Development of a Business Project - Essay Example

The new incentives would serve as motivation for them to increase their productivity. They will also be motivated to deliver the work on time and ensure that they make the best use of time. To this end, new entries could be added to the existing journal as follows:

A brief questionnaire was prepared for the staff who would be working on the project to seek their knowledge on what type of motivation they would want to receive most.
An estimate is made on the various forms of motivations outlined by the workers.
The new cost arising from the motivation is integrated into the existing budget to make the budget assume a finished status.
The new entries and changes to the budget are presented to the board for onward approval.

The budget of the project is a reflection of the resources that are going to be put into the project. This shall not be in terms of monetary spending alone. Rather, several areas of the project that demand human resources, capital resources, time resources, and energy resources have all been factored into the budget. Again, the budget does not only make a representation of the needed resources that are going to be invested into the project but expected income is also featured. On the whole, the procurement of equipment is expected to be the component of the project that will have a lot of drain on the budget. This is because only brand-new machine parts are going to be purchased. Moreover, spending to be made by the staff is also expected to put a lot of financial on the budget. In all, the sale of the engines to be produced will be the major source of capital for the project. The development of the project budget goes with the following entries in the journal:
Grouping of all expenditures according to capital, time, energy and expertise, with the Board of Directors and accountant.
Calculating the estimated income that the project will eventually yield when it is completed. The income shall be dictated by factors including time of completion, quality of project and number of pieces of equipment made.

As already hinted, the quality of the project will go a long way to determining the income that the project is going to yield. This is because, in today’s competitive world where value for money has become the order of the day, consumers and customers of goods and products expect nothing less than absolute quality. This is a demand that puts the team under pressure to ensure maximum adherence to quality restrictions. To this end, there shall be a special review of the quality management plan that has already been structured to take care of the management of quality issues in the project. The new modification shall be in the form of making the international quality assurance team report both to the staff of the company and also to the external quality assurance team. In the initial quality management plan, the internal quality assurance team were supposed to report only to the staff and not to the external team. This time around, they shall report their findings and conclusions to the external team to ensure that the external team make their comments and reservations openly to the internal team. This will generally bring new additions to the journal such as:
A conference shall be organized for the internal quality assurance team on the need for them to keep their work of the highest standard as they shall be audited by the external quality assurance team.
An official letter shall be written to the external quality assurance team, seeking their indulgence to include extra duties on their original schedules.

The integrated product quality shall be a lead-up to the quality management plan and these two shall play almost the same role. However, the integrated product quality shall somehow be extended to include an evaluation policy that will bind all members on the team of the project to ensure that they deliver nothing but high-quality work at the various parts they function. The following journal entries shall therefore compensate for the integrated product quality:
Seminar to be held for all members of the team on the need for them to put their collective efforts together to ensure that the project ends successfully.
Ideas are taken from the team members on how each of them can contribute to the successful end of the project.