Please answer the following based on below Sharp Printing case study

1. Statement of problem - What is the primary problem, the one that all the other problems derive from. Although a case study may have many solutions, it only has one primary problem.

2. Facts - What are the pertinent facts? A pertinent fact is one you need to know in order to derive a solution. List the facts in a bullet point fashion.

3. Assumptions - What assumptions did you make in order to find your solutions? Remember the assumptions the people in case make are facts to you not your assumptions. List the assumptions in a bullet point fashion.

4. Possible solutions - There is more than one way to solve the problem. Detail three or four possible solutions with their pros and cons. Your final recommendation is one of the possible solutions.

5.Recommendation - Your solution, which is one of the possible solutions, to the case study problem and why you chose it over the other solutions.

You are the project manager. Solve this case in order to determine what will you do next.

SHARP PRINTING

Three years ago Sharp Printing strategic management group set a goal of having a color laser printer available for the consumer and small business market for less than $ 200. A few months later the senior management met off-site to discuss the new product. The results of this meeting were a set of general technical specifications along with major deliverables, a product launch date, and a cost estimate based on prior experience.

Shortly afterward, a meeting was arranged for middle management explaining the project goals, major responsibilities, the project start date, and the importance of meeting the product launch date within the cost estimate. Members of all departments involved attended the meeting. Excitement was high. Although everyone saw the risks as high, the promised rewards for the company and personnel were emblazoned in their minds. A few participants questioned the accuracy of the project duration and cost estimates. A couple of R & D people were worried about the technology required to produce a high-quality product for less than $ 200. But given the excitement of the moment, everyone agreed that the project was worth doing and doable. The color laser printer was to have the highest product priority in the company.

Lauren was selected to be the project manager. She had 15 years experience in printer design and manufacture, which included successful management of several projects related to printers for commercial use. Since she was one of those uncomfortable with the project cost and time estimates, she felt getting good bottom-up time and cost estimates for the deliverables her first concern. She quickly had a meeting of significant departments to design a work breakdown structure identifying the work packages and department responsible for implementing the task. Lauren stressed that she wanted time and cost estimates from those who would do the work or were most knowledgeable. Getting the estimates from more than one source was encouraged. Estimates were due in two weeks.

The compiled estimates were placed in the work breakdown structure. The corresponding cost estimate seemed to be in error. The cost estimate was $ 1,250,000, a 20% increase over senior management's estimate. The time estimate from the developed project network was four months longer than top management's schedule. Another meeting was scheduled with the involved departments.