What is the financial impact of the project

Assignment Help Project Management
Reference no: EM131499273

Assignment

Winsome Manufacturing Company produces plastic storage containers and sells them to the home consumer through home sales events. At the company's quarterly meeting, the head of marketing described a new product to be introduced in the first quarter of the next fiscal year, approximately 9 months from now. The product will be a room-sized plastic storage unit suitable to the outside of the home; it is similar to a competitor's product but will have significantly more features. This product will open new markets for the sales channel, lay the foundation for add-on products, and generate new revenues. Management has only seen preliminary sketches of the potential product but are very excited by the new product.

The project will require participation from the design, production, purchasing, shipping, sales, and marketing departments. Winsome Manufacturing owns a line of suitable injection molds, so all manufacturing will be done in-house. The project manager for this project has not yet been selected, but that decision is expected to be made in the next week.

A preliminary project initiation meeting will result in the identification of the project sponsor, selection of a project manager, and creation of the project charter. A manager in the production department who knows you are taking a college project management course asks you to prepare a brief report to help him prepare for the meeting by answering the following questions:

• Who are the project stakeholders? How will they be involved in the project?

• Who should be the project sponsor? Why?

• From which department should the project manager come? Why?

• What skills and experience are likely needed by the project manager for each phase in the project life cycle, and how do they differ between the various phases?

• What type of communication plan will likely be needed during the project?

o What information should be shared with the project stakeholders?
o What is the mechanism that could be used for each type of information?
o What is the frequency with which information should be shared?
o What should be done if project communications are not proving to be effective?
o What technology could be used for project communications?
o At what point could communication about the project become an ethical or legal issue?

• What information should be included in the following elements of the project charter:

o What is the problem the project proposes to address?
o What business opportunity might project completion create?
o What is the business case for undertaking the project?
o What is the financial impact of the project?
o What are the expected results of the project?
o What value will the project add?
o What are risks that might be involved with undertaking the project?
o What is the potential impact to the company if the project is not undertaken?

Reference no: EM131499273

Questions Cloud

Discuss the fifo method : The following information is taken from a perpetual inventory record.
Internet and information technology revolution : In 1997 when we experienced the Internet and Information Technology Revolution-which could be considered a positive technology shock.
Describe the different organizational structures : Describe the different organizational structures as it relates to project management (i.e., functional, project-based, matrix).
Equilibrium wage rate and quantity of labour : Calculate the equilibrium wage rate and quantity of labour employed and draw a diagram to illustrate your answer.
What is the financial impact of the project : What is the financial impact of the project? What are the expected results of the project? What are risks that might be involved with undertaking the project?
King and the second one is not a face card : Two cards are dealt. What is the probability that the first one is not a king and the second one is not a face card? (Face card: Jack, Queen, King)
Find double-declining balance : Equipment was purchased for $46,400 with an estimated life of 8 years and a residual value of $4,000. What is the depreciation expense for the first year.
Create a high level training program for the end users : Suppose you are working on a project and you are required to create a high level training program for the end users on how to use your final project.
Describing the supply and demand curves : Consider the following equations describing the supply and demand curves, respectively:

Reviews

Write a Review

Project Management Questions & Answers

  Create a project schedule and align resources

Create a project schedule and align resources, Analyze project schedule and resource allocation

  Managerial roles and gap analysis

Write a report on Managerial Roles and Gap Analysis

  Questionaire on project management

Questionaire on Project Management

  Describe the market growth rate for product

Describe the market growth rate for product and service.

  Prepare a work plan and project schedule - gantt chart

Design an online system for the human resources department to manage available job positions.

  Project risk management approach

How does a project risk management approach pro-vide an early warning signal for impending problems or issues

  Black-scholes options pricing model

Calculate the payoff and the profits for investments

  Describe the features or characteristics of product

Describe the features or characteristics of your product or service.

  Write paper on inventory management system

Write paper on Inventory Management System.

  Analysis of the overall project risk

Analysis of the overall project risk

  Investment and performance analysis

Evaluate the usefulness of ROCE

  Distribution strategy and project management

Distribution strategy and project management

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd