Project Management Optimization Using Cost-Driven Design Techniques (essay).

Cost-Driven Design Optimization Model

Question:

Disuss about the Project Development And Optimisation.

The scope of the project management has increased due to the increasing needs of an entity. Project management technique used by an entity for managing the whole project taken up by an enterprise to accomplish all its targets within a stipulated time period. Current assignment is related to the project optimization and its overall development by using various phases. It emphasizes on the utilization of cost-driven project design optimization techniques in managing a particular project. Feasibility of the project is checked by preparing various kinds of feasibility reports. Accounting principles used in a project using budgets and financial projections. Use of the technology is evaluated through opportunities and its usage in an entity. 

Cost plays a significant role in an entity as an enterprise emphasizes more on identifying a variety of costs such as fixed as well as variable costs incurred for a particular project in a business (Ranjan, Choubey & Mahto, 2018). Cost is a sensitive aspect of an entity which needs to be handled with care as this will affect an entity in decreasing its image in front of the external users by increasing the cost burden.

An entity uses design optimization framework which considers the entire costs covered for a particular project to reduce the same within a given span of time. Net present value is one of the approaches used in the design optimization approach which includes the total costs of the project incurred for a total time period. Net present value method shows the future profitability of the project in which an entity invests the amount in the present to generate enough amounts in the future.

Three varieties of costs driven project design optimization follows by an entity to resolve each and every issue occurred in an enterprise project. It includes fixed costs; costs change directly with the design variable and costs that changes indirectly with the design variable (Zhang, Perina, Li, Ye, Murino & Del Bue, 2018). A fixed cost is a cost which remains the same with the zero level of production in an entity as it acts like a burden for the business which needs to be borne by an entity in any condition, The fixed costs are un-controllable as an entity is required to meet in the case of profit or in the condition of loss.

Cost-driven design optimization model

Cost= a X+ (b/X) +K

The above equation denotes the processing of the cost-driven design optimization model which is helpful in considering the overall costs incurred in a project starts from fixed costs to all the variable costs. The variable cost is further segregated into direct and indirect costs related to the project in an entity. The focus of an entity is clearly defined by the above equation that costs need to be identified within a stipulated time as earlier identification of costs are essential to minimize the same at the time.

The elements used in the above equation denotes the differed kinds of costs incurred in an entity such as ‘a’ signifies direct costs, ‘b’ represents indirect costs; ‘k’ shows the occurrence of the fixed costs and ‘X’ shows design variable.

Types of Costs Driven Project Design Optimization

The feasibility report is a report prepared by an entity before considering any project as this report check the calibre of a project with various criteria’s such as cost involved, technical feasibility, risks related with the project, sustainability. This report is essential before investing in any project as it tells the right path to an entity after considering all the internal as well as external environment consideration. A project passes all these considerations will survive for the longer period.

It tests the viability of any business plan or idea by considering various restrictions in the form of legal permissions or licenses, economic feasibility, technical feasibility. It is a reality check tool to know the future outcomes in the present by testing the current business ideas from all the angles to assure about the success of the same (Bekasiewicz, 2018).

For successfully preparing the feasibility study of a business plan, an entity uses the five-dimensional framework to tests the capability of a particular project to face the competitions from all other rivals existing in a similar market is given as below:

Technical Feasibility- This stage emphasizes on all the technical resources uses by an entity such as technology in building a website of an entity. It also uses various software application in automated the business processes quickly (Nagaraj and et.al. 2018). Feasibility of all these resources is tested by an entity within a given span of time as technology is dynamic in nature which is changing day by day. This study helps in identifying the pros and cons of the technical resources uses by an entity in building its business organization.

Economic Feasibility- This includes the identification of all the costs and profits from the future project of an entity in a stipulated time period. Costs are bifurcated into two major streams such as fixed or variable costs to cow the impact of the same on the current project. This stage also helps in identifying the burden of which costs fixed or variable (Griffiths and et. al., 2018). Higher variable costs can be regulated by making changes in the production of an entity but fixed costs remain the same which shows alarming situation for an entity. The decision taken by a top management for continuing or shutting the business depends on the increasing or decreasing costs involved in a project.

Legal Feasibility- It includes the legal consent of the state or central government for the new idea generated by an entity (Zhu, Venkataraman, Ye, Chandrasekhar & Ruiz, 2018). An entity needs to respect all the laws and regulations to get a legal permission to start the business. A business plan which fails to pass the legal feasibility test will not survive in the environment.

