Recommendation Memo Assignment Example | Topics and Well Written Essays - 1500 words

Recommendation Memo - Assignment Example Furthermore, it has also been expected that in the year 2012, there will be growth in the new registration of light vehicles in United States by 13%. In light of these facts, it can be stated that the automotive industries are increasingly focusing upon the innovation and developing the products that can meet the needs of the population such as cars for ageing population and megacity cars among others (AutomotiveWorld.com, 2011). The main objective of the memo is to state that a new project can be included into the portfolio that was prepared previously in order to comprehend the rising demand for the cars for the ageing population in the United States. The memo also tries to explain the portfolio selection process and identify the criteria that can be used in order to justify the project. Project Management Process Along With Selection Criteria The four different projects namely Project A, Project B, Project C and Project D have been taken into account for the study. All the four pr ojects have been developed taking into consideration the automotive industries’ fuel efficient car segment. The projects A, B and C have been started initially and the project D needs to be started. However, project D will be started based upon the priority that can be given to each project. In order to monitor the progress of the project, higher authorities will be appointed. The main task of the higher authorities will be to manage the budgets according to the allotment that has been made for the projects. It will be their duty to analyze the strategic implications of the projects that have been presented by the General Manager. It would be part of the higher authorities’ responsibility to bring significant changes in the overall projects if during the process of evaluation any faults are identified thereby requiring major changes. Phase One: Prioritization and Selection of Projects It can be mentioned that the projects have been ranked according to the values and th e benefits. In order to identify which project among the four such as project A, B, C and D needs to be executed it has been tried to evaluate the financial aspects as well such as return on investment made, increase in revenue as expected and the overall cost of each project. It is worthy of stating that the projects will also be assessed based upon the impact of business environment upon such projects. It will be tried to identify if the projects are likely to succeed at a particular course of time. In the study, it has been examined that there will be steady growth in the automobile industry by the year 2015. This creates a favorable impact upon the projects and therefore demonstrates the likelihood that the projects may succeed in the near future if the portfolios are managed in an adequate way. It becomes the responsibility of the higher authorities to keep constant watch upon the progress of the operations of the projects. It has been noticed that Mercedes Benz’s main i ntention has been to make the mobility of the near future safe and sustainable. Each and every activity of the organization is focused