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RESPONSE: 120 WORDS INDIVIDUAL RESPONE

1.  Time, cost, and specifications can vary depending on the project and what is important to the customer.  For example, businesses must consider the cost for projects if they are for profit or non-profit. Businesses who are concerned about profit and how it will affect its stockholders. Non-profit organizations receive private, public and government funding must consider cost to prevent overspending and depleting funds (Project Selection, 2012).  For our team project we chose to create a community garden. Keeping cost low and creating a garden that is beneficial to the community are the most important factors in the project.

2.  Project portfolio management focuses on a collection of projects, programs, subsidiary portfolios and project managers focus on a temporary endeavor (PMI, 2017). Portfolio managers monitor changes affecting the project, may oversee staff at various levels; management, program or project staff while the project manager will manage the project team. Both have a desire for a successful outcome, portfolio managers focus on investment performance and the benefits of the project; project managers focus on customer satisfaction and factors that will affect the project such as quality and timeliness (PMI, 2017). My recommendation to senior management would be to prioritize the project and monitor cost to prevent overspending. 

References

Project Selection (2012). Saylor Academy. https://saylordotorg.github.io/text_project-management-from-simple-to-complex-v1.1/s00-license.html

Project Management Institute. (2017). Standard for Program Management. Project Management Institute.

Lavender Sports Group Emergent Opportunity Development 2020

Lavender Sports Group Emergent Opportunity Development 2020

Project Business Case Lavender Sports Group

Emergent Opportunity Development 2020

Team Lavender

5 September 2020

PMAN 634 9040 Foundations of Project Management (2208)

Fatoumata Bah Bello

Michael Ogujiofor

Jaejun Lee

Gregory Stevens

Change History

Date changedChange detailsReason for change (if applicable)Responsible for change
4 September 2020Update to Project CaseNew content for group considerationGreg Stevens
4 September 2020Option 1 InsertionNew content for group considerationJaejun Lee
5 September 2020Option 2 InsertionNew content for group considerationMichael Ogujiofor
5 September 2020Option 3 InsertionNew content for group considerationGreg Stevens
6 September 2020Appendix & Recommendations InsertionNew content for group considerationFatoumata Bah Bello
6 September 2020Format EditingFormat, grammar, & spelling checksJaejun Lee

Table of Contents

Lavender Sports Group: Emergent Opportunity Development 2020

Business Needs 4

Analysis of Situation 4

Option 1. Golf Wearables: GPS Watch Production 6

Option 2. Home Gym Training System Production 8

Option 3. Entry Level Tennis Racquet Line 9

Recommendations/Evaluation 11

References 12

Appendix 14

Lavender Sports Group:

Emergent Opportunity Development 2020

Business Needs

Lavender Sporting Goods (LSG) has identified that current market penetration levels within the sporting goods industry currently offer a unique opportunity to increase revenues and profits by exploiting a newly developing market niche in the “safe” sporting genre. As COVID-19 has indelibly changed how we all interact on a daily basis with each other, it has also created a segment of the population that embraces activities that are engaging the desire to exercise in a safe environment. We have particularly identified three sports and exercise activities within our industry and expertise whose activities use equipment that corresponds precisely towards developing this new market.

Situational Analysis

The three project proposals were conceived to produce the following strategic objectives:

· Increase revenues annually, over the next five-year period, by 10% annually.

· During the next five years reduce operational expenses by an average of 3% annually.

· Ensure that the project deliverables have minimal environmental impacts whenever feasible.

· Align benefits for the local community with strategic objectives.

There are several anticipated risks that apply equally to each of the proposals that are made in this emergent opportunity development case. First, in all new product development projects, the primary risks include demand for the product and competition, as these are inherent in any industry where sales drive revenue. This makes effective planning, marketing, costing, and timely consumer delivery critical to increasing the odds of successful market penetration on sustainable sales growth. Several measures will be discussed that will apply to the specific project proposals as they will require some different criteria to evaluate each, but some basic tools will be employed across each as basic indicators of delivery milestones and analytic cautions when altering tactics when challenges to the original project proposals plan become evident.

