Defining the Project

Running Head: PROJECT SELECTION 1

PROJECT SELECTION 3

Project Selection

GCU – PSC-450

Professor Jeremy Doyle

September 1, 2019

Project Selection

A completed priority analysis

Introduction

Senior management has the responsibility of prioritizing projects. In accomplishing the task of prioritizing, project managers for companies such as The Retail Store must rank and weigh the strategies and objectives that they deem most critical for the success of the organization. Larson and Gray (2017) contend that prioritizing means accountability, responsibility, discipline, loss of power, constraints, and reduced flexibility. They further acknowledge that a robust project priority system can play a significant role in supporting the efforts of project managers and developing a culture in which all stakeholders are contributing to mission and vision of the organization. The following matrix represents the priority screening analysis for The Retail Store:

			THE RETAIL STORE EXPANSION
Must Objectives		Must meet if impacts	12	13	14	15
Achieve annual sales of at least $5 million		Yes-Meets objective No-Does not meet obj N/A-No impact	Y	Y	Y	Y
Participate in the improvement of at least 10 low income communities throughout the state.		Yes-Meets objective No-Does not meet obj N/A-No impact	N/A	N/A	Y	N/A
Expand core product offerings by 10% within a 2-year time frame.		Yes-Meets objective No-Does not meet obj N/A-No impact	Y	Y	Y	Y
Want Objectives	Relative Importance 1-100	Single project impact definitions	Weighted Score	Weighted Score	Weighted Score	Weighted Score
Expand size of stores by 10% - internal	100	0 = Does not address 1 = Opportunity to fix 2 = Urgent problem	200	200	200	200
Expand size of stores by 10% - external	100	0 = Does not address 1 = Opportunity to fix 2 = Urgent problem	0	0	100	0
Open at least one store in a neighboring state within a 5-year time frame.	100	0 = Does not address 1 = Opportunity to fix 2 = Urgent problem	100	100	100	95
		Total Weighted Score	300	300	400	295

Problem and Goal definition

The Retail Store - Current revenue 3.2 million in sales within the last fiscal year. The Retail Store caters to smaller communities with the current store sizes being 2500 Sq. Feet encompassing 30 employees, three distribution centers, and around 2,500 core products. The project proposal for The Retail Store includes partnering with Starbucks, providing them space for product and services. Additionally, to partnering with Starbucks, a play area will be constructed within the retail store for kids. This would allow families to shop peacefully and independently. The play area is safe, has cameras and includes one staff member to oversee the area and wristbands for parent and kids upon check-in. Within the play area are desks, 2 children computers, a small playground and a TV for kids to watch a movie. The Retail Store has stores within areas which are high-end as well as affordable so providing the Starbucks would also create additional revenue for the business and provide shoppers with food or coffee. Partnering with a coffee shop has many advantages such as increased revenue, increased consumer shopping and increased appearance of the retail store. Moreover, Starbucks is willing to pay 45% of the initial expansion cost and our company would receive free marketing for partnering with Starbucks. “Coffee-shopping” is a trend in China that’s disrupting the traditional brick and mortar retail experience. (Mulqueen,2017) Customers are coffee-shopping, and admiring the retail stores products, thus spending more time in the store. (Mulqueen, 2017)

Objective definition

The Retail Stores requests an overall completion of the project to be completed within a 2-5-year span. Within the allotted completion time the hired construction company is required to expand the location and use the budget approved by the Project Manager. The expansion consists of buying supplies for construction of new walls, flooring, desks and creating space for Starbucks and Child Play Area. The total cost for expansion for The Retail Store is $54,000 of the initial cost of $1.2 million. Included in the overall cost is new employee salaries, marketing costs and expanding the core product offerings by 10% within the 2-year time-frame. The Retail Store overall will do well, increase revenue and bring fourth new consumers for shopping. The shopping environment is family structured, so more families are able to shop while feeling at home. Expansion of The Retail Store would satisfy organization goals and objectives.

Resources

Significant asset necessity for this venture is money related asset. This asset can be profited through subsidizing from funds put aside by the retail location for activities, for example, this. Other supporting can emerge out of directing raising money or taking bank advances. The other real asset necessary for the venture is human. This asset will be benefited in wording of work. The social asset will incorporate both gifted and incompetent work. Another secret weapon for the venture will include offices and gear. These assets will be utilized to make the job simpler during task execution just as in the running of the enterprise (Schwalbe, 2015).

Analysis

The purpose of the proposal is to generate an additional 5 million in sales & revenue for The Retail Store by expanding all of The Retail’s Store‘s locations utilizing the existing space instead of purchasing or leasing additional real estate. This expansion will start with one store to ensure success with the remodel and merchandising as well as the inclusion of the Starbucks. The expansion of all existing stores will help to gauge the building of a brand-new store out of state as to required square footage. The Retail Store has an atmosphere for shopping that’s beneficial and cost effective for low income shoppers who live in lower income communities while providing consumers with quality products and services.

The project determination was undertaken first, and from this, the project was to get started immediately since after the decision, the real purpose was to be worked on. The summary of why the project was it was chosen was that it was to serve the various roles to the community. The relationship between the project and the organization mission, vision, and objectives were that it was to serve the community by providing products which were of customer’s convenience, quality, and great prices. It was also to strive to be better leading retailer as measured by the financial results and the community improvement advocacy within every small community.

References:

Mulqueen,T. (2017) Forbes Publishing Company How Retailers Are Using 'Coffee Shopping' To Bring Customers In The Door, New York , Retrieved from https://www.forbes.com/sites/tinamulqueen/2017/06/16/how-retailers-are-using-coffee-shopping-to-bring-customers-in-the-door/#7697729b2288

Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process (7 ed.). North Ryde, N.S.W.: McGraw-Hill Education.

Schwalbe, K. (2015). Information technology project management. Cengage Learning.

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