Analysis of BioDiesel Incorporated Business Plan - Free Essay Example

Sample details Pages: 6 Words: 1914 Downloads: 7 Date added: 2017/06/26 Category Business Essay Type Case study Did you like this example? Analysis of BioDiesel Incorporated Business Plan Abstract Biodiesel is a fuel comprised of mono-alkyl esters of long chain fatty acids derived from vegetable oils or animal fats, designated B100, and meeting the requirements of ASTM D 6751. This is a standard set by the standards organization ASTM International. The production of BioDiesel had experienced a significant growth spurt over the past four years. Don’t waste time! Our writers will create an original "Analysis of BioDiesel Incorporated Business Plan" essay for you Create order BioDiesel Incorporated is attempting to capture a segment of this growth spurt. Currently, the United States has à ¢Ã¢â€š ¬Ã…“115 biodiesel production companies throughout 39 of the 50 statesà ¢Ã¢â€š ¬Ã‚  (U.S. Energy Information Administration, 2013) that are competing for the market. BioDiesel Incorporated has identified a global need for a biodiesel products and has proposed a cooperative business model that will attempt to control the raw material cost. This cooperative will utilize materials its members to produce the biodiesel at a more affordable production cost. This study will explore BioDiesel Incorporatedà ¢Ã¢â€š ¬Ã¢â€ž ¢s business opportunities, market drivers, and the business strategy, financial needs for this type of start-up, and what the distribution channels are. Each of the components are essential establishing a good footing for BioDiesel Incorporated. This study will conclude with recommendations and steps that could be required to move this business concep t forward to become a successful competitor in a market that continually grows exponentially since Congress passed legislation; Energy Policy Act of 1992 and Energy Policy Act of 2005. Analysis of BioDiesel Incorporated Business Plan BioDiesel Incorporated was established to capitalize on the emerging market of biodiesel. The founders want to create a producerà ¢Ã¢â€š ¬Ã¢â€ž ¢s cooperative that what enlist the members to produce the raw materials; which would reduce the production cost of biodiesel. Additionally, the capital equipment that is required for production of the biodiesel would be shared and spread over the membership of the cooperative. Another facet of the business strategy is incorporating the distribution channels. BioDiesel would distribute the biodiesel utilizing the existing infrastructure that is currently being used by the fossil fuels. Business opportunities are generated from an individualà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã…“attitude and perspective because inspiration is everywhereà ¢Ã¢â€š ¬Ã‚  (Nota Bene Consulting, 2014). The global society has influences or clues to great ideas but an individual has to be receptive to see or hear them. The founders of BioDiesel, Josh, Hannah, and Matthew, were listening to the clues from the energy markets by being perspective to the dependences of fossil fuels from other countries. This dependency drives the cost per gallon of fossil fuels and depletes the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s natural resources. Each of them, through their research project, was able to identify the challenges and opportunities that the energy consumers are facing as the extraction of the fossil fuels are damaging the environment. Listening to the clues and influence are only the beginning of great ideas, these qualities need to be infused with management experience from this industry to ensure BioDiesel Incorporated starts off on a solid foundation. Like all start-ups, BioDiesel, will need to harness the management experience of the three founders. The key factors for any start-up are management quality of the founders and their à ¢Ã¢â€š ¬Ã…“earlier experience in the industry, as well as the timeliness of the new technology innovationà ¢Ã¢â€š ¬Ã‚  (Technology Ventures: From Idea to Enterprise, 2014, p. 159). This experience would appear to be minimal due their current position as an undergraduate. This inexperience could be an obstacle to BioDiesel; however if the three founders were able to recruit an expert from the industry and leverage their experience to help guide them through the start-up phase, this could avoid challenges from potential investors. Additionally, utilizing an expert from the renewable energy markets will help the entrepreneurs understand the market drivers for this industry. Identifying and monitoring the key market drivers of a business is critical to integrating the new business opportunity and boosting the profitability of the new business. These key business market driver are something that has a major impact on the performance of the specific business success. The market drivers that BioDiesel will need to understand are wide in nature; which will make it more critical to the success. Biodies el markets can be grouped into three categories: security, economy, and environment. Each of these categories can be divided in to a public and private components. Understanding all these à ¢Ã¢â€š ¬Ã…“factors, a firm seeks to increase its efficient use of investments and reduce its operating costsà ¢Ã¢â€š ¬Ã‚  (Technology Ventures: From Idea to Enterprise, 2014, p. 382). Examples of these markets would include the Department of Defense (DOD) from the public sectors. The DOD uses some à ¢Ã¢â€š ¬Ã…“300,000 barrels of oil a day (~5 billion gallons per year)à ¢Ã¢â€š ¬Ã‚  (Duff, 2013, p. 22). This is 80% of the federal governments total fuel usage. Understanding the market driver will help develop a distribution process for the completed product. Utilizing distribution channels such as using the existing infrastructure as it was proposed by BioDiesel is the most cost effective effort, however this approach creates additional changes for BioDiesel. The potential growth be add ing bioenergy to an infrastructure that is already hampered by the energy demands will à ¢Ã¢â€š ¬Ã…“likely to exceed the combined