Project Management Recommendation
Dear Ray Gritsch,
Hope you are well. I have reviewed the three project proposals from all aspects including breakeven and feasibility studies. The good news is that our team has chosen one project which Piper Industries Corp. should take up to generate revenues and build competitive advantage over other competitors and lead the market. I shall also include the rationale behind the selection of the particular project and detail different phases and key deliverables of the project in this email. I have detailed the scope and key deliverables of the project in a tabular form which is easy to analyze and make others understand the rationale behind selection of the project.
PROJECT
JUNIPER PROJECT PALOMINO PROJECT STARGAZER
RISK LOW MEDIUM HIGH
PLAN 6 MONTHS 9 MONTHS 3MONTHS
ROI $250,000 $450,000 $300,000
INITIAL COST $325,000 $655,000 $125,000
PRODUCT LIFE 3 YEARS 7 YEARS 7 YEARS
My project control team has recommended Project Stargazer for Piper Corp. to bid for in the next month's PMO review. The main reason for selecting this projectis the innovative nature of the product. Because technology is getting obsolete overnight these days, it is imperative to opt for a product which isrelatively new for customers. It will also help the organization to be a market leader of this new product which will be a huge advantage for Piper Corp.'s overall repute and market stature. The other reason for the selection of this project is the higher ROI, greater project life cycle and less initial cost to introduce the product in the market. Another strong reason is that we have already done extensive research and development on this new product and spent a lot of money on it already. Hence the initial startup cost to introduce the product in the market has reduced significantly and secondly our in house expertise have developed which will aid us in bringing future improvements and innovation in the product as per customer needs and expectations.
The only risk attached with taking up this type of project is the high probability of not been able to complete the project on time. Our rationale on this unknown known is that we already have done enough R&D on this product which has compressed the critical path to 3 months. We also contacted our contracts department to inquire about the liquidated damages (LD) in case we are not able to complete the project on time. It was found out that LD chargeswere only $2,000 for the first thirty days. This risk can be mitigated through our skilled human resource and efficient project team. We as a team strongly believe that we should bid for Project Stargazer and lead the market for generations.
I also endorse the different phases of project which we will go through as a team. It is imperative that we integrate each phase with one another for successful project completion. There are five phases of the project which are as follows:
1. Project Initiation:
During this phase, a decision making team will identify if the project can realistically be completed. It is also evaluated whether the deliverables of the project will benefit the organization or not.
2.Project Planning:
A project charter or project plan including project scope will be outlined and put in writing. During this phase, project budget, project organogram and other control elements will also be evaluated.
3. Project Execution:
Tasks of resources are distributed and project team is informed of their roles and responsibilities.
4.Project performance and control:
This is the phase where the project control team kicks in and project manager supervises the work performed. In this phase, project actual progress and cost will be compared against the planned progress and cost budgeted on monthly basis.
5. Project Closing:
After the project tasks are completed and the client has approved the key deliverable, provisional acceptance certificate will be issued and any lesson learnt are documented for future improvements.
The tangible deliverable of this project will be an innovative product being introduced to customers. An intangible deliverable will be hands on experience of our human resource on this new innovative product. The expertise gained by our resource on completing this project will help us lead the market for a substantial amount of time.
I hope this email covers all the required information regarding project selection rationale and other inquiries.Project completion date and cost is already endorsed in the above table for all three projects. Hope to see you in next week's PMO review. Regards
References
What Is a Deliverable in Project Management?By Kermit Burley, Demand Media
Retrieved from https://smallbusiness.chron.com/deliverable-project-management-31615.html