Project Management Recommendation In work environment, such as the one of Piper Industries Corporation, project management is of high significance. Despite the presence of variations, the 5-step project management life cycle applies to many situations. Here below, the steps are explored based on the work of Lewis. The first phase involves project initiation. Under the stage, defining and establishing how the project takes place. Answering issues of problem jurisdiction is of equal importance. The second phase entails planning. The stage concentrates on identifying and scheduling work activities required for the entire process. Aspects, such as resources, time, cost, quality management, risk management, among other issues, are considered to be significant. The third phase, which is execution concerns acquisition and establishment of project teams, carrying out work and delivering outcomes. In the fourth stage, monitoring and control appear. Under the phase, tracking of progress to establish whether the plan is being executed as it is anticipated. The final stage involves closing the project. After completion, deliverables are transferred to customers or subsequent actors. Lesson development is among the critical attributes of project closeout https://thesisleader.com/buy-memorandum/. Reviewing the three projects is necessary to determine the most appropriate venture for the Piper Industries Corp. In brief, the Juniper project is an extension of an existing widget whose completion risk is low. Based on the product plan, the critical path is six months at the price of $325,000. The forecasts show that the project’s ROI will be $250,000 after two to three years. Due to progress in technology, the third year will mark the end of life for the product. Viewed as a standard product line, marketers expect many customers to purchase it. For project Palomino, the company requires a new widget line although existing technology will be applied. The completion risk is medium. The critical path is nine months at the price of six hundred fifty-five thousand dollars. Forecasts show that the product ROI will be $450 000 within a 5year period. The product will fall into the custom category for strategic customers. The end of life of the product is seven years. The Stargazer project is based on ongoing research and development on new widgets. Already, $450 000 has been spent, and $575,000 is the estimated cost of taking the product to the market. The completion risk is high. Besides, the forecasts indicate that the ROI for the project are $300 000, $550 000 and $750 000 for the first, second and third years respectively. The product life is seven years. However, delivering the product would earn the company plaudits for being an innovative leader. Despite carrying many strategic discussions, many unanswered questions remain about the product. Reliance on the prevailing circumstances, the costs incurred, completion risk, ROI, and product end of life reflect some of the factors to consider when deciding the appropriate investment. From the above discussion, the Juniper project is easier to plan and execute, as the company would make use of existing resources. Besides, the risk of completion is minimal, the critical path is short, and the associated cost is small. However, it has the lowest expected ROI within a period of two or three years. The biggest disadvantage is that it has a short life which is three years. Based on this, the Juniper project is declined. Although the Stargazer has a high completion risk and expenses compared to the Palomino project, notable differences in ROI advance the case for the former investment option. Whereas it would take the Palomino project five years to generate $450 000, the Stargazer would be yielding $750 000 by the third year. Besides the improved earnings, the project would enhance the company’s image as a leading innovator. Based on this account, the company should consider launching the Stargazer project. However, the company must take measures to mitigate the high-risk exposure.