Project Management Processes for Development of Dream Home with Keystart

Running head: PPMP20009
PPMP20009
Name of Student
Name of University
Author Note

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Table of Contents
Background..........................................................................................................................2
1. Project Management Processes........................................................................................2
1.1. Choosing the suburb.................................................................................................3
1.2. Deciding on the land Size.........................................................................................3
1.3. Choosing the best Builder.........................................................................................4
1.4. Identification of the Project Stakeholder..................................................................5
2. Factors influencing the design and layout.......................................................................6
2.1. Project Management Processes Used.......................................................................7
3. Implementation of Lean...................................................................................................8
3.1. Specify Value............................................................................................................9
3.2. Map the Value Stream............................................................................................10
3.3. Make Value Flow...................................................................................................10
3.4. Establish Pull..........................................................................................................10
3.5. Seek Perfection.......................................................................................................10
References..........................................................................................................................12

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Background
Keystart is an initiative that is committed for providing an affordable pathway for
individuals to provide a dream home. The advantage of Keystart is that it has a lower entry cost
and along with a lower deposit cost. The benefit of choosing Keystart is that lender’s mortgage
and insurance is not required for applying for a loan. The process of application submission in
Keystart requires identification of a suburb, identification of a potential home builder and
finalization of the layout design for submission of the application (Keystart, 2019). The report
aims in discussing the project management processes that can help the two partners in choosing
the suburb and deciding the land size for development of home. The report will further identify
the stakeholders who will be involved with the project along with identification of the factors
that can have a significant effect on the design and the layout of the house to be build. The report
aims in detailed explanation of the project management processes that is chosen for determining
the most effective design and layout of the dream home. The report concludes with the
discussion of the best lean practices that can help in finding a good place and best designer for
designing the dream home for the two partners.
1. Project Management Processes
The use of different project management processes is beneficial for making the correct
choice of the suburb and the builder that can take up the work for building dream home for the
two partners. In this context, two of the most effective project management practices can be
considered. These project management practices include PRINCE2 and PMBOK. It is necessary
to analyze the best practices that can help in choosing the suburb, deciding on the best payment
methods and choosing the best builder that can help in building the home for the partners. Prior

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to that, understanding the two project management processes is necessary (Binder, 2016). The
PMBOK project management processes can be described as a guide that helps in understanding
the specific series of the processes and groups linked with a particular project. PRINCE2 on the
other hand is a widely adopted project management method that combines the best practice of
PRINCE2 with that of the agile concepts for a seamless project delivery (Tomanek & Juricek,
2015). The PRINCE2 method is easy to understand in consideration to the PMBOK method. The
following section provides an idea of the process that is used for choosing a suburb, deciding the
land size and also, for choosing the best builder for implementation of the project.
1.1. Choosing the suburb
The suburb that is chosen for building the dream house is Ashfield. It is chosen to be one
of the most appropriate place for development of a dream home mainly because it is quite near to
the Midland railway line. The project management process that is used for choosing the suburb
for building the dream home in PRINCE2 (Špundak, 2014). This is particularly because the
construction projects make use of PRINCE2 approach for clear direction and fully
implementable plan of action. Furthermore, the use of PRINCE2 indicates better control of the
different project elements and therefore, the choice of making use of PRINCE2 approach is
justified.
1.2. Deciding on the land Size
The land size is dependent on the requirement along with budget that is decided for
building of the dream home. For the entire building project, the budget specified in $80,000.
Depending on the budget, a land size of 16,000 sq. ft. is chosen. The PRINCE2 process acted as
a guide for deciding the land size. The land size that is chosen is big enough for building a 3BHK