capacity of current agricultural and energy supply chains, including grain, petroleum, and coalà ¢Ã¢â€š ¬Ã‚  (Richard, 2010). BioDiesel will need to establish a supply chain model that will support the bioenergy industry. This supply chain model will allow BioDiesel to monitor the supply channels and any potential risk from these supplier within BioDieselà ¢Ã¢â€š ¬Ã¢â€ž ¢s supply network. Supply chain models can be defined as an integrated process in which a à ¢Ã¢â€š ¬Ã…“number of various business entities work together in an effortà ¢Ã¢â€š ¬Ã‚  (Beamon, 1998). Manufacturersà ¢Ã¢â€š ¬Ã¢â€ž ¢ partner with third-party distribution companies, providing wholesale product that is then bought by retailers and other end users. This model is still valuable and widely used today. Biodiesel distribution system has largely followed the à ¢Ã¢â€š ¬Ã…“sa me model as petroleum-based fuelsà ¢Ã¢â€š ¬Ã‚  (Carpenter, 2013), so leveraging the existing local infrastructure would make the most sense for BioDiese Incorporated. Once BioDiesel creates a supply chain map to outline the distribution channels, the opportunities for understanding what drive the markets will help direct the founders in to the most profitable markets. BioDiesel Incorporate failed to capture an adequate sense of the market drivers that are key to ensuring the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s success. The founders of BioDiesel did not incorporate the various markets that are found in the renewable energy sector. This oversight will not allow the company to tap in to a market that could potentially be used to sustain the company. Additionally, this oversight does not allow the founders to understand the regulation that is enforced by the U.S Department of Energy. A failure in not following Federal regulation may result in shutting down the company before it get started. BioDiesel Incorporated can implement four à ¢Ã¢â€š ¬Ã…“competitive capabilities: low cost, high quality, speed, and flexibilityà ¢Ã¢â€š ¬Ã‚  (Technology Ventures: From Idea to Enterprise, 2014, p. 331) that could be explained by the business strategy. Each of these points are the key tenants for any company; large or small. Quality is a measure of a product or process that usually includes performance and reliability of that product or process. Performance is a measurement to which a product or process can meet or exceed certain functional features. Reliability is a measurement of how long a product or process performs before it fails. On-time delivery speed measures the pace of lead time, on-time delivery, and product development. Flexibility is a measurement of a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to react to the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s needs quickly. All of these goals need to be achieved while operating with the additional goal of meeting Federal regulations. Each o f these management components of BioDiesel will have an impact on the fiscal pofile of the company. This fiscal profile will be influenced by the type if financing that BioDiesel will pursue. Investing risk capital is a basic membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ responsibility of a cooperative. The initial investment requires equity capital. BioDieselsà ¢Ã¢â€š ¬Ã¢â€ž ¢ members would will utilize equity capital, which represents the investment in ownership through purchase of the equipment for the company, from the membership of the framers to establish the initial seed capital for building out the facility to produce the biodiesel for production. Unfortunately, the à ¢Ã¢â€š ¬Ã…“equity investment required to build a biofuel plant is typically greatly disproportionateà ¢Ã¢â€š ¬Ã‚  (Canadian Co-operative Association, 2007) to the net returns available to farmers producing the biodiesel. The US Department of Agriculture recognizes the disproportionate nature of a cooperative and has passe d à ¢Ã¢â€š ¬Ã…“legislation, Farm Credit Act of 1971à ¢Ã¢â€š ¬Ã‚  (Rapp Ely, 2010), which defines a cooperative that is eligible to borrow from the banks for cooperatives in the Farm Credit System and the conditions the cooperative must meet. BioDiesel Incorporate has several challenges that they will face when attempting to generate the funds from equity capital due to the cost of the equipment. Additionally, BioDiesel will have to overcome significant flaws that were identified within the business strategy prior to seeking debit capital from investors. BioDiesel Incorporated business strategy plan had three major finding that would need to be address prior to presenting to potential investors. The first major finding from the business strategy is the lack of market research. The founders have highlighted the background of the technology and what the challenges is that the founders want to mitigate; however there is no evidence in the business strategy to indicate what mark et BioDiesel wants exploit or operate in. The second major flaw is the business strategy plan does not identify how many membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ are going to be in the cooperative. The strategy needs to identify the member threshold to determine what the breaking point for cost of the raw material would be. The third finding from the business strategy is the lack of experience from the energy industry. The business strategy needs to incorporate the level and quality the management experience within the bioenergy markets. Investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ want to have that assurance that this new venture will have a profitable payoff and financial growth. Conclusion The three founders of BioDiesel Incorporated have a good opportunity to exploit a new emerging technology of biodiesel. The technology involved in the development of biodiesel has been on a rapid growth curve for the past three years. BioDiesel can capitalize on the boom to the industry and make a difference for the wor ldà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment. Based on the major finding with their proposal, BioDiesel would need to correct those