Executive Summary
- The project will cost $
- It will take 11 hours to build the workbench
- The workbench is hand crafted using quality lumber
- The project has a high chance for success
- The group will gain project experience while working on the workbench project
Selection Criteria
The project should be pursued due to its minimal costs and low risks for failure. The workbench project gives the group a chance to practise their project skills using a teambuilding project. The workbench produced will be handcrafted using quality wood and materials producing a high quality product. In comparison to the majority of the proposed projects the workbench will produce a lasting and functional piece of handcrafted furniture while maintain minimal costs and a high likelihood for success.
Project Organization
The project is organized using the five standard stages for optimal project management. The most critical part of the project is the initiation.
Project Plan
Mind Map
Building a workbench can be broken down into three categories of requirements. Soft resources such as human resources, supplies that will be used in the production and equipment.
Work Breakdown Structure
Risk Analysis
Pro Forma
Though the analysis of the project show higher levels of risk the projects actual risk of failure if all risk aversion techniques are applied is minimal.
Failure Modes Effects Analysis
Budget
The budget above illustrates the most optimistic, normal and pessimistic costs associated with the workbench project. Human capital is a precious company resource, the budget also includes the required hours required to complete the project. For easy analysis and comparison the required hours and costs demonstrate a better picture of the associated costs with the project.
Schedule
Critical Path
ES = Earliest Start - EF = Earliest Finish - LS = Latest Start - LF = Latest Finish
The critical path demonstrates the best and worst case scenarios for the project. At its best the project can be completed in 7 hours, at its worst the project will take 20 hours to complete.
Resources
The project’s costs are minimal. Human capital is a valuable resource utilized to produce this handcrafted workbench. The project’s chances for success are high with few risks that are not covered in the risk management practises.
References
Bangs, D. H. (1998). The business planning guide [electronic resource] : creating a plan for success in your own business / David H. Bangs, Jr. Chicago : Upstart Pub. Co., 1998.
