Project Management Recommendation

In: Other Topics

Submitted By dcdlux
Words 272
Pages 2
Dear Mr. Gritsch,
My team and I would like to thank you for considering our input. The company is aiming to complete a project in 12 months and produce revenue. After a lengthy discussion, we feel the best project to invest in is the Stargazer project. The main reason is because research and development has already begin working on new widgets.
The phases of a project are the development, implementation, and termination. In the development stage project managers negotiate a team, assign project staff, define objective, understand customer needs, write the project plan and develop a schedule, determine budget and resources, develop a schedule, determine resources and risks, and some form of evaluation
In the implementation phase, this is when managers set up cost accounts, obtain facilities, collocate teams, develop a monitoring system, issue work orders, start contacting vendors, hire and train personnel.
In the termination phase, deliver product to customer, recognize team members for contributions and reassign personnel, pay vendors and send invoices to customers, lastly, close facilities disposing of equipment that is no longer needed.
There is an estimated cost to bring this product to market of $575,000 of this $450,000 is already spent. Just on this alone investing in another option would be a financial loss. The product only has a 7-year life span, but there is a forecasted return on investment of $300,000 the first year $500,000 the second year, and $750,000 by third year. Even though ROI is $300,000 within the first 12 months it will at least take 18 months to breakeven and generate profit.

Best regards,
LaTasha…...

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