Project Development and Optimisation - Principles of Cost-Driven Project Design Optimisation and Project Feasibility Report

The article discusses the principles of cost-driven project design optimisation and project feasibility report for construction of a shopping centre. It includes a cost-benefit analysis and recommendations for the project manager. The article also provides a list of summary activities for the project plan. The subject is project development and optimisation, and the course code is not mentioned. The college/university is not mentioned.

Running head: PROJECT DEVELOPMENT AND OPTIMISATION
Project Development and Optimisation
Name of the Student
Name of the University
Lecturer’s Name

1PROJECT DEVELOPMENT AND OPTIMISATION
Table of Contents
Principles of Cost-Driven Project Design Optimisation................................................1
Project Feasibility Report...............................................................................................6
Accounting Principles in the analysis of the Project Budgets......................................15
References....................................................................................................................17

2PROJECT DEVELOPMENT AND OPTIMISATION
Principles of Cost-Driven Project Design Optimisation
Cost-Driven Project Design Optimisation Principles deals with the analysis of present
cost consequences and optimise the present cost value of the project. The Principles consider
the following factors- initial cost vale of a project, change in annual expenses in the later
years and also the environmental and the social consequences associated with the project
budget. The Project Manager and the stakeholders determine the optimal value for a definite
design variable. The Cost-Driven Project Design Optimisation opts for the best alternative.
Cost-Driven Optimisation framework
Net Present Value (NPV) explains the summation of total cost required for the
project. The total project cost includes the construction cost and the annual cash flow getting
reduced to its present value. The rate of return of the project is shown as the Internal Rate of
Return (IRR) when the NPV value becomes NULL. The design factors play an important role
in optimising the project overall budget.
The cost-benefit analysis has been conducted below on the basis of the project plan where
multiple resources have been allocated.
Task Name Cost
Shopping Centre Construction $439,880.00
Project Development $53,120.00
Procurement $21,000.00
Contract Drafting $29,200.00
Documentation Review for Constructing Shopping Centre $52,960.00
Bids and Contracts $13,000.00
Detail Analysis of Bids $15,000.00
Grading Permits and Shopping Centre Construction Permits $59,320.00
Shopping Centre Construction Site Work $13,560.00
Foundation $52,880.00
Insider Work of Shopping Centre $52,480.00
Concrete Slab $33,600.00
Plumbing $1,680.00

3PROJECT DEVELOPMENT AND OPTIMISATION
Electric $2,240.00
Specialty Rough-in $14,720.00
Floor Finish $6,800.00
Shopping Centre Painting $4,000.00
Hardware Set Up $1,880.00
Interior Design $5,600.00
Cleaning $1,440.00
Project Closure $5,400.00
Cost-Benefit - INPUT VALUES
Project Development $ 53,120.00
Contract Drafting $ 29,200.00
Bids and Contracts $ 13,000.00
Grading Permits and Shopping Centre Construction Permits $ 59,320.00
Total $ 1,54,640.00
Plumbing $ 1,680.00
Electric $ 2,240.00
Painting $ 4,000.00
Total $ 7,920.00
Foundation $ 52,880.00

4PROJECT DEVELOPMENT AND OPTIMISATION
Insider Work of Shopping Centre $ 52,480.00
Total $ 1,05,360.00
Discount Rate Used 3.00%
Project
Cost-
Benefit
Analysis
Analysis
Variable
s:
Enter values for the cost-benefit analysis in the INPUT_VALUES
worksheet.
Discount
Rate
Used
3.00%
Annual
Benefits
$ 1,05,360.00
Annual
Operatio
nal Costs
$ 7,920.00
One-
Time
Develop
ment
$ 1,54,640.00

