Report on Principles of the project management

From the case study of the Maxima LT it was concluded that it was a successful retail trade company that operated in the states of the Baltic and was growing on a daily basis due to the best services it provides to its customers an also have different retail centers in different retail outlets. However, some principles of the project management are utilized in the case study of the Maxima LT. The PMBOK guidelines defines about the project management and according to the PMBOK there are five processes that are important in the project management. And the five processes of the PMBOK include:

·         Initiating: In this process, the start of a new project is defined. In the case of the Maxima company, they have defined the areas and the retail outlets and also have defined the services they are providing to their customers.

·         Planning: Planning is necessary in conducting any business and running it successfully, without planning no business can run successfully. Maxima LT has developed a proper strategy and planned everything, because of that they are having successful retail outlets in different parts of the world.

·         Executing: In the execution process, the person should take action upon the planning, means he should execute the project according to the planning he has developed to run  business or an organization and Maxima has covered this aspect of the management as well because the company has executed the plan ty have made.

·         Monitoring and controlling: This is another major task when a plan is executed, monitoring and controlling is necessary after executing a plan. If there will be no monitoring and controlling team and members then the executed plan cannot stay for a long-lasting time. Everything needs to be monitored, if you want to achieve god results. In the case of Maxima, each unit that is operating in different outlets have charged with the responsibility of the monitoring and surveying the recent trends and the managers are given the responsibility to improve the organization at all organizational levels.

·         Closing: This is the last process in the PMBOK guidelines. In this process, a close look is taken upon all the activities that are conducted to close the project. All the activities of the company and the organization are looked upon carefully in this process and Maxima has charged this responsibility to the managers to manage all the activities of the company.

This process or guideline is best suited to weigh the project practices and if the company is working properly and they are executing the plan they have made earlier or not and everything is managing properly in an organization.

There are different project management approaches that are used to manage a project properly. Some approaches are used to manage the projects that are conduced on a small scale and some approaches are used to manage the large-scale projects. Approaches of management depends on the type of the project and what kind of instruction and managing process are required for managing the project properly.

In the case of the Maxima, the phased approach of the management is used. The project of the Maxima is divided into several phases. The project is divided into divided into several phases and stages in order to conduct al the activities of the project properly and in a sequence. Maxima has defined its project in different phases and by dividing it into phases help them conduct the structure planning and the control techniques. In the phased approach, there are four stages in which the project is divided: the initiation, project-level installation, enterprise-level installation and the maintenance.

These four stages help in developing proper strategies for a company. In the first stage initiation, the project is initially describing that what are the main objectives the organization wants to fulfill and what are the main requirements of the project. The second sage is the project-level installation, in this the basic things that are required for running a project and what will be the product’s and what are strategies’ that will be used in this project, the third step is the enterprise-level installation. In this step, the planning is executed on a broad level and the products of the project and the strategies are utilized publicly. In the last and the fourth stage, come maintenance, that if the plan and the project is planned a started, then it should be maintained, without maintaining anything nothing will remain constant. If someone wants to keep the business running properly, then they should maintain the project on a daily basis and improve the techniques and strategies used in the project with the changing trend. Maxima has utilized all these stages in developing a project and by maintaining it through proper planning and improving the business techniques by knowing the choices of the customers and provindig them with the best products and the best services.

Project management tools: To keep the company or organization safe from the risks of any kind of downfall and the company or organization must used some project management tools like the Maxima has used to safe itself from the risks of changing trends and the taste of the customers. The project management tools include:

Organizing Workflow and planning:  The main thing in the project management I organizing the work flow and planning because without planning anything, nothing can be executed. A proper strategy or a business should be developed before starting a project and it should define that how this project will be conducted, and what will be the possible outcomes that will be positive for this company.

Communication: The next step is communication. This tool is important to mange a project properly because if there are communication barriers between the persons who are developing this project then the project cannot be successfully run. Communication is necessary for conducting a project properly and by communicating new ideas are also generated that can be used in the project and makes it fruitful for the company.

Scheduling: Scheduling is necessary as to define who is available for the project on the scheduled time. A schedule should be made according to the availability of the employees so that employees can take part in the project development.

Time management: Time management is important, a planning should be done before executing a plan and the time should be set, that the project should be executed in the following meant time. And time management also helps to manage the risks of the current project and it is also helpful in the estimation and the future planning. Time is a necessary element.

Finance and Accounting: This is another tool that is helpful for the business owner and the manger as well, to understand the outcomes of the finance so that these things can be helpful for analysis and the future planning. Finance and accounting in necessary and this define the profitability of the project and the teams and how they perform and all other estimation. Because the revenue the company is generating is the estimation of all these things.

Moreover, all these things and tools are utilized by the Maxima company that is why the company is successful and operating different retail outlets in different parts of the world with almost around 20,000 employees as a total amount of employees working in different areas.

Leadership Style: The leadership skills of the manager in the organization is an important aspect because leadership styles define the manager and how he co operated with all his co workers and the employees.

The leadership style used by the maxima is the coaching leadership style. In the coaching leadership style, the leader and manager recognize the weakness, the strengths and the motivation of each employees and to help them perform good in their respective areas. This kind of leadership is helpful for the organization as it assist in setting the smart goals for the members of the organization an hep them to and this will help the workers in the organization to know their strengths and the weakness and how they can overcome their weakness and change them into their strengths. In this way they will be more motivated and improves their skills and create an environment that is positive and is motivating for the company and the people working in it.

The maxima have provided the opportunities to its employees and allows them to improve their weakness and all them to share their creative ideas. This kind of leadership is beneficial for all levels because when the leader knows the strengths a weakness of its employees, then he utilizes the skills of the employees according to their respective strengths and this will give a profit to the company.

By utilizing all these project management techniques, tools and the leadership styles, Maxima has achieved a great position in the market among other retail centers. Maxima has been successful due to properly managing all the employees and their strengths and the weakness and proper planning of the strategies before implementing the project.

References of Principles of the project management

actiTIME. (2018, September 6). Useful Project Management Tools and Techniques. Retrieved from ActiTime.com: https://www.actitime.com/project-management/project-management-tools-and-techniques/

GUTHRIE-JENSEN CONSULTANT. (2018, july 24). Top Project Management Approaches Explained [A Visual Guide]. Retrieved from guthriejensen.com: https://guthriejensen.com/blog/top-project-management-approaches-visual-guide/

indeed. (2019, September 8). 10 Common Leadership Styles (With Examples). Retrieved from indeed.com: https://www.indeed.com/career-advice/career-development/10-common-leadership-styles

Muslihat, D. (2018, March 9). 7 Popular Project Management Methodologies And What They’re Best Suited For. Retrieved from Zenkit: https://zenkit.com/en/blog/7-popular-project-management-methodologies-and-what-theyre-best-suited-for/