Project Management Recommendation Essay
Project Management Recommendation
In response it is to your previous E-mail with the attention of the projects of Juniper, Palomino and Stargazer. The team is found and analyzed the three projects, assessed the risk that each project contains as well as returns on investment (ROI). There are many aspects one should think over when performing an investment decision. These may include the hypothesis of underlying the potential benefits and the ability to calculate and quantify the costs and benefits. However, the team concluded Stargazer Project in the best option comparing to other two projects. The logic behind for not selecting the other two projects is that juniper’s risk of completion of the project on time is low. While is Palomino not valued at with the medium risk of completion and the uncertainty of the costs of the products. The procedure used for reaching the decision was by utilizing the feasibility study. In addition to that, the feasibility study was based on the information observed the team during the initial stage of the project. This will define and summarize the findings of these projects in a way that supports sound decision making.
The reason of introducing the feasibility study is to provide reliable analysis for the project that will make sense to the company in general. Furthermore, it will answer several important questions concerning of the project these may include length of the project, benefits and risks and Return on investment (ROI) to Piper Industries. Introducing the feasibility study for both Juniper and Palomino projects, materials introduced would not present as with the Stargazer model. Although is Stargazer carries the highest risk comparing the other projects. The team believes bases on the analysis that it provides accommodation for the project to perform high-risk, high- reward. After the actual risk of the project has been acknowledged, the project team estimates the risk based on the probability that may likely happen, and the possible loss related with the project.
To mitigate the risk the team will search an alternative to reduce the operating costs as its forecasted the derivative product will cost more. The fundamental decision of the big- picture is what mix of projects is best for the organization. A company must have the right mix of the projects that extremely assists the company’s strategy. This can be aligned Stargazer model because of the research and the development previously started for the new widgets as well the significant changes that will provide modern markets. (Jacobs & Chase, 2011).
Break- Even Analysis
Break – even analysis helps to provide reliable information between sales and profits as well as the costs. It also contributes an analysis the amount of success of the project must achieve. Finally, the approach presents to organizations a benchmark to compare a process or a project to what level of operating leverage will create better profits. However, comparing the projects’ Stargazer is the most likely project that will create the highest revenue. (Jacobs & Chase, 2011)
The five phases of project planning
A project is a set of activities that normally coordinate toward some major output and planned considerable period of time to carry out. In the meantime, project management is described as planning, directing, and controlling resources, which are the people, equipment and the material in order to meet the technical, cost and the limitations of the project. (Jacobs & Chase, 2011), There are five distinctive phases in project management that imply the stargazer model. First-Phase is the Project Conception and Initiation. The focal point of this phase is to secure the project that it is demonstrated into practical and will benefit the Piper Industries Corp. Second phase is project definition and planning. During this phase, the extent of the project will require an outline so the work which has to be performed is attainable. These may include activities that arrange budgets and timelines. Furthermore, planning incorporates the creation of clear and precise objectives defines the work activities that have to be done in order achieve the planned objective. The purpose may necessitate the achievement of a condition that varies from the present one.
Third Phase is the project execution. In this phase, the team must start executing the project against their assigned responsibilities. This phase is where every team member will start the task. It will coordinate the team and the resource to execute the different tasks of the project. Fourth Phase is the project controlling and Monitoring. In this phase of controlling the project manager must start monitoring the situation closely in order to make sure that the tasks are moving as it is planned. There are several ways to control the project this may involve a check – ins with team and more official weekly meeting, together with organized daily stand -ups are considered productive. (Jacobs & Chase, 2011)
when all the tasks of the project are approved the firm. The project is officially closed. The manager of the project must organize all the necessary information for future reference. Key Deliverables
The Stargazer project is based on the content in order to meet clear deliverable in a matter for the firm to be successful and to consider the project beneficial. Researching and developing new widget and delivering such an innovative product to the market will help in the long-term strategy.
Chase, R. (2011). Operations and supply chain management (13th ed.). Boston, MA McGraw – Hill Irwin .. Jacobs, F. R., & Chase, R. (2011). Operations and supply management (13th ed.). Boston, MA: McGraw-Hill Irwin Project Management Recommendation Email [Multimedia]. Retrieved from University of Phoenix, OPS/571 Operations Management website.