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Unit 3 Business Project Finance HND

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Managing a Successful Business Project

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INTRODUCTION

In this modern era, digital technology is a broad concept which is followed through each organisation to increasing productivity of business. Many business firms use different digital technology in order to developing business activities in an effective manner. At market place, there is large number of organisations which deals in same sectors, so digitalisation given competitive advantage to business in an effective manner. It is regarded as one time investment for organizations because advanced technologies will give many advantages to firm for future context. This report is based on ZOCDOC business firm. It is online medical care services provider and also offers free of cost medical care facilities to people in United Kingdom. In given report mentions about the undertaking research in order to meet with stated objectives as well as own performance learning. The small scale methods with the help of applying the quantitative or qualitative methods of an investigation for meeting up objectives or gaols of firm will also be mention in given project.

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TASK 1

P1 Clear aims and objectives for project

Now days, there are many people which opening new business at market place with the help of advanced or digital technology. An economy of United Kingdom is developing rapidly because it is necessary for organisation to bring new ideas as well as concepts in order maintain its productivity at competitive market. It is necessary for an organisation to use advanced digital technologies in order to gain better outcomes in an effective manner. In addition to this, digitalisation is also helpful in managing activities of business in better manner. ZOCDOC company provides its services of medical facilities online by adopting advanced technology in an effective manner. It also serves better treatment to people and deal with them in a better manner. Advance technology aids in brining modernization in business and attract the large number of customers at market place for increasing development or productivity of company. At market place, there are many types of digital technologies like for an instance read analytics, cloud technologies, ambient technologies and etc. All are helpful in minimising workload and stress of employees at workplace. Through technology, company can communicate with its consumers and also promote all business related activities so that people can know about its services and purchase them.

Topic: “How digital technology has transformed business activities, e.g. operations, marketing, accounting and HR. A case study on “ZOCDOC.”

Project background

In this business environment, technology plays a necessary role in increasing productivity of an organisation. There are several technologies which are helpful in starting new firms and conduct in a proper manner. It is necessary for an organisation to invest more on project and also adopt the advanced technologies in affective manner. As ZOCDOC firm conducts its business online and wants to introduce any new feature in its applications then regarding this, it need to conduct an investigation and also visit to the doctors and consult with them in an effective manner. With the help of this people will be more attracted and purchase services of this organisation.

Aim: “ To determine an impact on digital technology on development and productivity of an organisation. A case study on ZOCDOC.”

Objectives:

  • To examine an impact of digital technology on activities and operations of ZOCDOC.
  • To determine need of digital technology for making transformation in business activities of company.
  • To determine needs of an organization behind using the digitalisation in business.

Research Questions:

  • What is impact of digital technology on activities and operations of ZOCDOC?
  • What is need of digital technology for making transformation in business activities of company?
  • What are needs of an organization behind using the digitalisation in business?

P2 Project management plan

Project management plan is one of the important process for business organization to increase overall performance of the company at market place. Along with this, it is vital for researcher to make a good planning before doing aby kind of work. As result manager attain desirable goals and objectives. Basically, project management plan includes entire activities of the business which may leads in making a successful project in order to attain positive results (Den Hertog, Van der Aa and De Jong, 2010). It provides better path as well as ways to manager to effectively monitor as well as control entire activities which may help in achieving positive outcomes. In addition of this, it includes cost, scope, time, quality, risk, resource and communication. With the help of this, ZOCDOC easily attain better success at market place.

Cost: Under this, company invest huge funds to add new and innovative features within their existing application for attaining better results. As ZOCDOC invest so many funds to implement the innovation process within the company which may leads in attaining positive outcomes in most effective manner.

