i want to make a scope statement and cost analysis on my project here are the details of the project

ADDITIONAL CASE 4: NEW BUSINESS VENTURE Part 1: Initiating Background scenarie You and several of your friends have been working for corporations for over five years, but several of you have a desire to start your own business. You have decided that you are ready to Pure your idea of stargames academy for children ages 5-16. You will enjoy creating musk, and you saw the advantages that some children had from participating in special munk programs beyond those when choosin particular, you see the need for music training your area for children interested in voice,guitar, keyboard, and percussion so they can perform in their own bande This New Business venture Pre would primary wolve you and three of your friends who were all part of your high school band 1. You are an excellent bass player, and you were the one who organized your band in het school and get the few paidat you had. You can who play keyboard. You continue to play both instruments occasionally, but your full-time job and new posete lot of your time. Your content full-time job is working business list for a retail store. Although your job is going well, you realize that you would be apple working in your own business and with something involving music. Your strengths are your creativity, ortion, and in all your preis employed ultime and supports your idea to start your own business, as long as you have a detailed plan and financial backing 2. trian, one of your best friends since thgrade, played lead guitar in your bandea natural musician and has little trouble learning to play very complicated song. Branis wery uwit, but he would love to work for a second mal winess and be able to Share this passion for guitar will dren. He is also what music technology, having recorded and edited CDs for several years. He works as a software developed for a large consulting firm. He married and has one young child, and his sou works part time Iran would not even at time job untthe true he could support the family in the new business venture, but he could do a lot of part-time work 1. Nicole, so one of your best friends since thgrade, was the leading in your band. She has a great voice and really knows how to work acrowd, too. She is currently working as a part time telemarketer, but she doesn't like ter job at all and is ready for oming new. Het spouse has a great job and supports her pursuing a new business opportunity. Her strengtheher vocal talent professional volce training and ity. She whole working with children and would be willing to work full time on this new business venture 4. Andres was the last person to join your brand in high school having replaced your original drummer. He currently works as a music teacher at a local middle school. He has a lot of contacts with local school and a dying to get the new music academy started. He single and would want to keep his current at, but he could drvete tair amount of time to the business in the wrong on winds, and time in the summer are his drumming expertise, teaching music technology experience, and contacts with school age children, parents, and school administrators. He currently gives some private lessons and news other people who do as well, so he as potentialdients and 2 of 8 private lessons and know other people who do well she has potential diets and Instructors that he could bring into the business The main goal of the New business venture Project are to prepare a business plan financial backing handle legale, develop marketing material, find a rental space for the muni academy purchase/develop curriculum. Niestand open for beboer from now. September 1. to coincide with the school year. Your team has already analyzed the market, and you know you can make this business succeed. Your goal would be to cover you investment costs her two years in business Work with your teammates and instructor to perform at erst some of the following Initiating tasks for this project Tasks 1 To become more familiar with the children's music instruction market, do some preliminary research to find out how big this market is, who the main companies in the market what the best online medicine.pricing and marketing strategies you do not want to focus on your own prographies, one to focus on for the end tuture tasks. Write a two to three preparet double spaced with your findines.citing at least two references for comple, the author's son took lessons and performed rock bandstrom Virtus Music Academy in Plymouth, Minnesota (www.wieseonline.com You can also include a paragraph or two with your team's personal experience this will applicable 2 Prepare a stakeholder meget and management strategy for the project include at project team members and male upranes and information for at least one stone potential financial backer and one local competitor Asume that you and your three trends are all team members and you exhinvest $10.000 into the business. Your mother, a retired business professor, has decided to provide a betartial loan ($30,000 to she will be the sponsor. You still need to figure out how to get an adona 30,000 for the first steps use the templates provided on the companion website and review the sample steder register and management strategy in the test. 1 Prepare a team contract for this project. Use the template provided on the companion Website and review the sample in the test 4 Prepare a project charter for the New Business Venture Proje. Assume the project will take one year to complete and cost about 100.000 Recall that the main project Your project team will not get paid for the hos they put into this