recommendation in order promote their chance of success in this fast growing industry. The nest step that BioDiesel would need to pursue would be securing the initial investment for the development of the facility the will produce the biodiesel. This segment of BioDiesel effort in creating the cooperative would require enlisting enough members and putting together the board that would make the decisions for the cooperative. This study has indicated that BioDiesel is still several months if not years away before the cooperative would be able to begin production of biodiesel for retail purposes. References Beamon, B. M. (1998). Supply Chain Design and Analysis: Models and Methods. International Journal of Production Economics, 55(3), pp. 281-294. Canadian Co-operative Association. (2007). Guide to Starting a Biofuel Co-operative. Carpenter, G. (2013, July 10). Expanding Distribution Channels by Thinking Outside the Box. Retrieved from Biodiesel Magazine: https://www.biodieselmagazine.com/articles/9216/expanding-distribution-channels-by-thinking-outside-the-box Duff, B. (2013). MARKET DRIVERS FOR BIOFUELS. 3rd Annual MSW to Biofuels, (p. 57). Orlando. Nota Bene Consulting. (2014). Where do Great Ideas Come From? Retrieved from Nota Bene Consulting: https://www.notabenemarketing.com/great-ideas Rapp, G., Ely, G. (2010). How to Start a Cooperative. Washington DC: United States Department of Agriculture. Richard, T. L. (2010). Challenges in Scaling Up Biofuels Infrastructure. Science AAAS. Technology Ventures: From Idea to Enterprise. (2014). McGraw-Hill Create. U.S. Energy Information Administration. (2013, Decmeber). Monthly Biodiesel Production Report. Washington DC.

Lord of The Rings/Kite Runner Compare and Contrast Essay

Kite Runner and Lord of the Flies: Compare and Contrast What objects do you associate innocence with? Marriage, virginity, a childhood toy? When we think of dominance we think of war; we think of negativity. When the phrase ‘parental influence’ comes to mind, we go to our mothers tucking us into bed and watching the game with our fathers—at least that is what us lucky ones think of. Not everyone is lucky enough to have that innocence stored forever, violent free lives, and a mother and father by our side. The Kite Runner and Lord of the Flies have many similarities, particularly when comparing themes such as loss of innocence, power and dominance, and paternal influences and the ways in which they are depicted through symbolism and irony.†¦show more content†¦Not only did Jack allege his power through conspicuous hunting acts, but he also imposed power with his violent mannerisms towards Ralph, Piggy, and the others. Jack is not the only power figure in this story. In turn, the British official that appeared t o rescue the boys has a stature of power along with the British army. Golding expressed his love of irony with the British soldier on the island as well. The boys had been creating their own war on the island, and they were, in a way, mimicking the war that had been happening on a world-wide scale. Golding did not stop here, as the British soldier then observed the boys savagery, he reprimanded them for not being more proper and British. â€Å"’I should have thought that a pack of British boys—you’re all British, aren’t you?—would have been able to put up a better show than that—‘† (202). How ironic, that despite the soldier’s talk of being proper and â€Å"English,† he too was being a savage. He too, was in the middle of a war. Not only do The Kite Runner and Lord of the Flies share themes of innocence and power, but they both partake in the lack of positive parental influence. In The Kite Runner, Amir envied the father-son relationship that Hassan and his believed-to-be-father, Ali, shared. Like his stolen innocence, Amir yearned for his father’s approval, for these were the things he could not have. â€Å"He’d close the door, leave me to wonder why it was alwaysShow MoreRelatedDeveloping Management Skills404131 Words   |  1617 PagesPASSWORD-PROTECTED ASSESSMENT WEB SITE If your instructor has signed up for this object, an access-code-protected Web site is available so you can take the Skill Assessments in the book online and receive immediate, real-time feedback on how your scores compare with those of thousands of other students in our PREFACE xix ever-expanding database. (Two assessments in the book—â€Å"Source of Personal Stress† in Chapter 2 and the â€Å"Best-Self Feedback Exercise† in Chapter 10—are not available online.) COURSESMART

The History of Bradford Free Essays

string(82) " very good depiction of how important family was to the average Victorian family\." Bradford began as a minute village but at the turn of the 19thcentury the population increased at a rapid rate, this lead to death rates to augment which meant that a cemetery was urgently needed. Time took its toll and life in Bradford became worse and by 1854 the Undercliffe Cemetery was created. This cemetery contains such facets that are very idiosyncratic and display Victorian life in a unique way. We will write a custom essay sample on The History of Bradford or any similar topic only for you Order Now The main focus of this paper will be on the different features of the site and how they support and contradict the Victorian values and attitudes, along with my research I will also be extracting evidence from the burial ground and analysing both primary and secondary sources in order to find out how the site has interpreted and shown the Victorian attributes Value 1: Social Status For those in the upper classes of society etiquette was an essential way of living, Victorian society was prominently concerned about every aspect of their life. From the moment the upper-class left their beds their day was ruled over by many do’s and don’ts. Victorian society although may have been strict on an array of rules, it could also be quite pleasant but only depending on your financial status. The cemetery itself supports the idea of the high class holding onto their social position for example in site 4 the Illingworth mausoleum