this is for a Business Project management class Overview This is the final of three assignments that, as a whole, will cover all aspects of the project life cycle relevant to your selected project. At...

Running Head: BUSINESS PROJECT MANAGEMENT                    1
BUSINESS PROJECT MANAGEMENT                              4
BUSINESS PROJECT MANAGEMENT
Table of Contents
Summary of the Project    3
Challenges in the Project    3
Mitigation Strategies    4
Managing Project Performance through Earned Value Management (EVM)    5
Three Key EVM Metrics    6
References    8
Summary of the Project
The project is based on developing a retail store. A clothing retail store named FashionIQ is set to launch in a prime location in New York. As the customers are inclined towards high-end fashion, the retail stores aim to meet this consumer demand. The primary objective of the retail brand is to provide customer solutions (Cho, El Asmar, Gibson Jr & Aramali, 2020). This will allow the brand to meet the need of innovative clothes. FashionIQ hopes to make a name in the clothing market reach escalating heights. The second objective for the brand is to manage the shop functionally in a competitive market.
The path of store development is a multi-level process. The first level is defining the goals and objective of the brand. It is on FashionIQ to increase the brand awareness amongst different types of customers. The existence of different fashion brands makes it necessary for the new retail store to improve its strategies of production. The study helps FashionIQ to improvise on the objectives and find easy solutions for the challenges. The multi-level vividly describes the methods of mitigation and estimates the performance of the brand through earned value management. This gives clarity to the retail owner about the three EVM metrics.
Challenges in the Project
The first challenge of the project was to maintain brand loyalty. Brand loyalty is a determining factor to attain new customers. At the same time, a good brand image helps to retain the existing customers.    Brand loyalty cannot be created without some obstacles. A notifiable obstacle in the course of developing new retail brand stores are the opportunity costs (Swacha-Lech, 2017). The opportunity costs are also known as tradeoffs. The storeowner views the customers as the most important stakeholders in the market. Low ratings received by the store are a reason of concern to the managers and the owner.
A second challenge that was incurred in the process of setting up the store was the cost. New York is an expensive city with a high standard of living. Setting up a retail store in a prime location in the United States is a cost intensive task. There are two types of costs associated with the development. They are the fixed cost and variable cost. The variable cost includes the salaries paid to the store’s employees. On the other hand, the fixed cost includes the rent paid for the store and the machines used to make the clothes (Zuofa & Ochieng, 2017). It was a major challenge for the store to meet the cost.
Increasing popularity among different sets of people across the city was a concern to the FashionIQ owners. The owners had decided to set up different stores across the city once the pilot store had gained prominence. The Omnichannel presence was a major challenge faced by the storeowners. To set up different stores it is important for the current store to earn...