MBA 690 Milestone Two Guidelines And Rubric

MBA 690 Milestone Two Guidelines And Rubric In Milestone Two You

In this milestone, you will discuss the operationalization of a business opportunity from your business plan, focusing on managing daily operations, quality control, and risk mitigation. You will develop a work breakdown structure, identify key milestones and resources, and analyze potential obstacles and strategies to address them.

Paper For Above instruction

The successful operationalization of a business opportunity requires careful planning, strategic management, and thorough understanding of potential challenges. This paper explores the essential components involved in transforming a business idea into a functioning enterprise, emphasizing operational management, quality assurance, resource allocation, risk assessment, and mitigation strategies. Drawing on established frameworks such as Total Quality Management (TQM), ISO 9000, and Six Sigma, as well as comprehensive planning tools like work breakdown structures, the discussion aims to provide a detailed roadmap for launching and sustaining a new business venture.

Potential Costs, Risks, and Benefits of Operationalizing the Business Idea

Operationalizing a new business involves significant financial investment, resource allocation, and strategic planning. The potential costs include initial capital outlay for facilities, technology, inventory, staffing, and marketing efforts. For instance, establishing an online retail platform may require substantial expenditure on website development, digital marketing, and customer service infrastructure. Risks encompass market acceptance, technological failures, supply chain disruptions, and regulatory compliance issues. The benefits of successful operationalization include revenue generation, brand establishment, customer loyalty, and competitive advantage. A well-structured operational plan minimizes risks and maximizes benefits by ensuring effective resource utilization and aligning operations with strategic goals.

Support for these projections reflects the importance of detailed budgeting, risk analysis, and contingency planning derived from industry benchmarks and case studies. For example, studies indicate that companies investing in efficient operational processes experience higher profit margins and improved customer satisfaction (Heras-Saizarbitoria & Boiral, 2019). Furthermore, risk mitigation strategies such as diversified supply chains and phased rollouts help reduce potential losses and ensure smoother market entry.

Work Breakdown Structure (WBS) for Business Operation

The WBS provides a framework to organize tasks necessary for operational startup. Three primary tasks are identified:

1. Product or Service Development
   • Design and Prototyping: Developing initial product/service concepts and testing prototypes.
   • Supplier Selection and Procurement: Identifying and contracting suppliers for raw materials or third-party services.
   • Quality Assurance Planning: Establishing standards and procedures for quality control.
2. Operational Infrastructure Setup
   • Facility and Equipment Acquisition: Securing physical space and necessary equipment.
   • Information Technology Deployment: Implementing management information systems and technology tools.
   • Staff Recruitment and Training: Hiring personnel and conducting operational training sessions.
3. Market Launch and Initial Operations
   • Marketing and Promotion: Developing marketing campaigns and promotional activities.
   • Customer Service and Support: Establishing customer support channels and protocols.
   • Performance Monitoring and Feedback: Setting up metrics for performance review and continuous improvement.

The WBS facilitates a systematic approach to launching operations, ensuring each phase is comprehensive and aligned with strategic objectives.

Justification of Tasks and Subtasks

Each task in the WBS serves a strategic purpose:

• Product or Service Development is fundamental as it defines what the business offers, directly influencing customer satisfaction and market positioning. Subtasks like prototyping and quality planning are critical for ensuring the product meets customer needs and regulatory standards.
• Operational Infrastructure Setup establishes the physical and digital capabilities required for efficient operations. Facility acquisition ensures operational capacity, while IT deployment provides necessary tools for process management. Staff recruitment and training are essential for maintaining service quality and operational consistency.
• Market Launch and Initial Operations focus on entering the market effectively and establishing a customer base. Promotional activities generate awareness, customer support sustains satisfaction, and performance metrics enable ongoing improvements.

Key Milestones, Deliverables, and Resource Requirements

Key milestones include completing product prototype development, securing suppliers, establishing operational facilities, deploying IT systems, and launching marketing campaigns. Deliverables encompass prototype receipt, supplier contracts, operational manuals, trained staff, and marketing materials. Resource requirements involve capital investment, human resources, technological infrastructure, and marketing budgets.

These milestones and resources align with project scope, schedule, and cost objectives by providing clear targets and resource allocations, minimizing delays, and controlling expenditures. For example, timely procurement and setup stages prevent schedule overruns, and proper resource planning reduces costs associated with idle capacity or rushed decisions.

Potential Obstacles and Impediments

Potential obstacles include supply chain disruptions due to geopolitical issues, delays in product development, technological failures, and staffing shortages. Market volatility and unforeseen regulatory changes may also impede progress. These obstacles threaten project scope, schedule, and budget, making contingency planning vital.

For instance, reliance on single suppliers exposes the project to risks of delays; diversification strategies and establishing backup vendors can mitigate this. Technological issues can be addressed through pilot testing and phased rollouts to detect problems early. Workforce shortages can be alleviated via proactive recruitment and training programs.

Risk Mitigation Strategies

Risk mitigation involves proactive measures such as diversification of supply sources, phased implementation of IT systems, contingency budgets, and flexible staffing plans. Implementing quality management systems like ISO 9001 provides ongoing process oversight, reducing errors and rework. Regular risk assessments and stakeholder communication ensure potential issues are identified early and addressed promptly.

Applying Six Sigma methodologies can improve process efficiency, reduce errors, and enhance product quality, thereby mitigating operational risks. Additionally, establishing clear performance metrics and continuous feedback loops support early detection of deviations from plan, enabling corrective actions before significant scope, time, or cost deviations occur.

Conclusion

Operationalizing a new business successfully requires meticulous planning, strategic execution, and ongoing risk management. Developing a comprehensive work breakdown structure provides clarity and direction, while identifying milestones and resource needs ensures alignment with project objectives. Anticipating obstacles and implementing effective risk mitigation strategies safeguard the project against potential setbacks, fostering a foundation for sustainable growth and competitive advantage.

References

• Heras-Saizarbitoria, I., & Boiral, O. (2019). ISO 9001 and organizational excellence: A systematic review. Total Quality Management & Business Excellence, 30(3-4), 271-288.
• Montgomery, D. C. (2019). Introduction to statistical quality control. John Wiley & Sons.
• Dean, J., & Bowen, D. E. (1994). Management theory and total quality: Improving research and practice through theory development. Academy of Management Review, 19(3), 392-418.
• Juran, J. M., & Godfrey, A. B. (1999). Juran's quality handbook. McGraw-Hill.
• ISO. (2015). ISO 9001:2015 - Quality management systems — Requirements. International Organization for Standardization.
• Pande, P. S., Neuman, R. P., & Cavanagh, R. R. (2000). The Six Sigma way. McGraw-Hill.
• Kerzner, H. (2017). Project management: A systems approach to planning, scheduling, and controlling. John Wiley & Sons.
• Taylor, F. W. (1911). The principles of scientific management. Harper & Brothers.
• Barlow, J., & Liao, T. (2020). Supply chain risk management: An emerging discipline. European Journal of Operational Research, 290(2), 473-485.
• Gulledge, T., et al. (2019). Strategies for effective risk mitigation in project management. International Journal of Project Management, 37(5), 634-646.