3. You are a purchasing analyst working for the 700 employee Hickory Furniture Manufacturing Company. Annual gross revenue at Hickory Manufacturing is 320MM. You have been asked by the vice president of finance, Robert Holmes, to analyze and write a recommendation for the replacement of your company's current Human Resource Management system. Mr. Holmes would like you make your recommendation based on the following 3 options: A custom built outsourced software solution A implementation of a vendor provided business software application hosted at your company headquarters A Software-As-A-Service (SaaS), Cloud, or Application Service Provider (ASP) solution a. b. c. Mr. Holmes is aware of the complexity of software and the time needed to implement the new solution for the entire company. He would like to understand the long term (8 year) costs for each option. He also feels that Hickory Manufacturing Co.'s requirements for this type of software are very similar to the capabilities most companies his size have for a human resource management system. Consider the following assumptions you should use for your analysis. tof top 10 key Features covered by the software Software Intellectual Time to Software Type Vendor History License Property Owner Cost Cost Custom built outsourced software, hosted at your company 12 yr old company with 70 clients, 14MM Eclipse Software 36 months S1MM annual revenue 20yr old cmpany with Software, hosted at your company Trax Systems Inc 18 months 80/100 $92SK $185K 175 clients, 35MM revenue yr old company with 75 clients 1SMM in annual SaaS, Cloud, ASP 9 months 75/100 $935K 5187K LLC Mr. Holmes would like your summary analysis to address the 3 vendor options above and make a single recommendation for his new human resource management system. Your recommendation should include the benefits of your chosen solution as well as the reasons you recommended against the other two options. Don't assume that Mr Holmes knows about the different types of application software (custom, premise hosted, cloud hosted) Your analysis should be a 600-800 word summary document, double-spaced with 1-inch margins, using 12-point Times New Roman font. Include the word count of your analysis (part 3) only(30pts)