portrays many characteristics such as the tomb itself being built inside with lavish marble in order to keep the bodies cool and the sphinx guarding the tomb gives the impression that they were in some cases showing off that they had travelled to a foreign country. This mausoleum in particular is a great feature of the cemetery that represents how important social status was to the Victorians this is because the tomb itself contains such descriptive detail that evidently shows the Illingworth’s were beginning to show their status in society. Their grave appears to show their importance and wealth due to its intricate design and detail such as the sphinx. This evidence of the illingworth’s mausoleum is a pure example of how the cemetery contains a feature which supports the Victorian values and attitudes regarding the social status of the upper class Victorians. While gathering my evidence of the Victorian value’s I came across a source in form of an image that in some aspects supports as well as contradicts the way the cemetery has portrayed social status and social class. A painting by J. Ritchie which was produced in 1858 that goes by the name of ‘A summer’s day in Hyde Park’ contains various activities that can be seen and amidst them various people that portray different classes in 19th century society. Although this source was written four years after the cemetery was created it provides illustrative substantiation that the affluent citizens wanted to stand out therefore they are painted with a white colour bringing out their importance whereas the workers and servants are daubed with a dull colour which shows how they were kept in the dark and were not to be seen. Along with the rich being highlighted the image brings out some metaphorical evidence which can be seen within Undercliffe Cemetery, in the painting the upper class are placed in the centre of the image this idea supports the cemetery because the rich are in fact the most dominant and are placed within the centre of the burial ground to show their importance. Social status was a very important value that the Victorians held onto it was their way of expressing who they were, the cemetery’s features can in fact support the idea of social status being one of the main features that are thoroughly explained, this source in particular has added to my understanding that this burial ground is in fact categorised and certain sites within the cemetery were only for certain classes. My own research on the source and on social status gives the impression that the cemetery supports the indication of Victorian society being very cautious on their title and position. Value 2: Family Values Although position in society was of importance to Victorians they also had another value which can be seen throughout the cemetery this was their family. There were many rules regarding the family which would consist of the father being the head of the house and he was always to be obeyed. In public, children were expected to be seen and not heard. At Undercliffe Cemetery I observed a tomb located in site 3 which belonged to The Behrens family, they had decided to include everybody’s name that was in their family implying that they were all buried together. This grave brings out a feature of the cemetery that supports that family values were an important element in the Victorian life. It also provides evidence that this value was seen as some importance due to the way it was shown in the cemetery. The family during the 19th century was very similar between the Upper and middle class but also differed in many ways. Each member of the family had its own place and children were taught ‘to know their place’ Most days the middle and upper class children saw very little of their parents. The children would spend most of their time in the nursery and would be brought up by their nanny. This information helps me understand insight into a child’s life from an opulent background it shows how the family values in Victorian times were very stringent and the cemetery doesn’t give any evidence of the luxurious wealthy having this sort of background it only shows the extravagance of the graves and this enquiry on the actual rules on family etiquette was something no outsider was expected to know about. Although family values did appear to be harsh a very well-known British painter named William Powell Frith did a very good depiction of how important family was to the average Victorian family. You read "The History of Bradford" in category "Papers" His painting which was produced in 1856 and is named ‘many happy returns of the day’ suggests that Frith’s personal life was happy and yet secretive. It shows that although the household was important to the man of the house this didn’t deter him away from the Victorian hypocrisy. This interpretation of Victorian hypocrisy can be seen in the corner of the painting near the man himself he is seen sat next to another mistress with children from him, this suggests that family values obviously couldn’t have been as important to the husband as he may have made them out to be and scandals such as these were something that should have been avoided at all costs. This exact source regarding values of family in various ways contradicts what the cemetery is trying to display. The source has given me a different sort of understanding that the cemetery doesn’t provide although the burial ground shows one grave with family values it’s the source that shows the true life of Victorians whereas Undercliffe cemetery has a feature that although stands out it doesn’t 100% give accurate evidence of the importance of family values to Victorians. Value 3: Paternalism Many husbands in the Victorian epoch were considered to be paternalists they believed that they were the men of the house and women were seen as inferior ones. This notion of men being the dominant can clearly be seen at the cemetery and it therefore makes it a very distinctive feature. While studying the memorial park I came across two graves in particular one which supported the Victorian value in