Contents

• Introduction 2
• Conclusion 3
• Recommendations 3
• Discussion 5
• Project Management Processes 6
• Leadership 7
• Project Phases 8
• Synergistic Teams 10
• Project Risks 11
• Project Control 11
• Marketing Management 12
• References 14

Description

Management strategies and execution of those strategies play an important role in the success or otherwise of an organization. Seemingly profitable venture can fail due to faulty strategies and difficult ventures could prove to be successful with the effective implementation of right strategic plans. A project needs to be analysed for cost effectiveness and the demand for the product before the project is undertaken. Even if there is demand for the market for a novel idea or concept the product embodies, cost effectiveness is the most crucial factor that determines as to whether a company should go ahead with the product development work at all. A marginal price rise of the new product from the existing range of products could work out to be feasible for the sales team to sell the product in the market. However, huge difference in the price of the product although it offers new features and utilities and the existing product could prove to be detrimental for the product to make in roads into the market. The case study of medical monitor production process is one such example where managerial lapses led to the failure of the product development project. This report analyzes the case study from the management framework of project processes, leadership, project phases, synergistic teams, project risks, projects cost estimation, project control, marketing management etc. The paper tries to find out the core lapses in strategic management planning and execution that led to scrapping of the project after making fairly successful inroads into product development.