Dear Ray Gritsch
Our team has done the required analysis based on the information that was given to us. We would like to recommend the Piper Industries Corp. to pursue with the project Palomino for future investments. We arrived at this conclusion based on the risks involved, feasibility study, break even analysis and return on the investment studies. It has been stated as a requirement that the project has to be finished and it should start generating revenue within the next 12 months. Below you will find a detail description of the different phases of a project and then an analysis on all three projects, followed by our recommendation. Phases of a project
From the start to finish a project can be divided into five different phases (http://www.projectinsight.net/project-management-basics/basic-project-management-phases). Project conception and initiation
The purpose of this phase is to define the project accomplishments. This is a critical phase as it is essential for those who will deliver the product/service, for those who will use the product/service, and for those who have a stake in the project to reach agreement on its initiation (http://pmstats.dis.arkansas.gov/Meth/05-Initiation%20phase.pdf). During this phase, the idea of the project is analyzed to see how beneficial it is to the business. Project definition and planning
This phase defines the project scope and its activities. It outlines the tasks that have to be performed to complete the project. During this phase, a team should prioritize the project, calculate a budget and schedule, and determine what resources are needed (http://www.projectinsight.net/project-management-basics/basic-project-management-phases). Project launch or execution
During this phase, the defined project activities are started to be executed. The project manager moves his attention from planning to execution. A constant monitoring of project risks is required during this phase. There will be a daily interaction between...
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