Executive Summary

Toys with Us Ltd. seeks to create a brand-new toy for kids between the ages of 5 and 9. The
undertaking is called "TOYS." The development of this project strategy was requested by the
upper management. WBS, network plans, budgets, quality management plans, risk
management plans, communication plans and stakeholder management plans are all included
in this.

A hierarchical model structure has been used to represent the task, which has been broken
down into multiple smaller tasks. The paper includes a network diagram that depicts the tasks
and how they were carried out in relation to the time limitations to create the results (Padalkar
& Gopinath, 2016). The responsible personnel have been identified using a Responsibility
matrix in accordance with the tasks that have been specified. These three primary plans—
budget and cost distribution, quality management, and risk management—are respectively
outlined in this document. The budget and cost distribution plan have been estimated while
taking the preliminary requirements into account. The project management team determined
that this was the best quality management strategy to follow after identifying the three
elements of the quality management plan. The report, which falls under risk management,
analyzes the different types of hazards that could arise and determines their sources in order
to classify them. The mitigation plan has been developed following analysis of the impact on
the organization and potential impacts.
Introduction to the Project

New product development is somewhat critical component of a company. Reputed companies

always try to implement and introduce new products. However, many companies not willing
to do this since it may takes lot of time and risk. Because that new product should meet the
consumer needs and wants and always organization should be alert on the market changes.
Actually, new product development is a risky thing. Because if it fails, company’s profit,
sales income and reputation also will decline. Ans also because of that product failure
company cannot be a good competitor in the market. Therefore, for a success new product
development company should have good marketing and project plan (Blomquist &
Soderholm, 2010).

Toys manufacturing industry also one of the most important industries when considering the
new product development. Because it always tries to implement new products with the
changes in technology. The critical task with in the toys industry is the development of new
toys items.

Every business has a product mix, which is usually made up of hundreds of different items
and is always evolving as a result of the discontinuation of outmoded products, the
maturation of current products, the rapid expansion of new products, and the introduction of
new products. To create a living and resilient product mix, a foresighted, well-structured
product development program that directs innovation in accordance with the objectives of the
business plan of the organization is required. In addition to product creation, the product
development program also entails product line extension, relaunch, and enhancement
(Blomquist & Soderholm, 2010). Product development involves every division of the
company, from top management to the line employee, and is only successful if there is
coordination across the board and effective top-down leadership. In addition to integrated
firm activities, there is a need for integrated corporate knowledge based on efficient
communication and wise, caring leadership. The participants are aware of not only their
particular contribution to the project but also what has come before, what is happening now,
and what will follow.

In addition to technical research, "new product development" (NPD) refers to the company's
overall technology, which includes internal organizational structures, marketing plans,
consumer demographics, the competitive environment, and the social and physical
environments in which the company operates (Blomquist & Soderholm, 2010). The ability of
the business to combine its own skills and knowledge with the complex operating
environment is what leads to successful product creation. Companies must be selective in the
knowledge they acquire while yet ensuring that decisions take into consideration the
complete technology because they are conscious that they lack some information about the
total technology as well as the resources to acquire it (Padalkar & Gopinath, 2016). The
knowledge is a combination of current tacit knowledge held by employees as well as fresh
information from research and outside the firm.

Project Charter

Project Name
Purpose of the Project
The major Goals
The Major Personals
Advantages
Budget

Work Breakdown Structure (WBS)

What is a work breakdown structure

Work Breakdown Structure

1st table

Network Diagram of “TOYS FOR 5 TO 9 YEARS OLD”

The amount of agreements, work procedures, and tasks that have been accomplished are
shown in the network diagram. It is frequently represented in a table by a box and several
bolts. The risk schedule and job sequence are created using it, and they are tracked and
completed at each level. By outlining all actions and their outcomes, an organizational chart
also demonstrates the project's scope (Cubric, 2015).
By augmenting and keeping data graphically, the organizational map not only enables a
project manager to keep track of every project component and immediately update others on
its progress, but it also enhances understanding and retention of network diagrams. As a
result, the following network diagram can be created for the new “Toys for 5 to 9 year olds”
that, you must recognize the following terms related to network diagrams.

Early start time (ES): The earliest possible time for an activity to begin is ES.

Early finish time (EF): The earliest possible time for an activity to end. EF can be calculated
using the formula below.

Earliest finish time (EF) = ES+ Duration

The latest time at which an activity may begin is known as the "late start time" (LS). As seen
below, LS can be calculated.

Latest start time (LS) = EF-Duration

Latest finish time (LF)-: LF is the latest time that an activity can finish. It can be computed as
follows.

Latest finish time (LF) = LS+ Duration

Slack time is the time that is available in between a project's various steps.

Slack time = LF-EF

The project schedule must first be constructed in a table format, with the activities and project
activity durations assigned.

Network activities and durations

Table

Diagram

Table

Responsibility Matrix

Para – definition
Table

BUDGET AND COST DISTRIBUTION PLAN

Through project budget we can calculate the overall cost that we need to implement the
project. Through this organizations can save their unnecessary costs. This will help them to
enhance their productivity too. Massive companies may have several pages of task spending
plans. These expansions typically entail endless expenses including labor costs, purchasing
costs, and work costs. The Project Budget is a remarkable account in and of itself.
Throughout the entire procedure, it continues to become stronger. The plan for cost
distribution is how the business is evaluated. To finish the overall expansion strategy, cost
control for the normal resources is also in progress.

Budget Summary

Table

Quality Management Plan

RISK MANAGEMENT PLAN WITH RISK MATRIX

Another special area that project manager should pay his attention is risk management in
order to identify the unexpected risks. According to Parker & Mobey, (2004) The business is
concerned that when the call tracking technology is put in place, the authorities' attention
should be focused on a potential danger issue. According to BC Campus, (2004)
Identification of risks, evaluation of risks, and mitigation of risks are the processes in the
project risk management process.

Risk identification:

Potential dangers to a project might be identified in many different places. aspects that
include technical, economical, time-related, environmental, and others. These resources can
be used to carry out risk identification (RBS).

Risk Evaluation:

The project team evaluated any potential risks to the project after identifying the risk sources
and creating the RBS. in accordance with the probability that a risk event will occur. To
investigate risk assessment, use the risk and impact matrix.
Risk Reduction:

Lessening the effects of unforeseen events is the practice of risk minimization.

Risk Identification

Risk Matrix

Reduce the Risk Level

STAKEHOLDER MANAGEMENT AND COMMUNICATION

MANAGEMENT PLAN

Conclusion

Reference