Unit 42 Project Management for Business Assignment
Purpose of the Assignment.
This assignment is intended to allow students to demonstrate a wide understanding of all of the module’s learning outcomes. It allows students to demonstrate their knowledge of project management fundamentals. They also have the opportunity to demonstrate evidence of good human resource planning. This will also provide you the chance to show how different project management strategies are employed to accomplish the project’s goals.
For the past five years, Alan, Joy, Shab, and Sudjat have worked together to run a restaurant in Borehamwood, near London. The company services international corporate customers, and despite the fact that the recession has not been kind to that sector of the economy, they produced a 2 million profit last year, bringing the partner’s capital base to 3 million. As part of their long-term aim to become a major player in the hospitality industry, they intend to construct a six-story hotel with a swimming pool in the city.
Borehamwood will serve both the local population and international commercial customers. They’ve already spoken with their bank manager, who is willing to provide them with a £1.5 million loan at a 10% interest rate (which they use as their discount rate) to fund the project.
The company already employs 26 people, including four owners who are all managers and are paid based on the number of hours they work. Finance (4 employees), Kitchen and Cleaning (14), Human Resources (3 employees), and Operations Managers are the other departments (1 staff).
Some employees have heard through the grapevine that a new project would be started shortly, and they’ve asked the project manager to explain what project management is and why it’s grown so popular in recent years. Others are interested in the discipline’s planning, implementation, and guiding principles. The project manager has pledged to provide workshops on these topics without reluctance.
Joy met her schoolmate (Django), a management consultant specialising in hotels, just as they were ready to begin the project. She spoke with him about the proposed idea. Django thought it was worthwhile to invest in such a project, but he believed they would earn more money if they sold the hotel and pool rather than keeping them. His opinion is that they should realise profits as quickly as feasible so that they can reinvest in other promising prospects.
The consultant’s cash flow estimates for the project assuming it is to last 5 years are as follows:
Year 0 (4m )
Joy reviewed it with the finance manager, who adamantly disagreed with the Management consultant’s analysis. Many internal and external issues, according to the financial manager, have been missed by management accounting. For example, the company’s information, communication, and technology systems have recently been improved to make it easier for customers to access their websites; their advertising expenses have increased by 2%; the brand has become popular throughout the country; tourism in the area is booming; and the UK and European economies are currently stable and improving. Taxes are decreasing, which the management consultant failed to take into account.
Assuming you’re in charge of operations,
1.1 Explain project management’s history and principles.
1.2 Using the facts supplied in the case, assess the viability of the hotel and swimming pool investment and define success and failure criteria.
1.3 Describe the principles that underpin project management procedures and systems.
1.4 Describe the essential factors involved in project termination and post-project evaluations.
AC 2.1 Determine the most appropriate organisational structure, roles, and responsibilities for project participants (Hotel and swimming pool)
AC 2.2 Describe how the above-mentioned structure will assist you in controlling and coordinating the project.
AC 2.3 Evaluate the leadership style and qualities required to successfully manage the above project.
AC 2. 4 Plan and outline the proposed project’s human resource requirements.
AC 3.1 Create a detailed project plan for the proposed project, including each component’s role in the project’s effective organisation.
AC 3.2 Use appropriate project scheduling tools to schedule project activities in order to reduce project time and expenses.
AC 3.3 Examine the strategies for assessing project performance ( you may use this case for your analysis)
AC 3.4 Describe how you’ll evaluate your project after it’s finished using the change control technique.