The Aspects of Project Selection Procedure at Monterey Bay Aquarium - Assignment Example

Monterey Bay Aquarium Ans In the case study of Monterey Bay Aquarium, in order to carry out successful project implementation, a bespoke selection process has been adopted. The project needs to understand the mission behind the project and the organizational strategy of the project. Financial and technical analysis needs to be done in order to check the viability of the project. One method will include the strategic arrangement of the business requirements and the organizational strategy of the aquariums. The other method would incorporate the financial features of the project by evaluating the discounted cash flow of each project. These two methods will be combined to check which one is feasible for the project to be implemented. The scrutinizing of the project will be carried out in three stages. Most of the employees in the aquarium have a science background. They are not aware of the profit making or the marketing objectives of the management. Therefore, they need to be issued a directive to make them understand about the objective of the aquarium. In the selection of the products or services that put in to sustainable profitability importance should be given in altering the business spotlight of portfolio management from financial metrics to client value. By setting aside the financial data and offering more weight to purchaser value data when making product portfolio choices, corporations can in fact look up financial performance by recognizing products with the prospective to delight clients. When importance is given to the purchaser value the clients are satisfied and they demand the products more. Client value which is defined as the clients insight of how well a solution meets their requirements is the only confirmed route to make profit. The greater the value of the explanation to the purchaser, the more likely the purchaser will purchase it and shell out a premium price for it. And, unlike several financial constraints, client value is based on something genuine, which one can precisely measure to yield reliable outcomes. In the case of the aquarium, a 6X6 matrix has been developed to divide the target audiences for whom the projects would be implemented. Those who are aware about the project and interested and committed towards the project would be given preference. This can be done with the help of the observation of the customers and the visitors. Thus, in this case study, also the senior level management of each SBU is required to focus on customer satisfaction so as to attract more customers and generate more of sales revenue. The management has understood as the preferences of the customers are varied and many, construction of a single project will not fulfill the needs. Different projects are to be implemented at the same time. Certain drivers are required for management of portfolio of projects. Those drivers are as follows: the organization should be aware of its visions and missions. The company should make its employees aware of the objectives. The future course of action should be taken care of. The management can follow the ways of the corporate organizations of the world in managing the projects. Like the management of the corporate the organization can implicate forming various divisions. The departments need to be segregated tactically so as to improve the level of projects. The management should control the departments looking after its operations. Customer care has been the main concern for the business organizations of the world and in this project also, the same should be implemented. If any kind of problems is faced such as data loss to uphold decisions, poor client service and slow promotions, then immediate correction is required. This correction should entail a project or a program. There is a requirement for organizational alteration in the management activities. The concept of the portfolio management should be applied in this case. The portfolio management authorizes the distribution of goals and the allotment of reserves among these drivers so that projects and programs can attain their strategic target. When the management proposes an idea of the project, the components of the organization work towards the fulfillment of the objective. They operate in such a way that the project is implemented efficiently. The liable project or program managers keep an eye on planned-to actual performance with regard to occasion, budget, reserves, quality and extent, and correspond combined information to portfolio management. The feedback of the employees to the organization is necessary for the successful completion of the project. The employees are the ones in the charge of the projects and they are aware of any misrepresentation of the project. This should be communicated to the management for the successful implementation of the project. This ensures any modules no longer connected to existing goals can be ceased rather than wasting reserves. In return, the portfolio manager accounts portfolio performance to the strategic planning progression as it narrates to attaining the company’s planned strategy. Thus, in case of Monterey Bay Aquarium, the management must employ a project manager to handle the project. He will be in charge of the project and issue directives about the successful implementation of the project. The fact that the majority of the employees are from the scientific background ensures the efficiency of the project. But someone must be there to make them understand about the financial implications and the valuation of the project. There must be a practice of customer feedback where the employees will interact with the customers. The employees of the aquarium will be able to handle the situation as they will be able to make the customers aware of the implication. The portfolio management system helps in the proper utilization of the resources and the management of the operations efficiently. This will make the project a successful one. Ans 2) Projects are meant to be distributed specifically in one-off deliverables. The chosen deliverables must be specified and described in advance so that the project becomes successful. In case of Electronics Outreach project, the projects should be delivered by devising a matrix. This project may have its own value. However, by means of a 6X6 matrix, the projects can be implemented successfully and it would help the audiences to analyze themselves which combination they are going to choose. The whole project will be divided into various programs that will make the project a successful one. In order to make a project successful, the required deliverables must be created adequately within stipulated time frame by minimizing costs. The success is measured by building an entire