...Problem Solution: Remington Peckinpaw Davis Inc. Remington Peckinpaw Davis saw success through the early 1990s by targeting America's higher income level. The global surge of the mid-1990s brought new rules, new dynamics, and new success drivers for Remington Peckinpaw Davis. Computers, knowledge, and networks contributed to the world changing from an industrial age to that of a new economy. The global economy changed the face of investments as more and more people were able to invest in new ways. Remington Peckinpaw Davis currently has a project management plan that includes a number of new projects but they do not have a plan for implementation of these projects, there are also senior staff members who cannot to agree on a course of action, which is currently delaying the project process. Issue and Opportunity Identification Sam Remington who has been credited with influencing the stock market we have today is not very technologically inclined, but recognized that to stay at the top he needed to update his products and services. Remington Peckinpaw Davis created an online division for investors who use computers to trade stock and mutual funds. The online division, eRPD, has had numerous technology problems costing the firm in excess of $1.7 million dollars and numerous unhappy customers, “A review of customer bulletin boards reveals consistent complaints about eRPD’s lengthy lag times in opening accounts, sporadic and inaccurate confirmations of trades, and errors...
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...Running head: PROBLEM SOLUTION: Remington Peckinpaw Davis Inc. Problem Solution: Remington Peckinpaw Davis Inc. University of Phoenix Remington Peckinpaw Davis is an asset management firm that is experiencing technical issues with their online trading services. The company, a trading enterprise was created by Sam Remington, a well-known Wall Street pacesetter. The firm does not have a streamlined information technology (IT) department that has the capability to fix the numerous issues that they are having. The company must determine how to fix the problem before they lose customers or get into very serious trouble with the Securities Exchange Commission (SEC). “Successful implementation requires both technical and social skills. Project managers have to plan and budget projects as well as orchestrate the contributions of other” (Gray & Larson, 2006. p. 15). Issues with the innovative online trading site soon began to surface. The project manager, Harlan Davis is a novice with little management skills. The project cost deemed to be expensive and useless. “Project managers are expected to marshal resources to complete a fixed-life project on time, on budget and within specifications” (Gray & Larson, 2006, p. 7). References Gray, C. & Larson, E. (2006). Project Management: The managerial process. McGraw-Hill, NY University of Phoenix (2011) Remington Peckinpaw Davis Scenario. Apollo Publishing Group. Table 1 Issues and Opportunities Identification ...
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...MMPBL/510 7-25-2011 Remington Peckinpaw Davis Project Management Plan Project Management Research Worksheet Task A: Problem/Opportunity Statement | Instructions for Task A: In the Response row, write out the problem/opportunity statements for the scenario for each of the team members. | Response to Task A: Remington Peckinpaw Davis will become an industry leader and profitable online trader by aligning project management strategies with organizational goals to provide customers with a highly efficient online trading system. Remington Peckinpaw has several different projects going on simultaneously in addition the internet and real estate investments are proving to have increasing profits. The increasing business has also attracted newer tech-savvy competitors with a host of new tools that has driven RPM management into confusion on how to manage projects to help compete against the new competition. | | Generic Benchmarking—The purpose of generic benchmarking is to identify potential solutions to the problem statements defined in Task A. You will do this by looking at how companies in other industries have dealt with similar issues. | Topic A: Data Reliability | General Electric is a company that operates in many facets. “GE is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs...
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...Problem Solution: Remington Peckinpaw Davis Inc. Remington Peckinpaw Davis began more than 35 years ago as a trading firm. RPD has since been a Wall Street force to be reckoned with. The company was founded by legendary Wall Street buccaneer Sam Remington, who was instrumental in shaping the stock market as it exists today. RPD was successful by targeting the 2% of American families who hold 80% of the country’s assets. This strategy that served the company well through the early 1990s was not faring so well by the mid-1990s. A new layer of wealth was created which in turn created new target audience for RPD and for their competitors. In 2005, RPD developed their first attempt at an online trading site called eRPD. The site has had major issues and a multitude of customer complaints. The following paragraphs, and accompanying tables, will review the problem RPD is facing and offer a potential solution for its executive leadership team. Describe the Situation Issue and Opportunity Identification RPD started over 35 years ago. It has since focused on America’s richest families however, the progress of the internet and the recent real estate booms, there has been a lot of change and RPD must also change if it wishes to remain successful. RPD has hired many ambitious employees who, with their knowledge and understanding, can help RPD move forward in its next challenge: eRPD. RPD wants to take this new idea for eRPD and create an internet site that will allow their customers...
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...Problem Solution: Remington Peckinpaw Davis Inc. Problem Solution: Remington Peckinpaw Davis Inc. Introduction Remington Peckinpaw Davis, Inc ("RPD") was incorporated as a trading firm more than 35 years ago. RPD was always a Wall Street force to be reckoned with. The founder, Sam Remington, was a pioneer in shaping the today’s stock market. RPD’s original targeting of America’s upper echelon was a strategy that served the company well through the early 1990's. The Internet and real estate boom, however, changed the face of investment. Not only did they create a new layer of wealth, but they also provided RPD's newer, technically innovative competitors with a host of new tools with which to tap into it. To keep up with technology and tap into the new layer of wealth, RPD implemented an online trading program, eRPD. RPD did not, however, define the scope of the project, nor did its project manager make accurate estimates of the costs, time and resources needed for completion of the project. As a result, eRPD failed to give the customers a system that was reliable and easy to use. Recently, on a very volatile trading day, customers could not log into their account. When one investor finally did, stock and index quotes were inaccurate, giving a false sense that the damages were not as bad as he initially thought. By the time the corrected quotes were reported, it was too late for the investor to do anything. To keep up with technology...
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...Problem Solution: Remington Peckinpaw Davis Inc. As a reputable name on Wall Street, Remington Peckinpaw Davis (RPD) has maintained its position in the trading industry for over 35 years. With the emergence of technology as a necessity in the daily lives of most, the trading market was introduced to the online environment. In an attempt to keep up with this growing trend of e-trading the President of RPD created a plan designed to open RPD up to the world of e trading. During its brief time in the online market the company has faced much scrutiny. Due to lack of resources and adequate project planning the eRPD project is turning into a huge failure. “A project is a complex, nonroutine, one-time effort limited by time, budget, resources, and performance specifications designed to meet customer needs. Like most organizational effort, the major goal of a project is to satisfy a customer’s need,” (Gray & Larson, 2006, p. 4). This paper will identify the issues and opportunities faced by RPD as well as provide instructions for successful project execution. It will dictate the impact that proper project planning, budgeting, risk evaluation, resource management, and the utilization of the proper project management tools will have on the success of the eRPD project. Restructuring the focus of the project committee and the management team to realign its activities with the long term objectives of RPD will be of great benefit to the parties involved. By identifying and executing...
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