PROJECT MANAGEMENT RECOMMENDATION 7
ProjectManagement Recommendation Email
ProjectManagement Recommendation Email
Notethat in the bid to identify the most feasible project therecommendation will identify the venture that will be completed andstart generating revenue within a year.
Onthat note, kindly look through the following information
TheFive Phases of a Project
Young(2013) defines project management as a set of activities used inorder to fulfill a project’s need. The process involved indirecting and monitoring a project from its commencement tocompletion are then classified into five primary stages. Thisdivision helps to structure and simplify efforts into a chain ofadaptable and convenient steps.
Thisis the genesis phase of the project. Young (2013) believes that arobust project commencement sets the project for success and lays thefoundation for future stages. During this phase, the project`s worthand viability are elaborated and explored. An idea for a project iscarefully examined to ascertain whether or not to pursue the project.The team will abandon the projects that are deemed unfeasible, andthose that benefit the organization are pursued.
Thisphase is regarded as the longest and the most crucial part of aproject. Once the project receives the go-ahead, it requires a robustplan to direct the team. A properly written plan guides receivingresources, acquiring funds, and obtaining the necessary materials.The plan helps prepare the team for obstacles they may face duringthe project and allows understanding of the scope, budget, and timeframe of the assignment(Too & Weaver, 2014).
Executionis concerned with building deliverables that meet customer`s needs.During the implementation process, the team leaders distributeresources and keep the team members absorbed on their assignedresponsibilities. This phase heavily relies on the project planning.This implies that work and efforts of the team ensue from the projectplanning phase (Esposito, 2015).
Asthe project team executes their project plan, they are required tomonitor their progress. To warrant delivery of what was assured inthe project, the project manager will track tasks in order to comparethe status and progress to the actual plan. This consistent vigilancehelps to keep the project on track and to proceed efficiently andsmoothly (Young, 2013).
Theteam charged with the project implementation ends a project upondelivering the finished product to the client, communicates thecompletion, and releases resources to other projects (Esposito,2015). During this phase, the team assesses and documents the projectin a bid to highlight the project’s success and possibly learn athing or two from the project history.
TheKey Deliverables Associated with Each of the Three Projects
Adeliverable can be defined as a component of output within the rangeof a project(Too & Weaver, 2014).The implication is that the client expects the output in a givenspecified date.
ForJuniper, the key deliverable is to offer widgets while incorporatinga few enhancements on the product. For the palomino project, the keydeliverable would be to provide a new line of widget whileincorporating some improvements using the company`s currenttechnology. For the Stargazer project, the key deliverable is thewidget which is highly innovative and would eventually transformPiper Industries into leaders in the industry. The second deliverableis the ROI which will significantly grow in the first three years ofthe product`s lifecycle. The third deliverable is the research anddevelopment which seeks to continue improving its widget to enablethe company to assume the leading position in the market.
Analysisof the Projects
Theproject`s life cycle is three years. The deliverable is animprovement of the widgets that are currently available making theproject desirable. The critical path is six months, and there is aready pool of consumers who would use this kind of widgets. Theproject is, therefore, likely to benefit from economic, schedulingand operational feasibilities.
Thelifecycle of this project is seven years. The risk associated withcarrying out the task within stipulated time frame is deemed as beingmedium, plus the critical path is very long. The project, thougheconomic from the fact that current technologies in the company willbe utilized, its overall economic viability is average. This isbecause the product deliverable can be utilized by just one customer,which is risky. The project is feasible in its operational andtechnical sense given that it utilizes current technologies presentin the company.
Theproduct lifecycle is estimated to be seven years. The risk associatedwith implementing the project within a specified time is very highand may cost more if additional time may be required to carry out theproject, which is undesirable. In contrast, the project has a higherROI than its costs. However, the project, being novel, may be costlyand so its economic feasibility is impaired. The possible marketuncertainty risk makes the project to appear as not being economical.
Itis notable that the projects garner their break-even points in theearly years of operation showing that they all have profitabilityprospects. The most critical factor identified is what it would taketo achieve the said profitability particularly when looking at thecosts and challenges that are concerned.
Aftercareful analysis of the three projects, I recommend the PiperIndustries Corp. to pursue the JuniperProject.
Thereason behind choosing the project is centered on the feasibility ofthe outcome plus the profitability that it is likely to garner.First, the Juniper project will utilize existing company resources,meaning that the company will simply facilitate modification that isrequired by the project thus cutting down on costs.
Secondly,its critical path is about half a year with the risk of completionprobability being somewhat low indicating that the project can beoperational in no time, after which profitability begins.
Thirdly,the duration of implementing the project is short. The meaning isthat more projects can be incepted one after the other thusmaximizing the profitability. The projected profitability will benoted starting from the first year of operation indicating thebreak-even value can be reached faster. With the existing multiplecustomer markets being currently available as well as ample room forexpansion of the market through advanced marketing strategies, theproject is the most feasible.
Kindly,look into the above information and note that I will be waiting foryour input on the above.
Esposito,E. (2015). Demystifying the 5 Phases of Project Management.Smartsheet Blog. Retrieved fromhttps://www.smartsheet.com/blog/demystifying-5-phases-project-management
Too,E. G., & Weaver, P. (2014). The management of project management:A conceptual framework for project governance. InternationalJournal of Project Management,32(8),1382-1394.
Young,T. L. (2013). Successful project management. London Philadelphia,PA: Kogan Page Limited.