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Added on  2021-04-17

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Running head: PROJECT AND FINANCIAL MANAGEMENT 1Project and Financial ManagementNameInstitution

PROJECT AND FINANCIAL MANAGEMENT 2QUESTION-1)a.Brief overviewFletcher construction built Auckland’s Sky Tower. It was the 12th tallest tower inthe globe. Indeed, taller than the Eiffel Tower but it was completed on schedule. Itwas built on a site that occupied an entire central Auckland block. The projectinitially seemed impossible in 1994 but Fletcher Construction set out toaccomplish it and manage it on schedule. The client was Sky Tower Casino Ltdand the budget of the project was $69 million. The contract type was ‘constructiononly’. The project was completed on February 1997 in Auckland. b.Need of project managerFletcher Construction needed a project manager to undertake the following roles:Phase 1 (initiation): the project manager was required to define the goal of theproject. Phase 2 (Planning): The project manager was required to plan in a mannerthat he identified the work required to reach the defined goals. Phase 3(Execution): The project manager was required to lead the support teams whilecontrolling what was taking place (Bredillet, Tywoniak & Dwivedula, 2015). Hewas, therefore, needed to closely monitor both resources and workers. Phase 4(Completion): The project manager was required to be involved in ensuring thatthe project was completed satisfactorily. He was required to ensure that theobjectives of the client were kept in mind at all times and satisfied. c.Fundamental project management responsibilitiesThe project management responsibility is to manage resources to make sure thatthe project is completed to the desired specifications, within budget and on time.Another project management responsibility is to schedule individual tasksalongside activities within every stage of the project and making sure that such

PROJECT AND FINANCIAL MANAGEMENT 3tasks deliver as agreed to prevent a knock-on effect on the whole schedule(Walker, 2015). Another hands-on responsibility is the coordination of severaldiverse department to ensure that the best is got from the workers by establishingpositive relationships (Martinelli & Milosevic, 2016). d.Triple constraintsFletcher Constructions were highly successful in meeting the triple constraints ofquality, schedule and costs as the firm spearheading the project of building theSky Tower. Fletcher Construction did this by recognizing the importance ofhelping clients save money and get maximum value from project budget. Theysuggested various approaches and engaged external companies to work with themto guarantee increasingly cost-effective solutions. They monitored the coststhroughout the project to make sure that the pre-determined budget could be met.They agreed on any alterations that could affect the initial price. This enabledFletcher Construction and its client to make sure that investors in their respectivefirms received a sufficient ROI. Fletcher Construction ensured quality fromworkers via positive relationships’ creation. They placed substantial significanceon employing, training as well as retaining skilled and loyal workers. Moreover,Fletcher Construction built up valued partnerships with subcontractors andsuppliers. QUESTION-2)XYZ Ltd Failing Product LineI.ActivityDescriptionPredecessorDuration WeeksII.Understand the problem-4III.Research SolutionsII6IV.Allocate resourcesIII4V.PrototypingIII10VI.MachiningIV10

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