  • Time: It is important for researcher to effectively manager project activities as per given time frame. As they also make sure that all the activities are completed in set time frame. It helps manager to improve overall performance level of the project which leads in completing entire project in appropriate time frame.
  • Scope of project: Under this, the scope of this project is high due to company formed new and innovative ideas in market with the aim of attaining customer’s attention towards its products and services. With the help of this company established their positive brand image which may leads in attaining better profitability level. Under this, scope of this project is more and it has clear aims and objectives so that employees can focus on that in better manner. It is helpful for an organization to provide the better opportunities to customers along with the company.
  • Risk: Under this, company face number issues and risk factors due to bringing new and innovative ideas within the business. As customers easily use quality services as per their needs (Gebauer, Edvardsson and Bjurko, 2010). With the help of this they easily make their project successful but still they face risk. Thus, it is vital for manager to effectively assess and examine all the risk factors to reduce it and at the same time attain better results.
  • Communication: For attaining favourable results, it is important for ZOCDOC to maintain good and effective communication channel with their workers and customers as well. With the help of this company easily understand customers’ needs and wants towards the products. This will aid in improving performance level of the company.
  • Quality control: Under this, it is important for ZOCDOC to serve quality products and services to its customers at online platform which may leads in increasing their market share in most effective manner (Eckerson, 2010). With the help of this, frim attain better success at market place fork its rivals.

All these are more important for making a successful project which may leads in improving the overall performance level of the ZOCDOC at market place.

P3 Time line and Action Plan

It is one of the important process for researcher as well as business organization to understand customer’s views and opinion towards the company products before starting a new project. With the help of this company easily improve their overall performance level at market place (Incelli, 2013). Thus, for this manager creates an effective action plan in which they implement all the activities with the aim of executing it effectively in order to attain set goals and objectives in appropriate manner.

In addition of this, a work break-down structure is also an important aspect which provide effective path to manager to attain set goals and objectives. In this, entire workers of the company are set as per various small part so that all the task is effective performs in set time frame.

Along with this, a Gantt chart is also an effective factor which includes activities which will be used by the company with the aim of completing the entire task in effective manner. Basically, it is formed as per pyramid shape which cover all the activities of the project in appropriate way.

  • Identification of the issue
  • Literature review
  • Clarify the issue
  • Define the concept
  • Determination of population
  • Data collection
  • Data analysis
  • Recommendation and conclusion of the report
  • Submitting of the entire report

All these are considered by the ZOCDOC at the time of conducting research which may leads in determine the people views and opinion towards the company products and services (Jones and Lubinski, 2012). With the help of this, ZOCDOC easily understand customers’ needs and wants towards the company products and services which may leads in enhancing the profitability level of the company at market place.

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TASK 2

P4 Conducting small scale research using research methods

Research is done for specific reason for search something new which can provide benefits to business. Under this there are two different methods of data collection and these are primary and secondary (Introducing Research Methods, 2017). At the time of conducting process of research, an investigator should be clear about research objectives. Through these two different data collection methods, firm can gather relevant and accurate data in an effective manner. Two different methods of research given below:

Qualitative method: This is subjective approach which helps investigator to collect factual information in respect to research topic. In-depth interview, case study, focus group, content analysis are techniques which are used by researcher to gain knowledge about perception and behaviour of public to make decisions about changes in research.

Quantitative method: It is also an important method of data collection which help in gathering data and information in effective manner. Mainly it is based on the questionnaire and surveys. Along with this researcher gather data in numerical form such as statistics and many more. With the help of this investigator can easily draw a valid conclusion.

Primary method- Under this researcher collect data with the help of questionnaire, surveys, personal interviews etc. Under this data is collect as well as used first time through researcher.

Secondary method- In this, for collect data researcher use different methods such as books, journals, articles etc. Data is already used through other researchers.

These two different methods of data collection are helpful for ZOCDOC firm to take better or effective decisions. In context of ZOCDOC business firm, it provides better quality pf medical facilities with the help of using online mobile application. Through this, people can buy medicines and take better treatment through online (Kankaanranta and Planken, 2010). It provides many advantages to firm in an effective or beneficial method. For this business, there are two different methods of data analysis and these are qualitative and also quantitative. In this analytical method also consider as an important which may lead in collecting relevant data in effective manner.

In addition of this, research team of company use both methods such as qualitative and quantitative which may help in getting feedback from the customers in relation of online business. With the help of this, researcher easily attains competitive advantage from its rivals.

Along with this, primary data also consider as an important method which used by manager for gather relevant as well as actual information through survey and questionnaire. With the help of this company easily understand customers’ needs and wants towards the company products and services in effective manner. Along with this, ZOCDOC make questionnaire in which they used 20 respondents for collecting relevant data in order to take best judgement (Lai and Ong, 2010).

