A project plan is based on research and organizational goals.?To see?an exemplar project plan, review the Project Plan Example attached.
A project plan is based on research and organizational goals. To see an exemplar project plan, review the Project Plan Example attached.
1 – Use the Project Plan Template (attached) and the business needs identified in your Week 3 Balanced Scorecard (attached) to:
- Fill out Project Title
- Fill out Project Description
- Fill out Project Objectives
- Develop the project objectives.
- Explain what operational steps will be taken to achieve your stated objectives.
- Identify the responsible person(s) for each operational step.
- Outline a timeline for each operational step.
2 – Justify the choices you made in your project plan in a 525- to 700-word response on the Project Plan Template.
BUS/475 v11
Project Plan Example
BUS/475 v11
Page 2 of 2
Project Plan Example
Project Title: Desert Taco Opportunity
Description: Based on initial feedback from customer surveys, online discussion/social media groups, and SWOT analyses, you’ve determined that there is an opportunity to increase your organization’s customer base through the introduction of desert tacos in your food truck menu.
Project Objectives
Identify the top three potential customer groups for this opportunity and describe their characteristics and preferences.
Operational Step |
Responsible Person |
Timeline |
Review the organization’s customer database to determine potential customer groups |
Leo (Market Research Manager) |
9/30 (1 week) |
Identify the top 3 groups to target based on volume, brand loyalty, and location |
Betty (Director of Marketing) |
10/7 (2 weeks) |
Survey customers regarding food preferences and potential menu items |
Tom (Customer Service Representative) |
10/21 (4 weeks) |
Share customer feedback with inventory and operational teams |
Betty/Tom |
10/28 (5 weeks) |
Determine the top 5 locations and times to complete a pilot study with your test market.
Operational Step |
Responsible Person |
Timeline |
Review sales data to determine peak sales opportunities by location |
Jim (Director of Sales) |
9/30 (1 week) |
Identify the top 5 locations in which to conduct the desert taco pilot |
Jim |
10/7 (2 weeks) |
Create marketing collateral and social media communications to promote the desert taco pilot |
Oliver (Media Relations Manager) |
10/21 (4 weeks) |
Provide expected volume and product information for the inventory team |
Jim |
10/7 (2 weeks) |
Estimate the required inventory and supply chain needs necessary to support the desert taco pilot.
Operational Step |
Responsible Person |
Timeline |
Based on expected customer volume, locations, and times, determine the product inventory required to support the pilot. |
Louise (Controller) |
10/14 (3 weeks) |
Source supply companies and obtain product pricing quotes and delivery timelines. |
Louise |
10/21 (4 weeks) |
Determine shipment and storage needs to support the pilot. |
Louise and Ben (Operations Manager) |
10/21 (4 weeks) |
Purchase product for the pilot and arrange transportation to support the desert taco pilot at the various locations. |
Louise |
10/28 (5 weeks) |
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.
,
BUS/475 v11
Balanced Scorecard Template
BUS/475 v11
Page 2 of 2
Helena Peist,
University of Phoenix
BUS/475: Integrated Business Topics
Professor: Mark Guberman
April 11, 2022
Balanced Scorecard Template
Use the organization you chose in Week 1 as a resource for this assignment.
Background
Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.
Scorecard Areas
Develop at least three strategic objectives for each of the four balanced scorecard areas.
