Case Study: Innovative Project for an E-commerce Company named SmartSupply. Overview: SmartSupply is a newly launched e-commerce company, which has gained rapid growth within the industry of e-commerce. In order to sustain this momentum and expand its market share, the company is planning to launch a new project, aimed at improving its supply chain management system. This project is intended to streamline the company's operations, increase efficiency, and reduce costs. The overall timeline of the project is expected to be 12 months, and the estimated cost is $2 million. Project Timeline: The project will be divided into three main phases: planning, execution, and monitoring. The planning phase will involve gathering requirements and conducting feasibility studies, which is expected to take 3 months. The execution phase, which involves actual implementation, is expected to last 6 months. The monitoring phase, which involves evaluating the effectiveness of the new system, is expected to last 3 months. The project will commence on June 1st, 2023 and end on May 31st, 2024. Project Cost: The overall cost of the project is estimated to be $2 million. This includes the cost of technology, equipment, software, and human resources. SmartSupply Company will allocate $1 million for developing the new supply chain management system, while the remaining $1 million will be dedicated to developing a robust IT infrastructure, training the workforce, and developing the training manual. Key Deliverables: The key deliverables of the project include the following: 1. A new supply chain management system that integrates all aspects of the company's operations, including procurement, logistics, inventory management, and order fulfillment. 2. A robust IT infrastructure that enables real-time tracking, monitoring, and reporting of all supply chain activities. 3. A trained workforce that is equipped with the necessary skills and knowledge to operate and maintain the new system. 4. A comprehensive training manual that documents all processes and procedures related to the new system. Aim and Key Intended Goals: The aim of the project is to improve the efficiency and effectiveness of SmartSupply Company's supply chain management system. The key intended goals of the project include the following: 1. Reduce the cost of procurement, logistics, and inventory management by 20%. 2. Increase the speed of order fulfilment by 30%. 3. Improve the accuracy of inventory management by 25%. 4. Enhance customer satisfaction by ensuring timely delivery of orders and reducing order errors by 50%. Evaluation Criteria: The project will be evaluated based on the following criteria: 1. Cost-effectiveness: The actual cost of the project will be compared to the estimated cost to determine whether the project was cost-effective. 2. Efficiency: The speed of order fulfillment and accuracy of inventory management will be evaluated to determine whether the project was successful in improving efficiency. 3. Customer satisfaction: Customer feedback will be collected to evaluate whether the project was successful in enhancing customer satisfaction. 4. System reliability: The stability and reliability of the new system will be evaluated to ensure that it meets the company's operational requirements. Conclusion: The success of this project will depend on the effective management of the project timeline, cost, and deliverables. By achieving the intended goals of the project, SmartSupply Corporation will be able to improve its market position and sustain its growth in the e-commerce industry.

Question 3: What are some of the risks that you should account for as part of preparing a contingency plan (backup plan) if something goes not as planned?