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Problem Solution: Remington Peckinpaw Davis Inc.

4052 words - 16 pages

Remington Peckinpaw Davis is a trading firm, founded by Sam Remington 35 years ago. Faced with increasing competition and the internet changing the face of investment, RPD soon began to make plans to remain competitive by providing updated products and service and enhancing their bottom line. RPD developed a strategic implementation plan with the primary goal of developing and introducing eRPD, the company's entry into online trading (University of Phoenix, 2008). While this plan was time-phased due to the complexity and large number of requests for additions to the system, many problems existed with the project's plan and RPD was faced with the dilemma of what to do to solve the problems. Phase estimating is used when an unusual amount of uncertainty surrounds a project and it is impractical to estimate times and costs for the entire project (Gray-Larson, 2005, pg. 135).Time-phased budget is needed to have a timely and reliable cost control, beginning with the estimated duration for the project and the assigned scheduled time periods to determine financial needs for periods during the project's life. Many business uses project management tools such as the business case to manage effectively the project. A business case can be used to implement a strategic plan to communicate recommendations and align the stakeholders around the recommendations. The Balanced Scorecard is a methodology used by some for strategic planning and by others for implementing s strategic plan (Creating a Balanced Scorecard to Measure and Demonstrate Success, 2008).Without a quick fix to eRPD's technological issues, the brokerage firm could face severe financial loss and market standing.Describe the SituationIssue and Opportunity IdentificationeRPD faced many issues with the implementation of the firm's strategic plan to provide online trading services. The major issue facing eRPD began with the assignment of Harlan Davis to lead the project. Being inexperienced and unwillingly to submit to additional research, Davis ineffectively developed a plan for executing the firm's strategy. Davis' lack of knowledge to properly use project management tools left the firm without proper control of the project. From this problem, other issues began within the management team such as the Oversight committee revealing their personal interests and losing sight of the firm's vision, numerous complaints from clients who were unhappy with the service they were being provided and bad publicity from the press. Questions began to surface relating to the project team's assignments and the availability of manpower for the project.Each of these issues present an opportunity for the firm to enhance performance, properly allocating staff development, create cohesiveness within the team members, and increase the probability of creating and developing more effective plans for the firm.Stakeholder Perspectives/Ethical DilemmasA significant project, whether it involves renovating a bridge, creating a...

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