new capability and the degree to which the anticipated benefits are actually realized. The benefits of this project include getting hold of the audiences starting from children to adults. The Electronics Outreach is such kind of a project which can appeal several audiences. The benefits which are delivered may change from programmes to programmes. A program should seek to comprehend measurable advantages and these advantages are realized during the life cycle of a project. However, the benefits are realized by the application of new facilities or abilities built through the program. While carrying out the project, the social message that the project is sending is beneficial for the society. This is how the benefits are accrued during the life span of the project. The main activities required to deliver this project are by monitoring, measuring the capabilities of the program. The program management team should be held responsible for the implementation of the project by the help of the program. This team ensures alignment with the mission of the organization. Each program will be deployed under the charge of a manger that will look into the efficiency of the project. This will make the projects a successful one. 1 Ans 3) A project is required to be chosen in such a way so that it is economically and technically viable or feasible. The technical capability and the marketability of the projects need to be equilibrated. The business unit is eager to develop new know-how and also interested to in creating new classy and interactive software. The problem may arise that the targeted audiences may not have that instrument or device to get used to that software. Thus, a project needs to be devised in such a manner so that it becomes comprehensible for the audiences to understand. Novelty must be brought about regarding the distribution channels for the new products or services, niche markets, present communication channels and the number of the probable purchasers. Whether the projects undertaken are economically feasible or not is measured in terms of Net Present value Criterion. What is the present value of the project is determined. As there has been diversity in the life-cycles of the projects due to change in technological innovation, this method of measurement is considered to be appropriate. The present of each project is calculated for a time period of five years by making use of discount factor. To govern the selected Electronics Outreach Projects within Monterey bay Aquarium, firstly, a governing body should be appointed for the project. The roles and responsibilities need to be defined. The decision should be made accurately. After that, programs should be scheduled in order to carry out the project in a proper manner. The project needs to be planned, coordinated and controlled. Corporate governance has come under extreme inspection in recent years, following various high profile corporate disintegrations. Shareholders and other stakeholders are demanding augmented answerability, lucidity and ability to execute strategy. As projects and programs are the means of transportations for liberation of corporate strategies, effectual project governance, within the corporate governance structure, has become a solemn concern for corporations, providing company directors apparent visibility and management of non-routine corporate processes and delivery potential. The managerial guarantor of a project or program is the essential linkage between corporate and project governance. This is the responsibility that clears the association between 3 critical components of an organization: top management who set the premeditated track, business and line managers, who distribute the daily profit, services and reserves, and the manager and team seeking to transport the project productively. Apparent definition and effectual performance of the task of the executive guarantor is an essential facet of both corporate and project governance and is palpably important to the accomplishment of programs and projects. Corporate governance can be believed to include associations between an organizations management, its Board, its shareholders and other stakeholders and to offer the configuration through which the purposes of the corporation are set, and the way of achieving those purposes and monitoring performance are resolved. It is concerned with functions and responsibilities, answerability, revelation and transparency, risk management and control, decision-making, principles, performance and efficiency and execution of strategy. Project governance is commenced under the sunshade of corporate governance and makes a noteworthy contribution to concentrate on the eight concerns of corporate governance mentioned above. Projects and programs as devices of alteration are elementary to the execution of strategy. Project management is exclusively concerned with risk management, control, performance and efficiency. A project governance structure will obviously recognize roles, responsibilities and accountabilities and this in itself offers a base for decision-making. As stated above, revelation and transparency are uniqueness of a good project management. Therefore, it can be stated that the corporate governance is necessary. The corporate governance initiative will help to gain the trustworthiness of the customers. This requires a governing body at the helm. The governing body will control the managers who in turn will manage the programs. The programs will be managed by a group consisting of R&D, IT, Customer Care etc. This will be beneficial in the management of the individual programs. Ans 4) In Stage one, that is, alignment with the mission of Electronics Outreach, here multiple projects are implemented in order to move the audiences through several states. However, only by considering the 6X6 matrix, it cannot be concluded that those are the target audiences. There may be other audiences which may be overlooked. Those target audiences who are presently aware of the projects may take up initiative to get to know more about the projects eventually. Thus, ignorance or negligence of those audiences might not be a good decision. The projects are also unable to meet the hierarchical aspects during the selection procedure. That is ate first the decisions and the views of the board of directors are not taken into consideration. Due to incorporation of interactive or sophisticated software, the target audience may not feel comfortable with the application of the software or may not have such means to use the software. And finally, due to rigorous selection procedure, some of the viable projects may be overlooked. References: Felli, James, Kochevar, Randall and Bruce Critton. (2000). Rethinking Project selection at the Monterey Bay Aquarium. Interfaces 30. pp.49-63. Read More