Our team was chosen by Mr. Wendell Deirelein, VP, to analyze three projects and give a recommendation of what company, Piper Industries Corp., should invest in. Our recommendation will include our selected project, a description of the five phases of the project and the key deliverables. Piper Industries Corp needs a completed project that would generate revenue within 12 months for the Project Management Office’s. After much review and evaluation we have selected the Project Code name: Stargazer as the project for investment next week by Piper Industries Corp., The Stargazer project has a massive research, and development on their new widgets, the company has spent $450,000 on this product and an estimated to bring in $575,000. Stargazer will be implemented by using the feasibility study. The feasibility study shows that this project has been evaluated and analysis of the potential of proposed project. Although, this product is not in production yet an extensive investigation and research to support the process of decision- making.
The strengths and weaknesses of this proposed venture, opportunities and threats to carry out this project for its success. The feasibility is the cost required and the values attain to be successful. The risk of completion this project on time is high which will generate revenue within the 12 months. Our team feels that Stargazer will be an innovative money maker for Piper Industries Corp. The five phases of project management need to be fulfilled for a successful project. We have reviewed each phase and found that the following in regards to the Stargazer project. Project initiation was completed by the feasibility studies, this project was named and defined, sponsors and stakeholders are deciding if they want to participate in this project. During the project planning phase, Stargazer has developed a plan for cost, scope, time, quality, communication, resources, and risk. This project is this first of its kind in the industry, therefore Stargazer will be seen as a leader in the marketplace.
In the Project Execution phase, the project deliverable is developed and completed. This phase along with the project monitoring and control phase go hand in hand and are performed simultaneously. In this phase status meetings, project development updates, status reports, performance reports and human resource development are completed. The stargazer project product life is forecasted to be seven years for this product. Measuring Stargazer’s project performance and progression, calculating key performance indicators for cost and time to measure the degree of variation if any and in which case corrective measures are done in the project monitoring and control phase.
Stargazer project is forecasted to have an ROI of $300,000 for the first year; $550,000 the second year and $750,000 the third year. The final phase of the project management is the project closure, in this phase tasks such as making the delivery, relieving resources, reward and recognitions of all the team members and the termination of contractors that were involve in the project. Piper Industries Corp. will have a closure ceremony for the project we selected and recognize all team members that took part in the planning of Stargaze, Piper Industries Corp. will host a launch party to announce that we will invest in Stargazer’s new widget product to be introduced into the marketplace in June, 2015.