5PROJECT DEVELOPMENT AND OPTIMISATION
Cost
Year of Project
0 1 2 3 4 5 TOTALS
Economic
Benefit
$0.00 $1,05,36
0.00
$1,05,3
60.00
$
1,05,360.
00
$
1,05,360.00
$
1,05,360.00
Discount
Rate
1.0000 0.9709 0.9426 0.9151 0.8885 0.8626
PV of
Benefits
$0.00 $1,02,291
.26
$99,311
.90
$96,419.3
3
$93,611.00 $90,884.46
NPV of
all
BENEFI
TS
$0.00 $1,02,29
1.26
$2,01,6
03.17
$
2,98,022.
49
$
3,91,633.49
$
4,82,517.95
$
4,82,517.95
One-
Time
COSTS
######
#####
Recurring
Costs
$0.00 $
(7,920.00
)
$
(7,920.0
0)
$
(7,920.00)
$
(7,920.00)
$
(7,920.00)
Discount
Rate
1.0000 0.9709 0.9426 0.9151 0.8885 0.8626

6PROJECT DEVELOPMENT AND OPTIMISATION
PV of
Recurring
Costs
$0.00 $
(7,689.32
)
$
(7,465.3
6)
$
(7,247.92)
$
(7,036.82)
$
(6,831.86)
NPV of
all
COSTS
######
#####
########
####
######
######
$
(1,77,042.
60)
$(1,84,079.4
2)
$
(1,90,911.28)
$
(1,90,911.2
8)
Overall
NPV
$
2,91,606.67
Overall
ROI
1.5274
Break-
even
Analysis
Yearly
NPV
Cash
FLOW
######
#####
$
94,601.94
$
91,846.
55
$
89,171.40
$ 86,574.18 $
84,052.60
Overall
NPV
Cash
FLOW
######
#####
$
(60,038.0
6)
$
31,808.
49
$
1,20,979.
89
$
2,07,554.07
$
2,91,606.67

7PROJECT DEVELOPMENT AND OPTIMISATION
Project Feasibility Report
Introduction
The project is based on construction of a shopping centre. The project report shows
two project plans. Both the project plan contains the same activities. However, the first
project is conducted by a single contractor whereas the second project is conducted by the
project manager and stakeholders associated with the project.
Body
The project plans define the activities related to construction of the Shopping Centre.
The following list of summary activities have been discussed in the project plan - Project
Development, Procurement, Contract Drafting, Documentation Review for Constructing
Shopping Centre, Bids and Contracts, Detail Analysis of Bids, Grading Permits and Shopping
Centre Construction Permits, Shopping Centre Construction Site Work, Foundation, Insider

8PROJECT DEVELOPMENT AND OPTIMISATION
Work of the Shopping Centre, Concrete Slab, Plumbing, Electric, Speciality Rough-in, Floor
Finish, Interior Design and Cleaning. All these activities will be performed by the
stakeholders for the successful completion of the Shopping Centre Constructing Project. In
case of first scenario, if the project is carried out by a single contractor he will need 371
weeks to complete the construction. In the second scenario, if the project is carried out by
multiple subcontractors then the project can be completed within the 205 weeks. Again,
comparing the cost budget it can be found that the project will cost $445,200.00 in the first
scenario, whereas in the second scenario, the project will cost $439,880.00.
Conclusion
Therefore, both in terms of time and budget the second scenario is better compared to
the first one. The Project Manager can save (371-205) = 166 weeks and the budget of
($445,200.00- $439,880.00) = $5320.00.
Recommendation
The Project Manager must appoint multiple subcontractors to carry out the project
activities. The project design must be conducted by the Civil Engineer. The Legal
Agreements must be handled by the Permits and License Department. The LotSale
Agreement must be handled by Sales Manager. The construction work must be handled by
construction department, builders and masons. The plumbing works must be performed by
the plumbers, the electrical works; setting up of electrical devices must be conducted by
electricians. In this way, the construction work can be completed within reasonable time and
within reasonable budget in efficient way.
Task Name Duration Resource Names Cost
Shopping Centre Construction1 371 wks $445,200.00
Project Development 276 wks $39,600.00
Feasibility Studies of the Shopping Centre 3 wks Contractor $3,600.00