The categorical break down below examines the risks and mitigations that are innate to our small firms retailing new product development project proposals, including:

Technology
RisksMitigation
Concept development to broadAdopt only one key growth-sustaining product
Lack of technical capabilities to produceUse a formal R&D process and known technologies
Lack of consumer understanding of the productKeep product technologies simple
New technologies required to deliver the productDevelop a product with existing technologies
Market
RisksMitigation
Consumers feel unsure about the productThe new product uses already popular medium
The product doesn’t meet consumer expectationStart in a targeted market segment
Market changes impact demandEnsure timely delivery of the product to market
Potential actions of a competitorFocus on market segment niche
Changing economic and social conditionsEnsure timely delivery of the product to market
Organizational
RisksMitigation
Competition among companies on resourcesSelect integrable products with abundant resources
Human resource availabilityDraw on in house talent pool and network shortfalls
Supply chain changesConsider multiple vendor resourcing for materials
Conflict within the organizationEngage organizational resources whenever possible
Financial
RisksMitigation
Access to working capitalsLeverage current financial strengths consider capital investment options, including investors
The project goes over budgetStringently monitor projects financial health and use formal accounting methods with regular verification

Option 1. Golf Wearables: GPS Watch Production

The first project candidate is golf watch R&D and production. Golf is an ideal sport and leisure during the COVID-19 pandemic for it being a contactless activity. The sport is currently played by more than 25 million Americans, which is approximately 7.5% of the United States population (American Heart Association, 2020). Furthermore, despite the pandemic, the number of golf rounds played in the United States had a 25% increase in July 2020 when compared to the same month in 2019 (National Golf Foundation 2020). It is predicted that we will observe a steady rate of increase in the number of golfers worldwide; providing an entry-level golf wearable device to the market is expected to bring significant revenue to the company.

A marketable golf watch should have the following capabilities: basic watch functions, Global Positioning System (GPS), simple fitness tracking sensors, connection to Bluetooth/WiFi, a screen size no less than 1-inch, long-lasting batteries, user-friendly interface, and accompanying mobile apps. The most recent golf watches currently available today also have smartwatch capabilities; however, our company will not be competing against other companies’ flagship watches. The project would be focused on introducing a line of cheap, affordable, and entry-level golf watches to the market to minimize production cost and to target entry-level golfers. We anticipate that this project will increase our annual revenue by 10% for the next five years. The R&D and operational costs per device manufactured are projected to be $100 and $50, respectively.

Although the wearable device concerned with our project would not be as powerful as other companies’ products, many constraints and dependencies still remain due to high levels of technologies and complicated regulations associated with GPS, software, and wireless functions. Our choice of the global navigation satellite system (GNSS) is the United States’ GPS, which utilizes L1 1.575.42 MHz frequency. The downside of using this system is its precision deviation up to 5 meters (Rainham, Krewski, McDowell, Sawada, & Liekens, 2008) and the company’s lack of knowledge in building a wireless GPS receiver. Therefore, it is recommended that Lavender Sports Group establish a partnership with a wireless communication company during the research and development phase. Another concern for the project is the company’s limited software engineering capabilities. This issue can be easily resolved by acquiring a software development team specialized in mobile applications.

Another potential risk is poor product viability. The electronics market tends to have very dynamic consumer demands due to frequent updates in technology, designs, and regulations. It is consumers’ beliefs and current trend that a wearable device will have an upgraded version every two years, thus R&D and manufacturing cost will remain as variables.

Option 2. Home Gym Training System Production Exercising at home has become more and more popular due to the COVID-19 pandemic and the variety of fitness equipment available for individual and family use. The Lavender home fitness equipment fits the need and creates a homework-out routine that fits into your schedule. With a home gym, you plan your exercise routine into your program rather than trying to manage your schedule around getting to the gym. Having your home gym gives you the freedom to train when you want to work out, whether it’s when the kids are off to sleep, during your favorite television program, or bright and early before the rest of the family is awake. The Lavender home exercise equipment provides a different variety of health and wellness benefits and creates a chance to make fitness a family affair.

The fitness equipment market worth an estimated $ 12 billion in 2019, and it is expected to grow an average of 4 percent each year till 2026. The industry is an ever-changing landscape and thriving as one of the world’s largest and fastest-growing industries. However, with the COVID-19 pandemic currently affecting fitness clubs, the market is expecting a surge in-home fitness equipment in the coming year, and a diversion from the fitness centers. Also, a rise in obesity has seen the demand for fitness equipment increase over the years. To establish a successful launch of the Lavender home exercise equipment, we estimate the sales price of each home fitness equipment to cost $2,500. And we anticipate 1 million Lavender home equipment to be sold, which will generate a revenue of $2.5 billion in the year of launching and after that, an estimated 15 percent increase in sales. The R&D cost for each home fitness equipment is $800, while the operational and administrative expense is $400, which brings the estimated total cost for each home equipment to be $1,400.