respects to paternalism but another which totally controverted paternalism. These two people were in fact located on the main avenue in site 3. Firstly Robert Milligan who was a merchant and had been the MP of Bradford had a grave which was mostly dedicated to him and a small memoir regarding his wife, not only did this reveal vanity it also showed how he believed he was the man in charge and how mediocre his wife was compared to him. On the other hand a middle class man who owns the tallest pedestal within the cemetery had decided to put his wife first his name is in fact William Sharp. He was not a paternalist but in fact quite the opposite. Paternalism was a value within the Victorian times that every man governed over, the cemetery corroborates that paternalism was in fact a facet that helps one understand where men were within society. In a more general format the cemetery’s main feature shows that paternalism was the most dominant element of the Victorian life due to the various graves that begin with the husbands or fathers name first. Another source which was observed at the cemetery itself was William sharps grave it gainsays the cemetery as being paternalist as he decided to put his wifes name first. This displays a man who had gone against some ways of how a Victorian had lived, firstly he wasn’t an upper class gentlemen yet he is the one who worked his way to the top. This grave helps me apprehend that not everybody followed all the rules in the Victorian times some people wanted to work in order to be in a higher position in life and didn’t want to feel like they were supposed to be a certain way In order to fit in. Even though being the man in charge, William sharp felt that his wife had the same equal rights as him and that even if he was dominant she was his wife and he loved her. In order to show his affection he may have decided to place her name before his. Paternalism does stand out well in the cemetery and William Sharps grave does indeed provide evidence that some Victorians in terms of paternalism shouldn’t be generalised as not all men believed to be the most dominant in the house. Value 4: Role of Women While studying the site at Undercliffe Cemetery another Victorian value which I believe is a feature of the cemetery that stands out is the role of women, the site shows me that women were considered to be nothing but an ornament for one to admire, the many graves that were at the cemetery began with the husbands name this interpreted that women were seen as sub-standard compared to the males. I researched further into what life was like for genuine Victorian woman and the rights were very appalling. To begin with women weren’t given any suffrage rights, they weren’t given any rights to own property and education for them wasn’t considered important as long as they could get a husband. This Victorian value helps me understand that life for Victorian women was quite limited they were only allowed to do certain things and were considered to be feminine and courteous. An extract from Mrs Beetons book which talks about household management and reinforces the role of women and how they should set a timetable for every aspect of their daily life. She begins by saying ‘As the commander of an army, or the leader of any enterprise, so it is with the mistress of a house’ This woman is trying to explain that although women aren’t superior they still have the command over the house and its their duty to make sure everything is in order. This source helps me understand that during the Victorian times the woman was supposed to keep herself busy and at the same time avoid doing chores or getting involved in business, finance or even politics they were allowed to have social gatherings and plan parties but they weren’t allowed to venture into the world of work. The cemetery shows that women were inferior but it doesn’t give any more information of what women went through during the Victorian times therefore it in some ways supports the cemetery. This value in the Victorian era helps me understand through both the sources and my own research that women did not receive any equality and to some extent the cemetery supports this evidence. In conclusion to all of the above Victorian values in which I have studied I can say that there are many features of Undercliffe Cemetery that support the attributes and many sources that were from that period of time that support and also contradict evidence seen at the cemetery. In my opinion I believe that although the burial ground’s features display Victorian attitudes and values to some extent they are quite inaccurate as they don’t give the full information as the true insight into the Victorian life. Therefore I believe that my own study of the sources and research has helped me understand the features of the cemetery that stand out. How to cite The History of Bradford, Papers

Leadership and Skills Planning and Control Management

Question: Discuss about the Leadership and Skills for Planning and Control Management. Answer: Introduction: A project management is a systematic and methodical approach to planning and controlling different project processes in an organization from its conception to its completion. As stated by Angelo et al. (2017), in project management, the project managers along with the team members of the project apply their knowledge, talents, skills, techniques and tools for meeting the project requirements. It involves planning, scheduling and directing the diverse resources of an organization towards completion of a specific task. The human and financial capitals are utilized systematically, which helps in defining the different goals and purposes of a project. These resources are utilized in the most beneficial way that helps in controlling quality and also ensures completion of the project in time and thereby maintain the quality standard. According to Archibald and Archibald (2016), the project management establishes diverse principles, policies and procedures that help in managing the project using different conceptions. While managing