Here are the assignment details.1. I need the spreadsheet filled out (simple) and I need this portion answered 2. Explanation of the relationship between the project and the organization’s mission.
Running head: RETAIL STORE MAJOR PROJECT PROPOSAL 0
Retail Store Major Project Proposal
Misty Parrott
John Horne
Grand Canyon University PSC-450
05/27/2018
Retail Store Major Project Proposal
Project Title
Expansion of additional store in the adjacent community
Project Manager
Mrs. Misty Parrott
Project Rationale
The project is about opening an additional store in an adjacent community in order to improve the company market equity. The company has annual sale revenues of 3.2 million and still the company hopes it will meet a target of 5 million annually. To achieve this goal, the company has to come up with an additional store which will help the retail store collect an additional 2 million in sales revenue. The new additional store will help the company in reaching more customers and building more brand loyalty. In order to add a new store, the company management needs to convince management to accept the projects. New stakeholder must be involved in this decision.
4. Goal definition: Describe the project goals.
The main objectives of the Retail store include:
Survival: The Retail store target to maintain its dominance in the market by increasing number of customer.
Profit maximization: The retail store target to increases its operation capacity by 10 percent which will increase an additional 2 million as sales revenue.
Profit Satisficing: The retail store owner will be more comfortable if the store makes extra profits. Therefore, the new project will increase owner income.
Sale growth: The Company to increase more sales as possible through coming up with a new Retails store. The new retail store will cover larger market shares hence increasing sales revenue. 5. Objective definition:
Benefits
The benefits the retail store will achieve include being able to cover the larger market. This approach helps in diversifying risk. In case, the other locations demand of products decline due to the emergence of competitor's store, the store will still survive because it has diversified risk in a different location. The store will still increase its revenue collection larger market coverage hence maximizing shareholder wealth. The projects will improve customer satisfaction level and retention levels because customers will have easy access to the shop.
Cost of the project
The cost of projects includes leasing the shop for approximate $10 million for period 20 years. The projects will take an additional 5 million to furnish, paint, inputs fridges, computer, server and other necessities needed in Retail store. The worker furnishing the retail store will be paid per hour. Each hour the workers will be paid $14 per hour. The workers will be supervised well to ensure maintaining the shop will not cost much. The project planning will be coordinated through agile methodology to ensure employee work as a team and task are well assigned. The material, paint and other necessities for furnishing will cost $2 million while the other $3 million include electronics needed to support the new retail store. The projects will take approximate one month. One month’s period is approximate 160 hours. The employees working in the projects are 10 which means that per month each employee will be entitled $2,240. In total the projects will cost $15 million for the completion.
6. Resources: Identify the resources necessary to complete the project.
The project needs 50 million in funding to complete the projects. The funding may arise from seeking investors funding or lines of credit. This approach is costly but the company will use 50 percent of its retained earnings to fund the projects. Also, the company needs around 10 workers and 2 seniors' manager who will oversee the projects. The projects need resources for example equipment's, machines, computer, timber and other gadgets that may be installed in the Retail shop. The computer system should be installed which means that additional laborers will be needed after furnishing. The additional worker will install software's and connects the Retails with other Retails store networks for effective services delivery.
7. Risk analysis: Identify the major risks associated with undertaking this project. How likely is it that these risks will occur? How will the project be impacted if these risks occur?
The risk analysis is the process of assessing the likelihood of adverse events occurring. The potential risks an organization may face include software issues incompatibility. This may happen when the project managers fail to check the details of the computer supplied. The risk associated with the employee getting injured in the process of project implementation through slip and falls or third party getting injured while workers are working. The risks are not likely to occur unless the project manager is more careless and does not oversee the employees the way they should.
The impact of employees falling during Retails store repair may expose the liability related to negligence if the worker fails to indicate whether the floor is slippery. The projects may not proceed if the damages caused by the risk require a government to investigate but if the risk is minor, and then the projects may proceed as usual. As a projects manager I will ensure i came up with mitigation measure for the potential risk we may face before they arise. The duties and task will be coordinated well to ensure no risk exposure.
Reference
Barringer, B. R., & FT Press. (2011). Managing your new business' finances. Upper Saddle River, N.J: FTPress Delivers.
Chavas, J.-P. (2004). Risk analysis in theory and practice. London, [etc.: Academic Press.