Olympia Corporation Project

Project Selection

It is essential to analyze the projects presented and rank them according to the objectives needed. The organization has a general ROI of over 21% and takes one year to market. The discussion below will outline the five projects and outline whether each of them has met the requirements.

Project 1: Social Media Connecting Apps

This social media connecting app will take four months to prospect new markets, with an ROI of 16% and a budget of £.23000. This connecting app will include features that aid social inclusion and engagement worldwide.

Project 2: Automated Energy Saving Bulbs

One of the best features of this bulb is that it is made to produce more light, release better light quality, and be easily controlled. For this project to come to life, it is expected to have an ROI of 25%, meet a budget of £170000, and take three years to market.

Project 3: Olympia Automatic Alarm Doors

The Automated alarm doors meet all the necessary objectives as it is expected to attain a ROI of 26%, they will take seven months to reach new markets and will need a budget of £ 58000. The automatic door has well-defined cameras that do not consume much energy and can replicate and perceive their environment.

Project 4: Vehicles that do not need drivers

A vehicle that is energy efficient has an intelligent radar that allows it to receive signs from its environs. With its automated features, the car is expected to aid in avoiding crashes, blind-spot assistance, and lane-keeping assistance, among others. This project is estimated to meet ROI of 32%, with a budget of £ 3.2 million and it is expected to take one year.

Project 5: Olympia Home AI

The project will meet an ROI of 7.5%, taking ten months to reach new markets with a budget of £ 175,000. The home AI will be able to set alarms and read audiobooks while streaming podcasts.

As shown in Appendix 1, Olympia automatic alarm doors are the best project to pursue as they offer the most attractive ROI with an affordable budget over a short period of time. In many markets all over the world, security and surveillance are essential, making this project the best option as it is highly profitable.

Table 1: Project selection tool in Appendix 1

2.0 Justifying the project and the success factor

2.1 Success Factors

Kiru et al. (2020) noted that automatic doors have existed for centuries. They are well-known for both commercial and non-commercial areas. Security is an essential responsibility for all citizens, especially regarding people’s property and their lives. These automated doors are an indispensable feature in home automation, intruder detection, and security detection. Automatic alarm doors can detect people’s or object’s proximity using sensors and other essential components. Gao $ Zhi (2019) stated that the frequency converter, the drive motor, the device, and the control transmission aid to control the door’s movement so it opens and closes. Over the past decade, many advancements have been made in the technical world, making integrating security mechanisms necessary.

Regarding the chosen project, Olympia Automatic Alarm Doors, the project meets the different goals and objectives of Olympia Corporation in several ways. Security is an essential issue for commercial and residential buildings. One of the main objectives is to promote functionality and connection with pre-existing products. Kiru et al. (2020) highlighted that it is essential for automatic doors to utilize artificial intelligence. It helps automatic doors to perform tasks and make proper decisions as information is gathered from their immediate environment. A business has to align with its core objectives according to project management to ensure project success (Elmorshidy, 2013). The Olympia Corporation’s objectives identify the need to remain innovative and move with the trends. Consumers’ needs have to be met. These issues are all addressed through the different features of an automatic alarm door.

2.2 Critical factors that ensure the success of the project:

Success shows that there is no single definition of the word project definition. Beleiu (2015) stated that project success is attaining the results and objectives depending on the previously highlighted conditions such as cost, time, and performance. Critical success factors are essential as they aid in supporting and measuring the success of a proper approach and implementation methods that ensure a project remains successful and ensures proper allocation of resources. The literature emphasizes the traditional iron triangle, including quality, schedule, and cost, the standard procedure used to measure success (Lutaaya, 2019). A well-organized organizational structure, proper communication systems, proper planning, and a quality assurance program are essential to ensure project success. It is essential to engage stakeholders in most of the developmental stages of the projects. Stakeholders include marketing teams, consumers, and designers. They provide adequate feedback that helps to ensure the efficiency of the project. Lutaaya (2019) highlighted that there is always a need for consultation with clients and other stakeholders. There is a need for adequate control and monitoring to ensure the performance of the automatic doors is improved through control and monitoring because all issues and errors identified are managed early. Monitoring and control help to ensure that the motion sensors and security surveillance are of the highest quality available in the market (Marco, 2018). Resource management is also a critical factor that needs to be considered. When resources like time are adequately managed, the budget may stay manageable, leading to increased cost of production. Employing a well-experienced team ensures that quality is attained and the best quality doors are developed.

3.0 Project Initiation Document (PID)

SOAS (2017) stated that a project initiation document (PID) highlights the responsibilities, scope, approach, objectives, and program that aids in managing projects. The primary role of this document is to record all the information needed to manage a project. It highlights the aims of the project, why it is essential to attain the aims, the responsibilities of the members who take part in the project, and the timeline for all the deliverables

3.1 Work Breakdown Structure (WBS)

This project will be divided into different major work packages, as shown below:

Fig 1: The Work Breakdown Structure (WBS)

The main aim of this project is to come up with automatic doors, it has an expected ROI of 26%, with a budget of £ 58000 within seven months. It will be achieved through four major phases, as highlighted below:

Design stage: This phase is composed of a detailed product design where specifications are outlined. The prototype is also developed at this stage. Finally, the design is reviewed and analyzed to ensure quality is met and maintained.

Developmental stage: At this stage, automated doors are fitted with high-quality cameras, mobile sensors, and a proper mobile application. At this stage, resources are also allocated adequately to ensure that all stages of the projects are attained.

Project manufacturing stage: At this stage, manufacturing equipment ensuring quality control is observed. Here, the product production is started.

Launch stage: At this stage, the automatic doors are already ready and developed; it is essential to plan the launch event, develop adequate marketing strategies, and eventually launch the product.