The Lavender home fitness equipment is a smart work-out machine that provides blood pressure and heart rate monitoring features for its user and gives a body max index chart that aligns with the age and physical strengths of the user. This machine keeps a record of every progress made by the users for analysis and helps the user set a goal. The ultimate goal of the Lavender home fitness equipment is to allow users to monitor their health, such as; weight loss, heart strength, and improve joint flexibility.

Option 3. Entry Level Tennis Racquet Line

The last option submitted for development is a line of entry-level tennis racquets. The sport has been identified as an emerging market because of its natural disposition toward social distancing. “The global tennis racquet market size was valued at USD 351.8 million in 2018” (Grand, 2020). Further growth from now until 2025 was projected at 12% with the largest concentration of sales (51%) occurring here in America. These figures reflect studies conducted before COVID-19 had begun to change the sports inductees’ landscape. With the inception of this pandemic and the naturally social distance confirmation of the sport, a significantly larger market share within the industry are likely. For example, the data obtained from Tennis Australia’s online court booking system indicates, “Tennis Clubs across WA have experienced unprecedented growth in court bookings, with comparative data showing the growth of more than 140% across the 21 West Australian Book-a-Court venues for the month of May” (Jones, 2020). And, here in the U.S. “Aaron Mullennix is the director of tennis at Charlotte City Tennis, and says he’s been getting calls from experienced and rookie players (creating a) spike in popularity amid COVID-19” (Jones, 2020). Tennis Sees Spike in Popularity Amid COVID-19

Our proposed construction for the racquet would be carbon fiber. In general tennis, racquets are largely constructed using this material, “As of 2018, carbon fiber held the largest share of 79.3% in terms of revenue. This product has gained significant popularity among consumers due to its lightweight property. Carbon composites allow managing the distribution of weight around the racket more accurately.” (Grand, 2020)

One of the leading deterrents those new to the sport is the average price of a racquet. The range starts at around $50.00 for a low end fully carbon fiber model to $350.00 for the most advanced frame models. There are advantages to introducing a new line of carbon-fiber racquets to compete in the marketplace now because 1) the technology is well known enough that replication of the existing technologies is much simpler than when they were introduced back in the early 1990s (High-Tech 2004), 2) the material required to produce is readily available in manufacturing, and 3) the basic design and manufacturing process are also well known, employing techniques already used by Lavender sports in our carbon-fiber fishing poles, skateboards, and aftermarket bicycle parts. (High-Tech 2004)

The risks in this option are more related to marketing, as competition abounds. However, by employing a targeted marketing campaign aimed at sports that are likely to have new consumers who are looking for budget-conscious options, we believe we can build a consumer base in the entry-level market with an eventual target to grow with them as they improve into more advanced racquet options. Creating customer loyalty with racquets has proven to be a solid technique, as brand loyalty in the tennis apparel and equipment industry tends to be high.

Additionally, the risk may also be considered in the project delivery timeline, such as designing, producing, advertising and market release schedules need to be designed to gain market segments as soon as possible in an effort to leverage as many entry-level consumers as possible while the sports trend in growth continues.

Recommendations/Evaluation

The Home Gym System is the most viable option for the company to pursue; the product scored the highest in all the categories that were essential in the company’s strategic goals. The initial team will include a production and design team of two individuals, one project manager and a project accountant. The main role of these individuals is to create a plan for a successful product through proper research and development.

Thesuccess of the product will be measured by the number of Home Gyms sold as well as the overall contribution of the product to the company’s profit margin. The appropriate mitigation of risks associated with the production, marketing, and financing will also heavily influence the success of the product. These risks will be monitored through frequent updates as the project progresses.

References

American Heart Association. (2020, February 12). Golfing regularly could be a hole-in-one for older adults’ health. ScienceDaily. Retrieved September 4, 2020, from www.sciencedaily.com/releases/2020/02/200212084405.htm

Global Market Insights (2020). Industry trends. Retrieved September 4, 2020, from https://www.gminsights.com/industry-analysis/fitness-equipment-market-report

Global Tennis Racquet Market Size, Share | Industry Report, 2019-2025. (2019, June). Https://Www.Grandviewresearch.Com/. https://www.grandviewresearch.com/industry-analysis/tennis-racquet-market

High-Tech Tennis Rackets. (2004, December 7). Popular Mechanics. https://www.popularmechanics.com/adventure/sports/a3210/1283201/

