Review The Project Management Email Write An Email Re 108148

Review the Project Management Emailwritean Email Res

We have three project proposals to consider in next week’s Project Management Office’s (PMO) review. Piper Industries Corp. needs the projects to be complete and to be generating revenue within 12 months of the review. The vice-president has assigned your team to analyze the three projects and recommend which project the company should invest in. Your analysis should include the feasibility of the projects, the five phases of project management, and the key deliverables such as project completion date and cost.

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The selection of an optimal project to implement requires a comprehensive analysis of each proposal's feasibility, risks, expected gains, and timeframe. Based on the project characteristics provided by Piper Industries Corp., the project that appears most viable within the 12-month revenue generation requirement is the Juniper project. This project, which involves an enhancement of an existing product, has a low risk of delay, a relatively short critical path of six months at a cost of $325,000, and a favorable return on investment (ROI) forecast of $250,000 within 2 to 3 years. Aligning with the company's immediate revenue goals, the enhancement project’s shorter timeline and manageable investment make it a suitable choice. Conversely, the Palomino project, although promising with a forecasted ROI of $450,000 over five years, has a longer critical path of nine months and involves a higher investment of $655,000. Its results are more strategic than immediate, especially given its expected seven-year lifespan and customer-specific nature. The Stargazer project, with high risk and being in its early R&D stage, involves an initial expenditure of $575,000, with the benefit accruing over a longer period (up to seven years). Its innovative nature and potential market leadership are commendable, but the high risk and longer development timeline make it less suitable for immediate revenue goals.

The five phases of project management provide a structured approach to ensure project success. These phases include:

  1. Initiation: Define the project at a broad level, assess its feasibility, align it with strategic goals, and develop a project charter. For instance, the initial phase for Juniper would involve assessing market needs and establishing project scope.
  2. Planning: Develop detailed project plans, including scope, schedule, resources, risk management, and budget. The critical path for Juniper (6 months) and its budget estimate are established during this phase.
  3. Execution: Implement the project plan, coordinate team members, allocate resources, and execute tasks. During this phase, tasks like product enhancement development for Juniper are carried out.
  4. Monitoring and Controlling: Track project performance, manage changes, and ensure project stays on schedule and within budget. Regular reviews would oversee adherence to milestones, especially for high-risk projects like Stargazer.
  5. Closure: Finalize all activities, deliver the product, obtain formal acceptance, and document lessons learned. For Juniper, this includes product launch and post-launch evaluation.

Key deliverables for each project include:

  • Juniper: Completed enhancement with a market launch within six months, on budget ($325,000), and realization of forecasted ROI of $250,000 within 2-3 years.
  • Palomino: Launch of new widget product in nine months at a cost of $655,000, with a forecasted ROI of $450,000 over five years, focusing on strategic customer customization.
  • Stargazer: A validated prototype following high-risk research, with total estimated costs of $1,025,000, and potential ROI starting at $300,000 in the first year, extending to $750,000 by year three.

In conclusion, considering the immediate revenue requirement within 12 months, the Juniper enhancement project emerges as the most suitable candidate due to its shorter development time, lower risk, and quicker ROI realization. However, strategic growth opportunities, such as those presented by Stargazer, should be pursued concomitantly with longer-term planning. Effective project management practices across all phases ensure that each project’s objectives are met, risks mitigated, and organizational goals aligned.

References

  • Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). 6th Edition. PMI.
  • Gray, C. F., & Larson, E. W. (2017). Project Management: The Managerial Process. 7th Edition. McGraw-Hill.
  • Heldman, K. (2018). Project Management JumpStart. 3rd Edition. Wiley.
  • Harrison, F., & Lock, D. (2017). Advanced Project Management: A Structured Approach. Gower Publishing.
  • Larson, E., & Gray, C. (2019). Project Management: The Managerial Process. 8th Edition. McGraw-Hill Education.
  • Zwikael, O., & Smyrk, J. (2011). Fundraising Project Management. Springer.
  • Wysocki, R. K. (2014). Effective Program Management: Critical Success Factors and Best Practices. Wiley.

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