Part A. Create theRequirementsTraceability Matrixfor your selected project: The requirements traceability matrix is an extremely important tool for the project. Requirements define customer expectatio

Project proposal

The development of an online inventory system for small enterprises.

Introduction

Small business enterprises are engulfed in multiple inventory management problems. This is because they do not have efficient stock tracking tools and methods. Poor inventory management has led to demand variability for these small enterprises (Muller, 2019). Poor stock management leads to insufficient financial management of the business. Managers in small business are not able to forecast stock trajectories which leads to demand variability. Material handling i.e. protection, movement, storage, and control in the small business lacking inventory management procedures leads to disoriented businesses. Hence, the SME cannot concentrate on revenue generation but on mitigating material handling issues. Failure to understand inventory leads to losses for the business. Businesses lacking good inventory management systems are prone to ripping by employees because the business management does not keep track of its stock. Other challenges for SMEs lacking inventory management systems include increased competition, lack of production output, idle time, no customer goodwill, liabilities in rectifying stock out etc. (Muller, 2019).

Why online inventory management for small enterprises?

• An online inventory management system would ensure timely and smooth order fulfilment.

• Inventory management system would save on operational costs for the business e.g. extra employees to manage stock

• Reduced paperwork as opposed to manual inventory management systems

• There is better security as authentication and authorization will be implemented in the online inventory management system

• The business management has better inventory visibility.

Hence, the development of an online inventory management system for small business enterprises is a logical project that can be followed up and implemented in local enterprises. This project is a good choice because it is attainable in the required amount of time, offers advanced experience in my area of interest i.e. IT and business management.

The project will be advanced using the traditional view which includes scope, time, and cost. The project scope will include tier like requirement gathering, methodology, development, design, analysis, testing, and implementation. The time taken will be estimated using a project schedule that will identify all the tasks and milestones for the project and assign time ranges for each task. Cost of the project will be calculated in the budget. The project timeline would be 6-8 months for gathering the requirements and a year to complete the project.it will be ongoing support maintenance project.The project budget will entail features like implementation costs, procurement costs, labor, among others.

The basic organizational structure for the small business involves the management (which may be the business owner), supervisors and other employees in the business. The project will be silo based because most of the project will be developed away from ideal small business enterprises. However, all project objectives will be based on providing solutions for these small businesses in inventory management. The decision-making authority will fall on the project manager. This is because the project manager will have overall foreseeability functions during the project’s development.

The lifecycle approach for the project will involve the following processes initiation phase, planning phase, execution phase, and termination phase. The methodology in the project will involve data collection processes like use of interviews, surveys etc. Additionally, the methodology will involve analysis of results from the data collected and justification of the chosen methodology procedures.

References

Muller, M. (2019). Essentials of inventory management. HarperCollins Leadership.

Feiner, G. (2019). U.S. Patent No. 10,364,052. Washington, DC: U.S. Patent and Trademark Office.