9PROJECT DEVELOPMENT AND OPTIMISATION
Construction Project
Preliminary Design 5 wks Contractor $6,000.00
Coordination among the Design Team 4 wks Contractor $4,800.00
Legal Agreements 8 wks Contractor $9,600.00
Detail Design and Scheme Design 6 wks Contractor $7,200.00
Conducting Surveys 4 wks Contractor $4,800.00
Consultation and Negotiation with the local
authorities 3 wks Contractor $3,600.00
Procurement 265 wks $18,000.00
Public Procurement 5 wks Contractor $6,000.00
Assessment of Tender 10 wks Contractor $12,000.00
Contract Drafting 264 wks $30,000.00
LotSale Agreement 4 wks Contractor $4,800.00
Contract Plans 3 wks Contractor $3,600.00
Specifications Related to Contract Plans 5 wks Contractor $6,000.00
Loan Settlement Related to Construction 5 wks Contractor $6,000.00
Risk allocation Related to Contract 4 wks Contractor $4,800.00
Contractual Obligations Transfer 4 wks Contractor $4,800.00
Documentation Review for Constructing
Shopping Centre 213 wks $51,600.00
Shopping Centre Project Plan Finalisation 6 wks Contractor $7,200.00
Project Specifications Finalisation 10 wks Contractor $12,000.00
Construction Drawing of Shopping Centre 8 wks Contractor $9,600.00
Project Plan Approval 12 wks Contractor $14,400.00
Project Specifications Approval 7 wks Contractor $8,400.00
Bids and Contracts 215 wks $15,600.00
Preparing Shopping Centre Project Plan Copies 3 wks Contractor $3,600.00
Preparing Project Specifications Copies 3 wks Contractor $3,600.00
Distribution of Shopping Centre Specification
Plans and Specifications 2 wks Contractor $2,400.00
Receiving Bids 5 wks Contractor $6,000.00
Detail Analysis of Bids 210 wks $18,000.00
Sales 5 wks Contractor $6,000.00
Construction 5 wks Contractor $6,000.00
Agreements between Subcontractors 5 wks Contractor $6,000.00
Grading Permits and Shopping Centre
Construction Permits 212 wks $52,800.00
Lot Stake-Out Scheduling 6 wks Contractor $7,200.00
Permit Application for Grading 10 wks Contractor $12,000.00
Post Lot Identification 5 wks $0.00
Meeting Sediment Control Inspection 6 wks Contractor $7,200.00
Sediment Controls Implementation and
Configuration 6 wks Contractor $7,200.00
Permission Assign for Grading 12 wks Contractor $14,400.00
Permission Approval for Building Shopping 4 wks Contractor $4,800.00

10PROJECT DEVELOPMENT AND OPTIMISATION
Centre
Shopping Centre Construction Site Work 190 wks $20,400.00
Construction Site Lot Clearance 4 wks Contractor $4,800.00
TopSoil Stripping at the Construction Site and
Stockpiling 10 wks Contractor $12,000.00
Rough Grade Lot 3 wks Contractor $3,600.00
Foundation 40 wks $43,200.00
Footings Setup 4 wks Contractor $4,800.00
Digging Footings and Implementation and
Configuration of Reinforcing 4 wks $0.00
Footings Pouring 4 wks Contractor $4,800.00
Footings Pinning 4 wks Contractor $4,800.00
Sand, Stock Block and Mortar 6 wks Contractor $7,200.00
Laying Basic Foundation of Building Block of
Shopping Centre 4 wks Contractor $4,800.00
Foundation Certification of the Shopping
Centre 5 wks Contractor $6,000.00
Delivering Steels 2 wks Contractor $2,400.00
Delivering Lumber 2 wks Contractor $2,400.00
Setting up Lintels, Setting Up Bolts 5 wks Contractor $6,000.00
Insider Work of Shopping Centre 167 wks $40,800.00
Setting up Slab First Floor 5 wks Contractor $6,000.00
Setting up Frame for the First Floor Wall 4 wks Contractor $4,800.00
Setting up Slab for the Second Floor 5 wks $0.00
Setting up Frame floor the Second Floor Wall 4 wks Contractor $4,800.00
Setting up Roof Trusses 4 wks Contractor $4,800.00
Installation of Roof Glasses 4 wks $0.00
Installation of Stall Walls of Shopping Centre 5 wks Contractor $6,000.00
Installation of Glass Doors for each Stall 12 wks Contractor $14,400.00
Concrete Slab 172 wks $43,200.00
Preparing Basement Slab 6 wks Contractor $7,200.00
Pouring Basement Slab of the Shopping Centre 12 wks Contractor $14,400.00
Preparing Garage Slab 12 wks Contractor $14,400.00
Pouring Garage Slab 6 wks Contractor $7,200.00
Plumbing 3 wks $3,600.00
Plumbing Lines Set Up 3 wks Contractor $3,600.00
Electric 4 wks $4,800.00
Electric Lines Set up 4 wks Contractor $4,800.00
Specialty Rough-in 163 wks $27,600.00
Network Lines Set Up 8 wks Contractor $9,600.00
Telephone Line Set Up 3 wks Contractor $3,600.00
CCTV Camera Set Up 3 wks Contractor $3,600.00
Lighting Set Up 3 wks Contractor $3,600.00
AC Set Up 3 wks Contractor $3,600.00
Water Pump Installation 3 wks Contractor $3,600.00

