1.1 Introduction
This coursework will take into account the topics of stakeholder expectations, project constraints, time, quality and cost, due diligence and also the use of consultancy expertise in the wider context of analyzing how a project manager approaches the “define and type stages” of the major merger and acquisition system involving the sale of marketing assets.
1.1.2 Define and design stage
The define and model stage of project management is going to be exactly where the project goals, objectives and operational targets will likely be set out and agreed (Loosemore and Uher 2003 p. 136). These needs to be integrated as every stage from the project’s life cycle is anticipated (Harrison and Lock 2004 p. 201). The define and type stage requires discussion of causes which will determine key final results on the project’s development. Factors including the role with the project manager, the duties, responsibilities and powers with the project manager, the duties, responsibilities, and powers of key internal and external stakeholders, budgetary matters, price issues, and high quality difficulties are all extremely important towards the define and design stage (Loosemore and Uher 2003 p. 136). As Harrison and Lock (2004 p. 201) state, the define and type stage during the context of contracts would, for instance require the project manager to give a brief to an architect. Harrison and Lock (2004 p. 201) contend that the definition stage can be evaluated effectively from the use and computer software with the “go, no go” test that will determine regardless of whether the project is on target at a number of stages in the define and model stage.
2.1 Stakeholder expectations from the define and type phase
At the commencing with the define and type stage, one of the most critical stakeholder, aside inside the project manager stands out as the client. As Loosemore and Uher (2003 p. 136) state, it's important for your project manager, and also the client to communicate efficiently during this key very first stage. Later, far more stakeholders will join the “mix” just like the design leader, and or several sub-contractors (Harrison and Lock 2004 p. 201), so it is important that business objectives, and expectations are set out due to the very first consultation among project manager and consumer (Loosemore and Uher 2003 p. 136).
Strategies that will support the successful development of the expectations on the consumer and project manager during this key phase will include:
(a) devising a statement of key duties and responsibilities;
(b) agreeing the problems of engagement of other stakeholders just like the type leader, if applicable, and also the engagement of any external consultation;
(c) devising and agreeing a planned, staged set of objectives;
(d) devising and agreeing a project management plan;
(e) agreement on an 1st budget;
(f) planning price control, expenditures and contingencies.
Initial communication between the project manager and the consumer will determine the achievement of these reasons (Loosemore and Uher 2003 p. 136). It would be advisable to make sure that appropriate records are kept of communications, so for instance email records, and records of informal discussions. What is going to be key are going to be a comprehensive record of what has been initially agreed in terms of what the expectations on the client are, and it's advisable that that is formally recorded in a written document.
A key point in the early stages with the type and define stage stands out as the role of the project manager (Harrison and Lock 2004 p. 201), which will ought to be discussed, and set out clearly in the starting with the define and design stages. As quite a few management experts would surmise, this can be the area from the project that has the capacity to trigger high-priced litigation, and project delay (Loosemore and Uher 2003 p. 130, p. 131, p. 132, p. 133, p. 134 and p.135), so it is critical how the role with the project manager is clearly discussed, and agree during the commencing from the define and design stage.
As the project develops, factors like improve control, teamwork and evaluation are most likely being important. Overall, the project manager are going to be expected to formulate an proper adjust control strategy as the define and model stage unfolds. Fundamental to the adjust control strategy are processes of organizational communication, teamwork, evaluation and operation management, and these must be aligned to the key strategic objectives in the business (Meredith and Mantel (2006) p8; Newton, R. (2005) p 103-118; Wysocki (2009) p 39-47, 109-120).
It might be intriguing to consider what the key stakeholder expectations will likely be in a newly formed corporate organization: employees will expect to be managed appropriately; managers will expect being trained and supported in their roles; stakeholders will expect effective systems of communication and dissemination of information; investors might expect performance targets to be met or exceeded; shareholders will expect performance targets to be met or exceeded (Harold, K (2010) p 340 -346; Kelly, S. and Nokes, S. (2007) p 20- 25) and this is not an exhaustive list because it would be nearly impossible to extrapolate all of the stakeholder expectations that will emerge as the firm begins to form.
Stakeholders will have to be identified as being a first step in the define and model stage. Stakeholders for instance employees (existing and new), investors (existing and new), management and consumers all should be communicated with appropriately during the define and type stage (Berkun, S (2008) p. 42-46; Field, K. (1998) p 88-107, p163-170; Hobbs, P (2009) p 18-28). It is recommended that the greatest approaches of managing this sort of a essential matrix of communication channels is to use some ways of electronic communication to assist it. To this end, it's suggested that an internal intranet and an external web site, or sites are utilized to support the communication method between, and with various stakeholder groups within, and external towards organization being a merged entity. As Cox, D. notes (2010, p. 170) correct identification and management of stakeholder expectations via strong communication increases the probability of project success.
