This website uses cookies to ensure you have the best experience. Learn more

Project Management Essay

3591 words - 15 pages

Case Study: New Business Venture
This case was borrowed from Kathy Schwalbe, Project Management 4th edition
Part 1: Initiating
Background Scenario:
You and several of your friends have been working for corporations for over five years, but several of you have a desire to start your own business. You have decided that you are ready to pursue your idea of starting a music academy for children ages 3-16. You all enjoy creating music, and you saw the advantages that some children had from participating in special music programs beyond those available in schools. In particular, you see the need for music training in your area for children interested in voice, guitar, keyboard, and percussion ...view middle of the document...

He is also a whiz at music technology, having recorded and edited CDs for several years. He works as a software developer for a large consulting firm. He is married and has one young child, and his spouse works part-time. Brian would not give up his full-time job until he knew he could support his family in this new business venture, but he could do a lot of part-time work.
3. Nicole, also one of your best friends since sixth grade, was the lead singer in your band. She has a great voice and really knows how to work a crowd, too. She is currently working as a part-time telemarketer, but she doesn’t like her job at all and is ready for something new. Her spouse has a great job and supports her in pursuing a new business opportunity. Her strengths are her vocal talent, professional voice training, and sales ability. She also loves working with children and would be willing to work full-time on this new business venture.
4. Andres was the last person to join your band in high school, having replaced your original drummer. He currently works as a music teacher at a local middle school. He has a lot of contacts with local schools and is dying to get this new music academy started. He is single and would want to keep his current job, but he could devote a fair amount of time to the business in the evenings, on weekends, and full-time in the summer. His strengths are his drumming expertise, teaching ability, music technology experience, and contacts with school-age children, parents, and school administrators. He currently gives some private lessons and knows other people who do as well, so he has potential clients and instructors that he could bring into the business.
The main goals of the New Business Venture Project are to prepare a business plan, get financial backing, handle legal issues, develop marketing materials, find a rental space for the music academy, purchase/develop curriculum, hire staff, and open for business by one year from now, September 1, to coincide with the school year. Your team has already analyzed the market, and you know you can make this business succeed. Your goal would be to cover your investment costs after two years in business.

Work with your teammates to perform all or just some of the following initiating tasks for this project.

1. To become more familiar with the children’s music instruction market, do some preliminary research to find out how big this market is, who the main companies are in the market, what the best-selling services are, pricing and marketing strategies, etc. If you do not want to focus on your own geographic area, pick one to focus on for this and future tasks. Write a two- to three-page paper (double-spaced) with your findings, citing at least two references. For example, the author’s son took lessons and performed in rock bands from Virtuosos Music Academy in Plymouth, Minnesota ( You can also include a paragraph or two with your team’s...

Other Papers Like Project Management

Project Management Essay

1371 words - 6 pages [pic] Project management --- Assignment 1 Student name: Sichen Zhou Student ID: 13207637 Date: 04/09/2014 Table of contents 1. Importance of project management……………………………………………2 2. The roles of project management….......………………………………………2 3. Recommendations…………………….……………………………………….3 1. Understand PM’s role…………….……………………………………….4 2. Be objective about threats

Project Management Essay

651 words - 3 pages Leading Team- Part One Jacqueline Sala-Grajales Capella University 4090-Project Management 01/12/2012 Leading Team-Part One Yahoo was the search engine used to research the project management tools and skills associated with leading teams. The following are the five links that were explored and its contents. 1. Project Management Competence: Building key Skills for Leading a Team According to Davidson Frame (1999), “Successful

Project Management

645 words - 3 pages What are some of the principal reasons why Project management has become such a popular tool in recent years? Project Management has become a very essential and popular business tool in recent years. Every successful project must have a person in charge to keep the project organized. Project management includes areas in integration management, scope management, time management, cost management, quality management, human resource management

Project Management - 2510 words

2510 words - 11 pages Business Project Management MODULE 26340 Module Leader: Dr Ashish Dwivedi Submission date: Monday 02.02.09 Describe the main phases of the project lifecycle. Critically discuss where in this lifecycle failures may occur and explain how effective project management might reduce their likelihood. 1.0 Introduction Projects are being born all around us and can be found in every facet of life – they can range from say the relatively simple