the projects, the managers employ several approaches and methods, which help in running the project and selecting the best approaches for its completion. Consequently, the project management implies integration of the time, cost, quality, human resources and communications in scheduling the project for its successful completion. Artto et al. (2016) opined that while the project managers need to have high levels of corporate visuals, which help in delivering certain tangible results within estimated time and budget. The project management is conducted methodically where the project goals are defined, and the steps are outlined for achieving the goals, identification of the resources and determining the time and budget for accomplishing the tasks. In this assignment, the different life cycles of project management will be discussed that comprises of initiation, planning, implementation and execution, project closedown and evaluation and lastly management of multiple projects in an organization. The assignment also discusses the importance and theory of project management in an organization. Life Cycle of Project Management The life cycle contains initiation, planning, implementation, execution and closure of the project. The projects contain temporary structure that varies according to their size as well as complexities. It is important to manage the projects so that each one of them gets completed within specified time and with provided resources (Biesenthal et al. 2015). The 1st phase of the project management life cycle is the Initiation stage, where the purpose of developing the project is discussed. As stated by Borsato (2014), in this stage, the project manager documents the objectives, aims, scope, purpose and the deliverables those will be produced in the project. The project manager conducts interview sessions with the patrons and understands their strategic vision and objectives. The aim and objectives of the projects are evaluated in this stage and verification with the customers is done. The documentation of the customers requirements and demands along with the organizations resources are done. Braglia and Frosolini (2014) opined that in this initiation stage, the details of the project are initiated that includes the technological usage, legal actions, resources and involvement of the stakeholders those are to be used. The potential risks and hindrances are also given concern at this stage, for taking appropriate remedial steps to avoid an d mitigate them. Moreover, the budget of the project is also estimated and aligned with the strategic goals of the organization. Burke and Barron (2014) mentioned that the project manager defines the roles and responsibilities of each of the team members as it helps in building a cohesive team. The leadership qualities of the project managers are also highlighted through the usage of their skills and talents in managing the team and assigning the responsible to the assigned members. An example can be taken from Tesco, where Self-Service-Checkout project has been taken to prevent the customers from standing in long queues. In the initiation stage of this project, Tesco understood the importance of having it in the organization (Ciliberti et al. 2016). The project manager claims it to be a simple and helpful method to the customers. The project manager had to distribute the responsibilities to the IT department for designing the product. Moreover, documentation of all the requirements, risks and hindrances that are likely to be faced at this stage had to be done. Project Planning Stage The 2nd phase of the life-cycle is the project planning stage, which implies planning and scheduling of the project accurately. As mentioned by Heagney (2016), in this stage, the infrastructure is established, which helps in effectively managing the success of the project. The assigned responsibilities are documented officially, and the communication and expectations are well presented in the project team. Along with this, the tracking system is established that helps in decomposing the high-level working structure into small divisions for the easy accomplishment of it. Heizer and Barry (2013) stated that in this stage, the project manager obtains staff members, assigns responsibilities and roles develop organizational charts and makes risk assessments. The project planning done by the project managers is dynamic in nature, which helps in identifying the deliverables and the activities for completing it. Moreover, the project manager also sequences the activities logically as per the requirement of the resources, time, cost and priorities. According to Joslin and Mller (2015), the project manager lists the information that is required for the successful completion of the project. This project planning helps in guiding to the execution of the project in a systematic and methodical way. The planning is done in done in such a way that the objectives of the project are achieved along with keeps track of the ongoing proceedings. An example can be cited from Tesco when the organizations project manager of Self-Service-Checkout project has documented all the resources that the project requires along with their availability. An accurate structure of the project is formulated, which helped the project manager in distributing the tasks and responsibilities among the team members and the time for accomplishing each of the tasks (Kerzner, 2013). The risks and the ways of mitigating the risks have also been documented in the phase along with sequencing the activities as per their requirement and needs. Implementation and Execution Stage The 3rd phase of the project life cycle is the Implementation and execution stage," where the documented and planned activities are put into action by the project manager and team members. Laporte and OConnor (2014) commented that in this phase, the project manager manages the entire team and also makes the best utilization of the available resources. The different visions and plans come into reality, and the project manager continues coordinating and directing