Measures |
Targets: Timeline/ Metrics |
|
Increase market share |
Total Revenue |
Increase 5% in first year |
To increase the total yearly revenue |
Increase the market shares |
by 5% in the next one year |
Introduce products to one of the two identified new markets |
Conduct research analysis to find best fit |
Third Quarter |
Reach new audiences in the two identified market. |
Market brand awareness and effective products |
Reduce the marketing budget by 1% using preexisting campaigns |
Customer Objectives |
Measures |
Targets: Timeline/ Metrics |
Increase customer value |
Increase profit contribution per customer |
Increase 5% in first year |
To increase customer value to increase the profit |
contribution per customer |
by 5% in the first year |
To Introduce online retail shops |
To reduce the cost of operations and transport |
Consolidation and review after 6 months |
Go through customer feedbacks |
Monthly basis to address issues the customers are facing |
Rollup of quarterly findings to address concerns |
Internal Business Process Objectives |
Measures |
Targets: Timeline/ Metrics |
Decrease lead times for new contract implementation |
Project implementation time frames |
Decrease time by 3% in first year |
To decrease the project implementation time frame |
Review and revise SOP and workflows to adjust the process and fill the gaps |
reducing the lead time of new contract by 3% in the first year |
Outsource some of the services to subcontractors |
Reduce the workloads and costs involved with implementing a project |
6-month contracts for revision and implementation |
Increase the number of projects handled |
Reduction in workloads and revised process implementation creates room for more meaningful work |
Increase by 1% during the current financial period |
Learning and Growth Objectives |
Measures |
Targets: Timeline/ Metrics |
Decrease employee turnover |
Facilitate regular training and opportunities for development |
Reduce by 4% in first year |
Reward and recognize results achieved by employees at all levels |
Create a rewards program with monetary incentives |
3 Months |
Career development opportunities through promotional advancements |
Work with human resources to establish career ladder development and career track checkpoints for promotional opportunities |
6 months |
Promote internally instead of outsource labor |
Increase employee retention by 10%. |
Within the next 3 years to evaluate success. |
Below, explain in 350-525 words:
Why are the above objectives appropriate for the project?
Financial objective: A strategic financial management approach prioritizes business objectives over short-term gains to drive decision making. In addition to assisting a company with setting and meeting its targets, strategic financial management creates a platform by which it can plan and govern plans to address challenges as they arise (Bright, Cortes, Hartmann, Parboteeah, P., Pierce, Reece, & Shah, 2018). Moreover, it lays out the company's steps to achieve its targets.
Nike's strategic financial manager seeks to identify the most effective strategies to maximize the organization's market value. Additionally, it makes sure the organization's plans are accomplished efficiently so it can achieve short-term and long-term goals and maximize shareholder value. It aims to achieve the business goals of the organization by managing financial resources.
Customer objective: Customer service's primary goal is to answer customers' questions, resolve support issues, earn their trust, and maintain relationships. Companies recognize the importance of customer service, but not all do so. A company must boost its reputation and maintain customer loyalty to improve customer retention and increase sales.
Learning grown objective: Among the primary purposes of the Learning and Growth Perspective is to understand how the company's intangible assets generate value (Niven, 2018). These intangible assets consist of human capital, information capital, and organizational capital
Human capital: For the business strategy to succeed, employees need to have the necessary knowledge and skills. Positions that are critical for strategy execution should be filled with the best people. In other words, these positions should have no skills gap. It may be necessary to employ training, valid selection procedures, and effective succession planning to achieve this goal.
Information capital: The strategy is carried out using information systems, networks, and infrastructure. To achieve the strategy's objectives, IT should be aligned properly with technology.
Organizational capital: Managing change effectively across the organization is essential for delivering the strategy. Leadership teams need to assess their company culture regularly to make sure it aligns with the company's strategy (Bright, Cortes, Hartmann, Parboteeah, P., Pierce, Reece, & Shah, 2018). Otherwise, you might need to adjust how employees are rewarded and supported to align their actions with the company's mission, values, vision, and strategy. Also, the company may need to change the type of candidates it recruits and selects and alter its training program.
Why are the metrics and timeline appropriate?
As of the timeline, the companies usually have financial periods that end after one year, which are subdivided into quarters. Therefore, it is only appropriate to measure progress after one year when the financial period comes to an end (Niven, 2018). The other reason why one year is an appropriate timeline is that the budget is allocated for various company activities each year. So, if the resources were not enough for a given goal, more can be reallocated to that activity. The measures are appropriate for one reason. They are realistic and not very ambitious. The maximum measure has been 5%. This is a very good move.
References
Niven, P. R. (2018). Balanced scorecard step-by-step for government and nonprofit agencies. Hoboken, N.J: J. Wiley & Sons.
Bright, D. S., Cortes, A. H., Hartmann, E., Parboteeah, P., Pierce, J. L., Reece, M., Shah, A., … OpenStax (Nonprofit organization),. (2019). Principles of management.
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.
,
BUS/475 v11
Project Plan
BUS/475 v11
Page 2 of 2
Project Plan Template
Project Title:
Project Objectives:
· [List project objective]
Responsible Person |
Timeline |
|
· [List project objective]
Operational Step |
Responsible Person |
Timeline |
· [List project objective]
Operational Step |
Responsible Person |
Timeline |
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.
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