Jones, E. (2020, July 6). Tennis records unprecedented growth in court bookings amidst COVID-19 restrictions. Tennis West. https://www.tennis.com.au/wa/news/2020/06/30/tennis-records-unprecedented-growth-in-court-bookings-amidst-covid-19-restrictions

Jones, R. (2020, May 7). Tennis Sees Spike in Popularity Amid COVID-19. Https://Spectrumlocalnews.Com/. https://spectrumlocalnews.com/nc/charlotte/news/2020/05/07/tennis-sees-spike-in-popularity-amid-covid-19

Mansor, N., Yahaya, S. N., & Okazaki, K. (2016). Risk factors affecting new product development (NPD) performance in small-medium enterprises (SMEs). International Journal of Recent Research and Applied Studies, 27(1), 18–25. https://www.arpapress.com/Volumes/Vol27Issue1/IJRRAS_27_1_03.pdf

National Golf Foundation (2020, September). Despite Spring Shutdowns, 2020 Rounds Outpacing 2019. National Golf Foundation. Retrieved September 4, 2020, from https://www.thengfq.com/2020/09/despite-spring-shutdowns-2020-rounds-outpacing-2019/

Rainham, D., Krewski, D., McDowell, I., Sawada, M., & Liekens, B. (2008). Development of a wearable global positioning system for place and health research. International Journal of Health Geographics, 7(59). https://doi.org/10.1186/1476-072X-7-59

Appendix

Simplified Scoring Model

Lavender Sports Group looked at three options to add on to the company’s portfolio of products to contribute to the company’s strategic goals. Our simplified scoring model is based on the current business market, financial success, and the overall fit into the business’ portfolio. The final weighted score was determined by weighing four different categories to measure which product fits into the company, then the project with the highest score was selected. The Home Gym system scored the highest in Return Of Investment (ROI), Company Fit, and Revenue. It is expected that The Home Gym System will be an invaluable addition to the company’s portfolio.

(A)(B)(A) x (B)
ProjectCriteriaImportance WeightScoreWeightedScore
Golf Wearables: GPS Watch ProductionROICompany FitCostRevenue Total Score23141342294823
Home Gym Training SystemROICompany FitCostRevenueTotal Score231442138611227
Tennis RacquetROICompany FitCostRevenueTotal Score23143241664420

Team Lavender Page 2 of 3

Running head: BUSINESS CASE 1

2

Week 2 – Project Business Case

Project Business Case

Community Garden Construction

Team Magenta 9/6/2020

PMAN 634: Foundations of Project Management, Fall Semester

Casey Hussey

Imani Broadway

Valencia Green

Ricardo Ore

Dante Johnson

Change History

Date changedChange detailsReason for change (if applicable)Responsible for change
September 6, 2020Newly Drafted DocumentNewly Drafted DocumentAll Team Members

Table of Contents

Project Name 4

Business Needs 4

Analysis of Situation 5

Recommendations/Evaluation 6

References 8

Appendix 9

Community Garden

Building a community garden on empty plots of land will enhance the beauty of the city and benefit its’ residents. Apartment dwellers do not have the space to grow gardens in the city, and the shared plots of land will be available for prospective gardeners to turn unused land into a greenspace producing a variety of crops of vegetables and fruit.

The garden will serve as a place to meet new neighbors, develop relationships, share gardening tips, and provide fresh fruits and vegetables that are essential for a healthy lifestyle. Community gardens will reduce food deserts in neighborhoods for families who are unable to afford fresh produce. The garden will also help to reduce pollutants in the air and water runoff after rainfalls

Business Needs

There are currently empty lots around the city filled with trash that is becoming hazardous to the community and taking away from its beauty. Building a community garden in one of these lots and cleaning the rest will bring numerous benefits to the stakeholders who would be the residents surrounding the new garden, the city, and local grocery stores. The garden will provide fresh fruits and vegetables such as tomatoes, lettuce, strawberries, blueberries, etc. It gives residents access to healthy and fresh produce and allows local grocery stores to sell some of them to increase revenue. The city will benefit from having trash free zones, better scenery, and more options for produce.

Scope

· To deliver a community garden to provide fresh produce.

· The land where the garden will be needs to be tested for soils and sunlight to ensure the best possibility of growth. 

· Gather gardening experts to inspect the ground and provide recommendations for soil types and seeds to plant. 

· Know the cost of supplies such as seeds, garden tools, and fertilizer. 