the project resources in meeting the purposes of the project plan. It is the job of the project manager to direct as well as manage the individual activities of each of the team members. The team members under the guidance of the project manager produce the deliverables those are best suited for the project and as documented in the planning stage. As stated by Laporte et al. (2016), the project manager is also responsible for monitoring the activities of each of the team members working on the project. Any changes and modifica tions those came into the way of the project manager are considered, reviewed and implemented into the project. These changes and modifications are also documented in the project. Moreover, the project managers act as the leaders while managing the team through their regular monitoring and inspection for ensuring final deliverables of the customers. The dummy execution takes the place of the project before the evaluation phase takes over it (Love et al. 2014). In Tesco, the project manager manages the entire teams and their activities in the implementation and execution stage. In this stage, the project manager of Tesco focuses on the equipment, materials and resources those are necessary for constructing each of the deliverables of the project (Mahmood 2017). The activities of each of the project are documented, and the tracking of the team members' activities are also maintained. The documentation of the self-service-checkout software is done that helps in maintaining the tracks of the team performance. Project Closedown and Evaluation Stage The project closedown and evaluation phase is the last stage of a project lifecycle. As mentioned by Martinelli and Milosevic (2016), this evaluation of the project is carried out by an independent and unbiased person for reviewing the performance of the project. That individual is responsible for determining the deliverable of the project within specified time, given budget and allocated budget. In project closedown stage, the project manager is responsible for conducting the meetings, documenting the lessons learned, releasing the resources of the project and updating of the organizational processes. While closing the project, the project manager is responsible for scheduling the reviews and highlights of the project meetings through Gantt chart. According to Mir and Pinnington (2014), during the project closedown, the key stakeholders are invited to the meeting to discuss the project happenings while conducting it. The overall project objectives are reviewed along with the budget, the requirements of the project and the end deadlines are discussed in the meetings. Moreover, the evaluations of the risks are also discussed in the meetings that helped in gaining experiences, which can be later used in the future projects. In this stage, the overall project is handled by the customers, and the project manager waits for its feedback and reviews. Based on the reviews, changes and modifications are done (Oliveira et al. 2016). In Tesco, when the project of self-checkout was completed, it was handled over to the higher authorities. The higher authorities did a complete review to use and utilized the software in the real working environment to see the reviews and feedback of the customers. On seeing a positive response from the customers, this project of Tesco was claimed to be a success (Pinto and Winch, 2016). The overall usage of the technologies, resources and budget were documented by the project manager. The risks those were likely to be faced by the organization were also documented along with the solutions. Managing Multiple Projects Stage While managing multiple projects, the project manager has to take care of reaching the individual goals of each of the projects in scheduled time. As opined by Qin and Chen (2016), in completing the multiple projects, efficient and effective collaboration is necessary. The project manager needs to understand the potentiality and skills of the team members in handling multiple projects. An initial meeting is conducted by the project managers, which helps in discussing the different action courses for achieving the individual and team goals. The feedback and reviews of each of the team members are necessary to take, which helps in accomplishing the multiple projects that will be taken by the project manager with the team. Schwalbe (2015) commented that the project manager is also responsible for formulating the clear and precise plan for each of the projects those will be undertaken. The project manager devises actions plans for each of the team members. As per the task analysis, the t eam members are asked to split the tasks into different stages. The completion of each of the stages helps in completion of the individual works within specified time and budget. According to Shao et al. (2016), while managing the multiple projects, the project manager is also responsible for managing the resources, strict the deadlines and managing the document. The plans of the individual projects are jotted down individually without mixing the projects with one another and ending up in making a mess out of all the projects. The essentialities and necessities of each of the projects are chalked out accordingly that helps in allocating the resources conveniently. As mentioned by Svejvig and Andersen (2015), the project manager is responsible for tracking the on-going of each of the project along with usage of the tools that helps in executing the assigned tasks. The abilities of the team members are also documented along with their expertise and skills in the completion of the individual tasks within specified time. The handling of multiple projects may seem to be difficult initially, but proper breakdown and structuring of the activities help in the systema tic completion of the multiple projects. Theory of Project Management The project management theory is based on PMBOK (Project Management Body of Knowledge). The purpose of this theory is in providing the adequate amount of work that is to be done, the unnecessary work that