Dream Vacation Project to Chicago - Project Management and Risk Assessment

DREAM VACATION PROJECT TO CHICAGO1
Name, Student ID number, Assignment 1: Dream Vacation Project
1. Definitions and Introduction
1.1 Meaning of Project Management
Project Management can be defined as the application of different kind of experiences,
methods, processes, skills and knowledge for the major purpose of achieving the objectives set
within the project. It can be further determined that the project that might be considered would
be set within a particular time period (Meredith, Mantel Jr & Shafer, 2017). It would be set
within a fixed starting period and also would end in proper time.
The concerned project is based on preparing a dream vacation project in which a trip
would be need to be planned. The start and end date of the project would be maintained and the
project would also be need to be completed within the concerned budget.
1.2 Yin and Yang Concept of Project Management
Based on the concept of Yin and Yang, it can be discussed that with the help of such
concept, it would be easy to manage the different form of changes within the project (Li, 2016).
This concept could be used for assessing the risks within the dream vacation project.
1.3 Brief Introduction and Content for the Dream Vacation Project
The project is based on planning the different aspects for the dream vacation project. The
trip would be planned from Canada to Chicago. The particular area to which the trip would be
planned is Chicago Riverwalk.
The application of three principles of project management within the Dream Vacation
project could be understood as:
1. Project Processes – In this phase, the location of the vacation would be chosen. The
budget and time would be planned (Joslin & Müller, 2015). Different other kind of processes
would be planned in this phase.
2. Project life cycles – with this principle, the different stages of project such as concept
phase, planning phase, execution phase and closeout phase would be determined (Nicholas &
Steyn, 2017). Based on them, the different phases of the vacation would be planned.
3. Project management systems – In this phase, each of the concepts would be chosen
that would help in easy planning of the trip (Webb, 2017).
1.4 Importance of the Project
Based on the developing the plan of the project, it would help in understanding the
complexities present with managing of activities (Too & Weaver, 2014). It would also help in
managing the project within the defined costs. The overall aspect of project management would
be developed by performing this project.

DREAM VACATION PROJECT TO CHICAGO2
2. Scope Statement
2.1 Project Objective
To deliver a high quality plan that would describe and manage each of the necessary
details needed for planning a trip to Chicago. The development of proper planning of the project
would help in gaining knowledge about the aspects of project management, time and planning of
schedules.
2.2 The Main Deliverables
The deliverables of the project includes:
1. This includes the entire listing of activities in the schedule. The vacation is being
planned at Chicago Riverwalk.
2. The sanctioned budget for the trip is CAD $ 3000. Hence, a strong financial plan needs
to be produced that would list the trip costing, cost during hotel stay and food budget.
3. The trip includes the tour conduct in waterways, visiting live music bars, visiting the
museums and other monuments.
2.3 Milestones during Planning of Project
The milestones for the project includes: Approval of financial and project plans,
completion of initial planning and estimation, completion of booking tickets, staying at hotel and
end of trip.
2.4 Technical Requirement, Limits and Exclusion, Review of the Customer
The technical requirement for the project includes the developing of the project plan. It
would include the entire planning of activities, scheduling them while linking them to the
previous steps.
The limitations of the project is the number of days and costing for the project.
The exclusions from the project includes the planning of tours outside the region of
Chicago.
Based on the review of the customer, it could be discussed that each of the plans have
been proper and set for the suitability of the project.
3. Stakeholder Analysis
3.1 Project Stakeholders and their Relation with the Project
The two stakeholders who would be impacted from the project are:
1. Trip Advisor – The trip advisor would be responsible for providing an entire guide
during the entire process of the trip (Milosevic & Martinelli, 2016). They would also be
responsible for discussing the trip related aspects with the customer who would be travelling.
2. Hotel Owner – The hotel owner would also be benefited from the vacation as they
would be able to serve the customer in the best possible way. This would also help them in
earning some profits during the stay of the customer.
3.2 Impact of the Project on the Stakeholders

DREAM VACATION PROJECT TO CHICAGO3
1. Trip Advisor – Based on providing good expert advice to the customer, it would help
the trip advisor to earn some profits from the customer. A proper planning of activities based on
the visit of the customer would help the customer to complete the vacation within the estimated
time and budget.
2. Hotel Owner – The hotel owner would be benefited as they would make an
impression over the mind of the customer. They could also guide the customer by providing
them with the best details about the tourist locations of the place, which would further help the
customer in planning over the trip progress.
4. Priority Matrix
4.1 The Priority Matrix
#1 Priority #2 Priority #3 Priority
Scope
Cost Preparing
financial and
project plan
Time Booking of
flight tickets
4.2 Explanation of Trade-off Decisions
The time, cost and scope could not be achieved at the same time because a balance would
need to be created while preparing for a project. This could be possible by creating two aspects
and then balancing them.
The project priorities defined for the project could be defined as the preparing of the
project plan for the project. During the defining of trade-offs, certain aspects need to be
considered. The management of trade-offs within the project would be highly essential for the
development of the project (Lock, 2017). The use of proper schedule for developing the plan of
the vacation project would need to be taken into consideration. The factors of cost of maintaining
the vacation project would need to be considered. As a sanctioned budget is defined for the
project, the activities planned for the vacation should be planned properly.

DREAM VACATION PROJECT TO CHICAGO4
Name, Student ID number, Assignment 2: Dream Vacation Project
1. Risk Management
1.1 Risk Identification
The most important negative risks that might affect the outcomes for the dream vacation
project could be listed as:
1. Budget of the Project might get exceeded – During the financial planning for the
project, it might happen that the entire financial plan might collapse. This might happen due to
several forms of areas in which the cost for the project might get exceeded (Larson & Gray,
2017). It might also happen that the sanctioned budget for the project might fall short due to
which the entire project planning and vacation might get cancelled.
2. Natural Calamities – Natural kind of calamities might lead to tremendous risks
towards the project. It might happen that the vacation trip might get cancelled due to happening
of natural calamities in the city of Chicago one week prior to the trip (Carvalho & Rabechini
Junior, 2015). The Government of the country might cancel all kind of activities and might block
all activities. This might lead to risks based on project cancellation.
3. The Procedures performed before the project might get delayed – Due to poor
planning of activities, the project might get cancelled. The project might also get delayed due to
extreme kind of slow performing of activities within the project. The project manager might not
be able to perform their duties in a full-phased manner (Fleming & Koppelman, 2016). This
might lead to the fact the project might get delayed due to which the vacation trip might not even
start.