QUESTIONNAIRE

Name:

Age:

Gender:

Q1. Is this new characteristic is complimentary to ZOCDOC?

a) Yes

b) No

Q2. Whether this extra feature in their application will give them long term benefit?

a) Yes

b) No

Q3. What kind of response company will face after implementing these new innovative ideas?

a) Positive

b) Negative

Q4. Does ZOCDOC really require any kind of innovative idea?

a) Yes

b) No

Q5. Whether customers will accept the modern way of treatment rather than the old one?

a) Agree

b) Disagree

Q6. Does the organisation have ample amount of resources for implementing digitalisation?

a) Yes

b) No

Q7. Whether ZOCDOC will be able to attract more and more customers after implementing new features in their applications?

a) Yes

b) No

Q8. Classify this in the category mentioned below in which the operating system will be used?

a) Android

b) IOS

c) other web application

d) All of the above

Q9. According to current market situation, which method must be favoured for operating business?

a) Traditional marketing

b) Online marketing

Q10. Any suggestions for implementing digitalisation in an effective manner in business operations?

  • Apart from this, secondary data is also used by researcher for collecting data from various books
  • and journals in order to take right decision in most effective manner.

TASK 3

P5 Reflection on research conducted

An investigation is very complex subject and takes more time, money and also efforts which are necessary to conduct an investigation. Under this, proper study of feasibility is necessary to evaluate of making business more successful. In addition to this, it is necessary for the project manager to take care about all activities in better or systematic manner. During conducting an investigation, it is necessary for researcher to know that what kind of data it should be required so that they can meet with the research objectives. In regards to this, there are many problems which are faced through a researcher in case of using personal interviews, surveys and questionnaire. Under this, an investigator uses questionnaire to know about opinions of different respondents regarding the topic of an investigation. In context to this, it is a responsibility of a researcher to collect the relevant as well as accurate data. Proper resource allocation is necessary before conducting research on the basis of set objectives in a better manner. In the whole process of research, better communication provided necessary outcomes in the future activity in systematic way. In addition to this, it has been identified that in research, researcher needs more money as well as more time to get the effective results in a better manner. It is essential for researcher to doing the proper examination of feasibilities in context to finish this project with in specific period of time. In addition of this, I need to having proper time management skill for managing research activities in effective way. For this, I also use work break-down structure and Gantt chart to manage entire research activities. In addition of this, I also need effective communication skill so that I can easily communicate with respondents and ask them questions. This will help me in getting proper knowledge towards customer opinion and reviews as well. With the help of this, I will easily take appropriate decision towards the social media on increasing profitability level.

CONCLUSION

It has been concluded from the above given report that digital technology provides many effective advantages to business in order to bring development and productivity in business in an effective manner. Through advanced technology, this company provides training to its staff members in order to increasing their skills and core competencies in a better manner. Under this report studied regarding affect of the digital technology on transforming business activities like for an instance human resources, accounting, marketing etc. Project management plan incorporating communication, scope, cost and many other components also be discussed in mention report in detailed manner.

REFERENCES

  • Ahmed Dine Rabeh, H., Jimenez-Jimenez, D. and Martínez-Costa, M., 2013. Managing knowledge for a successful competence exploration. Journal of Knowledge Management. 7(2). pp.195-207.
  • Chesbrough, H., 2010. Business model innovation: opportunities and barriers. Long range planning. 43(2). pp.354-363.
  • Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
  • Den Hertog, P., Van der Aa, W. and De Jong, M.W., 2010. Capabilities for managing service innovation: towards a conceptual framework. Journal of service Management. 21(4). pp.490-514.
  • Eckerson, W.W., 2010. Performance dashboards: measuring, monitoring, and managing your business. John Wiley & Sons.
  • Gebauer, H., Edvardsson, B. and Bjurko, M., 2010. The impact of service orientation in corporate culture on business performance in manufacturing companies. Journal of Service Management. 21(2). pp.237-259.
  • Incelli, E., 2013. Managing discourse in intercultural business email interactions: a case study of a British and Italian business transaction. Journal of Multilingual and Multicultural Development. 34(6). pp.515-532.
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