Project Management - Canary Wharf
Added on 2020-01-28
21 Pages5003 Words165 Views
Finance
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PROJECTMANAGEMENT
TABLE OF CONTENTSIntroduction :- .................................................................................................................................3Sample PID :- ..................................................................................................................................3Brief overview :-..............................................................................................................................3Outline of the cost :- .......................................................................................................................3Time scale :- ....................................................................................................................................4Key people :- ...................................................................................................................................4Strategic aims :- .............................................................................................................................5Objectives and outlines of the report :- ...........................................................................................5Stakeholders :-.................................................................................................................................5Team :-.............................................................................................................................................7Time management :- .......................................................................................................................8Risk management :- ........................................................................................................................8Cost management :- ........................................................................................................................9Triple constraint triangle :- ...........................................................................................................10Methodologies and procedures :- ..................................................................................................12Success / Failure :- ........................................................................................................................122
INTRODUCTION :- Construction industry works for building infrastructure and developing and makingbuildings. planned approach is required for carrying out required work in the construction sector.In the present report research has been carried out regarding the construction of Canary Wharfmulti project. The report describes about brief overview of the company and outline of the costthat occur while carrying out and completing the project has also been mentioned. In addition tothat key people and strategic aims of the business and triple constraint triangle has beendescribed. SAMPLE PID :-The project for construction of Canary Wharf Multi project has been developed by PaulReichman and he is working as a project developer. The construction project is sponsored bythree different organizations. First is Dockland Development Corporation, conducted MargaretThatcher. Second is Olympia and York, the company of Paul Reichmann. Third is SongbirdEstates, led by US investment bank Morgan Stanley. Phase two of the project will be for theduration of 1997- 2002 and construction of four different buildings will take place during thisperiod. HSBC tower, Citigroup center, Heron Quays and Jubilee line will be constructed duringthis phase. BRIEF OVERVIEW :-Canary Wharf multi project will be started in the year 1988 and it will be completed intwo different phases. In 2004 Canary Wharf was bought over by Songbird Estates banked byMorgan Stanley investment bank, ending Reichmann’s 20-year involvement with the project. In2004 Canary Wharf was bought over by Songbird Estates banked by Morgan Stanley investmentbank, ending Reichmann’s 20-year involvement with the project. Moreover In 2014 CanaryWharf spread to the east, planning to build 30 new building at Wood Wharf, including 57-storeycylindrical residential skyscraper facing the waters of South Dock.OUTLINE OF THE COST :- The project will be started in 1987 and all the action plans and strategies for completingthe project will be formed during this phase. Major construction part will be started in the year1988 and no finishing date has been determined for completing the project. It has been estimated3
while making the plans that expected budget for completing the project is £62 million howevertotal investment that have been made up to the date is £4.5 billion. TIME SCALE :- Overall project will be completed in two different phases and specific activities will vecompleted in each phase. The duration of First phase will be 1988-1991 and 4 differentactivitioes will be completed. As per the plans One Canada Square, Westferry Circus and CabotSquare, Two additioanl sides of Canada Square and The extension of Jubilee Line had beenplanned. In the construction all the required construction activities will be completed during thisphase. No finishing date has been determined for completing the project. KEY PEOPLE :- Paul Reichman has been appointed as project developer. He will be accontable forexecuting all the necessary activities of the project. Key people and their role in executing theproject is as described :- People included in the project board of the organization are as described :- Sir George Iacobescu CBE - Chief Executive Officer and Chairman - Executive Board - Sinceaugust 2011 Sir George Iacobescu became the CBE Chairman and Chief Executive Officer1.2.A Peter Anderson II - Director - Non-Executive Board3.Richard Archer - Director - Non-Executive Board4.Clifford Bryant - Director - Non-Executive Board5.Howard Dawber - Director - Non-Executive Board6.Ian Ferguson - Director - Non-Executive Board7.John Garwood - Director - Non-Executive Board8.Christopher Henderson - Director - Non-Executive Board9.Anthony Jordan - Director - Non-Executive Board10.Russell Lyons - Director - Non-Executive Board11.-Corman MacCrann - Director - Non-Executive Board12.Camille Waxer - Director - Non-Executive Board4
STRATEGIC AIMS :- Major aim for Canary Wharf Group is to design, build and manage Central London's Highestquality and best value and most sustainable office, retail and residential buildings and districts.Company is determined for delivering better values to the consumers and gaining loyalty ofconsumers for long time. OBJECTIVES AND OUTLINES OF THE REPORT :- 1.Objectives of the Canary Wharf Group project is to reborn the activity ofthe old port by giving a new perspective.2.Another objective of the project is to Construct the ArchitecturalSkyscraper building of London. 3.Canary Wharf is working with the objective to build One Canada Square.4.Objective of the firm is to expand its existing construction business so thatprofitability and financial revenues of the entity can be enhanced. 5.Objective of the firm is to construct HSBC Tower. STAKEHOLDERS :-Group Canary Wharf Stakeholders includes tenants and occupiers, shoppers, the localcommunity, employees, local and central Government suppliers and investors. Engaging withStakeholders on a regular basis states in meetings where they listen their concerns and listen theirconcerns and ideas for improvement.In doing this, we work with all our stakeholders to create and nurture vibrant, inclusivecommunities that meet today’s economic, environmental and social needs while anticipatingthose of tomorrow (Canary Wharf).”Major stakeholders that play a key and prominent role incompleting the project are as described :- Stakeholders Role played by them Tenants and occupiers Tenants and occupiers are responsible for taking appropriatemeasures for mitigating the risk that Shoppers Shoppers gives raw material and machinery equipment thatare required for completing the project and it also helps for5
carrying out the necessary operational activities of theproject. Local community people Project activities are completed in the local community areaand support given by them assist for completing all thenecessary and required activities of the project. Employees Operational and functional activities that are needs to becompleted are done by the positive efforts that are given bystaff members of the company. Local and central governmentsuppliers Required raw material and other equipment that are neededfor completing the project are supplied by the suppliers. Investors Necessary fund and finance that are required for completingthe project is also provided by the investors. It is required that all the prominent stakeholders should provide their necessary supportand other resources that is required by them for completing the required construction project.Occupiers and tenants are responsible for taking effective measures for reducing the risks that arebeing faced by them. Occupiers are liable for properly understanding the factors and elementsthat are likely to cause risks while the project implementation cycle. In-depth analysis of location specific risk is done by the occupier and options areprovided by them for taking effective measures for reducing the risks that are faced by them.Shoppers gives necessary raw material that is required for completing all the constructionactivities. Other than that local community people renders necessary support so that all theconstructions activities can be completed properly. Employees completes all the necessary functional activities by completing all theirassigned task and job responsibility. Local and government suppliers provides necessary rawmaterial that is required by them for completing all the necessary construction activities. Financeand investments are one of the most essential elements that are required for carrying out the workin the construction industry. Investors provide necessary money that is required by them. All the6
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