“Failing to plan is planning to fail”, is the proverb that affect project planning. Based on this proverb you are required to answer the questions given below. For better understanding, please refer your textbook chapter-11 and answer accordingly.

QUESTION

ASSIGNMENT-2

Project Management (MGT323)

Second Semester (2019-2020)

Assignment Workload:

• This Assignment consists of Critical thinking Question.
• Assignment is to be submit by each student individually.

Assignment Purposes/Learning Outcomes:

After completion of Assignment-2 students will able to understand the

Demonstrate a deep understanding of project management concepts and theories as well as approaches to project management. (LO-1.1)

Demonstrate an understanding of the project planning process. (LO-1.6)

Assignment Regulation:

• All students are encouraged to use their own words.
• Student must apply “Times New Roman Font” with double space within their reports.
• The attached cover-page has to be used, duly filled. Submissions without the cover page will NOT be accepted
• A mark of zero will be given for any submission that includes copying from other resource without referencing it.
• Assignment -2 should be submitted on or before the end of Week-10.
• If the assignment shows more than 25% plagiarism, the students would be graded zero.

Assignment Structure:

Assignment Question(s):                                                    (Marks-10)

“Failing to plan is planning to fail”, is the proverb that affect project planning. Based on this proverb you are required to answer the questions given below. For better understanding, please refer your textbook chapter-11 and answer accordingly.

1. List few consequences, which arises due to poor planning, and explain them in your words. Give an example of any product, which failed, in the market due to poor planning. (2.5 Marks)
2. Do you think systematic planning help in setting goals and making decisions? Give reasons to support your answer by choosing any event (e.g. product launch, conducting exhibitions etc). (2.5 Marks)
3. Describe the above given proverb with an example based on your understanding. (2 Marks)
4. Identify the type of planning required to establish effective monitoring and controlling in the display of products in Supermarkets and explain the process with any example of your choice. (Refer Pg-413, Figure-11-1 for your understanding). (3 Marks)

ANSWER

Consequences of Poor Planning and the Importance of Systematic Planning in Project Management

Introduction

Effective planning is crucial for the success of any project. It allows project managers to anticipate potential challenges, allocate resources efficiently, and guide the project toward its desired objectives. Failure to plan adequately can lead to various negative consequences and hinder project success. This essay will discuss the consequences of poor planning, the significance of systematic planning in goal setting and decision-making, provide an example of the proverb “Failing to plan is planning to fail,” and identify the type of planning required for effective monitoring and controlling in the display of products in supermarkets.

Consequences of Poor PlanningCost Overruns: Poor planning can lead to inaccurate budget estimations, inadequate resource allocation, and a lack of contingency plans. This can result in unexpected expenses and cost overruns, potentially draining project funds and compromising its viability.

 Delays and Schedule Disruptions: Inadequate planning often fails to identify critical milestones, dependencies, and potential bottlenecks. Consequently, the project may experience delays, missed deadlines, and disruptions to the project schedule, leading to customer dissatisfaction and potential revenue loss (Bhattacharyya et al., 2007).

 Inefficient Resource Utilization: Without proper planning, resources may be misallocated or underutilized. This can lead to inefficiencies, increased project duration, and decreased productivity. For example, a product manufacturing company that fails to plan the production process may encounter idle workers, excessive inventory, and delays in meeting customer demands.

Poor Quality Deliverables: Inadequate planning can compromise the quality of project deliverables. Without clear guidelines, quality standards may not be established, resulting in subpar outcomes. This can harm the project’s reputation, customer satisfaction, and future business opportunities.

Example of a Product Failure Due to Poor Planning

One prominent example of a product failure due to poor planning is the “Microsoft Kin” smartphone. Launched in 2010, the Kin aimed to target a young audience by integrating social networking features. However, poor planning and decision-making led to its demise. Microsoft failed to conduct comprehensive market research, resulting in a lack of understanding of consumer needs and preferences. The product had limited functionality, high pricing, and restricted access to popular applications, leading to poor sales and eventual discontinuation.

