have a clear strategy. Strategic decision-making and management include three stages (David & David, 2014). Strategy formulation is the basis for developing a new project. During this stage, it is crucial to identify a company’s mission, the opportunities it has and the possible problems. The second step is strategy implementation; the organization should motivate and mobilize its employees, allocate resources and establish annual goals. Finally, strategy evaluation provides an insight on what strategies are the most effective for the firm. This strategic approach is key for company’s success.

Ensuring Success of the Project

A successful project implementation does not allow the continuing profit unless the additional steps are made to support project’s development. In my opinion, the best way to ensure the success of the project is to continue the research of the market and its tendencies, as well as study similar business cases. Moreover, it is essential to ensure continuity and service consistency within the project (Smyth, 2014). Following the initial ideas but adjusting them to changing circumstances is the effective plan of project development. Project marketing is the additional strategy that can lead to success. This process demands further research, communication with the target audience or clients, negotiation, and networking. Effective project marketing can result in the engagement of stakeholders and sponsors, building a client base and the development of the project itself.

References

Besteiro, E. N. C., Pinto, J. D., & Novaski, O. (2015). Success factors in project management. Business Management Dynamics, 4(9), 19-34.

David, F. R., & David, F. R. (2014). Strategic management: Concepts and cases (15th ed.). New York, NY: Pearson.

David, M. E., David, F. R., & David, F. R. (2014). Mission statement theory and practice: A content analysis and new direction. International Journal of Business, Marketing, & Decision Science, 7(1), 95-110.

Ofori, D. F. (2013). Project management practices and critical success factors – A developing country perspective. International Journal of Business and Management, 8(21), 14-31.

Reymen, I. M., Andries, P., Berends, H., Mauer, R., Stephan, U., & Van Burg, E. (2015). Understanding dynamics of strategic decision making in venture creation: A process study of effectuation and causation. Strategic Entrepreneurship Journal, 9(4), 351-379.

Smyth, H. (2014). Market management and project business development. Abingdon, England: Routledge.