Project Management - 969 words

969 words - 4 pages PC Training & BUSINESS CoLLEGE FACULTY OF MEDIA, INFORMATION & COMMUNICATION TECHNOLOGY DIPLOMA IN INFORMATION TECHNOLOGY [2 YEARS] IT PROJECT MANAGEMENT 600 1ST SEMESTER ASSIGNMENT Name & Surname: _________________________________ ICAS No: _________________ Qualification: ______________________ Semester: _____ Module Name: __________________________ Date Submitted: ___________ ASSESSMENT CRITERIA | MARK

Project Management - 969 words

969 words - 4 pages approach on the company’s next project. Your short presentation (written) should consider the following: 1.1 Explain what project management is, and why it is different to other forms of management. 1.2 Explain how project management can be applied to your company’s projects. 1.3 Point out the trend towards professional project management and your local project management society/ association who are supporting certification. 1.4 Outline

Project Management - 2407 words

2407 words - 10 pages + PROJECT MANAGEMENT Fundamentals + Definitions A project ?  Unique A start  An end  Deliverables  Resources  Environment + Let’s drill down… OPERATIONS PROJECT PROGRAM PORTFOLIO + Key parameters SCOPE + Recipe - Skilled individuals, with an approved & supported mission. - Usage of a structured & shared methods - Usage of iterative processes to deliver expected deliverables

Project Management - 3413 words

3413 words - 14 pages Examination Paper of Certified Project Management Professional IIBM Institute of Business Management Examination Paper MM.100 Certified Project Management Professional Guidelines for paper • • • • Total No. of Questions is 100. The minimum passing marks is 50%. Each Question carries 1 mark. Answer all the Questions. Multiple Choices: 1. A_______ is a temporary endeavor undertaken to create a unique product, service or

Project Management - 5064 words

5064 words - 21 pages Project Management-C101 Section A Part One: 1. C) Project 2. C) Lower cost of capital 3. D) Projects involve little uncertainty 4. C) Meeting communications goals 5. A) Proposal 6. A) Project Management 7. A) Strategic, tactical 8. B) Program 9. D) Technical skills 10. B) Process Part Two: Q1. Project management is a one-time carefully planned and organized effort to achieve a specific goal

Project Management - 697 words

697 words - 3 pages Project Management 1. Discuss the primary function of a project plan. According to the Project Management Book of Knowledge, the project plan is "...a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A

Project Management - 538 words

538 words - 3 pages gem Article Critique : Best Practices in Project Management Deborah A Midkiff Columbia Southern University Project managers are typically responsible for every detail of a project from beginning to end. They must oversee the from the beginning sale to the final installation to ensure all costs and delivery targets are realistic and met. The main point of the article by Joan Engebretson discussing

Related Essays

Project Management Essay 745 Words

745 words - 3 pages 1. Today there is renewed interest in field of project management. One of the biggest reasons for this is that technology is ever changing. Just when a company feels like they have caught up to the recent technology, it evolves and leaves them behind. Businesses are trying to keep ahead of the changing times and are having to think fast and adapt to the fast moving changes. These changes are bringing about a greater need for project management

Project Management Essay 1136 Words

1136 words - 5 pages  Project Management Paper MGT 437 November 3, 2014 Project Management Paper Introduction To realize what a project entails or how to manage a project an individual must first comprehend the entirety of its lifecycle. The following paper will discuss and define the contents that are involved in project management. In addition it will emphasize the importance of project management being utilized by the organization. I will

Project Management Essay 1235 Words

1235 words - 5 pages Project Management Domenick Poncin MGT/437 April 20, 2015 Jenny Kirgis Abstract Projects and their life cycle are used across all types of businesses across the world. Projects are used to solve problems ranging from large to small. All projects demand resources, time, staffing and budget to complete. The stages of a project include, but are not limited to, conception, planning, launch, control, and closure to ensure a

Project Management Essay 580 Words

580 words - 3 pages elaboration refers to a project management technique within which the project set up is regularly changed, elaborated and improved as newer info becomes offered. Progressive Elaboration unendingly details a thought and specific info and a lot of correct estimates become offered because the project progresses, manufacturing a lot of correct and complete plans that result from the sequential iterations of the design method. Progressive elaboration