Tutorial 9: Swot Analysis

Strength - Making use of kinetic energy to generate electricity. - Charging on-the-go will provide convenience and save the house bills	Weaknesses - Too costly for a bicycle. - No protection from bad whether
Opportunities - Development of new eco-friendly technology. - We are the first to come out with this kind of bicycle that will generate electricity	Threats - Other companies might come up with a better technology than us. - Requires to raise a large amount of capital.

 
Our strategic goals:

1) Greater investment in Research and Development to reduce the cost of production
2) To come out with more eco-friendly, earth-saving and and more environmentally friendly products in the future

For today's tutorial, i learnt about the importance of swot analysis in a project. It is a powerful tool for strategic planning and it is a useful guide to assess the industry and develop strategies to remain competitive. By analysing the strengths,weaknesses,opportunities and threats of the project, it helps us to focus on our strengths, minimise threats, and take the greatest possible advantage of opportunities available.
I feel that swot analysis is essential in all projects as it helps to enhance strategic plans and objectives and it would be recommended for those people that have a new business so that they can understand the postition of themselves and understand their compeitiors

Report for Project Management

https://docs.google.com/document/d/1g2Euy4Q7iv3dV5VE7a9N0T8XV4n77sA0ViOybi3dxKI/edit?hl=en_GB#

Tutorial 8: Cost Benefit Analysis

Cost Benefit Analysis estimates and totals up the equivalent money value of the benefits and costs to the community of the projects to establish whether they are worthwhile. All benefits and costs of a project should be measured in terms of their equivalent money value. By reducing the positive and negative impacts of a project to their equivalent money value Cost Benefits Analysis determines whether on balance the project is worthwhile.
Generally, for a project to be successful, the ROI of the project should be more than 0.5. My group's ROI for this project on the kinetic bicycle is 0.65 thus it would be profitable and safe.

I've learnt the importance of cost benefit analysis as it helps to determine on the justification and feasibility of the project and it also involves comparing the total expected cost of each option against the total expected benefits, to see whether the benefits outweigh the costs, and by how much.

               

 

Tutorial 7: Cost Table for Project

Above is the picture of the cost table for our project on the kinetic powered bicycle. My team has made use of the cost table for cost tabulation. Through this table, we manage to come out the selling price of the kinetic powered bicycle.
I learnt that it is important to do a cost evaluation in every project to ensure that the amount spent is within the budget. Overspending the budget would cause severe consequences as the company might not have enough funds to cover the costs. From this cost table, we are able to decide and plan how much to sell our product in order to make profits. Thus, I feel that this table is very important in managing and tracking our costs.

Tutorial 6: Risk Management

Updated WBS

For this week tutorial, we learnt about risk management and used it on our project. The picture above shows the possible risks that can happen in our project and the level of impact which can affect the project if the risks were to happen.
I feel that it is important to carry out risk management in a project as it helps the team estimate the extra time and delay needed to encounter the problems. Thus, we will be able to plan ahead and set aside additional time to finalise the completion of our project.

Tutorial 5: Gantt chart

For this week's tutorial, we learnt about the gantt chart and i've come to learnt that it is a relatively convenient tool of planning and scheduling projects. Basically, it is a specialized bar chart used to provide a graphical overview and schedule of all tasks or to indicate the work elements and dependencies of project.

Through the Gantt chart, a team can plan how long the project will take and give all members a clear view of the tasks on hand and the order in which the tasks need to be carried out.

Below here displays my group's Gantt chart regarding our project.

Tutorial 4: AON Table & Chart

In our AON chart, we have decided that our project would be completed earliest by 34 weeks and latest by 36 weeks. There will be additional float of 2 weeks.

From this tutorial, i realised the importance of the use of AON table & chart as it allows us to plan our schedule well and keep us on track with the project.  This is because if it happens that the completion time of the project is delayed, there will be consequences such as compensation. Furthermore, additional weeks on the float can help to prepare for any unfortunate encounters and gives us more time to tackle this problems. In overall, i feel that Activity-On-Node is essential for planning.