(Mt) – Rasmussen College Leader and Manager Roles in Evidence Based Practice

Running head: PROJECT ANALYSIS AND MANAGEMENT Project Analysis and Management Chevenia Anderson Colorado Technical University 02/04/2020 1 PROJECT ANALYSIS AND MANAGEMENT Basic Background Information The focus of the study will be on the adoption of a current and innovative accounting system, expansion into new markets, and recruitment and re-deployment of human resources project to improve brand awareness. The first project of installing a new accounting system will be critical to the future success of the organization. Over the past years, there has been an increase in the market value of the accounting software, indicating its vital role in enhancing effective organizational performance (Wickramasinghe, Cooray & Dissanayake, 2017). The majority of the accounting firms are currently considering the adoption and leveraging of newage software. The organization will benefit from the automation of repetitive tasks that may be time-consuming. It will also play a critical role in redefining the existing processes of the business. Due to the ever-changing trends in accounting technologies, the company needs to consider the installation of a new accounting system. The analysis of the trends shows the need of switching accounting businesses from the traditional accounting software to a more advanced accounting innovation. In the current turbulent business environment, it is challenging for a company to continue being competitive without the inclusion of such changes in its operation. The firm will have to concentrate on the implementation of these technologies in the accounting business to increase efficiency in the process, enhancing customer retention, and improving revenues. With the current increased competition in the industry, the firm should adopt these technological innovations as soon as possible. 2 PROJECT ANALYSIS AND MANAGEMENT 3 The second project is to expand into new markets. In financial terms, expansion project refers to any plan by the organization management that aims at expanding the reach of the organization. In some instances, it could include improving the sales of the current goods as well as their introduction into new markets. In the past years, the organization has been experiencing stagnations in sales and revenues. The management attributes this reduction to market saturation, hence the need to diversify. The proposal is for the organization to start producing and selling products that address entirely different needs of a new market. The top management and board of directors have to review all the relevant information and financial implications of the ne shift to the long-term success of the firm. The argument is that if targeting a new market is profitable, the organization will focus on expansion through growth strategy and produce a new product (Rubinfeld & Hemingway, 2005). The primary objective of the business that prefers this project is to grow and boost its bottom line. The third project is recruitment and re-deployment of human resources to ensure a continuous optimal relationship between the organization’s labor force and jobs. As a strategic approach, the manager has to start with the anticipation of future human resource needs and situations while responding to them now. Aligning employees’ skill sets to the most appropriate task will help the company to save on recruitment, onboarding, and hiring costs. In the previous meetings, some of the managers have suggested outsourcing some of the core operational activities. However, the disagreement was on whether the organization should recruit new employees or consider deployment of the current workforce. All the above projects aim at increasing the project revenues as well as efficiency in business operations. Selective the most profitable project will require consideration of various elements. Therefore, the study will use an unweighted factor scoring approach in analyzing the most advantageous plan among the three. PROJECT ANALYSIS AND MANAGEMENT 4 Unweighted Factor Scoring Model For the purpose of this study, project A will refer to expansion into new markets, project B, adoption a current and innovative accounting system, and project C recruitment and redeployment of human resources. The basis for scoring the projects is from the lowest to the highest based on the outlined criteria where Low = 1, Medium = 2, and High = 3 scores. Project Criteria Project A Project B Project C The ability to increase the level of competitiveness of the firm in both short-term and long-term. High Medium Medium The potential of paying off the capital invested within a shorter period. Medium Low High Lack of risks that could contribute to the failure Low of the project before it realizes its intended purpose. Medium High The likelihood of increasing the amount of sales and profitability levels within a specific period. High Medium Medium Attract more customers to the organization to increase market share. High Low Medium Results in the reduction of operational costs in the long run Low High Low Improves brand awareness by expanding community reach and social engagement High Low Low Project Selected PROJECT ANALYSIS AND MANAGEMENT 5 Determining the project to choose depends on the analysis of the various factors outline in the table above. The project with the highest value is the most desirable as it is likely to yield more profits. Project Criteria Project A Project B Project C The ability to increase the level of competitiveness of the firm in both short-term and long-term. 3 2 2 The potential of paying off the capital invested within a shorter period. 2 1 3 Lack of risks that could contribute to the failure 1 of the project before it realizes its intended purpose. 2 3 The likelihood of increasing the amount of sales and profit levels within a specific period. 3 2 2 Attract more customers to the organization to increase market share. 3 1 2 Results in the reduction of operational costs in the long run 1 3 1 Improves brand awareness by expanding community reach and social engagement 3 1 1 Totals 15 12 14 PROJECT ANALYSIS AND MANAGEMENT 6 From the above qualitative and quantitative data, it is evident that project A was the most viable option with a total of 15. Based on the criteria used to analyze this data, expansion into a new market strategy is more beneficial compared to the other projects. Although the firm may incur increased operational costs and high uncertainties, it will increase its market share and sales volume. In the long run, the success of this project will increase the overall profit levels. The management should start by ascertaining that they have adequate capital to invest in this initiative. One of the benefits of this project is the ability to not only attracting new consumers but also retaining the existing ones. However, the managers should understand that it is one thing to reach out to the consumers by expanding the business, but building a long-term relationship with them is the critical determinant of long-term success (Alrubaiee & Al-Nazer, 2010). Increasing the number of sales and profit levels depend on the ability to grow a loyal customer base. The development of a large and diverse customer base will prevent the organization from depending on a single market. Due to the disadvantage related to capital requirements, the management should start by evaluating each market’s potential return on investment before committing the capital in the expansion project. This initiative is only beneficial when the company has adequate capital and resources to cover the new market without adversely impacting on the current operation. PROJECT ANALYSIS AND MANAGEMENT 7 References Alrubaiee, L., & Al-Nazer, N. (2010). Investigate the impact of relationship marketing orientation on customer loyalty: The customer’s perspective. International Journal of Marketing Studies, 2(1), 155. Rubinfeld, A., & Hemingway, C. (2005). Built for Growth: Expanding Your Business Around the Corner Or Across the Globe. Prentice Hall Professional. Wickramasinghe, M., Cooray, N. H. K., & Dissanayake, S. (2017). Impact of accounting software for Business Performance. Imperial Journal of Interdisciplinary Research (IJIR), 3(5), 2454-1362.

