ASEAN Ministerial Conference in Singapore for ASEAN Leaders - Assignment Example

Project Manager to Develop a Project Plan for 2. ASEAN Ministerial Conference in Singapore for ASEAN Leaders Table of Contents Table of Contents 2 Introduction 3 External Analysis 4 PESTLE Analysis 4 Porter’s Five Forces 6 Internal Analysis 7 SWOT Analysis 8 Strategic Options 9 Recommendation 9 Conclusion 10 References 11 Introduction The Association of Southeast Asian Nations (ASEAN) was established in the year 1967. The aim of the ASEAN leaders is to accelerate growth in terms of economic, cultural, social and regional aspects. The ASEAN leaders hold an internal organizational meeting with their member countries for enhancing business performance and collateral relations with neighbouring and sub continental countries. In this regard, The ASEAN leaders are emphasizing towards science, technology and innovation aspects to ensure economic development, educational progress and protection of the environment among others (1ASEAN Secretariat, 2014; Koh, 1997). On 9th January 2013, H.E. Le Luong Minh has been appointed as a secretary general of the ASEAN ministerial conference (2ASEAN Secretariat, 2014). In order to highlight the structure of the ASEAN leaders it can be asserted that the Chairperson is selected among the ASEAN countries in every year. Recently, during 2014 the 24th ASEAN ministerial conference has held in Nay Pyi Taw, Myanmar. ASEAN ministerial conference is planned to be held in Singapore. In this regard, as project manager, the responsibility of seeking that plan of conducting the conference in Singapore is done in an effective manner (Council of the European Union, 2010; Economist Intelligence Unit, 2002). In this assignment, an analysis of the internal and external environment of Singapore is conducted. Apart from this, the assignment will also highlight the strength and weaknesses of the ASEAN ministerial conference in Singapore along with its opportunity and threats. Accordingly, appropriate strategic options are formulated with the aim of accomplishing the objective of conducting the conference successfully. External Analysis PESTLE Analysis A PESTLE analysis has been conducted with the aim of having a better understanding of the external environmental condition of Singapore. Political Economic activity is performed on diverse geographical regions within the globe. Owing to its widespread operations, Singapore faces several threats from the political ground, particularly in terms of instability associated with the political condition of the nation. Thus, in order to conduct an ASEAN ministerial conference, a close monitor should be made for determining political threats, which can adversely affect the conferences and the ASEAN leaders conducting the meeting (Lucintel, 2014; Ha & Coghill, 2006; Government of Singapore, 2005). Economic Singapore GDP Annual Growth Rate Source: (Trading Economics, 2014) The economic condition of Singapore is bright, as major industries have contributed towards the ’Gross Domestic Product’ (GDP) of Singapore. Apart from this, most of the organizations have emphasized business expansion, which has assisted in maintaining the growth of its economic condition. The GDP growth rate has been significant, which will aid in conducting the conference (Lucintel, 2014; Ha & Coghill, 2006). Social The social condition of Singapore is developed with better living condition, employment rate and quality personal as well as professional life (Lucintel, 2014; Ha & Coghill, 2006). Technology Singapore has been incorporating latest technologies for better technological growth. Considering the technological progress, it can be affirmed that conducting ASEAN ministerial conference will be appropriate choice in Singapore (Lucintel, 2014; Ha & Coghill, 2006). Legal Legal environment is one of the major concerns for a country. Singapore has maintained its legality, morality and ethics to ensure a better legal framework within the country (Lucintel, 2014; Ha & Coghill, 2006). Environment The government of Singapore has implemented different environmental policies with the aim of protecting the natural environment. Thus, the selection of Singapore as a venue for ASEAN ministerial conference is an appropriate choice (Lucintel, 2014; Ha & Coghill, 2006). From the above analysis, it has been revealed that despite of larger challenges, Singapore has made optimal utilization of modernization in terms of its economy. At the same time, the country has supported its industrial associations to promote free trade in the global market. Thus, it can be apparently asserted that the selection of Singapore is appropriate for the ASEAN ministerial conference (Lucintel, 2014). Porter’s Five Forces A ‘Porter’s Five Force Model’ has been conducted in order to determine the competitive position of Singapore Bargaining Power of Supplier Singapore relies on its suppliers for the supply of required materials in the global market. It has been recognized that the country has built collateral relationships with its suppliers. Thus, it can be asserted that the bargaining power of its supplier is high in Singapore (Karagiannopoulos & et. al., 2005). Bargaining Power of Consumer The bargaining power of buyers is rising due to minimum competition. Thus, it can be asserted that the bargaining power of consumers is relatively higher than that of the other Asian countries (Karagiannopoulos & et. al., 2005). Competitive Rivalry Singapore has faced several threats from its competitor countries. In this regard, in order to maintain the competitive position, Singapore has emphasized economic activity and trade structure of the country. Thus, the level of competitive rivalry can be identified to be medium (Karagiannopoulos & et. al., 2005). Threats of Substitute Products and/ or Services With respect to the threat of substitute, the country has faced several challenges from the other nations. Thus, it can be affirmed that the degree of threat of substitutes can be considered high in Singapore (Karagiannopoulos & et. al., 2005). Threats of New Entrance In case of threats of new entrance, it can be asserted that the country has faced a very few challenges from the relative nations. In this regard, it can be asserted that it the threat of new entrance is very low in case of Singapore in context of economic, cultural, social and regional aspects (Karagiannopoulos & et. al., 2005). The analysis of Porter’s five forces model implied that conducting of the conference would be a costly affair due to minimum suppliers and adequate substitutes. In this regard, appropriate planning should be formulated, so that the conference is conducted suitably. Internal Analysis Singapore is renowned in terms of having a leading position with the help of resources, culture and capabilities. Resources Singapore is one of the major commercial hubs among global cities. During the early 21st century, the country has emphasized strong execution of its economic policies. The economic