Design a new presentation, presenting your project management. Display your progress and objectives and challenges of your project, including the imagery you have created. Make sure your presentatio

Running head: Monitoring and Controlling phase!

The Monitoring and Controlling phase!

The Earned Value Analysis

Currently, the project has reached halfway. The budget for the whole project is $8,000. The budgeted amount is $4,000 but so far, the actual cost is $3,500.

AC (Actual Cost) equals $3,500

PV (Planned Value) equals $4,000

EV (Earned value) equals $8,000 * 0.5 =$4,000

Schedule variance equals EV less PV equals $4,000 less $4,000= $0 (good since =0)

Schedule performance index equals EV/PV equals $4,000/$4,000=1 (good since 1=1)

Cost variance = EV minus AC = $4,000 minus $3,500 = $500 (good since >0)

Cost performance index is equivalent to EV/AC

Therefore, Cost performance index = $4,000/$3,500 = 1.14 (good since >1)

Estimated at completion is equivalent to project budget/cost performance index

Therefore, estimated at completion = $8,000/1.14

=$7,017.54

Overview

Based on the analysis earned value, the project is already on the right truck. This is because the project is already halfway and the actual cost that the project has incurred so far is $3,500. The planed value of the project while at halfway should be $4,000 hence it is clear that the project has already saved around $500. The budget for the whole project is $8,000 but considering the status of the project, the money used to the completion will be lower the budgeted amount. This is because estimated at completion is $7,017.54 which is lower than the budgeted $8,000. Therefore, the status of the project is good based on the fact that it is still within the budget hence all project activities will be accomplished as there are enough funds for financing the project. The ability of the project to have managed to use funds in a manner that is efficient can be associated with accountability and excellent purchasing policies that have ensured equipment are purchased from the vendors with the best prices while considering quality (Kendrick, 2015).

The project audit

Project auditing helps project manager in determining the progress made (Campbell, 2014). The progress is usually in terms of amount of money used based on the budgeted amount. For example, in this project $3,500 has been using in completing the project halfway while the budgeted amount is $8,000. This is an indication that the progress is perfect based on the funds used so far comparing with the budget money. Also, the project is ahead the schedule because schedule variance is positive and schedule performance index is =1. In the second half of the project it is possible that the project team will be more efficient hence lowering the costs further. The positive cost variance and cost performance index that is larger than 1 is an indication that the project is within the budget. The project is already halfway and the cost used based on the budget is around 43 percent of the total money expected to be spend on the project. Therefore, the costs that will be used to complete the project are likely to be lower than the planned budget of $8,000. According to Heagney (2016), the ability of the project team to manage costs depends on their level of accountability and skills in cost management. In this project, the project team seems to have sound knowledge in cost management as the costs incurred have been minimized to level that is below the planned budget.

Continued budgeting development

Opinion from experts

The experts’ opinion has helped in developing budget for the project. It is through the experts opinion that the project is able to operate within the planned $8,000 to complete the project activities. This involved consultations on the quality and prices of the machines and equipment. The payments for services and labour assessment based on the market price involved consulting the experts in order to develop accurate expenses projections. As a result, costs estimates were made more accurate hence making the project able to operate within the set budget. For example, the aspects of inflation were considered in estimating the costs’ hence helping in coming up with real and realistic estimates (Meredith, et al, 2017).

Marketing distribution plan

The distribution channel that will be used by UP Company is direct selling where the customers will be accessed directly. UP Company aims at making sure that its targeted customers are provided with the appropriate gym services at their workplaces. The company focuses on making sure that the employees can be able to access services for keeping them physically fit despite their busy schedule. The use of direct selling as the distribution channel is important in helping UP Company in understanding the needs of the targeted customers (Yi, et al., 2018).

Marketing distribution objectives

1. To achieve increase in sales volume by around 10 percent annually

2. To increase the market penetration

3. To build a positive image in the market

Market targeted

The major target market of UP Company is the organizations looking for ways of making their employees physically fit. The corporate fitness market is usually segmented based on age and income where many employees seek gym services to enhance their health conditions. UP Company will be working with the top management in order to develop the best incentive plans for offering personalized health programs. The targeted customers include the manufacturing employees and corporate employees who want to stay physically fit. The marketing strategies embraced will develop the appropriate customer awareness concerning services offered (Sharmila and Kavitha, 2018).

Also, the marketing strategy will develop the needed customer base and build customer loyalty. Printed materials and social media will be used on marketing the services offered by UP Company in the market. This will entail describing the services offered in order to give the prospective customers the needed insights concerning the commitment of UP Company towards making sure employees are physically fit despite their busy schedules. Advertisements using business journals will also help in enhancing visibility of UP Company in the market (Hew, et al., 2016). Lastly, UP Company will make use of websites to disseminate information concerning the uniqueness of the gym services offered.

Positioning

UP Company will ensure it positions itself as the best gym services provider in the market. This will entail developing effective wellness strategies aimed at meeting the physical exercise needs of the customers. According to Chaffey and Jones (2015), positioning is important in the process of enhancing the brand image in the market. As a result, UP Company will make use of positioning to make customers attracted by its services. For example, UP Company will ensure the gym services offered are aligned with the customer needs. This will entail investing in market research to ensure the needs of the targeted customers are properly understood.

Marketing mix

Promotional plan

UP Company will embrace the use of internet in marketing its services. Internet use has increased among people hence social media can assist in promoting services in the market (Gretzel, 2017). For example, UP Company will utilize platforms such as Instagram to reach the targeted customers. UP Company is highly concerned with the needs of the customers hence it has designed the gym sessions in a way that can make the customers feel satisfied.

Promotional Campaign

References

Chaffey, D., & Jones, R. (2015). Managing Digital Marketing in 2015. Smart Insights. Recuperado de http://www. smartinsights. com/guides/managing-digitalmarketing-2015.

Gretzel, U. (2017). The visual turn in social media marketing. Tourismos, 12(3).

Heagney, J. (2016). Fundamentals of project management. Amacom.

Hew, J. J., Lee, V. H., Ooi, K. B., & Lin, B. (2016). Mobile social commerce: The booster for brand loyalty?. Computers in Human Behavior, 59, 142-154.

Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing your project. Amacom.

Kim, B. C. (2015). Dynamic control thresholds for consistent earned value analysis and reliable early warning. Journal of Management in Engineering, 31(5), 04014077.

Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial approach. John Wiley & Sons.

Michael Campbell, (2014). Project Management, Sixth Edition: 9781615645336.

Sharmila, R., & Kavitha, M. (2018). Effectiveness of social media marketing. Indian Journal of Public Health Research & Development, 9(11), 192-196.

Yi, Z., Wang, Y., Liu, Y., & Chen, Y. J. (2018). The impact of consumer fairness seeking on distribution channel selection: direct selling vs. agent selling. Production and Operations Management, 27(6), 1148-1167.