It is recommended that key processes just like procurement of contracts, recruitment, and appraisal will likely be much changed inside new entity that is certainly required being project managed. In light of these changes it's essential to maintain the efficacy of core functions within these processes (Meredith and Mantel (2006) p8; Newton, R. (2005) p 103-118; Wysocki (2009) p 39-47, 109-120). So, including the method for conducting procurements, recruitment, option and appraisal might should be re-negotiated and or re-defined inside various sectors with the newly formed organization organization, so that it really is implemented consistently.
3.0 Coursework conclusion
This coursework has regarded as the topics of stakeholder expectations, project constraints, time, quality and price control, due diligence as well as the use of consultancy expertise in the thing of view on the project manager from the define and type stage of a major process of merger and acquisition.
The project manager, and also the buyer are normally the key contenders at the commencing from the define and design stage. This really is the issue in which communication is possibly being most critical, and clear, goals, boundaries, objectives, duties and responsibilities must be set out. This can be especially key within the procedure of merger and acquisition which requires the management of several internal and external stakeholders engaged during the program in complex ways.
It is advisable to make certain that early communication is approached inside a comprehensive and formal manner, because that is most likely to minimize the risk of project delay as the define and model stage develops and enters far more important execution phases. It has been advised that written communication is preferable in this phase, that formal reporting strategies need to govern communication to a large degree, and that comprehensive records of discussions should be kept to ensure that what's agreed is explicit, and can also be recognized retrospectively.
As the project develops into additional advanced stages on the define and type stage the project manager should adopt a consultative procedure to make certain that problems are recognized in advance, and specially inside the situation of the merger and acquisition method consultation ought to engage internal and external stakeholders. Additionally, the project manager need to adopt strategies which will permit for proper progress, and performance monitoring. Additionally, it has been recommended that the project manager must devise and implement methods to make certain proper leadership, training, selection, recruitment, procurement, organizational communication and stakeholder engagement. As such the project manager inside “define and design” stage will primarily be concerned with planning powerful strategy in these areas and the mitigation of risks which are associated with change, and organizational transition.
Due diligence is one of the most crucial difficulties facing management within the early stages of a merger and acquisition. It is 1 in the key risks that corporations can be exposed to during the method of merger and acquisition, since it exposes the new corporation to a heightened risk of high-priced litigation. In terms of the downstream oil company operation, 1 with the key challenges in this context are going to be communication with employees from the disparate structure of an oil company operation. Of course these risks can be mitigated by the project manager inside define and design stage. Accordingly, the project manager ought to gather key details on all existing employees so that risks can be evaluated in advance, and so that a plan of action is also set out, evaluated and implemented as the project moves out in the define and design stage (Lock, D (2007); Maylor, H (2010) p 219).
Managers must be trained, and key facts about employees need to be gathered and managed electronically to make sure that appropriate, and thorough processes of due diligence can be carried out effectively. This details may be gathered by the project manager within the define and type stage, as well as the project manager could assess what one of the most training, and communication strategies is going to be to your newly merged organization.
2.5 The use of consultancy expertise during the define and model phase
Consultancy expertise is expensive, in particular for an company in transition as this one is. Additionally, the usefulness of consultancy expertise is usually a quite variable thing in terms of its contribution to the overall success from the business (Maylor, H (2010) p 222). Inside define and type stage, the project manager can make sure how the use of consultancy expertise is well-planned and assessed in terms of its significance towards the firm as being a whole. Consultancy input is some thing which is susceptible to evaluation, and thus the project manager inside define and type stage can devise an proper procedure of evaluation to ensure that price expenditure on this kind of external expertise is monitored, and that prices are justified (Lock, D (2007); Maylor, H (2010) p 227).
3.0 Coursework conclusion
This coursework has regarded the topics of stakeholder expectations, project constraints, time, quality and price control, due diligence and the use of consultancy expertise during the point of view in the project manager during the define and design stage of the major procedure of merger and acquisition.
The project manager, as well as the buyer are generally the key contenders at the beginning on the define and type stage. This is the issue where communication is likely being most critical, and clear, goals, boundaries, objectives, duties and responsibilities must be set out. That is particularly key inside process of merger and acquisition which requires the management of several internal and external stakeholders engaged inside system in complex ways.
It is advisable to make sure that early communication is approached inside a comprehensive and formal manner, since that is most likely to minimize the risk of project delay as the define and model stage develops and enters additional significant execution phases. It has been advised that written communication is preferable in this phase, that formal reporting methods should govern communication to a large degree, and that comprehensive records of discussions ought to be kept to make sure that what is agreed is explicit, and can also be identified retrospectively.
As the project develops into much more advanced stages on the define and type stage the project manager ought to adopt a consultative process to make certain that issues are known in advance, and in particular inside the case of a merger and acquisition procedure consultation need to engage internal and external stakeholders. Additionally, the project manager must adopt strategies which will allow for appropriate progress, and performance monitoring. Additionally, it has been advised that the project manager must devise and implement methods to make sure proper leadership, training, selection, recruitment, procurement, organizational communication and stakeholder engagement. As this kind of the project manager inside “define and design” stage will primarily be concerned with planning strong strategy in these areas and the mitigation of risks which are associated with change, and organizational transition.
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