Question

This week, you will be selecting your project and developing the charter. The following are some possible project ideas. But don't feel that you are confined to them.

• The opening of a coffee shop
• A charity event for a local social service agency
• A meditation pool and platform in the center of town
• A redevelopment of a local playground
• Design and installation of a computer network for a small business
• Software development project

Think about the following as you select your project.

• What is your passion?
• What have you been thinking about starting, or what could help you in your current position?
• Think about selecting a project that will serve you so that you will be creating a project plan that you can use.

• Mission/Purpose
  • What is your project going to accomplish?
• Project and Product Description
  • What will this project create? How do you plan on completing the work of this project (high level)?
• Objectives
  • What objective will be met? Provide a high-level objective statement from a business perspective. For example, how much market share by when?
• Milestones
  • What are the key milestones?
  • What has to be accomplished in what order for this project to be successful?
• Budget
  • High-level, rough-order-of-magnitude (ROM) budget
• User Acceptance Criteria
  • What are the minimum standards of success as defined by stakeholders, including customers, investors, community, regulatory bodies?
• High-Level Assumptions
  • What statements do you believe to be true or will become true about the project but that you are not sure are true at this time?
• High-Level Constraints
  • What are the limiting factors that affect this project?
• Exclusions and Boundaries
  • What are the boundaries of this project? What will it exclude? For example: There will be no deep fried products for sale in the coffee shop. There will be no desserts for sale in the coffee shop.
• Major Risks
  • What are those uncertain events that may impact this project positively or negatively?
• Key Stakeholders
  • Who are those individuals or groups who are impacted positively or negatively by this project?

Answer 1

I plan to open a coffee shop in New York. I have been thinking of entering into business as an entrepreneur and at the moment I feel Coffee shop would be the best project with resources that I can invest. The principles and practices of marketing management, human resource management, financial management, operations management and supply chain management learnt during my graduating course would guide me in its establishment, operation and management.

• Mission/Purpose

My mission is to establish a Coffee shop in a sub-urban locality of New York. My Coffee shop will serve the purpose of small gatherings and get-togethers. The purpose of establishing a coffee shop is to provide space to residents of sub-urban area who do not have a common meeting point for small gatherings.

• Project and Product Description

My project will start at the end of this month (January). I am highly optimistic that I will be able to start the operations from first week of May. The coffee shop is a single storeyed building with an open space and closed space with interiors and local designs.

The coffee shop will primarily serve Coffee. There would be at least 10 different types of coffee. Besides coffee milk shakes, sandwiches and burgers would be offered.

• Objectives

The coffee shop aims crossing the break-even point within three months and earning a profit of at least 20% of investment in the initial six months. I have strategic plan in place to capture at least 10% market share by the end of one year.

• Milestones

The project has to pass through the construction stage. Once most part of construction is done, procurement operations have to be taken. After achieving this milestone, I have plans for starting the recruitment process. Once the staff is in place, menu will be finalized and marketing activities will be undertaken. Once the operation starts, the coffee shop has to pass the milestone of crossing the break-even point before finally entering the stage of profit.

• Budget

A detailed budget is in place. Separate budgets have been prepared for human personnel, procurement, marketing, office management etc.

• User Acceptance Criteria

The coffee will follow a standard that will satisfy all the stakeholders. Cost will be ascertained based on prevailing price in the market and stringent quality norms will be followed to ensure quality in all items.

• High-Level Assumptions

I have high assumptions that customers will be drawn in huge numbers within a short time and the break-even point will be crossed with in planned time.

• High-Level Constraints

The coffee is new in the area. Customer attraction in the initial days of its operation will be the biggest limiting factor.

• Exclusions and Boundaries

The coffee shop will not offer any non-vegetarian item. The coffee shop will not allow heavy sound systems in events.

• Major Risks

The area seems to be deserted early in the night. Therefore, there is no scope of business during late hours of night especially during Christmas and New Year.

• Key Stakeholders

Customers are the prime stakeholders who be positively impacted. The investors are second group that would be impacted positively from the revenues that coffee shop will generate.