Project Management for Buying a Summer Apartment in London

This paper discusses the project management approach for buying a summer apartment in Big Ben, London. It includes a detailed project charter, work breakdown structure, stakeholder communication matrix, costs estimate techniques, and more.

Running head: PROJECT MANAGEMENT
Project: Buying a summer apartment in London
Name of the Student
Name of the University
Author’s Note

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PROJECT MANAGEMENT
Table of Contents
1. System Approach...................................................................................................................2
2. Business Initiative..................................................................................................................2
3. Identify Project Stakeholders.................................................................................................2
4. Assumptions and Constraints.................................................................................................3
4.1 Assumptions.....................................................................................................................3
4.2 Constraints........................................................................................................................3
5. Business Case.........................................................................................................................3
6. Develop the Project Charter...................................................................................................4
6.1 Project description............................................................................................................4
6.2 Project deliverables..........................................................................................................4
6.3 High level project deliverables.........................................................................................4
6.4 Team members and roles.................................................................................................5
7. Stakeholder Communication Matrix......................................................................................6
8. Triple Constraint View...........................................................................................................6
9. Project Scope Statement........................................................................................................7
9.1 Business Process..............................................................................................................7
9.2 Project Goals....................................................................................................................7
9.3 Project work statement.....................................................................................................7
9.4 Deliverables......................................................................................................................7
9.5 Milestones........................................................................................................................8
9.6 Constraints........................................................................................................................8

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10. Work Breakdown Structure..................................................................................................8
11. Responsibility Assignment Matrix.....................................................................................10
12. Program Evaluation and Review Technique......................................................................13
13. Critical Path Methodology.................................................................................................14
14. Gantt Chart.........................................................................................................................15
15. Costs Estimate Techniques................................................................................................16
16. Earned Value Management................................................................................................16
17. Quality Management..........................................................................................................19
18. Issue Progress Report.........................................................................................................20
19. Project Risks.......................................................................................................................21
20. Manage Risks.....................................................................................................................21
21. Manage Project Change Request.......................................................................................22
22. Issue Lesson Learned Report.............................................................................................22
23. Issue Project Closure Report..............................................................................................22
Bibliography.............................................................................................................................24

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PROJECT MANAGEMENT
1. System Approach
It is found that for analyzing the initiative of the project from its initial stage, it is the
responsibility of the project manager to hire experienced as well as right stakeholders of the
project. The project managers must also engage in creating proper project schedule that not
only elaborates the activities that are required to be performed within the project but also
reflects on the budget that is needed in order to finish the project. In addition to this, the
project must reflect the requirement of resources for each of the project activities so that
depending on their ability and experience they are appointed within the project.
2. Business Initiative
E-business can be helpful in driving the approach of buying property to much more
advances that not only satisfy the customers bit also minimizes the time. With the help of
help of e-business, an individual can get information about the property sellers and can select
their right choice by not wasting much time.
3. Identify Project Stakeholders
The stakeholders who are involved within the project are listed below:
 Project manager
 Broker
 Organizer
 Solicitor
 Contractor
 Project Planner

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4. Assumptions and Constraints
4.1 Assumptions
The assumptions of the project are as follows:
 To complete the project within the time that is around 40 days
 To finish the project within the budget that is around $1,051,640
 To follow the scope of the project
4.2 Constraints
The constraints of the project are listed below:
Time: It is the responsibility of the project manager to manage the time of the project
effectively for finishing the entire project within the expected time.
Budget: The project manager must finish the entire project within the budget that is
approved.
Scope: The scope of the project must be followed properly for finishing the project
effectively within the expected time and budget.
5. Business Case
The paper mainly focuses on “buying a summer apartment in Big Ben, London”. It is
found that due to the absence of summer apartment, the family members face lot of problems
and challenges in spending their summer holidays. In order to resolve the challenges, the
family wants to buy an apartment in the area of Big Ben is so that they can relax and can
enjoy their days of summer holidays properly.