• WE OFFER THE BEST CUSTOM PAPER WRITING SERVICES. WE HAVE DONE THIS QUESTION BEFORE, WE CAN ALSO DO IT FOR YOU.
• Assignment status: Already Solved By Our Experts
• (USA, AUS, UK & CA PhD. Writers)
• CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS, GET A NON PLAGIARIZED PAPER FROM OUR EXPERTS

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

Why Choose Us?

How It Works

• Click on the “Place Your Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled.
• Fill in your paper’s requirements in the “PAPER DETAILS” section.
• Fill in your paper’s academic level, deadline, and the required number of pages from the drop-down menus.
• Click “CREATE ACCOUNT & SIGN IN” to enter your registration details and get an account with us for record-keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
• From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.

About AcademicWritersBay.com

AcademicWritersBay.com is an easy-to-use and reliable service that is ready to assist you with your papers 24/7/ 365days a year. 99% of our customers are happy with their papers. Our team is efficient and will always tackle your essay needs comprehensively assuring you of excellent results. Feel free to ask them anything concerning your essay demands or Order.

AcademicWritersBay.com is a private company that offers academic support and assistance to students at all levels. Our mission is to provide proficient and high quality academic services to our highly esteemed clients. AcademicWritersBay.com is equipped with competent and proficient writers to tackle all types of your academic needs, and provide you with excellent results. Most of our writers are holders of master’s degrees or PhDs, which is an surety of excellent results to our clients. We provide assistance to students all over the world.
We provide high quality term papers, research papers, essays, proposals, theses and many others. At AcademicWritersBay.com, you can be sure of excellent grades in your assignments and final exams.