project, but once the business opers, they will be compensated. You will incorporate the business and hire a lawyer to help with this and other legateses. Use the template provided on the companion Website, and review the sample in the text An important part of starting any business is preparing financial projections Although you will prepare a more detailed financial analysis when you create your business plan you want to do tough projection at the stage. Prepare a predsheet that can be used to determine the profit potential of starting this business Include s routs for the investment cast number of customers is the first month customer growth rate/quarter, average monthly fee per customer feed and variabile monthly business plant, you will want to do rough practions at this prepare a prettet that can be used to determine the profit potential of starting this business Indude 3 of 8 inputs for the initial investment costumber of customers in the first month, somer growth rate/quan erage monthly fee per customer feed and variable monthly operating costs, and variable couts per customer. Use the most ikely optimistic and pesmesterputs as shown in Figure 2 to genere results for all the care for each month (Month 1-3, calculate your revenues number of customen that month monthly fee/utomer and expened monthly salaries fed monthly operative costs plus variable costs/customer/metrumber of customers that month The the each month for om in Morthe Month Revenue Matthe cumulative income for Month the Monthly Rewno- Monthly Experiestor Moth hus the Cumulative Income to Month 1. The first month for the mostly . ample, but you can t the formation Figure 2. Print out a sheet with results for each Scenario, dewy labelng uten you recouvrement Finance Projection for her Bremer Aute www Oyo Premi Hummet 10.000.000 Oy M w 119 317 end 0.000 From 000 22.00 2. Figure C-2. Financial Projections Format & Prepare a 10-15 minute presentation that you would pve to summarat results from the initiatine phase of the promet Assume the premton for management review to decided the project should move on to the next phase Part 2: Planning Work with your teammates and instructor to perform all or just some of the following planning Tasks 1 Develop a requirements traceability matanda scope statement for the project Use the templates provided on the companion Website and review the samples in the test Remember that the main project goals are to prepare a business plan get financial backing Mandie legate developmeting materials, find a rental space for the muskeademy purchase/drop Curriculum and hire staff so you can open for business by one year from now. Be as specific as possible in describing product characteristics and requirements, as well as key deliverables. For comple, asume that text. Remember that the main project goals are to prepare a business plan, set financial backing, handle legal issues, develop marketing materials, find a rental space for the music academy, purchase/develop curriculum, and hire staff so you can open for business by one year from now. Be as specific as possible in describing product characteristics and requirements, as well as key deliverables. For example, assume that you need to rent a space for your business that is in a desirable part of town near other businesses and schools, has enough room for a reception area, technology lab with five computers, two larger band rooms that have soundproofing or can be sound proofed, and five small rooms for private lessons. 2. Develop a work breakdown structure (WBS) for the project. Break down the work to what you think is an appropriate level. Use the template provided on the companion Web site, and review the samples in the text. Print the WBS in list form as a Word file. Be sure the WBS is based on the project charter, scope statement, and other relevant information 3. Create a milestone list for this project, and include at least 10 milestones and estimated completion dates for them. 4. Use the WBS and milestone list you developed in numbers 2 and 3 above to create a Gantt chart and network diagram in Project 2013 for the project. Estimate task durations and enter dependencies, as appropriate. Remember that your scheduled goal for the project is one year. Print the Gantt chart and network diagram. 5. Develop a cost estimate for developing just the technology lab for your music academy. Assume that you will purchase five personal computers that can connect to the Internet and run several popular music creation and editing programs. Include the costs of the desks, chairs, microphones, keyboards, soundproofing the room, set-up, testing etc. 6 Create a quality checklist for ensuring that the business is ready to open its doors Also define at least two quality metrics for the project. Use the templates and samples provided 7. Create a RACI chart for the main tasks and deliverables for the project. Use the template and sample provided. 8. Develop a communications management plan for the project. Use the template and sample provided 9. Create a probability/impact matrix and list of prioritized risks for the project. Include at least 10 risks. Use the template and sample provided. 10. Prepare a request for proposal for the technology lab (including purchasing the hardware, software, installation, soundproofing, testing, and maintenance) for your music academy and describe at least two procurement issues you need to consider for the project 11. Prepare a 10-15 minute presentation that you would give to summarize results from the planning phase of the project. Assume the presentation is for a management review to decide if the project should move on to the next phase