Question

Outline of your project management plan (New iPhone with expandable storage)

Prompt: Use this template to complete your outline for this module. Add or delete letters as needed to complete each question. An outline does not always use complete sentences and does not need to be detailed.

• I. State your intentions for managing and balancing the scope-time-cost triangle.

A.

B.

C.

• II. Highlight the key risks and obstacles that management will have to mitigate for the plan.

A.

B.

C.

• III. Identify the triggers or signals that management will use to monitor if these risks are occurring or not.

A.

B.

C.

• IV. Summarize the cost schedule by providing cost categories for the project—rough order of magnitude (ROM) (very high level) dollar estimates are adequate for this. Note: You may insert a tabular format here for clarity.

A.

B.

C.

A. State your intentions for managing and balancing the scope-time-cost triangle.

B. Highlight the key risks and obstacles that management will have to mitigate for the plan.

C. Identify the triggers or signals that management will use to monitor if these risks are occurring or not.

D. Summarize the cost schedule by providing cost categories for the project—ROM dollar estimates are adequate for this. This can be done in a tabular format for clarity.

Answer 1

PLEASE LIKE THIS ANSWER, IT HELPS ME A LOT. THANK YOU!!!

I. State your intentions for managing and balancing the scope-time-cost triangle.

A. The scope of this project is an added element to an existing application that supports the e-commerce demand and utilizes virtual reality, which is a form of technology that is becoming more integrated into everyday use.

B. Lowe’s will want to test the market using virtual reality sales for up to six months in efforts of capturing data. From start to finish the project could take three to five years, depending on the financial budget.

C. It’s estimated that this project will cost upwards of $2.2 million to create in the first year.

II. Highlight the key risks and obstacles that management will have to mitigate for the plan.

A. Nonexistent market, lack of a base model for virtual reality sales which means Lowe’s could be the first to incorporate this level of technology in the retail sector.

B. Profit generation will need to be innovative because this is a service, therefore the company will need to have product recommendation and in-application marketing or ads.

C. There may be risk in the users of this service because it’s a technology based service and may be complicated for users at first to grasp the concept.

Identify the triggers or signals that management will use to monitor if these risks are occurring or not.

A. Managers will need to be proactive about monitoring the application use as it’s launched by analyzing data. The trigger will be in the number of users and the orders placed in the application.

B. Once profits peek, managers will need to find new marketing opportunities, promotions, and an increase in customer traffic to stimulate revenue.

C. As users provide feedback in both the testing stage and launched application, managers will need to analyze how the application can be altered to better meet the needs of customers.

Summarize the cost schedule by providing cost categories for the project—rough order of magnitude (ROM) (very high level) dollar estimates are adequate for this. Note: You may insert a tabular format here for clarity.

A. The estimated budget to complete the project is $2.2 million.

B. All of the cost will be consumed in labor and materials, and reflected budget is estimated.

C. As this project is launched there should be an increase in profits and a decrease in labor needed. Below the chart includes the cost schedule for projected completion in a year, which is best case scenario, and the second line is for completion in three years, worst case scenario.

Time for Completion	Number of Employees	Employee Cost	Cost in Material
(BCS)1 year	51 (10 development and 41 for distribution)	$1.7 Million	$500,000
(WCS) 3 years	51 (10 development and 41 for distribution)	$2.2 Million	$650,000