Essay Sample on Zealot Inc. Land Acquisition: Expert Judgment & Facilitation Needed

Project Description

Zealot Inc. is a well-established company in the state that operates in the construction industry. The company has been making profits in the last few years and the executive team has resolved to expand its business activities by purchasing a piece of land which it will use to construct a go-down for building products for its existing and potential clients. The purchase of a piece of land for Zealot Inc. requires the input of expert judgment and facilitation techniques become necessary to coordinate all the available resources to complete the task successfully. The project meets the selection criteria as it requires a deliberate consideration of all crucial steps to ensure that when the assignment begins, all plans will be in place and that it will be completed within the right timeframe. For instance, in the first step, a charter is expected to be developed that summarizes the inputs as the work statement, agreements that all leaders should make, while the tools and techniques are the experts who will give sound judgment, and the output is defined as the project charter. At the last step when the projected is expected to be completed, the inputs are defined as the accepted deliverables and a project management plan that describes the process undertaken to achieve the desired objectives, while tools and techniques are the meetings and analytical skills needed to evaluate whether the task has been completed. The outputs are the final commodity that must be tangible or visible. A piece of land appreciates and it is a crucial investment decision for an organization, hence, major deliberations should be made before the purchase process is completed.

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Major Components of the Strategic Management Process

The major components of the strategic management process are Zealot Inc.'s strategic goals and objectives. These are embedded towards being the best service provider in the region that supplies all types of building materials for its individual and corporate clients both in the short-term and in the long-term. Another component of Zealot Inc.'s strategic management process is its vision which is to inspire and accelerate the construction process through the provision of all materials needed in the process while its mission is to ensure that its clients access all commodities they need at the right time and in the right quantity and quality. Zealot Inc.'s purchase of the land will ensure the firm accommodates more construction equipment in its store which will improve the service delivery to its clients since there will be no delays. Construction activities involving real estate companies and individuals building their retirement homes have increased in the region which justifies why Zealot Inc. needs to meet the demand for materials.

Role of the Project in the Strategic Management Process

The project plays an important role in the strategic management process since it is part of a big plan Zealot Inc. has. Purchasing the piece of land is the first step the company has towards its expansion and growth strategy. The company has identified a gap in the market that needs to be filled and it has acted by purchasing a piece of land in a strategic place that will enable it to meet the demand of the growing market. A strategic manager foresees the future and ensures they develop a plan that prepares a company to be prepared for the change that will take place (Gambardella, Panico, & Valentini, 2015). This ensures a company remains relevant despite the aggressive competition in the industry.

Projects Link to the Strategic Plan

Projects are linked to the strategic plan by breaking them into manageable tasks that are directly connected to the mission and vision of the company. It involves a company understanding its current position and blending it with its futuristic plan to ensure the firm is ready for the transformation and change process. Aligning the project to the strategic plan ensures that the collective goals and objectives are fulfilled on time.

Classification of projects as either compliance, strategic, or operations projects has a direct impact on the entire organization. This is because, before the beginning of each project, resources are assigned to the task which includes human labor-force, funds, and a timeframe to determine when it should be completed (Chih & Zwikael, 2015). Hence, depending on its classification, the team in charge either treats with urgency or becomes lenient. The goals a project is expected to fulfill once its completed also determines its impact on the organization.

The Return on Investment (ROI) should not be the sole metric used to choose projects since some tasks may contribute to a firm's stability without affecting its financial implications both in the short-term and in the long-term (Tetiana et al., 2018). For instance, Zealot Inc.'s decision to invest in a piece of land might be to curb the limited space in its current location that increases the rate of wear and tear of construction materials stored at its facilities.

Checklist vs. the Weighted Factor Method in Selecting Projects

One of the advantages of using the checklist method in selecting projects is that it has the comparative edge of being flexible, allowing the manager to adapt to diverse locations and divisions (Meredith, Mantel Jr, & Shafer, 2017). A limitation of this method is that it opens a loophole for the management to manipulate the system hence, corruption and embezzlement of funds problems may arise. It also increases the chance of project managers engaging in power-play battles which may end up affecting the success of the task.

On the other hand, one of the advantages of using the weighted factor method in selecting a project is that it makes it easy for the managers to understand each component and element of the task being undertaken since all details are provided (Zardari et al., 2015). This method may take the project managers more time before they confirm the availability of all resources.

References

Chih, Y. Y., & Zwikael, O. (2015). Project benefit management: A conceptual framework of target benefit formulation. International Journal of Project Management, 33(2), 352-362.

Gambardella, A., Panico, C., & Valentini, G. (2015). Strategic incentives to human capital. Strategic management journal, 36(1), 37-52.

Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial approach. John Wiley & Sons.

Tetiana, H., Karpenko, L. M., Olesia, F. V., Yu, S. I., & Svetlana, D. (2018). Innovative Methods of Performance Evaluation of Energy Efficiency Projects. Academy of Strategic Management Journal.

Zardari, N. H., Ahmed, K., Shirazi, S. M., & Yusop, Z. B. (2015). Weighting methods and their effects on multi-criteria decision making model outcomes in water resources management. Springer.