11PROJECT DEVELOPMENT AND OPTIMISATION
Floor Finish 5 wks $6,000.00
Installation of Ceramic Tiles 4 wks Contractor $4,800.00
Installation of Carpet 1 wk Contractor $1,200.00
Shopping Centre Painting 5 wks $6,000.00
Prime Coating Drywall 2 wks Contractor $2,400.00
Finish Coating of Drywall 3 wks Contractor $3,600.00
Hardware Set Up 2 wks $2,400.00
Hardware Set Up for Washroom 1 wk Contractor $1,200.00
Mirrors Set Up 1 wk Contractor $1,200.00
Interior Design 12 wks $8,400.00
Installation of Cabinetry 3 wks Contractor $3,600.00
Installation of Appliances 4 wks Contractor $4,800.00
Cleaning 3 wks $3,600.00
Door Cleaning 1 wk Contractor $1,200.00
Final Cleaning 2 wks Contractor $2,400.00
Project Closure 122 wks $9,600.00
Project Handover to Client 3 wks Contractor $3,600.00
Client's Agreement 3 wks Contractor $3,600.00
Documentation 1 wk Contractor $1,200.00
Resource Release 1 wk Contractor $1,200.00

12PROJECT DEVELOPMENT AND OPTIMISATION
Task Name Duration Resource Names Cost
Shopping Centre Construction 205 wks $439,880.00
Project Development 21 wks $53,120.00
Feasibility Studies of the Shopping Centre
Construction Project 3 wks Civil Engineer,Project Manager $6,600.00
Preliminary Design 5 wks Civil Engineer $5,000.00
Coordination among the Design Team 4 wks Project Manager $4,800.00
Legal Agreements 8 wks
Permits and License
Department,Project
Manager,Sales Department
$12,320.00
Detail Design and Scheme Design 6 wks Civil Engineer,Construction
Manager $12,000.00
Conducting Surveys 4 wks Project Manager,Construction
Manager $8,800.00
Consultation and Negotiation with the
local authorities 3 wks Project Manager $3,600.00
Procurement 37 wks $21,000.00
Public Procurement 5 wks Construction Manager $5,000.00
Assessment of Tender 10 wks Construction Manager,Sales
Department,Project Manager $16,000.00
Contract Drafting 17 wks $29,200.00
LotSale Agreement 4 wks Construction Manager $4,000.00
Contract Plans 3 wks Construction Manager $3,000.00
Specifications Related to Contract Plans 5 wks Construction Department $4,400.00
Loan Settlement Related to Construction 5 wks Sales Department $5,000.00
Risk allocation Related to Contract 4 wks Construction Manager,Project $8,800.00