Importance of Systematic Planning

Systematic planning plays a vital role in setting goals and making informed decisions. It provides a structured approach to project management, ensuring that all relevant factors are considered. By setting clear objectives, systematic planning helps align the project team’s efforts, monitor progress, and evaluate performance  (Juran et al., 1992). For instance, when planning a product launch, systematic planning allows for the identification of target markets, defining marketing strategies, estimating resources required, and establishing timelines. This facilitates effective decision-making and increases the chances of achieving desired outcomes.

Proverb Explanation

The proverb “Failing to plan is planning to fail” emphasizes the significance of proper planning in achieving success. Without adequate planning, the chances of project failure increase significantly. For example, consider a construction project that starts without proper planning. The lack of a detailed project plan, including blueprints, permits, and scheduling, can result in cost overruns, delays, and compromised quality. On the other hand, meticulous planning ensures the project’s smooth execution, efficient resource utilization, and timely completion.

Planning for Effective Monitoring and Controlling in Supermarket Product Display

The type of planning required to establish effective monitoring and controlling in the display of products in supermarkets is operational planning. Operational planning focuses on the day-to-day activities and processes necessary to achieve organizational objectives. In this context, the goal is to optimize the product display in supermarkets to attract customers, increase sales, and improve overall customer experience.

The process of operational planning for product display in supermarkets involves

Defining Objectives: Clearly outline the goals and desired outcomes for product display, such as increasing visibility, organizing products for easy access, and promoting specific items.

Resource Allocation: Identify the necessary resources, including personnel, shelf space, signage, and promotional materials, required for effective product display.

Scheduling: Develop a schedule for restocking, rotation, and maintenance of product displays to ensure continuous availability and attractiveness.

Performance Monitoring: Establish metrics to evaluate the effectiveness of product displays, such as sales data, customer feedback, and visual merchandising assessments (Cochoy et al., 2020).

 Continuous Improvement: Regularly analyze the performance data and feedback to identify areas for improvement and make necessary adjustments to the display strategy.

For example, a supermarket might plan an operational strategy to optimize the placement and arrangement of perishable goods near the checkout counters to encourage impulse purchases. This planning ensures that the products are conveniently displayed, monitored for freshness, and restocked promptly to enhance sales and customer satisfaction.

Conclusion

Poor planning can have severe consequences on project success, leading to cost overruns, delays, inefficient resource utilization, and compromised quality. Systematic planning, on the other hand, helps set goals, make informed decisions, and enhances the chances of project success. The proverb “Failing to plan is planning to fail” emphasizes the importance of planning in achieving desired outcomes. In the context of supermarket product display, operational planning is crucial for effective monitoring and controlling, ensuring optimal customer experience and increased sales. By recognizing the significance of planning and employing appropriate planning techniques, project managers can mitigate risks and enhance project success.

References

Bhattacharyya, S., Myrzik, J. M. A., & Kling, W. L. (2007, September). Consequences of poor power quality-an overview. In 2007 42nd International Universities Power Engineering Conference (pp. 651-656). IEEE.https://ieeexplore.ieee.org/abstract/document/4469025/ 

Cochoy, F. (2020). Open-display and the ‘re-agencing’of the American economy: Lessons from a ‘pico-geography’of grocery stores in the USA, 1922–1932. Environment and Planning A: Economy and Space, 52(1), 148-172.https://journals.sagepub.com/doi/pdf/10.1177/0308518X18763165 

https://books.google.com/books?hl=en&lr=&id=KPUXbZ2Hw1EC&oi=fnd&pg=PR5&dq=Example+of+a+Product+Failure+Due+to+Poor+Planning&ots=xM_e4AM8mJ&sig=GQmwvMhXzpc35i8rrSLd16_vR8I

Juran, J. M., & Juran, J. M. (1992). Juran on quality by design: the new steps for planning quality into goods and services. Simon and Schuster.