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6. Develop the Project Charter
6.1 Project description
The project reflects on buying a summer apartment in Big Ben area of London. A
summer apartment is generally needed by the family so that the problems that they face in
absence of a summer apartment got resolved and they will get the chance of enjoying their
summer holidays with their family members. The project of buying an apartment will be
completed within 40 days by utilizing budget of around $1,051,640.
6.2 Project deliverables
The deliverables of the project are as follows:
 Viewing apartment in London
 Valuation survey
 Property survey
 Building or structural survey
 Finalizing an offer
 Proper communication
 Conveyancing and searches
 Exchange of contracts
 Enquiries on the property
 Transfer of funds
6.3 High level project deliverables
The high-level deliverables of the project are as follows:
 Arranging a solicitor
 RICS condition report
 RICS homebuyer report

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 Finalizing the mortgage
 Exchange of contracts
 Signing contracts
 Transfer of funds
 Setting mutually agreed completion date
6.4 Team members and roles
The team members and their roles are provided in the below table:
Team member Roles Mobile E-mail Signature
Project manager The project manager
manages the entire
project.
NA NA William
Watson
Broker The broker engages
in searching for the
summer apartments.
NA NA James
Anderson
Organizer The organizer
engages in
organizing the paper
works for the
apartment.
NA NA James
Anderson
Solicitor They generally help
in surveying
valuation as well as
property.
NA NA Andrew Lee
Contractor The contractor
engages in taking the
NA NA James smith

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contract for buying
an apartment.
Project Planner The project planner
engages in making
proper planning for
the project.
NA NA Stephen
smith
7. Stakeholder Communication Matrix
The stakeholder’s communication matrix is provided in the table below:
Purpose Frequency Responsible person Ways of
communication
To know about the
value of the property
Once Project manager Video conference,
face to face
To finalize the offer Once Contractor Video conference,
face to face
For exchanging the
contracts
weekly Contractor Video conference,
face to face
For organizing
finances
Weekly Organizer Video conference,
face to face
8. Triple Constraint View
The triple constraint view of the project is provided below:
Time:40 days
Scope: To buy summer apartment
Cost: $1,051,640.00

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9. Project Scope Statement
9.1 Business Process
The paper reflects on buying an apartment in Big Ben, London for providing the
facility of proper relaxation as well as enjoyment during the months of summer to the family
members.
9.2 Project Goals
The main goal of the project is to buy a summer apartment in Big Ben area in London
in order to can relax can enjoy the days of summer holidays properly.
9.3 Project work statement
The project work statement reflects that the entire project will be completed within
the time period of 40 days by utilizing budget of around $1,051,640. The work statement of
the project also helps in elaborating the activities and deliverables of the project.
9.4 Deliverables
The deliverables of the project include:
 Viewing apartment in London
 Valuation survey
 Property survey
 Building or structural survey
 Finalizing an offer

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9.5 Milestones
Milestone Completion date
Milestone 1: Completion of initiation phase Thu 02-08-18
Milestone 2: Solicitor arrangement phase completion Wed 22-08-18
Milestone 3: Mortgage finalization completion Fri 07-09-18
Milestone 4: Completion of closure phase Mon 17-09-18
9.6 Constraints
The constraints of the project include:
 Completion of the project within the expected time that is 40 days
 Buying the apartment within the budget that is around $1,051,640.
10. Work Breakdown Structure
WBS
level
WBS Task Name Duration Responsible
0 Buying a summer apartment in
London
40 days
1 1 Initiation phase 8 days
2 1.1 Developing plan 1 day Project manager
2 1.2 Organizing finances 3 days Organizer
2 1.3 Register with MylondonHome 1 day Project planner
2 1.4 Search for property 1 day Broker
2 1.5 Viewing apartment in London 1 day Project manager
2 1.6 Putting forward an offer 1 day Project planner
1 2 Arranging a solicitor 14 days

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PROJECT MANAGEMENT
2 2.1 Valuation survey 2 days Organizer
2 2.2 Property survey 2 days Broker
2 2.3 RICS condition report 3 days Contractor
2 2.4 RICS homebuyer report 2 days Organizer
2 2.5 Building or structural survey 3 days Contractor
2 2.6 Finalizing an offer 1 day Project planner
2 2.7 Proper communication 1 day Project manager
1 3 Finalizing the mortgage 12 days
2 3.1 Offer accepted 1 day Contractor
2 3.2 Conveyancing and searches 2 days Project planner
2 3.3 Exchange of contracts 1 day Contractor
2
3.4 Enquiries on the property 2 days
Solicitor, Apartment
cost [1]
2 3.5 Exchange of contracts 2 days Project manager
2 3.6 Signing contracts 1 day Project manager
2 3.7 Transfer of funds 2 days Broker
2
3.8
Setting manually agreed
completion date
1 day Project manager
1 4 Closure phase 6 days
2
4.1 Remaining money owed 2 days
Organizer, Other cost
[1]
2 4.2 Paying a mortgage account fee 2 days Contractor
2 4.3 Paying solicitor bill 1 day Solicitor
2 4.4 Completion 1 day Project planner