3.2 Gantt Chart

Figure 2 is the Gantt chart that illustrates the timeline of the project. Throughout the Gantt chart, tasks are divided and separated depending on the resources they need and the time they take. The chart is developed from WBS with four main stages.

3.3 Stakeholder analysis

Literature indicates there are numerous definitions of the term ‘stakeholder.’ However, all highlight that stakeholders represent a considerable part of the microenvironment of every organization (McGrath & WItty, 2017). It represents the different interests that are directly related to the organization. Therefore, a stakeholder analysis is an integral part of project management because stakeholders have significant influence over the success or failure of an organization (Agwu et al., 2019). With proper stakeholder management, the goals and objectives of a business become easily attainable. Through stakeholder analysis, a project manager can manage and control all stakeholders right to the end of the project. There are some stakeholders, like consumers, who demand steady and continuous communication. Zwikael Smyrk (2019) noted that stakeholders require careful management to ensure their interests do not expose the project to severe risks. The table below highlights the significant stakeholders for Olympia’s automated doors.

 Table 2: Stakeholder Analysis

Stakeholder power interest matrix as indicated by (Slabá, 2016).

Fig 3: Stakeholder interest matrix

3.4 Risk Analysis

When project risks are adequately managed, teams can meet the set goals of a project (Njuguna, 2019). Therefore, for a project to be successful, it is essential to ensure that risks are adequately managed. Risk management tools help teams succeed by delivering projects promptly and within the set budget so people can meet the needed quality. Musyoka (2012) noted that all projects face risks; the challenge arises when organizations need to prepare for risks as they strive to grow. For the Olympia Automatic Alarm Door project, a couple of risks have to be kept in mind to ensure project success. Some of these risks include:

1. Lack of adequate human resource

As earlier noted, highly skilled employees are essential as they help create high-quality automated doors. However, the project will likely suffer workforce shortages that influence product delivery.

2. Disruptions in the supply chain

Several issues may disrupt the supply chain, such as terrorist attacks, pandemics, issues with suppliers, changes in consumer demand, or natural disasters. These disruptions will likely affect the availability of products, budget costs, and business profitability.

3. Changes in technology

Automated alarm doors rely heavily on technology; with high-resolution cameras, sensors, and apps, there is a need to keep up with technological changes. Failure to keep up means the market will likely lack demand for this product, bringing down sales.

4. Changes in demand

When the demand goes low, the production is affected and may result in severe issues in terms of production and the general life span of the business. Consumers’ preferences may also influence demand and the general profitability of the business.

5. Poor management of resources

If the project management team fails to manage resources, including funds and time, adequately, the project is likely not to succeed and will overrun its set budget. This is likely to bring about strikers from workers, a bad reputation for the organization, and even lead to the project ending.

6. Change in rules by the local government

Table 4: Influence and risk Likelihood.

As highlighted in the risk register, there are six risks that Olympia is likely to deal with as the project is getting executed. As highlighted by Kaseem (2020), the likelihood matrix, along with the risk impact, aids in examining the effects and the probability of specific risks. According to the table, when the score recorded is high, the risk is also high.

3.5 Project Marketing Skills Evaluation

Some skills will help to ensure project managers carry out their operations successfully, including human, technical, and developmental skills (Sunindijo, 2015). Project managers need to be knowledgeable and have a particular kind of specialty so they can deliver quality products. The people within the organization should also work adequately to help build effort throughout the team.

References

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Beleiu, I., Crisan, E., & Nistor, R. (2015, January 1). Main factors influencing project success. Interdisciplinary Management Research. https://ideas.repec.org/a/osi/journl/v11y2015p59-72.html#:~:text=Ioana%20Beleiu%20%26%20Emil%20Crisan%20%26%20Razvan%20Nistor%2C,Faculty%20of%20Economics%2C%20Croatia%2C%20vol.%2011%2C%20pages%2059-72.

Elmorshidy, A. (2013). Aligning IT with business objectives: A critical survival and success factor in today’s business. Journal of Applied Business Research (JABR), 29(3), 819–828.

Gao, J., & Zhi, Y. (2019). (PDF) design of PLC Control System for automatic door. ResearchGate. https://www.researchgate.net/publication/337213183_Design_of_PLC_Control_System_for_Automatic_Door

Kassem, M., Khoiry, M. A., & Hamzah, N. (2020). Using probability impact matrix (PIM) in analyzing risk factors affecting the success of oil and gas construction projects in Yemen. International Journal of Energy Sector Management, 14(3), 527-546.

Kiru, M. U., Belaton, B., Syed-Mohamad, S. M., & Gana, U. M. (2020). Intelligent Automatic Door System based on supervised learning. ResearchGate. https://www.researchgate.net/publication/347914472_Intelligent_Automatic_Door_System_based_on_Supervised_Learning

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Marco, A. D. (2018, January). Project monitoring and control. SpringerLink. https://link.springer.com/chapter/10.1007/978-3-319-75432-1_8

McGrath, S. K., & WItty, J. (2017). (PDF) stakeholder defined –. ResearchGate. https://www.researchgate.net/publication/318505331_Stakeholder_defined

Musyoka, B. S. (2012). Project Risk Management Practices and Success of Capital Projects in Kenya (Doctoral dissertation, School of Business, University of Nairobi).

NJUGUNA, P. G. (2014). RISK MANAGEMENT PRACTICES AND PERFORMANCE OF PROJECTS IN NAIROBI CITY COUNTY, KENYA. KENYATTA UNIVERSITY. https://ir-library.ku.ac.ke/bitstream/handle/123456789/21708/Risk%20Management%20Practices%20and%20Performance.pdf?sequence=1

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