13PROJECT DEVELOPMENT AND OPTIMISATION
Manager
Contractual Obligations Transfer 4 wks Construction Manager $4,000.00
Documentation Review for Constructing
Shopping Centre 27 wks $52,960.00
Shopping Centre Project Plan Finalisation 6 wks Permits and License
Department,Project Manager $10,400.00
Project Specifications Finalisation 10 wks Construction Manager,Permits
and License Department $11,280.00
Construction Drawing of Shopping Centre 8 wks Civil Engineer,Permits and
License Department $7,520.00
Project Plan Approval 12 wks Permits and License
Department,Project Manager $12,480.00
Project Specifications Approval 7 wks Construction Manager,Permits
and License Department $11,280.00
Bids and Contracts 10 wks $13,000.00
Preparing Shopping Centre Project Plan
Copies 3 wks Content Writer $1,800.00
Preparing Project Specifications Copies 3 wks Content Writer $1,800.00
Distribution of Shopping Centre
Specification Plans and Specifications 2 wks Project Manager,Sales
Department $4,400.00
Receiving Bids 5 wks Sales Department $5,000.00
Detail Analysis of Bids 26 wks $15,000.00
Sales 5 wks Sales Department $5,000.00
Construction 5 wks Construction Manager $5,000.00
Agreements between Subcontractors 5 wks Construction Manager $5,000.00
Grading Permits and Shopping Centre
Construction Permits 36 wks $59,320.00
Lot Stake-Out Scheduling 6 wks
Construction
Department,Construction
Manager
$11,280.00
Permit Application for Grading 10 wks
Construction
Department,Permits and
License Department
$8,800.00
Post Lot Identification 5 wks Construction Manager $5,000.00
Meeting Sediment Control Inspection 6 wks
Construction
Department,Sediment Control
Inspector
$10,080.00
Sediment Controls Implementation and
Configuration 6 wks
Construction
Department,Sediment Control
Inspector
$10,080.00
Permission Assign for Grading 12 wks
Construction
Department,Permits and
License Department
$10,560.00
Permission Approval for Building
Shopping Centre 4 wks Permits and License
Department $3,520.00
Shopping Centre Construction Site Work 22 wks $13,560.00
Construction Site Lot Clearance 4 wks Construction Department $3,520.00

14PROJECT DEVELOPMENT AND OPTIMISATION
TopSoil Stripping at the Construction Site
and Stockpiling 10 wks Construction
Department,Mason $7,400.00
Rough Grade Lot 3 wks Construction Department $2,640.00
Foundation 38 wks $52,880.00
Footings Setup 4 wks Builder $3,200.00
Digging Footings and Implementation and
Configuration of Reinforcing 4 wks Builder,Construction
Department $6,720.00
Footings Pouring 4 wks Builder,Construction
Department $6,720.00
Footings Pinning 4 wks Builder $3,200.00
Sand, Stock Block and Mortar 6 wks Mason $3,600.00
Laying Basic Foundation of Building Block
of Shopping Centre 4 wks
Builder,Civil
Engineer,Construction
Department
$10,720.00
Foundation Certification of the Shopping
Centre 5 wks Builder,Permits and License
Department $8,400.00
Delivering Steels 2 wks Steel Supplier $960.00
Delivering Lumber 2 wks Lumber Supplier $960.00
Setting up Lintels, Setting Up Bolts 5 wks Builder,Construction
Department $8,400.00
Insider Work of Shopping Centre 47 wks $52,480.00
Setting up Slab First Floor 5 wks Builder,Construction
Department $8,400.00
Setting up Frame for the First Floor Wall 4 wks Builder,Framing Subcontractor $5,600.00
Setting up Slab for the Second Floor 5 wks Builder,Construction
Department $8,400.00
Setting up Frame floor the Second Floor
Wall 4 wks Builder,Framing Subcontractor $5,600.00
Setting up Roof Trusses 4 wks Roofing Subcontractor $3,200.00
Installation of Roof Glasses 4 wks Roofing Subcontractor $3,200.00
Installation of Stall Walls of Shopping
Centre 5 wks Builder,Concrete
Subcontractor $8,000.00
Installation of Glass Doors for each Stall 12 wks Builder,Construction
Department $10,080.00
Concrete Slab 36 wks $33,600.00
Preparing Basement Slab 6 wks Concrete Subcontractor $4,800.00
Pouring Basement Slab of the Shopping
Centre 12 wks Builder,Concrete
Subcontractor $9,600.00
Preparing Garage Slab 12 wks Builder,Concrete
Subcontractor $9,600.00
Pouring Garage Slab 6 wks Builder,Concrete
Subcontractor $9,600.00
Plumbing 3 wks $1,680.00
Plumbing Lines Set Up 3 wks Plumber $1,680.00
Electric 4 wks $2,240.00
Electric Lines Set up 4 wks Electrician $2,240.00
Specialty Rough-in 23 wks $14,720.00

