‘Fire extinguishing balls’ are recently entering the market for passive fire prevention. As an entrepreneur, you decided to start a business to sell these fire extinguishing balls within the USA. You have very limited number of competitors, and these few competitors are not just selling the fire extinguishing balls. They also sell other fire extinguishing tools and equipment. You will be the pioneer in the market if you act quickly to dominate the fire extinguishing ball business.
Questions to be answered:
A. Identify and analyze the risks associated with this business endeavor by utilizing any qualitative method. Plan the risk response.
B. Develop a tentative plan to establish this business. Create a work breakdown structure, and a Gantt chart. Clearly show the resources (including labor, materials, etc.), and logical relationships between the tasks. Estimate the costs of the tasks also. Clearly explain how you estimated the costs, and how you determined the relationships between the tasks. Work breakdown structure needs at least 3 levels. Your budget is $150,000. You can build storage, distribution centers, management office etc., to ensure a smooth business. You can import the materials from overseas. It’s entirely up to you, since this is your business and your plan.
C. Assume that 2 weeks after your project plan started, you took a field report. You saw that all the activities that were scheduled until week 2 is 50% completed. What method/tool would you use to estimate the budget at completion, or the new estimated duration of the project? You do not have to make calculations. Clearly list and explain what to use.