PROJECT NEWS: The Official eNewsletter of Project World & The World Congress for Business Analysts

Welcome to IIR's fifth monthly issue of PROJECT NEWS. If you are receiving this newsletter, but have not yet subscribed to our complimentary newsletter, please click on the following link to subscribe:  www.iirusa.com/optin
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PROJECT NEWS PROJECT OF THE MONTH - PROJECT OVERVIEW
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August's Project of the Month: Ford Motor's Mustang
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Q: How was the Mustang Project conceived?

The Mustang Project began because of the failure of the Edsel automobile manufactured in 1959. Robert McNamara left the Ford Motor Company after being offered the Secretary of Defense position by President John F. Kennedy, which made room for the advancement of general manager, Lee Iacocca. Iacocca saw the success McNamara's Falcon and the Thunderbird had and invested in market research to see what the consumers wanted. He concluded that 18-34 year olds were ready to buy a car and the Mustang was the car he felt would meet their needs. In 1962 Ford began production of the Mustang and coded the project T-5. Other names that were considered for the Mustang were: Cheetah, Puma, Thunderbird II, Cougar, Colt, Special Falcon, and Torino. 

Q: Did Lee Iacocca face any difficulties while executing his project?

Ford was uneasy about taking financial risks because it was trying to build itself financially after the failure of the Edsel. But Lee Iacocca was persistent and staked his whole career on the Mustang concept. He was finally given the green light to go ahead with the Mustang project in the middle of 1962. Once given the go-ahead by Henry Ford II - Iacocca received a very modest annual planning volume of 75,000 units and a limited budget. The design team had only eighteen months to design and develop the car. 

Q: How was the Mustang a Project Management success?

To keep project cost low, Ford used many Falcon parts and a more conventional front engine, live axle was incorporated, which led to the project wrapping up ahead of schedule and under budget (a project manager's dream). It cost Ford only $75 million to develop the Mustang, compared to the average cost of developing an all-new car which was around $300 million.

Q: How was the Mustang perceived by the public?

The first Mustang was revealed to the public on April 17, 1964 for a base price of $2,360. Within the first 90 days, Ford had already sold 100,000 new Mustangs. In the first 12 months that the Mustang was produced, 418,812 were sold, which was well over the original annual production of 75,000 units. It was the most successful product launch in automotive history, setting off near-pandemonium at Ford dealers across the country. The original Mustang is considered to be the first pony car, and inspired many imitators.
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WHAT IS THE BEST / MOST SUCCESSFUL PROJECT?
Send your nomination to aioannou@iirusa.com and look for the Top 5 Projects in a future edition of Project News!
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PROJECT NEWS JOKES OF THE MONTH
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 "We couldn't hit a deadline if we put the date on the floor and fell on it."
          - Submitted by Theodore (Ted) Miro, Director, Technical Services, Forest Laboratories

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THINK YOU ARE FUNNY?
Know of Any Good Project Management or Business Analyst Related Jokes? 
Send them to aioannou@iirusa.com and if we think they are funny we will include them in future editions of Project News!
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This Newsletter has been brought to you by ...
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ProjectWorld  &  The World Congress for Business Analysts USA
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Join us November 15-18, 2005 in Orlando, FL for the co-location of ProjectWorld and the World Congress for Business Analysts USA - the ONLY event in America to unite the project management professional with the business analyst, cross-industry.

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