Recommendation for Piper Industries Corporation Project Management Dear Project Manager:
After reviewing the information that was provided in a previous email regarding the three projects coded, Juniper, Palomino and Stargazer, I believe it will be more beneficial for the company to use the Palomino project. In my personal analysis, with the Juniper project, there is just too much low risk with completion on time, and with the Stargazer Project, although forecasted ROI within the next three years looks promising, there is potential of extra costs, questions of how familiar the customer will be with the final product and not sure if it is worth the high risk of completion.
I arrived to the decision of using the Palomino Project using the feasibility study method. Further analysis showed that it just made more sense for the company to use the Palomino approach because it answered all of the questions concerning Return On Investment, the risk involved to complete the project, and more important is the benefit overall to the company. Using the same method with the other two projects did not present the same information.
WWW.projectinsight.net defines management as “the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of a particular project.” (Project Insight, 2014). The process is further divided into 5 phases: 1. Conception and Initiation – This phase is the bringing thought to paper or is the creation of the project, making sure it is realistic and is something that will benefit the organization. 2. Definition and Planning – This phase is where the plan is put together, this is where the team develops the blueprint of the project, resources, costs and setting priorities. 3. Launch and Execution – In this phase the tasks are further defined and assigned to specific team members for action. 4. Performance and Control – In this phase, project managers will check progress and status against the plan to see if project is progressing as plan and make necessary adjustments if necessary to ensure the project stays on target. 5. Close – In this phase, the project manager assesses the final outcome of the project to make sure it met expectations that was originally planned from the beginning. This where the project manager will also conduct evaluation of what transpired during this project and highlight specific successes and lessons learned during the process of completing this project.
The key deliverables for the Palomino Project are as follow: Introducing a new line of widgets, that will include enhancements. There is existing technology that will be used for these new enhancements and by doing so will help the company long term by investing capital in other areas and benefiting from the Return on Investment from this project.
Project Insight. (2014). 5 Basic Phases of Project Management. Retrieved from http://www.projectinsight.net/project-management-basicss