15PROJECT DEVELOPMENT AND OPTIMISATION
Network Lines Set Up 8 wks Electrician,IT Technician $4,640.00
Telephone Line Set Up 3 wks Electrician $1,680.00
CCTV Camera Set Up 3 wks Electrician $1,680.00
Lighting Set Up 3 wks Electrician $1,680.00
AC Set Up 3 wks Electrician $1,680.00
Water Pump Installation 3 wks Electrician,Plumber $3,360.00
Floor Finish 5 wks $6,800.00
Installation of Ceramic Tiles 4 wks Construction
Department,Mason $5,920.00
Installation of Carpet 1 wk Construction Department $880.00
Shopping Centre Painting 5 wks $4,000.00
Prime Coating Drywall 2 wks Painter and Decorator $1,600.00
Finish Coating of Drywall 3 wks Painter and Decorator $2,400.00
Hardware Set Up 2 wks $1,880.00
Hardware Set Up for Washroom 1 wk Mechanical Engineer $1,000.00
Mirrors Set Up 1 wk Construction Department $880.00
Interior Design 7 wks $5,600.00
Installation of Cabinetry 3 wks Interior Design Subcontractor $2,400.00
Installation of Appliances 4 wks Interior Design Subcontractor $3,200.00
Cleaning 3 wks $1,440.00
Door Cleaning 1 wk Cleaning Staff $480.00
Final Cleaning 2 wks Cleaning Staff $960.00
Project Closure 7 wks $5,400.00
Project Handover to Client 3 wks Project Manager $3,600.00
Client's Agreement 3 wks Client $0.00
Documentation 1 wk Content Writer $600.00
Resource Release 1 wk Project Manager $1,200.00

16PROJECT DEVELOPMENT AND OPTIMISATION
Accounting Principles in the analysis of the Project Budgets
There are ten accounting principles which are discussed as follows-
i. Economic Entity Assumption
For the accounting purpose in general the business transactions of sole proprietorship
and the business owner’s personal transactions are kept separated.
ii. Monetary Unit Consumption
All the activities related to economy are evaluated in US dollars and the transactions
that can be represented by US dollars are only kept recorded (Camfferman and Detzen 2018).
iii. Assuming Time Period
The accountant finds it easy to calculate the project cost and the project benefit which
takes relatively shorter amount of time. Thus the project plan which takes the 205 weeks is
the winner in this case. The accountant will have to calculate 166 weeks less.
iv. Cost Principle
The term cost means the amount already spent on the project (Hatfield 2014).
According to the accountant, the amount on the financial papers is considered as historical
cost amounts.
v. Principle of Full Disclosure
If any investor or any lender finds any information important within the financial
statement then that investor or the lender must include the information in the footnotes.
vi. Going Concern Principle

17PROJECT DEVELOPMENT AND OPTIMISATION
The accountant generally discloses the going concern principle assessment when he
feels that the company will shut down shortly.
vii. Matching Principle
The enterprises need to use the actual basis of accounting according to the accounting
principle. The sales commissions’ expense should be accounted at the time when the sales are
made.
viii. Revenue Recognition Principle
The accountant can identify the revenues that a project can earn as soon as the project
plan is made (Hermanson, Ivancevich and Edwards 2016).
ix. Materiality
An accountant is allowed to violate an accounting principle in certain cases (Choi and
Young 2015). Professional judgement is required in cases to decide whether an amount is
having any significance or not.
x. Conservatism
If situation arises where the accountant will have to choose the best alternate between
the two, conservatism directs the accountant to the alternative which requires less budget.
Comparing the two project plan having budget $445,200.00 and $439,880.00 respectively,
the accountant will consider the project plan that requires a budget of $439,880.00.

18PROJECT DEVELOPMENT AND OPTIMISATION
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