Project Management
Introduction
A successful preliminary project initiation meeting is one that facilitates the identification of the sponsor of the project. The meeting also provides the team with a platform from which they are able to brainstorm and draft the project charter. At Winsome Manufacturing Company, the project charter that will be obtained from this meeting will include components of the setting of the project, problem statement, and its underlying principle. The project charter of the organization will also define the new business value that is expected from the new product. Stakeholders for this product include all those players with a stake in the operations of the project. These players include sponsors, customers, the project administrator, the testers and the development team. The stakeholders will be involved in the project with planning, making sure that resources are available, and offering insight on ways to promote the sustainability and competitiveness of the products.
The head of the marketing department should be the plan sponsor. The project sponsor is usually given the financial responsibility for the entire project (Keller, 2009). He is also highly ranked in the organization so has the ability of resolving any interdepartmental conflict. The head of marketing will be better placed as the sponsor since the project will generate an important tool for use by the marketing department. The project manager should be chosen from the production team because the manager has to be one who understands all the intricacies linked to the production of plastic storage units that he or she should deliver with the required results by a particular date (Lock, 2010). The manager will be obligated with overseeing the proper completion of the project, with the expectation of working closely with various teams.
Some of the expected results include venturing into new markets and revenue generation, as well as laying the groundwork for other innovative products. The project is also expected to give the Winsome Manufacturing Company a strategic position in the plastic industry. The project charter is based on the article that outlines the scope, objectives and the stakeholders of the project. Besides, it will add value through offering an opening delineation of the roles of all stakeholders, outlining the objectives of the project, and highlighting the powers and roles of the manager. The project charter will act as indication of authority as the venture progresses in the coming years.
The project charter will help in solving any conflict that may arise between the project manager and the 
implementation team. This is because it clearly establishes that authority that has been assigned to the manager. The consequences of not preparing a project charter may include different scenarios. The project may lack clear objectives, stakeholders may not be identified and the team involved in the project may not be able to communicate well with each other.
Project Charter
| Project name | New plastic storage unit |
| Company | Winsome Manufacturing Company |
| Division | Plastic production unit |
| Department | Production |
| Product | Plastic storage unit |
Project Charter Background
During the quarterly assembly of the company, the head of marketing requested for a new plastic storage unit project. The head requested that the project be presented in the next financial year. The project would involve the creation of a new plastic storage unit that is compact, but which can also be accommodated outside the house. The new product would be the same as those of Winsome’s competitors. However, it would offer additional features to the customers.
Today, there are numerous manufacturers that produce plastic storage products. This has contributed to the significant reduction in the market share for companies in this industry, including the Winsome Manufacturing Company. The new plastic storage unit provides Winsome with the opportunity of positioning itself strategically in the market through offering a new product that is creative and innovative. The new product will be added to the product catalogue of Winsome, thereby increasing its competitive edge. The project executives will be selected from the production department and are expected to oversee the process of its implementation. Some of the presumed risks include the high cost of marketing the new product and delays that may result from project research.
Project charter rationale
The rationale from the project may be best illustrated through the examination of the impact of failing to accomplish the project. Foremost, the company would lose an important opportunity in strategically placing itself in the market. An ideal example is a business case whereby Company A is in a highly saturated market and competitors do not have highly differentiated products. In such a case, product differentiation would provide company A with the opportunity of increasing its market share and revenues. The business value that would be expected by the Winsome Manufacturing Company from the new product concerns increased market share and an competitive advantage.
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Reference
Keller, L. (2009). Project Management. New Year: Cengage Learning EMEA.
Lock, D. (2010). Project Management. New York: Gower Publishing.
Schwalbe, K. (2008). Introduction to Project Management, Second Edition. Boston: Cengage Learning.