project management unit VI project and DQ question

One of the merits of net present value is that it enables one to determine whether an investment would create value for the company or not (Woodruff, 2018). Also, the technique enables one to take into consideration the cost of capital which would enable one to plan effectively. One disadvantage of this technique is that it is based on assumptions of costs. As a result, wrong assumptions on the cost of capital could result in sub-optimal investments or cause one to forego excellent investments when one assumes that the cost is too high.

What is the best project?

Based on the evaluation of the two projects, I think that the Nova Western should select the Gemini project due to various reasons. Firstly, if Gemini project were to get selected, the company would only have to hold funds for three years. By contrast, the Janus project would hold funds for five years. As such, the payback period of Gemini project is shorter than that of the Janus project, and this makes the former project to be more favorable as compared latter. Secondly, Gemini project has a higher weighted score as compared to the Janus project. Essentially, the weighted score of Gemini is twenty-eight while that of Janus is twenty-two. The company should select a project that has a higher weighted score.

Thirdly, the score of strategic fit of the Gemini project is three while that of Janus project is two. Therefore, this makes Gemini more suitable as compared to the Janus project. In addition, the strategic leverage of the Gemini project is higher as compared to that of the Janus project. The company should weigh all these aspects to determine which project would be better than the other. In this context, the Gemini project is better than the Janus project. Therefore, selecting the Gemini project would ensure that the company has made the right decision.

What the Case Study Suggest Project selection methods

Based on the case study, I have discovered that project selection methods differ in what they depict. As a result, different project selection methods offer a distinct perception of projects. For instance, the case study employs the scoring method and the net present value. The scoring method depicts the weights and scores which can be employed to select projects. On the other hand, the net present value offers information such as investment costs and their returns. Therefore, project selection methods show different perceptions or information that can be used to select projects.

I have also learned the importance of employing more than one project selection method while choosing new projects. Each selection method provides different information that can be used to make informed decisions. For instance, if one section method were employed in the case study, it would have been difficult for one to compare multiple criteria such as investment costs and the strategic fit of the projects. In this regard, it is vital to employ more than one section method while choosing new projects. Essentially, the case studies depict some contradictions. I would resolve these contradictions by employing another project selection method. The approach would ensure that these contradictions are addressed.

Part Three

Introduction/Background

Washer Company is an upcoming company that manufactures and sells bathing soaps and washing detergents. The company was founded in 2001 by Steven Washer. It has its main headquarters is in Canada and has opened other branches across the nation. The company is well known for its high-quality products and great customer services. Over the years, the company has thrived in the care product industry due to its high-quality products. However, with the entry of new businesses in the soap industry, the company is facing stiff competition in most of its branches. As such, the company intends to introduce a new product, perfume, to get a competitive advantage over its competitors. Equally, the new product will increase the profits and allow the company to invest in other areas. The new project is related to the other projects in that it is a care product similar to the bathing soap and washing detergent. Essentially, the perfume project is closely related to the bathing soap project in that they are both personal care products.

Objectives

The objectives of this project are to market the new product to ensure that it reaches as many people as possible as a way to increase its sales. Marketing the product will enable the company to increase its profits and enable it to invest in other areas. The company intends to diversify internationally. Therefore, the success of this project will enable the company to achieve this vision.

Scope

The projects work includes developing and overseeing marketing campaigns, analyzing data to identify and define audiences, promotional tasks, organizing product exhibitions and events, managing social media campaigns and monitoring performance.

Tasks or requirements

The contractor is expected to sensitize people on the existence of the new product by conducting various tasks. They include conducting research and analyzing data to identify the best marketing strategies for the new product. They will determine the appropriate audience for the marketing strategy. Also, they will ensure effective communication that would entice customers to purchase the product. The contractor should be professional and an expert in marketing products.

Selection Criteria

The first selection criterion of the marketing strategy will is whether or not the marketing strategy is affordable. The second criterion is the effectiveness of the marketing strategy in convincing customers to purchase the product. The third criterion is whether or not the marketing strategy will reach a lot of people.

Deliverables

The contractor should provide multiple marketing graphics, radio and television commercials, and sales support. The contractor has the responsibility of researching and developing effective graphics, selecting a conducive commercials industry and approving effective commercials. Also, they have the role of hiring sales associates and selecting effective sales tools and documents. Thus, the contractor will need experts who can help them deliver the specified items. In addition, they would need adequate research to help them to provide high-quality graphics, commercials, and sales support. The contractor must deliver these items to the company after two months of commencing the project.

Security

The contractor should ensure that they adhere to all security requirements.

Place of performance

The project work is to be performed at the contractor’s site.

Period of Performance

The contracted project is to be performed after six months.

Part Four

WORK BREAKDOWN STRUCTURE

Deliverable 1 Marketing Graphic

Work Package 1 Conduct research 1011

Work Package 2 Graphic design 1012

Work Package 3 Design approval 1013

Deliverable 2 Radio and TV commercials

Work Package 1 Selection of Commercial Company 1021

Work Package 2 Development of Commercial 1022

Work Package 3 Commercial approval 1023

Deliverable 3 Sales Support

Work Package 1 Hiring associates 1031

Work Package 2 Selection of tools 1032

Work Package 3 Approval of tools 1033

Work Package 4 Selection of documents 1034

Part Five

Personnel table

Name Department Title

Harry Walker Management Project Manager

Rose Anderson Sales Marketing Manager

Richard Williams Safety Security

Alice Peterson Accounting Cost Accountant

References