Analysis of Situation

The organization’s objective is to provide an additional resource for a community through the building of a garden. The completion of the garden will yield multiple benefits for residents of the community and fulfill a disparity within the neighborhood. The building of the community garden was identified as an opportunity due to limited accessibility to garden resources within this neighborhood. A contributor to this problem is the infrastructure of the community; there is a lack of garden space in inner cities that disenfranchises residents of resources. A critical success factor of this project is the positive impact it can have on the community. This project will be deemed successful if the residents of the community utilize the garden and benefit from its resources.

The organization is adept to develop a strategic project management plan that identifies deliverables and requirements to meet the goal. Gaps in the organization’s capabilities include the resources to build the garden; contractors will be employed to account for this gap. Throughout the project, the team will use cost and qualitative return on investment (ROI) as decision criteria. All decisions will be based on the cost and community benefit associated with the development activities.

Risks for the building the garden include budget, time, and community impact. Unforeseen issues could impact the allocated budget and can cause the organization to spend additional capital. Additionally, all project management activities will be scheduled and time-sensitive. Potential hurdles in development could cause delays and affect the timeline of the project. Lastly, community impact could be a potential risk as the development of the garden could disrupt residents.

Recommendations/Evaluation

This respective project will require many parties to be involved. The parties involved shall encompass community outreach representatives on behalf of the city, Environmental scientists that can support in a role of advisors with regards to environmental regulations and water laws, and botanists that can advise to which vegetation can work long term. Gathering these individuals with their respective expertise, will require a plan that will allow each individual to work on the project while not getting in each other’s way. A few constraints that will inevitably be crossed, will be that of sticking to allotted budget and time schedule. Due to the ongoing pandemic, these constraints may be exasperated. It is no mystery that this project will have many risks involved ranging from weather/environment issues, contractor quotes/work, and budgetary issues. To combat budgetary concerns, a budget will be composed and proposed with full transparency so that the community will have full knowledge of the project’s financials. The budget will include quotes from independent contractors to fill the roles needed to successfully get this project going.  An open forum discussion with the community of what we are trying to accomplish with the community garden and the positive outcomes will be held.

The organization’s objective is to provide an additional resource for a community through the building of a garden. The completion of the garden will yield multiple benefits for residents of the community and fulfill a disparity within the neighborhood. The building of the community garden was identified as an opportunity due to limited accessibility to garden resources within this neighborhood. A contributor to this problem is the infrastructure of the community; there is a lack of garden space in inner cities that disenfranchises residents of resources. A critical success factor of this project is the positive impact it can have on the community. This project will be deemed successful if the residents of the community utilize the garden and benefit from its resources.

References

Palcic, I., & Lalic, B. (2009). Analytical hierarchy process as a tool for selecting and evaluating projects. International Journal of Simulation Modelling, 1, 16-26. DOI:10.2507/IJSIMM08(1)2.112

Appendix

Simplified Scoring Model

Our firm was presented with three project options. Those options were to supply technology such as tablets or laptops to grade school children, to undertake the installation of a new internet grid in a rural community, or to build a city community garden. These projects were compared using a set of criteria that were assigned a weighted importance value which were then compared between projects (Palcic & Lalic, 2009).

Each criterion was compared individually to the other criteria, so that only two criteria were being compared at a time. Each comparison was given a value between 1 and 9, 1 being equally important and 9 being the highest possible superiority of the criteria over the compared criteria (Palcic & Lalic, 2009). These values were then averaged for each criterion giving the final weighted importance for each. Each criterion was then evaluated between projects and a score was given. For these scores between 1 and 9, 1 represents the least beneficial outcome for the firm, while 9 represents the most beneficial. For example, a high project cost would be given a lower score, as this would be less beneficial for the firm. Finally, the scores were multiplied with the importance weight, giving the total scores for each project, allowing the team to make its decision. Using this simple scoring model, shown below, the project team has decided to take on the community garden project.

(A)(B)(A) x (B)
ProjectCriteriaImportance WeightScoreWeightedScore
Supplying Technology to Grade School ChildrenProject LengthComplexityProject CostCommunity BenefitsFirm BenefitsTotal Score236156556312153061578
Installing an Internet Grid in a Rural CommunityProject LengthComplexityProject CostCommunity BenefitFirm BenefitsTotal Score2361543288891284067
Building a City Community GardenProject LengthComplexityProject CostCommunity BenefitFirm BenefitsTotal Score236155746414212462081