Strategic Planning And Foresight Planning Assignment Sample

Introduction - Optimizing Equine Performance Through Strategic Project Management

This report aims to highlight a project, named PKSH Project, and the client of this project name is Pippa Knight (the founder and Managing Director of PK Sports Horses). PK Sports Horses is a farm in West Yorkshire specializing in the production of high-quality sports horses. Their main goal is to produce highly competitive horses from the progeny of the best sports horses in the world. As mentioned in the case study, the main purpose of PK Sports Horses' projects is to improve the genetic characteristics of their horses and increase their competitive ability to hold big horse events, especially in the Olympics. They do this by carefully selecting the offspring of their horses so that each horse becomes better than its parent. PK Sports Horses' project has been very successful and their horses are among the best sports horses in the world. Their horses have competed in a variety of sports including eventing, dressage and showjumping and have won numerous medals.

Struggling with your assignments? Seeking Guidance from the UK's Best Online Assignment Help Experts? Look no further! At New Assignment Help, our professional writers are here to support you with top-quality, plagiarism-free assignments tailored to your needs.

This report will analyse methodological tools for the PKSH project to identify the project clients, interests, problem definition, time scales, costs, people, and outputs. At the same time, through the analysis part, this report will evaluate situational mapping, a review of the environment, an internal review of the business, and a competitive performance review. In addition, this report will highlight some recommendations to improve business perspectives of PKSH projects.

Methodology

i. Approach to the project

a. Meeting with the client

The client for the PKSH project is Pippa Knight, founder and managing director of PK Sports Horses. The client's target in this case is to improve the company's accommodation to better breed horses so that horses can be used in future Olympic or other horse racing events. As mentioned by Nicholas and Steyn (2020), meeting with the client is very important for the project as it helps to understand the client's requirements and meet their expectations. Through meetings, communication is maintained with the client and they are informed about the progress of the project (Yan et al., 2019). It also helps to inform the client about any potential problems or risks in the project and seek their cooperation to resolve them.

b. Area of Interest

The most interesting fact of this project is to improve horse breeding and also improve the quality of the stables to make the horses in this project much healthier to use in the next Olympics to increase the revenue margin of the company. As stated by Armenia et al., (2019), defining the project area is very important for the project as it helps to clearly define the scope, goals and objectives of the project. It also helps to determine the resources and activities required for the project (Shamim, 2022).

c. Problem Definition

The biggest problem for this scheduled project is to validate the project's cost estimates and simultaneously develop the project's timeline. As stated by Martinsuo (2020), the weakest aspect of the project is to understand the future success and risk of the project and develop the project strategy accordingly, and in this case, the project needs to be determined and appropriate measures taken. Moreover, the most problematic issue in this horse breeding is to pay proper attention to improving the horse's health and nutrition which is the most important aspect of this project.

ii. Business Strategy Method

Certain strategic methods can be used to manage this project, such as:

Post-positivism method: Post-positivism is a philosophy that uses an objective, systematic approach to knowing reality, but recognizes that knowledge is generated through a complex relationship between theory and observation (Koch and Schermuly, 2020). A post-positivism approach can be helpful in PKSH project development as it helps to develop a deeper understanding of various aspects of the project, such as client needs, horse pedigrees, and the competitive sports horse market.

Deductive Method: The deductive method is a research method that uses logical analysis from general to particular (Goel et al., 2020). The deductive approach can be helpful in PKSH project development as it helps to create a vision for the project and will help to determine the activities required to achieve the project goals.

Descriptive Method: The descriptive method is a research method used to describe something factually and clearly (Supriyono and Sutiah, 2020). Descriptive methods can help develop a PKSH project because it help to gather information about various aspects of the project, such as client requirements, horse pedigrees, the competitive sport horse market, and the performance of the PKSH project itself.

Secondary Data Collection Method: The secondary data collection method is a data collection method in which already collected data is used (Lin, 2021). The secondary data collection method can be helpful in the development of PKSH projects as it helps to collect information about various aspects of the project, such as the latest research on sports horse breeding, training, and technology.

Qualitative Technique: Qualitative methodology is a research method used to understand the qualitative characteristics of something, including human experience, behaviour, and meaning (Einhorn et al., 2019). For example, the PKSH project team used qualitative methods to understand clients' needs. They may interview clients or conduct a focus group discussion.

iii. Project diagram

a. Time scales

b. Costs

d. People and Outputs

Analysis

i. Situation Mapping

a. Express The Situation And Identify Issues

Currently, the Managing Director of PKSH Project wants to focus on increasing their budget as well as increasing their revenue to improve the entire accommodation of this company. As mentioned by Daniel and Ugochuku (2020), situational expression is important for project management as it helps to communicate accurately about different aspects of the project.