is not to be done and the work that delivers the purpose of the stated business. As mentioned by Artto et al. (2016), the project management is about managing tasks and works and decomposing the total work done in small chunks of the work. The PMBOK divides the entire processes of the project management into initiating, planning, execution, controlling as well as closing processes. These phases of the project develop a closed loop, where the planning processes are provided with an effective plan, which is realized by the executing processes. The planning helps in facilitating the entire processes of the organization. The scope planning and the output of the processes help in making up an input for the process of execution. Laporte et al. (2016) commented that the planning process do minates the scene that helps in executing the process as well as controlling the processes. The organization helps in consisting of the management part as well as effector part. The centralized creation, revision and implementation of the plans help in managing a strong connection with the management actions with that of the outcomes. According to Braglia and Frosolini (2014), the goals of the project management is flowing of the project towards the goals and objectives. The basic viewpoint is in eliminating the waste from the flow processes and the principles as the reduction of the lead time as well as reduction of the variability. The managerial prescription is different in reducing uncertainty and generation of values that helps in refining the framework of the quality movement. The value generation provides a good explanation of the third goal of the project management, which helps in delivering the business process (Laporte and OConnor, 2014). Importance of Project Management The project management is important for all the organizations as it helps in managing the different projects in the organization and their respective deliverables within specified time. As stated by Todorovi? et al. (2015), through project management, the resources are best utilized within the organization, which helps in carrying out the projects in a systematic and methodical way. The project management helps in identifying the requirements, objectives and aims of the customers that they claim from an organization. It helps in establishing clear, precise and achievable objectives, which are to be obtained by the project manager and the team members. The project management also helps in having a scientific and structured approach in the completion of the project. The objectives are successfully executed so that those are accomplished with the completion of the project. According to Too and Weaver (2014), the project management helps in organizing and planning the projects for taming the chaos that occurs when the projects are undertaken. It helps in controlling all the activities of the project. It is to be remembered that every project undertaken by the organizations have plenty of risks. The risks, being the fundamental part of the organization are to be controlled and managed for preventing its malicious nature that may negatively impact the organization. The project management identifies these potential risks and finds best probable solutions to the risks (Turner, 2014). Wang et al. (2017) opined that the project management plays an important role in managing the quality and quantity of the deliverables of a project. The project manager takes care of not producing any non-valuable and unimportant deliverables that add no value to the projects. Through project management, the integration of the projects is also done by the project manager. The projects are well integrated and assimilated with the ongoing business systems, processes and environment of the organization. Ciliberti et al. (2016) had commented that projects are subjected to the dynamic environment of the organization, which is not constant and are vulnerable to change. The issues that may appear in the project are identified and cleared through project management. The project management also ensures in capturing the project knowledge and managing it for the future use and references. As stated by Turner (2016), there are situations when the projects fail. But, with the help of project mana gement, the learning from the failures helps in improving the knowledge of the project manager and the team-mates. It helps in improvement of the quality of the future projects. As a result, the mistakes are never repeated within the organization, which leads to the success of the organization. Conclusion The overall project discusses the project management of the organizations. Through effective implementation of the project management, the various tasks and activities involved in the project are completed within specified time. The project management also helps in completion of the project work in specified time and with the help of the assigned resources. In this assignment, the different stages of the project management life cycle are described. It shows that every phase of it have certain unique features and actions, which are integrated and combined with the successful completion of the project. Moreover, the importance of the project management is also discussed in this context. Through project management, the team members along the project manager learn to identify and analyze the risks. It also helps in finding appropriate solutions to the risks, which could have hampered the completion of the project. Moreover, several knowledge and skills are also learned through project ma nagement process. The researcher has also discussed the theories related to project management like PMBOK that helps in understanding the amount of work that is to be done in the completion of a project and the unnecessary tasks those are not required for completion. It also helps in understanding the core processes those are necessary for the project to get accomplished. References Angelo, A.C.M., Saraiva, A.B., Clmaco, J.C.N., Infante, C.E. and Valle, R., 2017. 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