Masters Business Report Sample

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Teradyne Corporation: The Jaguar Project

Abstract

Teradyne is a well-established corporation enjoying 45 years of success in the market. In 2001, O’ Berin was hired as the project manager of the jaguar project. The jaguar project faced many challenges and could not able to bring out remarkable outcomes. If the prince2 methodology had been used in the jaguar project, the result would be different.

Prince 2 means “projects in a controlled environment”. Using the prince 2 approach, the project is subdivided into different sections, and all the sections are interconnected to avoid distancing and communication gaps. Since 1996, the prince 2 approach has been categorised for public use worldwide to bring beneficial results.

Introduction

The Jaguar project was designed by Teradyne corporation to check the easy adoption of the requirements of various device parts by developing a flexible setup. Teradyne is an engineering corporation whose owners are two MIT class fellows. Prince 2 methodology is mostly used in the United Kingdom, European and Australian countries. This prince 2 approach covers the entire project cycle. Let us consider the difference in the jaguar project if the prince 2 approach will be used and discuss it with prince 2 seven principles and processes.

Analysis

Alex d’Arbeloff and Nick DeWolf, in 1940 established the Teradyne corporation. Now, Teradyne is an 82-year-old company. This company utilise different approaches to upgrade its product manufacturing and launching system. The Jaguar project is the fruit of eight years’ effort of Teradyne corporation and its team. The management decided to make a union of various separate market platforms. In the jaguar project, proper tracking and clarity of records are utilised. The new software was launched and utilised for the jaguar project. That’s why the software learning system was also organised.

Prince 2 methodology is the most frequently used project management approach (Varickova,2017). The result could be entirely different if this approach were used in the jaguar project. For the jaguar project, Teradyne corporation management utilised an “Execution strategy” that reflects digits, numbers, imaging and approaches.

Despite eight years of struggle and proper planning, the jaguar project faced many challenges, such as inappropriate quality of product, lack of proper knowledge and experience, advanced commitments and late applications. If the prince2 methodology was used in the jaguar project, the requirement to hire and train the project manager could be eliminated. Only the properly qualified engineering team is required to pay more attention to metrics. The main objective of prince 2 is to “characterise the corporation’s structure”. The Jaguar project team was not strong. On the other hand, team power is more manifested in the principle 2 approaches (Kissflow,2021).

In the jaguar project, the project manager managed at the development level and presented weekly reports. In prince2, the role of the project manager is depicted. A project manager is responsible for making regular reports and presenting them to the administration and the project team. Moreover, the processes of prince 2 are up to date and make step by step processing to accomplish the project with remarkable outcome. The process comprises commencing the project, Inauguration, proper direction, jurisdiction levels, control product launch, handling the stage limits and the appropriate closing of the project (IPL, nd).

Adoption of the Prince 2 Principles

Prince 2 principles are very important, and their implementation ensures the successful accomplishment of the project with beneficial results. Seven prince2 principles establish the basic framework of project management.

Resumed business vindication

The business case is continuously reviewed, analysed and revised in this principle. By this, the business case remains updated during the entire project cycle.

Comprehension from experience

Every accomplished project provides a lesson log to the project team. This lesson log must be analysed and revised to make a beneficial success from the upcoming project. Before initiating a new project, prince 2 recommends looking over the mistakes of the previous one and avoiding repeating them (Mousae and Javdani, 2018).

Defined role and liability

All the team members can share their roles. The main liabilities are “corporate, project board, project manager and project team”. If these members perform their liabilities in the best possible way, the outcome will be brighter.

Manage via levels

Prince 2 is subdivided into many stages. While moving toward the next level, the business case, team’s determination, project planning must be updated.

Manage visa exemption

Exemptions are the limits that design the boundaries of every project. The project manager can expand or redefine these boundaries. These limits depict the team’s work plan and clarify its stickiness with rules (Lucidchart,2021).

Attention towards product

Products are the real interface of the corporation. The product must be of high quality in various designs and price ranges.

Modifications in project territory

The project environment must be managed to nullify the negative impact of risks, complications and time limits. The workplace environment must be productive and must contain a source of inspiration (Malsam,2021).

Prince 2 methodology principles reveal the strength of teamwork. It provides a major hold to the project manager and directs him to work properly. Appropriate reports and their on-time presentation was absent in the jaguar project. This modification really can bring out the beneficial result.

Tailoring of Prince 2 Processes

Prince 2 methodology is the most widely used approach, and it is frequently recommended in different project management tasks. It can manage projects circumstances, length, complications, importance, team effectiveness, threats for every sort of project. The main objective of prince 2 is to ensure that the selected project management strategy is applicable for the project.