As mentioned in the case study, nowadays the organization organizes various sports events and participates in popular events like the Olympics which can help a lot in increasing the revenue of this organisation. Situational expressions help the team to determine and implement the activities required to achieve project goals (Kerzner, 2019).

The biggest issue in running this project is getting support from the right stakeholders as this project is not only targeting to increase the revenue of the company but also to improve the health of the horses as well as organise big events. As opined by Martinsuo et al., (2019), identifying problems is important in project management because it enables the project team to identify potential obstacles that may impede project progress and take steps to resolve them. If problems are not identified, they can lead to project failure.

b. Stakeholder analysis

In order to implement the PKSH project well, the managers of the company can play multiple responsibilities, such as:

Keep Satisfied: Informing stakeholders regularly about project progress and working to meet their expectations to maintain their confidence in the project (Forbes, 2022). It may also include holding regular PKSH project-related meetings, providing them with the information and resources they need, and appreciating members for their contributions.

Manage Closely: In that case, the stakeholders of a project can manage closely those whose support or participation is essential to the success of the project (Forbes, 2022). This can be done by regularly reviewing reports, interviewing PKSH project members and monitoring their work progress.

Monitor: Stakeholders of a project can monitor the activities of all stakeholders and ensure that they are performing their responsibilities properly (Wu, 2022). In this case, the managing director of the PKSH project should properly monitor the performance of all stakeholders associated with the project in addition to ensuring that all the company's work is done properly so that performance-related mistakes can be easily corrected.

Keep Informed: Members of a project can regularly inform all stakeholders about project progress, changes and potential issues (Rezania et al., 2019). This will ensure that members of the PKSH project are always informed about the project and have the necessary information so that they can perform their duties properly.

ii. Formal Review of The Environment

a. PESTLE Analysis

PESTLE analysis helps to identify potential opportunities and threats for the project and to develop necessary strategies to ensure the success of the project, such as:

Political:

• The UK government is increasing investment in the agricultural sector, which is positive for the PKSH project (Zerjav, 2021).
• The UK government is implementing environmental protection policies for agricultural land use, which may force the PKSH project to reduce its environmental impact.

Economic:

• The UK economy is fairly stable (the UK's GDP rate growing by 4.05%), which is positive for the PKSH project to attract investors (statista, 2023).
• Demand for sports horses in the UK is increasing, which is positive for the PKSH project in attracting customers, and revenue generation.
• The cost of production of sports horses in the UK is relatively high, which could be a negative for the PKSH project.

Social:

• The UK population has a growing number of retirees, who are the target market for the PKSH scheme.
• People's interest in sports and horses in the UK is increasing, creating a negative impression of the PKSH project (Borg and Scott-Young, 2020)

Technological:

• New technologies, such as artificial intelligence (AI) and gene editing, are being used in horse breed development and sports horse training, which is a positive trend for the PKSH project (Jugdev et al., 2020).
• Investment in research and development (R&D) in the UK is increasing, which could significantly increase the cost of PKSH projects.

Legal:

• The UK has strict animal welfare legislation (The Animal Welfare Act 2006), which will require PKSH schemes to provide high-quality animal care.
• The UK has strict environmental protection laws (Environment Protection Act 2020), which can significantly increase the cost of PKSH project sustainability activities (Nicholas and Steyn, 2020).

Environmental:

• The effects of climate change are increasing in the UK, which may affect PKSH project horse breed development and sport horse training.
• Current UK resource and waste legislation (Resources and Waste Act 1980) is much more stringent which may raise legal issues for this project (Yan et al., 2019).

b. Porter’s Five Forces

Porter's Five Forces is an industry analysis model used to determine the competitiveness of a particular industry. This model is based on five core forces:

Threats of new entries’: New entrants can increase competition in an industry by introducing new products or services (Armenia et al., 2019). New entrants may pose a significant threat to the PKSH scheme. New entrants can increase competition by offering products or services at lower prices or by introducing new products or services.

Threats of Substitutes: Substitute products or services can replace an industry's products or services (Shamim, 2022). Alternative products or services, such as cars or bikes, may pose a threat to the PKSH project. These goods or services may be used for transportation or entertainment, just like horses.

Bargaining Power of Suppliers: Sellers provide materials or services needed by industry because they can use their power to manipulate prices or other conditions in their favour (Martinsuo, 2020). Vendors, and suppliers of horse feed and equipment, may exert some pressure on the PKSH project, thereby increasing the project cost which may be one of the big problems for the project.

Bargaining Power of Customers: Buyers can manipulate prices or other conditions in their favour by using power to buy goods or services for an industry (Koch and Schermuly, 2020). As sport horse buyers, PKSH can exert some power over the project to make the price or other terms in their favour.