resources of Singapore can be classified into non-renewable resources. In terms of natural resources, Singapore is recognized to face crucial challenge for scarcity of water resource. In this context, the government of Singapore has taken initiatives to ensure sustainability of water resources. Thus, considering these facts, it can be asserted that Singapore is appropriate for conducting the ASEAN ministerial conference (APEC Secretariat, 2014; Trade Chakra, 2008). Culture In Singapore, migration rate is high. The country comprises immigrants that include Indian, Chinese and British citizens for having better employment opportunities and career growth. The culture of the country is based on the system of meritocracy i.e. equal opportunity for every individual. Apart from this, Singapore hosts several festivals in order to encourage culture in the society (Singapore Youth Festival, 2013; MCI, 2013). Capabilities The capabilities of Singapore can be asserted in terms of environment and infrastructure. Apart from this, the transportation and logistics along with technological aspects are developed in an immense manner (International Enterprise Singapore, 2014; SPRING Singapore, 2012). In this regard, it can be comprehended that Singapore possesses adequate resources with the assistance of which the objective of conducting the conference can be accomplished in an effective manner. SWOT Analysis Strengths It has been determined that Singapore has cemented its position in the world economy, which has helped to increase competitive traction in the entire global market. Apart from this, strong financial position as well as uprising economic growth has been one of the core competences of Singapore (Business Case Studies, 2014; Market Research, 2014). Weaknesses With respect to weaknesses, Singapore is small in terms of area, which signifies that the country is weaker than that of other global countries in terms of human index (Business Case Studies, 2014). Opportunities Singapore is witnessing rapid growth in terms of transportation and logistics, which has influenced the import-export transactions of the country (Business Case Studies, 2014). Threats In terms of its threats, it the country had faced several internal and external challenges due to its lack of water resources (Business Case Studies, 2014). Strategic Options According to the internal as well as external analysis that include PESTLE, SWOT and Porter’s five forces model, it can be identified that Singapore possesses adequate internal resources for conduction the conference in an appropriate manner. However, the external environment of the country is identified to possess certain limitations for inappropriate political condition and market competition. In this regard, the ministerial conference to be organised in Singapore is required to be based on certain suitable strategic options (Choy, 2013; Lee, 2006). In this context, the two appropriate strategic options for organising the conference successfully include risk management and stakeholder analysis. Risk management will be an appropriate approach based on which risks relating to conference location, transportation facilities and external scenario would be mitigated. Subsequently, risk management will be conducted on the basis of certain procedure that includes risk identification, risk assessment and risk response development (Lucintel, 2014; IE Singapore, 2013; Port Phillip, 2008). Additionally, stakeholders’ analysis will be conducted with the aim of ascertaining that the project activities are conducted in an appropriate manner. Accordingly, before the commencement of project activities, the stakeholders comprising sponsor, steering committee and project team are ascertained and bestowed with necessary tasks. Moreover, budget and resources required for the project is estimated, so that the project operations are conducted effectively (Lucintel, 2014; IE Singapore, 2013; Port Phillip, 2008; Marche & James, 2003). Recommendation According on the analysis, the project activities are required to be based on certain strategic options that include risk management and stakeholders’ analysis. Additionally, as a project manager, the duty of ensuring that the strategic options are implemented successfully certain recommendations can be made that include formulation of network diagram and wrap-up closure checklist. Network diagram will aid in forming a graphical representation of all the activities that are to be performed with the aim of conducting the project activities relating to the ministerial conference systematically. In addition, the diagram will also aid in determining the short time period within which the required project activities can be accomplished for better accomplishment of the project’s objectives (Cerizza, 2011; Santiago & Magallon, 2009; Law, 2006). A wrap-up closure checklist will be developed with the aim of ascertaining that all the activities are performed within time. The checklist will comprise activities and information relating to project team, sponsor and equipment among others. The checklist will be of immense importance for the project manager to acknowledge the tasks completed or are required to be completed for better accomplishment of project activities (Santiago & Magallon, 2009; Cerizza, 2011). Conclusion Based on the above discussion, it has been recognised that Singapore possesses both positive as well as negative factors in its internal along with external environment. In this regard, it can be comprehended that organising ministerial conference in Singapore is a complex task. Project manager should conduct an analysis of the internal as well as external conditions of the country for having adequate information about the market condition, political condition and social condition among others. Accordingly, required strategic options should be formulated as well as implemented with the aim of ensuring that the required project related tasks are completed for the success of the conference. Organising conference in a systematic manner will aid in ensuring that all the activities are conducted successfully. References 1ASEAN Secretariat, 2014. ASEAN Ministerial Meeting on Science and Technology (AMMST). The ASEAN Secretariat. [Online] Available at: http://www.asean.org/communities/asean-socio-cultural-community/category/asean-ministerial-meeting-on-science-and-technology-ammst-2 [Accessed October 01, 2014]. 2ASEAN Secretariat, 2014. The First Vietnamese SG Assumes Top Post at ASEAN. The ASEAN Secretariat. [Online] Available at: http://www.asean.org/news/item/the-first-vietnamese-sg-assumes-top-post-at-asean?category_id=27 [Accessed October 01, 2014]. APEC Secretariat, 2014. 2012 APEC Ministerial Meeting. Ministerial Statements. [Online] Available at: http://www.apec.org/Meeting-Papers/Ministerial-Statements/Annual/2012/2012_amm.aspx [Accessed October 01, 2014]. Business Case Studies, 2014. Developing a Competitive Edge. SWOT analysis. 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