Operational Feasibility- This phase focuses on performing a business operation by meeting all the needs and objectives of all the customers of the business. The aim of an entity is to satisfy all its users which help in expanding the base of customers of the business. Every entity aims to meet the needs and the requirements of all its users whether internal or external users to improve its image in the external market (Yi and et.al., 2018). A project passes the operational feasibility study will create its unique image in front of its buyers and investors who trust on an entity which meets all its needs and delivers the final output on time.

Feasibility Reports

Scheduling feasibility- Time plays an integral role for an entity as this will effect on the existing competition in the current environment. An entity aims to accomplish all its aims and desired targets on time to get the success of the project on time. This stage tells that the current project will succeed or fail by notifying the status of the project. It tells the time of all the singular activities of a particular project (Lu and et.al., 2018). With the help of time scheduling feasibility plan, an entity keeps track on all the success of an entire project. Standard time allotted to each and every project is compared with the actual status of the tasks to take a corrective action. Correction measures are necessary to improve the performance of an enterprise.

The current reality of the existing environment is that an individual is wholly depended on the technology due to the emergency o mobile technology which streamlines the daily routine work of a person. Technology plays an important role in the lie of an individual and a business as it helps in dealing with all the difficulties in advance by alerting a person about the future uncertainties ((Carvalho, Poleto & Seixas, 2018). Innovations in the technology give unique definition to a business as it expands the business by targeting a new set of customers with the help of various gadgets. This gadget increases the output by applying minimum input which saves time, energy and money of business users.

An entity becomes dynamic as they adopt changes takes places in the external environment in the terms of technical changes in an enterprise. There are various behind the acceptance of the innovations in the technology by a business entity are mention as below:

Problem-solving tool- Innovations in the technology helps in dealing with all the problems existing in a business will resolve future problems. As per saying of famous scientists Albert Einstein, “We cannot solve the problem with the same thinking we used when we created them” This statement is related with the creativity as simple or general statements can’t resolve a particular problem as simple things will complicate a simple problem. So innovation brings new perspectives to solve a single problem easily.

Proactive action- Innovations in technology helps in predicting future uncertainties in advance to get rid of all the problems. Techniques like regression model and Monte Carlo simulation techniques will help in predicting future events in the present. This shows that with the help of technology, an individual can resolve all its future problems in the present.

CLO3 Explain the information environment in enterprise architecture and its relation to individual business functions and processes.

Every entity uses specific percentage of information technology in its enterprise architecture to automate its business functions. Work will get quickly finished on time with the help of information technology (Long, 2018). Enterprise Architecture is a framework which is a blueprint of all the information technology resources used in an enterprise in stimulating all the business processes of the business.

Five Dimensional Framework for Preparing Feasibility Study

Business process management system used by an entity to boost the existing performance of an entity by catering all needs and the objectives of its users. The aim of this particular process is to get rid of all the difficulties takes places in an entity due to the manual working system of an enterprise. Business process management is an approach used by an entity to smoothen the workflow with higher efficiency. Greater emphasis is given to the continuous improvements of the business process. Quality of the business is considered from starting the business process by using quality management techniques. Quality of a particular business process affects the market competition (Verdaasdonk and et.al. 2018, March).

Opportunities are lies in the existing environment which will be identified by an enterprise. An enterprise scans its environment by evaluating all the events takes places in the overall environment. Nowadays, business entity improves its business by utilizing a variety of technologies in its business (Hills, 2018). Firstly, an entity will identify all the needs and room for improvement in its businesses to rectify the same by adopting various methods and techniques. It is essential to know which an area of the firm requires modification to get the desired outcome (Galliers, 2018). Image of the business is linked with the finished output delivered by the firm on time.  

Changes are part of an enterprise as it comes in two flavours such as favourable as well as un-favourable changes which will induce or suppress the profitability of the venture (Beirne & Ramsay, 2018). The decisions need to be taken by a firm for identifying the type of changes takes places in an entity to control its overall impact on the business concern (Aydalot & Keeble, 2018). Various factors held responsible for transforming an opportunity into the end outcomes includes time, quality, resources used, a satisfaction of customers, market segment, customer segment, a marketing technique used by an entity.

Conclusion

It can summarize from the above study that project management is one of the useful technique in managing of the overall project. It is clearly evident from the above assignment that feasibility report will be helpful for an entity in ensuring its overall survival for a longer time period in front of all the market rivalries existing in a similar market. A cost-driven project optimization technique is used in managing all the projects of an entity. Various projects of an entity are categorized into various categories.

References

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