Project Status Report For New Product Development At Samsung

About Samsung

Discuss about the Business Project Management And Technology.

This study will develop a project status report for identifying the completed task and remaining task in the new product process in Samsung. The report will be presented to the board of management so that they can understand the progress of the project and the shortcomings faced while faced while executing the project. The report will also include overall budget, over allocation of resources and slack time. The report will conclude by providing the necessary action that has to be taken for improving the efficiency of the overall procedure.

Samsung is one of the largest conglomerates in technology and consist of variety of technological products in the market. The organization has its headquarters in Seoul and most of their products are under the brand name of Samsung. The organization had diversified their product line, and offers variety of products to the target market worldwide. The notable industries of the organization are Samsung electronics, Samsung Heavy industries, Samsung C&T and Samsung Engineering (Samsung Electronics America, 2018).  Samsung has started to emerge in the global market in the late 90s and have been to increase their consumer base in all over the world. They have provided competition to Apple who is the market leader in this segment by providing similar products with better configurations at cheaper prices. However, they have been fined for damaging six of the patents of Apple but they have been able to make steady progress by collaborating with Microsoft

Project scope is the crucial data required for defining the needs and expectation of the consumers in particular project. This project is aiming at developing a product for their high end consumers segment (Collins, Parrish & Gibson Jr, 2017). This product will fulfil the current need and wants of the consumers in the market. The project includes the objective of the project, deliverables, milestones and technical report. This is a project status report, which will provide the status report until a given point of time to identify the issues and risk involved.

The objectives of the project are mentioned as follows:

• To identify the current market trends in Smartphone industry
• To evaluate the new requirements for a develop a product
• To design and launch a product for current consumers of Samsung
• To test the products for identifying necessary changes

• To evaluate the status for the report till the given date
• To identify the risk factors
• To calculate the budget status 

Project deliverables and milestones will define the various processes for developing the new product (Snyder, 2017). There are various stages included in a project and each of the stages has specific tasks defined to it. The completion of each of the stages in project management is known as milestone. This project will consist of five stages and five milestones has been defined in the study.

Project Scope

Milestone report

Critical Task completion

Figure: Task status

The performance report of the project highlights that out of the five stages, only one of the stages has been completed and one milestone has been achieved. Thus, 22% of the overall project has been completed and 18% of tasks are in progress.  However, if the overall data is taken in to account, 17% of the overall project has been completed. The project is on schedule but there is over allocation of resources in some of the task. Moreover, there has been over allocation of resources in some non-critical tasks.

This table shows the tasks that have been over allocated in the study and consists of slack period. Therefore, these tasks will not have any impact on the overall schedule of the project. Thus, the over allocation of resources can be reduced to reduce the budget of the project.  However, if there is over allocation of resources in critical tasks then reducing the resources will increase the time span of the project. The allocation of resources in most of the tasks in unnecessary and in the initial task excessive resources which has increased the cost structure significantly.  Thus, the project management team will have to reconsider the use of resources which can the overall cost structure especially on the critical task.

The budget status for the project shows that 135,888.00 have already been spent in and the remaining cost of the project is 378,792.00.  These tasks show shown in the table are completed tasks and majority of the project is still in the process. The tasks are progressing as planned by the project management team.  However, the cost incurred in each of the tasks could have been reduced, as none of the tasks were critical and does not have any impact on the overall time schedule of the project. 

Risk review is the process of reviewing the different aspects in detail so that all the risk associated with the processes can be mitigated.  The various aspect of risk review will consist of deliver, people, resources, capabilities, legal, finance, management, process, relationship, asset management and technology (Stingl & Geraldi, 2017). In this project after reviewing of the various aspects, it has been found out that resources have been over allocated, operational manager, marketing manager and finance manager have been over used and there is places where their involvement is not required but still they have been assigned to such tasks. This risk has to be mitigated immediately so that cost of the project can be reduced. Moreover, increase in overall project cost will reduce the profit margin of Samsung so it should be take in to account to improve revenue generation for the organization.  There is a slack period in some of the task, which should be reduced as resources will have no impact on the time span of that task and have been allocated to other tasks where adding extra resources will reduce the time span of the overall project.

Objectives of the Project

This project has provided an in depth learning process for me as I have difficulties in various phases of this report. While formulating the data in Ms Project, I have acquired knowledge about effective use of project management.  Selection of topic and identification of the project scope took a lot of time but I have been able to develop an effective scope for the project by identifying the different process. Reflecting upon the project that I have developed it can be seen that there are many issues in the execution process and I have gained knowledge about the ways of identifying the risk factors and the issues that may be crucial for affecting the time span of the project. I have developed a project status report for the first time, which has helped me explore boundaries I had no idea. I had to set a status date and use other functions such as updating the report and calculating slack which I had never done before. Thus, I have been able gather effective knowledge, which i can use later in the study.

Conclusion

Thus, it can be concluded from the study that the status report suggest that 17% of the overall project has been completed. The project status has provided insights on allocation of resources, budget, overall cost and remaining cost of the project. The report shows that there has been over allocation of resources in some of the cases in both critical and non-critical task. However, nothing can be done about the deliverables and milestones that have been completed. Thus, the status will prevent the issues and risk factors in the remaining part of the project. 

References

Collins, W., Parrish, K., & Gibson Jr, G. E. (2017). Development of a Project Scope Definition and Assessment Tool for Small Industrial Construction Projects. Journal of Management in Engineering, 33(4), 04017015.

Kerzner, H., 2017. Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.

Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and technology. Taylor & Francis.

Samsung Electronics America. (2018). About Us | Samsung US. Samsung Electronics America. Retrieved 11 January 2018, from https://www.samsung.com/us/aboutsamsung/home/

Schwalbe, K. (2015). Information technology project management. Cengage Learning.

Snyder, C. (2017). A project manager’s book of forms: A companion to the PMBOK guide. John Wiley & Sons.

Stingl, V., & Geraldi, J. (2017). Errors, lies and misunderstandings: Systematic review on behavioural decision making in projects. International Journal of Project Management, 35(2), 121-135.

Verzuh, E., 2015. The fast forward MBA in project management. John Wiley & Sons.

Walker, A., 2015. Project management in construction. John Wiley & Sons.

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