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1 The Project Budget Institution Affiliation: Student’s Name: Course title: Due Date: 2 The Project Budget 1. The Cost Management Plan Introduction The company has decided to implement an omni-channel strategy to increase customer loyalty and sales. The project is set to take the shortest possible time and have the lowest cost. The company plans to increase customer loyalty through an omni-channel multi-retail strategy and store rewards (Verzuh & American Psychological Association 2021). Project Objectives The objectives of the project are to increase customer loyalty and sales. The company plans to increase customer loyalty through an omni-channel multi-retail strategy and store rewards (Kerzner, 2018). Project Schedule The project schedule is as follows: Phase 1: Development of Omni-Channel Strategy Phase 2: Implementation of Omni-Channel Strategy Phase 3: Evaluation of Results Procurement Management Plan/Statement The company plans to use an outside vendor to develop and implement the omni-channel strategy. The company has selected a vendor and is in the process of negotiating the contract. 3 The company plans to use a fixed-price contract with milestones. The company will pay the vendor based on the milestones being met. Risk Management Plan The risks associated with the project include the following: • The vendor may not be able to deliver the project on time. • The vendor may not be able to provide the project within the budget. • The project may not be successful in increasing customer loyalty and sales. The company has selected a vendor and is in the process of negotiating the contract. The company plans to use a fixed-price contract with milestones. The company will pay the vendor based on the milestones being met. 2. Communications Management Plan The company will use an Omni-Channel strategy to increase customer loyalty and sales. The company must invest in a new retail system, hardware, software, and POS systems. The company will also need to train its employees to use the new system. The company plans to communicate with the vendor every week. The company will also share with the project team weekly. The company intends to communicate with the customers every month. The company plans to use the following channels of communication: Email, Telephone, Inperson meetings 4 The company plans to use email to communicate with the vendor and the project team. The company intends to use the telephone to communicate with the customers. The company plans to use in-person meetings to communicate with the project team. Quality Management Plan The company plans to use the following quality assurance procedures: Review the project deliverables with the vendor every week. Review the project deliverables with the project team every week. Review the project deliverables with the customers every month. The company plans to review the project deliverables with the vendor every week. The company plans to review the project deliverables weekly with the project team. The company plans to review the project deliverables with the customers every month. Project Closeout The project will be considered complete when the following conditions have been met: The omni-channel strategy has been developed and implemented. The results of the project have been evaluated. The project team has been disbanded. 5 The project will be complete when the omni-channel strategy has been developed and implemented. The project will be considered complete when the results of the project have been evaluated. The project will be considered complete when the project team has been disbanded. 3. Activity/Procurement Cost Estimates list Development of Omni-Channel Strategy: $1,000,000 Implementation of Omni-Channel Strategy: $1,000,000 Evaluation of Results: $200,000 Total Cost: $2,200,000 4. Cost Performance Baseline (Budget) The funding for the project is $2,200,000. This is the amount of money allocated for the project, which cannot be exceeded. Work performance information is data collected on the project as it is completed. This data can be used to track the project’s progress and identify any areas where the project is not meeting expectations. Organizational process assets are the policies, procedures, and knowledge that the organization uses (Kusonkhum et al., 2022). These assets can be used to help plan and execute the project. 6 References Kusonkhum, W., Srinavin, K., Leungbootnak, N., Aksorn, P., & Chaitongrat, T. (2022). Government construction project budget prediction using machine learning. Journal of Advances in Information Technology Vol, 13(1). Kerzner, H. (2018). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Verzuh, E., & American Psychological Association. (2021). A Guide to the Project Management Body of Knowledge: PMBOK Guide.
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