Project Management Rec

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Phase 3: Project Execution

The third phase is Project Execution; the new product and product enhancements will be in manufacturing. During this phase the project manager will be preforming weekly inquiries on the project in order to ensure that they are scheduled properly and resources are being allocated accordingly. It is during this phase that TQM will be assessed in order to ensure the highest quality is being preformed and a great product is being produced. There is a lot going on during this phase, teams will meet often to update stakeholders, quality assurances is occurring, updates to HR, status reports so it is of great importance that the project manager and teams are using TQM standards. The execution phase is a crucial period and will require a lot of effort to ensure all is executed properly. The most important parts of the execution phase are the status updates and quality assurance checks.

Phase 4: Project Monitoring and Control

During Phase 4: Project Monitoring and Control, measuring the progress of the product and assessing and how the production cycle is fairing against the previously set objectives. If there is something lacking or the production is being upheld; then that is when the project manager needs to preform corrective measures to ensure that the widgets will be produced with TQM standards and get the process back on track. Continuous monitoring will also occur during this phase. This phase is so crucial it is where production takes place and will ensure the last phase is completed, closing of the project.

Phase 5: Close of Projects

Finally- the fifth and final phase of the project: Close of Projects; during this phase both projects Juniper and Stargazer will be officially closed. Important tasks need to be preformed: delivering final product, releasing the balance of funds and allocating them to other projects, formal termination with subcontractors and third party vendors and finally recognition to team members (Pathak, 2014).) It is a proud day for the firm and the team that fashioned the final product.

As you can see we have performed feasibility tests on the three projects and we have concluded that Juniper and Stargazer are projects worth perusing; they will increase revenue over the allotted time frame stated above and allow for you to become industry leaders attaining a competitive advantage in the market.

Most Attentively-

Jennifer Maldonado

References

Garcia, Madison. (2015). How Do Sunk Costs Affect the Determination of Cash Flow?

Retrieved from: http://smallbusiness.chron.com/sunk-costs-affect-determination-cash-

flow-81575.html

Pathak, Roli. (2014). Top 5 Project Management Phases. Retrieved from: http://project-

management.com/top-5-project-management-phases/