Project Management Tech Assignment
The Good News and the Bad News: A Risk Reward Analysis for an International Project
You have been approached by some leaders in the organization about an upcoming international project the company will be engaged in pursuing. Everyone in the organization appears to be excited about this opportunity. However, you have come to recognize that it is essential to manage risk in whatever project you’re executing, especially when pursuing international opportunities.
For this assignment you are to assume the role of a consultant once again. This time you are going to be preparing the vice president with an overview of the potential concerns associated with this new opportunity. Pursuant to our earlier discussions you are welcome to make the international opportunity a product of whatever business you feel that you have knowledge in to make the case study practical and applicable to at least some degree of knowledge in your own background and experience. In describing this international endeavor for the vice president make sure you include the following:
- Component 1: Introduction of the opportunity.
- Component 2: A description of the steps that the team should take to make sure that the project plan is indeed created with the necessary risks in mind.
- Component 3: An overall analysis of the steps the organization should take to maximize the opportunity for goal attainment.
- Component 4: Conclusion: Any final concluding thoughts that should be shared with the vice president.
Please ensure in executing this assignment that you make specific references to the readings provided as well as the utilization of at least four outside references which can be used to support your ideas presented. The use of outside sources is important because even though the materials provided for this course are excellent, as a graduate student you are expected to be able to consult a variety of sources regarding a given topic and synthesize that scholarly input into a thoughtful set of recommendations, conclusions, etc.
The essay should be 2000- words and should include at least four (4) citations. The sections should be clearly marked with headings so that your instructor knows which points you are addressing. Follow the guidelines for APA writing style. The title page and references page do not count towards the minimum word amount for this assignment.
Component 1: Introduction of the opportunity
The international project that our organization has been approached about is the expansion of our [product/service] into [target market]. This opportunity has the potential to greatly increase our customer base and revenue, as the demand for our [product/service] in this market is high. However, as with any international project, there are certain risks and concerns that must be carefully considered and managed in order to maximize the chances of success.
Component 2: Steps to ensure the project plan includes necessary risks
To make sure that the project plan for this international expansion is created with the necessary risks in mind, there are several steps that our team should take:
- Conduct thorough market research: It is essential that we have a deep understanding of the target market, including the cultural, economic, and political factors that may affect the success of the project.
- Identify potential risks: Based on our market research, we should identify any potential risks or challenges that may arise, such as competition, regulatory issues, or supply chain disruptions.
- Develop a risk management plan: Once we have identified the potential risks, we should develop a plan to mitigate or manage them. This may include measures such as diversifying our supplier base, establishing relationships with local partners, or obtaining insurance coverage.
- Regularly review and update the risk management plan: As the project progresses and new information becomes available, we should regularly review and update our risk management plan to ensure that it remains effective in addressing any emerging risks.
Component 3: Steps to maximize opportunity for goal attainment
In addition to managing risks, there are several steps that our organization should take to maximize the opportunity for goal attainment in this international expansion:
- Develop a clear, achievable goal: It is important that we have a clear understanding of what we hope to achieve through this expansion and that our goal is achievable given the resources and constraints we have.
- Create a detailed project plan: A well-crafted project plan that outlines the specific actions that need to be taken, the resources required, and the timeline for each step will help to ensure that the expansion is executed smoothly and efficiently.
- Build a strong team: Assembling a team with diverse skills and expertise will help to ensure that we have the necessary knowledge and capabilities to succeed in the target market.
- Foster good relationships with local partners: Establishing strong relationships with local partners, such as suppliers, distributors, and regulators, can help to facilitate the expansion process and increase our chances of success.
Component 4: Conclusion
In conclusion, pursuing this international expansion opportunity presents both risks and rewards. By carefully managing risks through thorough market research, risk identification, and risk management planning, and by taking steps to maximize the opportunity for goal attainment through clear goal setting, detailed planning, strong team building, and good relationships with local partners, we can increase our chances of success in this exciting new venture.