It must support various factors such as human resources, economics and acquirement. Project Exemptions must be suitable for project transactions, complications, validity, team effectiveness and threats. Moreover, the Exemptions are applicable for business case reviewal and analysis procedures (Sargeant et al., 2010).

There are seven prince2 processes to upgrade project management tools and approaches.

Commence the project

To commence the project, the project idea, business case and level planning must be discussed appropriately to avoid all the confusion. It is important to perform thorough research with full devotion before starting the project. It can save time and economy during project start up.

Inauguration of project

To inaugurate the project, the project team must look over all the details such as its scope, expenditure, time limits, threats, standards, and benefits.

Direction for project

This step helps the project board understand the corporation’s actual status, progress in the project, and market requirements. The project management team have the authority to start up the project, inaugurate it and deliver useful products to the consumers. Another direction is required if the closure of the project is under observation (Malsam,2021).

Jurisdiction levels

This is the level where all the arrangements are made, and practical work starts. At this stage, the project manager accepts various tasks, assign them and monitor the staff activities, listens to staff petitions and queries, resolve the issues and record the success of the project management team. The project manager must compare the actual business plan and its progress to make profitable decisions.

Handle Product Launches

Products are the actual outcome of the corporation and present the real status of the corporation in front of its consumers, investors and shareholders. The function linked with this procedure is accepting the project, selecting the financial package and launching the desired products in the market with various styles and price ranges.

Control Stage Limits

This procedure comprises two steps. At first, the project manager makes an elaborated report to the project board administration and project management team. The report analyses the project’s performance, ugaradation and proceedings. Second, the analysed report will help the project board understand the recent challenges and approve the next plan.

Closure of Project

This procedure will be chosen if the project manager and management team ensures that all the set goals and objectives are achieved at the exact deadline. In some cases, the project manager himself prepare the details of the closure of the project in its business plan. The functions involved in this procedure are developing an accurate summary of work done, evaluating the expenditures and project progress and recommending useful strategies to the project team to officially announce the closure of the project (Malsam,2021)

Prince 2 methodology is entirely different from the jaguar project as it is the procedure that teaches us how to run a project effectively, and the jaguar project gives information about the project and its factors.

But prince 2 don’t cover the soft skills and demands experienced to control the project management team to ensure a successful outcome. It also has a negative reputation as it only stands by with the waterfall approach. Managing these faults can make project work management easier, applicable and updated (Buehring,2021).

Conclusion

Project management can be done by considering many other examples and helpful approaches. Prince2 methodology is more focused and beneficial to make a better out one. All the faults in the jaguar case project can be eliminated via the prince 2 approach, and differences in project management can be observed. Prince 2 reference methods such as adopting the Prince 2 principles and Tailoring of the Prince 2 processes have made it possible to confirm the validity of the prince 2 approach.

References:

IPL. Nd. Jaguar Project Case Study. Available [online] at: https://www.ipl.org/essay/Case-Study-Teradyne-Corporation-PCJUDPXAWU

Kissflow.2021. PRINCE2 Methodology in Project Management – A Complete Overview. Available [online] at: https://kissflow.com/project/prince2-project-methodology/

Lucid chart.2021. What Is PRINCE2 Methodology?. Available [online] at: https://www.lucidchart.com/blog/what-is-prince2-methodology

Mousaei, M. and Javdani, T., 2018. A new project risk management model based on Scrum framework and Prince2 methodology. International Journal of Advanced Computer Science and Applications, 9(4).

Sargeant, R., Hatcher, C., Trigunarsyah, B., Coffey, V. and Kraatz, J., 2010. Creating value in project management using PRINCE2.

Smon Buehring.2021. PRINCE2 benefits, advantages and disadvantages. Available [online] at: https://www.knowledgetrain.co.uk/project-management/prince2/prince-2-course/prince2-benefits

Vaníčková, R., 2017. Application of PRINCE2 project management methodology. Studia Commercialia Bratislavensia, 10(38), p.227.

William Malsam.2021. What Is PRINCE2? Principles, Aspects, Roles & Processes. Available [online] at: https://www.projectmanager.com/blog/prince2-methodology

Bibliography:

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

Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Project Management Institute, 2000. A Guide to the Project Management Body of Knowledge (PMBOK Guide) (Vol. 2). Project Management Inst.

Taana, I.H., 2020. A Conceptual Framework on The Successful Adoption of Project Management Methodologies in Ghana. Technium Soc. Sci. J., 10, p.409.