St Petersburg College Procurement and Risk Management Project

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Business Finance

ST PETERSBURG COLLEGE

Description

Please look at the 2 document I have attached and identify what and how you plan to handle Procurement and Risk for this project in a 1-2 pages EACH. So write 1-2 pages for Procurement and 1-2 for Risk. If possible, please use tables or graphics also to substantiate.

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MAY 17, 2019 NEW XYZ DRUG STORE LOCATION PROJECT CHARTER: RETAIL BUSINESS ASHLEY LYLE PROJECT MANAGEMENT MAN 4583 EXECUTIVE SUMMARY Our XYZ drug stores have been very successful thus far. With a new family community that has just recently been developed along with the high traffic of college students in Ft. Myers we are looking to expand and add an additional drug store location. This location will be successful on the lot the as it is the only drugstore in a five-mile radius. The project at hand will be discussed in detail below. PROJECT PURPOSE The purpose of this project is to open a new drug store location to expand business and service additional customers. PROJECT DETAILS PROJECT OBJECTIVE & RELATED SUCCESS CRITERIA To serve our purpose and promote the health and wellbeing of our customers in our new location by serving college students, families, and workers of nearby businesses. As the location is an up and coming town, the projected success of this store is above standard for all our other locations thus far. HIGH-LEVEL REQUIREMENTS High-Level Requirements will consist of staying on budget and completing the project on time with the highest quality possible. HIGH- LEVEL PROJECT BOUNDARIES AND KEY DELIVERABLE The project will only affect the XYZ drug store expansion in Ft. Myers, Fl. The project will be formulated and designed and pitched to general contractors. PROJECT RISK Potential risks that will impact the success of the project will be the entry or expansion of other drug stores in this location. Additionally, the importance of budgeting determines if the land if affordable and plans are accepted. SUMMARY MILESTONE SCHEDULE LAND DUE DILIGENCE SHAREHOLDER APPROVAL DESIGN PERMITTING Finding property. Can you build on the property? Zoning, soil contamination, if the project will fit the project. Present due diligence reports to shareholders and confirm going ahead with the project. Call in architects to draw building, determine amount of parking spaces, map out delivery zones. Submit plans to building department for review and compliance of building requirements. NEIGHBORHOOD MEETING IMPACT FEE BID THE PROJECT MONITOR CONSTRUCTION MARKETING Neighbors meet. Plans are adjusted based off commentary. Plans are then tweaked. Determined and paid then permits are issued. Qualify bids and select general contractor. Make sure general contractor sticks to assigned schedule. Market new location and grand opening. PREAPPROVED FINANCIAL RESOURCES APPROVED LAND COSTS APPROVED BUILDING COSTS DESIGN/ FINANCING/ LEGAL FEES/ ARCHITECT/ ENGINEER COSTS $2,000,000 $2,500,000 $750,000 KEY STAKEHOLDERS PRESIDENT VICE PRESIDENT CHIEF FINANCIAL OFFICER Sheldon Cooper Leonard Hofstadter Amy Farrah Fowler PROJECT REQUIREMENTS Approval Requirements NEEDED APPROVAL FOR BUILDING DEPARTMENT PERMITS ZONING BEER & WINE LICENSE TOBACCO LICENSE PROJECT EXIT CRITERIA The exit strategy initially will be post-construction when the store location is built and ready to furnish and stock. Further down the road, the strategy will depend on securing permanent financing by paying off any loans remaining on the building. PROJECT MANAGER PROJECT MANAGER RESPONSIBILITY AUTHORITY LEVEL Cole Roth Overseeing the General contractor. Keeping project on schedule. Due diligence and permitting. Authority over general contractor. PROJECT AUTHORITY DATE: ______________ By initialing you are agreeing that I, _____________________________, agree to the project at hand and will sponsor the opening of the new XYZ drugstore location. Furthermore, by signing you are authorizing for the project to begin its stages. X: ______________________________________ Signature of Sponsor X: _______________________________________ Sponsor’s Printed Name 2019 Project Supply Chains XYZ DRUGSTORE ASHLEY LYLE XYZ Drugstore As we progress into the stages of opening our new XYZ drugstore we must determine a project procurement management method and analyze the steps and potential issues within the supply chain. These risks may overall affect the process of opening our drugstore by putting the project over budget or pushing the project back in schedule. The four steps that are included in the project procurement are planning, conducting, controlling and closing. We will take a look at what each