OPERATIONS MANAGEMENT
IMPLEMENTATION OF PROJECT & ITS PHASES
IMPLEMENTATION OF PROJECT
In reference to the three projects that have been suggested in your mail proposal, the best project will be implemented. Taking into consideration, several important factors, we will judge the most suitable project for implementation on the basis of the realistic benefits that they are going to offer on a long term basis. In my point of view, the most suitable amongst the three projects is the third project of Stargazer. The reason behind its preference may include –
- Although it involves higher level of risk in terms of timely completion, it has well-defined phases of expected returns.
- It is also capable of creating a powerful impact on the customers as per the discussions of marketing and sales team.
- Since $450,000 have already been invested in this project, it will be unfair to deny it.
- However, it also promises to offer better and well-defined returns on investment for every year.
Different Phases of Project
Almost every significant project categorizes into different phases of development. The major purpose for dividing the project into different phases helps the managers to lead the project in best possible manner. It is further capable of dividing the entire work load of the project into small segments thereby making it convenient for the managers to monitor every stage of development. Broadly, there are six different phases of the stargazer project that may include –
- Initiation Phase: This phase marks the initiation of the project that explores and elaborates its core idea. This phase basically examines the feasibility of the project thereby allowing you to make decision regarding contractors and the parties who are going to be involved in the project. In this project, proper work of R&D has been started. In fact, the company has already invested an initial amount of $ 450,000 on this project.
- Definition Phase: As soon as the idea of project will be approved, the second phase incorporates is its definition. This phase particularly focuses on defining the results associated requirements of the project with better clarity. While defining the results of Stargazer project, it is definitely going to offer substantial benefits and returns to all the parties. The expected ROI for the first year is $ 300,000 while for second year is $ 550,000. However, in the third year, it is going to exceed till $750,000.
- Design Phase: The design phase involves the creation of project design by making use of those requirements that have been developed in the definition phase. The design phase of this project has been completed.
- Development Phase: This phase involves you to arrange every important thing required for the successful implementation of the project. You need to collaborate efficiently with the potential subcontractors as well as suppliers. In fact, the marketing and sales team of the company has already discusses about the product with some of their strategic customers.
- Implementation Phase: The last step involves the final implementation of the project planning. Being a significant phase of doing, it is important for you to maintain its momentum throughout.
The Expected Deliverables
Deliverables are quintessential for the successful accomplishment of any project. Some of the much expected deliverables of the Stargazer project may include –
- The forecasted ROI for first year is $300,000 while for second year is $550,000 and for the third consecutive year is $750,000.
- The overall forecasted life of the product is 7 years.
- The introduction of the product will help you creating a cutting edge over others thereby making you the market leader.
