Commercial Management Essay Example | Topics and Well Written Essays - 2500 words

Commercial Management - Essay Example However the first stage of the project brought certain problems in the competition and thus before beginning of the second phase of the project it is important to address these for successful execution of the project. The lessons learned include: 1. Project Management The management of a project requires discrete attention to the managers i.e. the actions at an individual level. Spekman, Theodore, Lynn, & Thomas, (1998) claim that â€Å"little is known about the managerial requirements of the different life cycle stages through which alliances pass† and too little attention is given to the alliance manager as a central figure in determining the success/failure of an alliance†. Similarly, heavy reliance on the firm level analysis and the relationships between the parent companies often leaves out of consideration the actions of the individuals that are embedded in these relationships (Granovetter, 1985). Considering the above argument the project management team establish ed comprised mainly of the senior resources from both the companies however the overall in-charge of the project was from Inter-Optics plc where the Chief Engineer was reporting to the project manager. Since, the project was initiated the initial stages of the project were very slow and there turned out to be a lot of differences when working on site. The project manager was merely involved in the whole process and the decisions and solutions were taken by the on-site engineers in agreement with the local contractor. The overall project management essentials were not practiced and the project was late 7-8 weeks. In such situations it is the responsibility of the project manager to oversee all the activities in the so that everything goes well as planned and if problems may arise as it did in this case, a resolution is immediately implemented. In order to do so the eight essential steps for project management should be adopted for its successful execution these include (Westland, 201 0): i. Team Assembly - In project management the proper assembling of a team is quite crucial as it is a collaboration of different minds working together and they work together to come up with cohesive ideas and mutual strategies that are required for successful execution of the project. Although the teams were formulated for the project however it lacked collaboration and cohesiveness as the selection of the team members was not appropriately planned. ii. Project Initiation – The project initiation phase requires a complete understanding and identification of the project definition, objective and approaches to be used in the project. This project lacked planning and scope as when it was initiated the foreman did not have any direction, there was no understanding of the country and hence problems arose. iii. Project Planning - This phase of the project management is quite crucial and often serves as the backbone of any project. A complete and thorough planning serves as a me ans to prevent the chances of setbacks and problems along the course of the project. The project between Inter-Optics and SOI lacked planning as the project