Competitive Rivalries: Competitors, such as other sport horse breeders, can be a major threat to the PKSH project. Competitors may reduce the profitability of PKSH projects by competing on price, quality or other aspects.

c. Opportunities And Threats

iii. Internal Review of The Business

a. Business Model Analysis and Resources

The business model of this project can be explained by three important business approaches, such as:

People:

• As mentioned in the case study, the target market for the PKSH project is sports horse buyers, such as professional riders, hobbyists and breeders.
• The PKSH project offers a unique value proposition to its target market through the breeding and training of high-quality sports horses (Malchrowicz-Mo?ko and Chlebosz, 2019).
• PKSH Project is committed to maintaining long-term relationships with its customers. The project provides its customers with advice on horse breeding selection, training and care.

Price:

• As per the case study, the PKSH project will sell its horse progeny at slightly higher prices than competitors. This high price reflects the high quality of PKSH project horse progeny.
• The PKSH project will offer discounts to its horse progeny who purchase multiple horse progeny, who pay in cash and who maintain a long-term relationship with the project (Hedenborg et al., 2021).

Planet:

• As noted in the case study, the PKSH project is committed to reducing its impact on the environment. The project uses solar energy, harvests rainwater and follows best practices for waste management.
• The PKSH project is committed to contributing to the development of its local community. The project purchases horse feed from local farmers and employs local people (Ardelean and Vynnychuk, 2019).

b. Strength and weaknesses

iv. Competitive Performance Review

a. Strategy Canvas Analysis

b. Assess Competitive Performance

The competitive performance of this company can be assessed in several ways, such as:

• PK Sports Horses currently has a market share of 10%. The project's competitors control more market share than PK Sports Horses.
• PK Sports Horses produces high-quality sports horses. Progeny of the project's horses have been successful in competitive sports.
• As mentioned in the case study, PK Sports Horses' horse progeny sells for a slightly higher price than its competitors.

• Recommendation

There are several strategic recommendations that the company can follow for PKSH project improvement, such as:

• PK Sports Horses can increase their competitive advantage by adopting new technologies. In addition, the project can improve the training and care process of horse offspring using Virtual Reality (VR) and Augmented Reality (AR) (Hogg and Hodgins, 2021).
• PK Sports Horses can increase their market share by improving their marketing and sales strategy. For example, the project can increase its brand awareness using social media and digital marketing.

Conclusion

After discussing the above report, it can be concluded that PK Sports Horses aims to greatly improve their horse farm and improve the health of the horses so that the company can sell their horses in multiple sports events and Olympics. The most pressing problem for the company is cost control, but participating in multiple events for the company can increase the opportunity to increase popularity. Through this report, it is known that although the competitive market is very problematic for the company if the company gets proper investor support, it will be convenient for the company to focus on horse sports improvement.

References

• Ardelean, G. and Vynnychuk, O., 2019. Riding–sports and health.
• Armenia, S., Dangelico, R. M., Nonino, F., and Pompei, A. 2019. Sustainable project management: A conceptualization-oriented review and a framework proposal for future studies. Sustainability, 11(9), 2664.
• Borg, J., and Scott-Young, C. M. 2020. Employers' perspectives on work readiness in construction: are project management graduates hitting the ground running?. International journal of managing projects in business, 13(6), 1363-1379.
• Daniel, C. O., and Ugochuku, N. R. 2020. Influence of project managers leadership style on project implementation. International Journal of Business Marketing management, 5(2), 68-76.
• Einhorn, F., Marnewick, C., and Meredith, J. 2019. Achieving strategic benefits from business IT projects: The critical importance of using the business case across the entire project lifetime. International Journal of Project Management, 37(8), 989-1002.
• Forbes (2022). What Is A Stakeholder Analysis? Everything You Need To Know. Available at https://www.Forbes.com/advisor/business/what-is-stakeholder-analysis/ Accessed on 2.11.23
• Goel, A., Ganesh, L. S., and Kaur, A. 2020. Project management for social good: A conceptual framework and research agenda for socially sustainable construction project management. International journal of managing projects in business, 13(4), 695-726.
• Hedenborg, S., Palmquist, G.T. and Rosén, A., 2021. The emergence of the swedish horse-riding school from the mid-twentieth century. The International Journal of the History of Sport, 38(6), pp.607-630.
• Hogg, R.C. and Hodgins, G.A., 2021. Symbiosis or sporting tool? Competition and the horse-rider relationship in elite equestrian sports. Animals, 11(5), p.1352.
• Jugdev, K., Mathur, G., and Fung, T. 2020. Mediated effect of project management asset characteristics on firm performance. International Journal of Managing Projects in Business, 13(7), 1442-1464.
• Kerzner, H. 2019. Using the project management maturity model: strategic planning for project management. John Wiley and Sons.