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PROJECT MANAGEMENT
11. Responsibility Assignment Matrix
Responsibility assignment matrix (RACI) illustrates the participation of different roles
in competing various tasks or deliverables of the project within the business process. RACI
stands for:
R-Responsible
A-Accountable
C-Consult
I-Informed
Activities Project
manager
Broker Organize
r
Solicitor Contractor Project
planner
Developing
plan
R, A I C
Organizing
finances
I R, A C
Register
with
MylondonHome
R, A I C
Search for
property
I R, A C
Viewing
apartment in
I R, A C

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PROJECT MANAGEMENT
London
Putting
forward an offer
I R, A C
Valuation
survey
C R, A I
Property
survey
C R, A I
RICS
condition report
C R, A I
RICS
homebuyer
report
C R, A I
Building or
structural
survey
C R, A I
Finalizing
an offer
I R, A C I
Proper
communication
I R, A C
Offer
accepted
I R, A C
Conveyanci
ng and searches
I R, A C
Exchange
of contracts
I R, A C

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PROJECT MANAGEMENT
Enquiries on
the property
R, A C I
Exchange of
contracts
R, A C I
Signing
contracts
I R, A C
Transfer of
funds
I R, A C
Setting
agreed
completion date
I R, A C I
Remaining
money owed
I R, A C I
Paying a
mortgage
account fee
I R, A C
Paying
solicitor bill
I R, A C I
12. Program Evaluation and Review Technique
The PERT chart for the project is provided below:

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PROJECT MANAGEMENT
Figure 1: PERT Chart
(Source: Created by Author)

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PROJECT MANAGEMENT
13. Critical Path Methodology
The critical path for the project is reflected in the figure that is provided below:
Figure 2: Critical Method
(Source: Created by Author)

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14. Gantt Chart
The Gantt chart for the project is provided below:
Figure 3: Gantt chart
(Source: Created by Author)

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PROJECT MANAGEMENT
15. Costs Estimate Techniques
The most important cost estimate techniques are compared in the table below:
Analogous
estimating
Parametric
estimating
Three-point
estimating
Bottom up
estimating
This technique is
generally used for
estimating the cost
of the project when
very much less detail
about the project is
present
It generally utilizes
historical data in
order to calculate the
cost but it generally
utilizes statistical
data.
This technique is
generally utilized for
reducing the biases
as well as
uncertainties in the
cost estimation
technique
This technique of
estimation is
considered to be
very much accurate
as well as time
consuming.
It is considered as
the fastest technique
for estimating cost
accurately
This is much more
accurate than
analogous estimation
It is more accurate
than analogous and
parametric
techniques
This is the most
accurate technique.
16. Earned Value Management
The progress of the project is identified with the help of the earned value management
that is provided below:
Task Name
Planned
Value -
PV
(BCWS)
Earned
Value -
EV
(BCWP)
AC
(ACWP)
SV CV EAC BAC VAC
Buying a
summer
$ 0.00 $ 0.00 $ 0.00 $ $ $ $ -$

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PROJECT MANAGEMENT
apartment in
London
0.00 0.00 1,051,640.00 0.00 1,051,640.00
Initiation
phase
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 2,360.00
$
0.00
-$ 2,360.00
Developing
plan
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Organizing
finances
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 840.00
$
0.00
-$ 840.00
Register with
MylondonHome
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Search for
property
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 240.00
$
0.00
-$ 240.00
Viewing
apartment in
London
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Putting
forward an offer
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Arranging a
solicitor
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 3,920.00
$
0.00
-$ 3,920.00
Valuation
survey
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 560.00
$
0.00
-$ 560.00
Property
survey
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 480.00
$
0.00
-$ 480.00
RICS $ 0.00 $ 0.00 $ 0.00 $ $ $ 840.00 $ -$ 840.00