of these risks would be to our project and how to overcome potential risks. Planning In the planning portion of this project procurement, we must decipher the project requirements, documents, scheduling, and risk register. Creating a schedule based on the requirements which ultimately allows us to create a schedule of timelines (Project Management Institute, 2018). Having the correct numbers and data gathering will affect whether the location itself will do as well as predicted based the on location and demographics. Additionally, obtaining the correct documentation and project information will aid in the success of the project. Since scheduling and needs are based on these strategies, incorrect information will cause a push back in schedule and budget that will negatively affect results outside of the team. Correct information and documentation will let us bid the project and allow others to identify and understand the project needs. Conducting When we bid the project, we are then able to take a look at candidates and what each project manager can bring to the table. There is always a risk in choosing the wrong project manager. Looking at costs and what each project manager can bring to the table is important. While the cost of one may be cheaper, another project manager may supply materials and services as part of their pitch for a slightly higher price. Selecting your project manager and other vendors is always an issue of concern. Checking availability and scheduling as theirs may not be in tune with the projects time frame (Carr, 2018). Additionally, bid responses should abide by all local, state, and federal laws and obtain marketplace conditions. Written contracts and agreements to mitigate potential damage or problems that may occur in the project. Controlling The controlling aspect deals with relationships with vendors, as well as revised documentation that may occur. As relationships are important, a concern for our XYZ drugstore building is that construction is done to the standards of not only the project manager but also the stakeholders. The workers will have performance reviews and standards that will need to be met. Additionally, the building itself and the organization will have to go through inspections and audits. Concerns include passing these inspections, as well as sticking to the schedule baseline. Other issues such as documentation and updates may take time and become costly. Closing The closing of the project will be the most exciting, yet stressful time. A concern with the XYZ drugstore is that all the project work is completed and has met objectives and expectations. All necessary documentation needs to be obtained such as records of what was done throughout the process and all necessary inspections. Making sure to close invoices and contracts so everyone gets paid for their work. Additionally, there is a concern in finding a home or returning excess materials and equipment. If all is well, the final audit will pass and will receive a certificate of occupancy (Qi Wen, & Maoshan Qiang, 2019). References Carr, P. (2018, February 09). Week 8: Project Procurement Management. Retrieved from https://projectleadershipwaterloo.wordpress.com/2011/12/05/week-8-projectprocurement-management/ Project Management Institute. (2018). Guide to the project management body of knowledge. Place of publication not identified: PROJECT MANAGEMENT INST. Qi Wen, & Maoshan Qiang. (2019). Project Managers’ Competences in Managing Project Closing. Project Management Journal, 50(3), 361. Retrieved from http://search.ebscohost.com.db24.linccweb.org/login.aspx?direct=true&db=edb&AN=13 6872402&site=eds-live
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Explanation & Answer

attached final. Cheers Contact if need be

Running head: XYZ DRUG STORE

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XYZ Drug store
Student’s Name:
Institution’s Name:

XYZ DRUG STORE

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Introduction
Before XYZ drugstore can be expanded, it is important to consider some of the factors
that will make the whole process successful. Some of these factors include the procurement
process that will be involved as well as the risks involved as we are going to discuss in this
context.
Project procurement
First, we shall look at what and how to handle the project procurement. In any project,
there are four steps of procurement that must be adhered to and this includes conducting,
controlling, planning and closing.
Planning
Project procurement has a certain logical order. In this case initially, you will plan for the
entire project by planning for any requirements including acquisitions and purchases, risk
register, scheduling a...

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