For this assignment, write a paper of 750-1,000 words in which you analyze the concept of resource scheduling and evaluating various methods used to schedule resources in project management.
Your analysis should include the following:
- An analysis of the benefits and challenges associated with resource scheduling
- A discussion of at least two methods used to schedule resources and examples of when each method would be most appropriate, given the scope of the project
Choose which method would be most appropriate for the project your CLC team selected and explain why you felt it was most appropriate.
You must include at least two additional sources, one of which must be a journal article, outside of your textbook, to support your analysis.
Below is what my CLC team selected:
Project Title: The Retail Store Product Offering Expansion Proposal
Project Classification: Strategic
Project Manager: Nichole Hall
Increase in sales of $1.8 million to achieve the company’s annual sales goal of $5 million. The additional $1.8 million will improve profit margins by 20% which will in turn cover the cost of additonal employees, costs of goods, and remodeling costs.
Increase size of stores in all 3 locations by 10% and expand core product offerings in order to be the leading retailer within the community. Selling numerous products gives a growing company the ability to streamline and minimize threats while cashing in on its brand recognition. The diversification of a company’s product portfolio drives profitability allowing for the maximizing of the local market segment consumer patterns.
Savings and Benefits
- Corporate reputation with external stakeholders– the increased revenue of $3.2 million to $5 million will strengthen brand loyalty and value with both internal and external stakeholders. Increase in revenue will increase the company’s contributions to local community-based institutions and social initiatives. Annual sales of $5 million allow for the building, improvement and investment in impoverished customer bases thus demonstrating commitment and action to making every community a better place. Increasing revenue will also exceed sales forecasts and increase the company’s worth earning our shareholders a higher dividend and social currency for our commitment to the local communities.
- Improved staff morale– the initiatives to increase revenue, solidify number one position in market and improve local communities all will improve morale. The ability to make more money be an industry leader while helping the local community inspires our employees in both our mission and vision. Our employees have expressed desire to spend and invest more in their neighborhoods and these initiatives will show them how much the company values them and the support of their communities.
Cost for 3 locations-$113,000
- Hours to build-240
- Building materials for 250 square feet X 3=750 (10% of current square footage) total for 3 locations-$8000.
- Employees (3 additional)-$90,000 annually
Timeframe -6 months.
- Market segment research conducted by an outsourced company to specify the needs of the customers in the community and identify what they want.
- Staffing increased 10% to work the 10% expansion of the premises.
- Contractor to design and build new areas of the store.
- Increased advertising to drive traffic to the store.
- Funds (total from above)-$113,000
Impact and Risk
The impact of of not proceeding with the project proposed are not meeting the $5 million target, losing the position as the leading retailer, and falling behind the plan of opening at least one additional store in the next 5 years. Three major risks are timely product sell through, cannibalization of some existing products, and extra production costs. Non-moving stock deceases the open to buy dollars which could lead to low levels of customer demand and the company’s ability to meet the customer’s needs. The risk of extra production cost is high and along with stock issues would affect net profits. There is medium risk with product sell through since The Retail Store is established within the community and has a loyal following however to ensure that products move quickly it will be important to understand the life cycle of all products carried to determine what skus need to be cut in order to add newness.