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condition report 0.00 0.00 0.00
RICS
homebuyer
report
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 560.00
$
0.00
-$ 560.00
Building or
structural survey
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 840.00
$
0.00
-$ 840.00
Finalizing an
offer
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Proper
communication
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Finalizing the
mortgage
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$
1,003,600.00
$
0.00
-$
1,003,600.00
Offer
accepted
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 280.00
$
0.00
-$ 280.00
Conveyancing
and searches
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 640.00
$
0.00
-$ 640.00
Exchange of
contracts
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 280.00
$
0.00
-$ 280.00
Enquiries on
the property
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$
1,000,640.00
$
0.00
-$
1,000,640.00
Exchange of
contracts
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 640.00
$
0.00
-$ 640.00
Signing $ 0.00 $ 0.00 $ 0.00 $ $ $ 320.00 $ -$ 320.00

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PROJECT MANAGEMENT
contracts 0.00 0.00 0.00
Transfer of
funds
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 480.00
$
0.00
-$ 480.00
Setting
mutually agreed
completion date
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Closure phase $ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 41,760.00
$
0.00
-$ 41,760.00
Remaining
money owed
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 40,560.00
$
0.00
-$ 40,560.00
Paying a
mortgage
account fee
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 560.00
$
0.00
-$ 560.00
Paying
solicitor bill
$ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
Completion $ 0.00 $ 0.00 $ 0.00
$
0.00
$
0.00
$ 320.00
$
0.00
-$ 320.00
17. Quality Management
Case and Effect approach is considered as one of the tool that is mainly utilized by the
project managers in order to improve the project quality. The critical steps that are generally
required to be carried out in the project activities helps in defining the cause. It is identified
that a fish bone diagram is generally represented for the project “buying a summer apartment
in London. The cause and effects of the project is reflected with the help of the figure that is
provided below.

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PROJECT MANAGEMENT
Figure 4: Fish bone diagram
(Source: Created by Author)
18. Issue Progress Report
The report helps in elaborating the progress for buying a summer apartment in
London. For this project, four phases are generally undertaken which are initiation, solicitor
arrangement phase, finalizing mortgage phase as well as closure phase.
Initiation phase: In this phase, finances are organized and proper initiation for
property search started.
Solicitor arrangement phase: In this phase, proper arrangement for the solicitor is
made
Mortgage finalize: In this phase, mortgage of the apartment is finalized.
Closure phase: In this phase, money to mortgage account is paid.
19. Project Risks
The risks that are associated with the project are listed below:

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PROJECT MANAGEMENT
Finding wrong broker: If the broker is not right then the project manager can face
financial challenges.
Inappropriate survey: Due to inappropriate survey, the project manager does not
get proper idea about the value of the apartment.
Lack of knowledge: Due to lack of knowledge the owner can face lot of challenges
including financial issue.
Inappropriate document verification: The documents of the owner are not verified
properly and as a result legal issue can arise.
20. Manage Risks
The risks that are associated with the project can be managed with the help of the
steps that are elaborated in the table below:
Risk Impact Probability Mitigation
Finding wrong
broker
High High Right broker must
be identified.
Inappropriate survey High Medium Proper survey needs
to be conducted in
order to resolve the
issue.
Lack of knowledge Medium Medium Proper knowledge
about the apartment
needs to gained
before buying.
Inappropriate High High All the documents

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PROJECT MANAGEMENT
document
verification
must be properly
verified.
21. Manage Project Change Request
The changes that is needed in the project is that the project manager does not want s
to contact a broker and wants to buy the apartment with the help of online procedure so that
the challenges that is present in finding the right broker got resolved.
22. Issue Lesson Learned Report
From this project, it is analyzed that before buying a property we need to gain proper
knowledge about it. It is also necessary to undertake the survey properly for getting
appropriate information about the value of the property. In addition to this, proper document
verification is important for the project.
23. Issue Project Closure Report
The project manager engages in reviewing the project closure report.
Documents Roles
Feasibility report To analyze that the project is feasible
Status report To focus on the progress of the project
Final document It reflects that the project is completed
successfully.
Stakeholder’s signoff:
Position Signoff (Signatures)

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Project manager William Watson
Broker James Anderson
Organizer James Anderson
Solicitor Andrew Lee
Contractor James smith
Project Planner Stephen smith

25
PROJECT MANAGEMENT
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