Running head: PROJECT PLAN 1 Project Plan BUS/475 11/4/2019 PROJECT PLAN 2 Project Title: Strategy for Best Buy Inc. to invest in foreign exchange and seek the upper hand in market share. Description Best buy Inc. is an international multinational retailer dealing with consumer electronics. It has been facing stiff competition from other companies like Amazon and Staple Inc. It has to differentiate its products and cut off all unnecessary expenses acquired through product promotion and logistics processes (Gibson, & Billings, 2003). This will help the company to control competition both locally and internationally and sell its products at a low price. Project Objectives: ❖ To stay on the budget and ensure no cases of overbudgeted projects. Operational Step Make use of planned value and know Responsible Person Timeline Logistics manager 11/4 (1 week) Logistics manager 11/18 (2 weeks) To analyze the cost of all advertising Advertising manager and 11/25 (3 weeks) activities and associated expenses. logistics manager To calculate return on investment and Logistics manager the estimated cost of all scheduled activities at the start of the project. To calculate logistics costs associated with transportation and storage of the goods to be sold. help in understanding whether the 12/25 (7 weeks) PROJECT PLAN 3 Operational Step Responsible Person Timeline project's profitability has exceeded the costs. ❖ To keep track of all tasks within the project to be completed within the set time plan. Operational Step Define all the activities which are Responsible Person Timeline Project manager 11/4 (1 week) Project manager 11/18 (2 weeks) Human resource manager 11/25 (3 weeks) Logistics manager 12/2 (4 weeks) supposed to be done in the project. Come up with a schedule of the order at which they are supposed to be done, from first to the last. To carry out estimation of the resources and facilities needed for each task. Compile a full schedule with all activities, time, and resources needed to achieve them. ❖ To build quality in all tasks performed PROJECT PLAN Operational Step Setting the right quality standards for 4 Responsible Person Timeline Quality control manager 11/4 (1 week) Quality control manager 11/25 (3weeks) Logistics manager 12/9 (5 weeks) Logistics manager 12/25 (7 weeks) their products and services. Defining their customers and setting measures to meet their expectations. Checking the level of client’s fulfillment points and ratings on their online products. Make use of quality control techniques to meet the complaints and recommendations of their customers. Justification of the project plan This project plan is worth and important to address the key objectives of this company and making it competitive in local and foreign markets. This plan has taken into consideration the key project metrics as highlighted below, and the operational steps are valid and reliable. Focusing on the budget is one of the key elements for a successful project. Having an objective dealing with budget control means the expected profits and benefits of the project will be attained. Through the metric of planned value (PV), the project manager will know whether he or she is in line with the set budget or overbudgeting. Realizing overbudget will need a remedy to avoid extra costs affecting the progress of the project. The actual value is another metric used in projects. An effective task in a project should have a lesser AV than the planned value (Vanhoucke, 2009). Actual value does help the supervisors to make PROJECT PLAN 5 estimations based on the previous activities and tasks. Asset usage will ensure that each of the task or venture is given commitment and resources to produce quality results (Moore, 2008). In any production activity, quality is the key target. For this to be attained, a time of completion and resources is relevant and thus part of the objective for the project. PROJECT PLAN References Best Buy, Inc. Retrieved from https://www.bestbuy.com Gibson, E., & Billings, A. (2003). Best practices at Best Buy: a turnaround strategy. Journal of Business Strategy, 24(6), 10-16. Moore, Norman T., Jim Devanna, and Alexander Cameron Sedgwick. "System and method for optimized asset management." U.S. Patent Application 11/558,795, filed May 15, 2008. Vanhoucke, M. (2009). Measuring time: Improving project performance using earned value management (Vol. 136). Springer Science & Business Media. 6 
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