Project Management for Buying a Summer Apartment in London
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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.
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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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3 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 PROJECT MANAGEMENT 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.
5 PROJECT MANAGEMENT 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
6 PROJECT MANAGEMENT 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 memberRolesMobileE-mailSignature Project managerThe project manager managestheentire project. NANAWilliam Watson BrokerThebrokerengages in searching for the summer apartments. NANAJames Anderson OrganizerTheorganizer engagesin organizing the paper worksforthe apartment. NANAJames Anderson SolicitorThey generally help insurveying valuation as well as property. NANAAndrew Lee ContractorThecontractor engages in taking the NANAJames smith
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7 PROJECT MANAGEMENT contractforbuying an apartment. Project PlannerTheprojectplanner engagesinmaking properplanningfor the project. NANAStephen smith 7. Stakeholder Communication Matrix The stakeholder’s communication matrix is provided in the table below: PurposeFrequencyResponsible personWaysof communication To know about the value of the property OnceProject managerVideoconference, face to face To finalize the offerOnceContractorVideoconference, face to face For exchanging the contracts weeklyContractorVideoconference, face to face Fororganizing finances WeeklyOrganizerVideoconference, 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
8 PROJECT MANAGEMENT 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
9 PROJECT MANAGEMENT 9.5 Milestones MilestoneCompletion date Milestone 1: Completion of initiation phaseThu 02-08-18 Milestone 2: Solicitor arrangement phase completionWed 22-08-18 Milestone 3: Mortgage finalization completionFri 07-09-18 Milestone 4: Completion of closure phaseMon 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 WBSTask NameDurationResponsible 0Buying a summer apartment in London 40 days 11Initiation phase8 days 21.1Developing plan1 dayProject manager 21.2Organizing finances3 daysOrganizer 21.3Register with MylondonHome1 dayProject planner 21.4Search for property1 dayBroker 21.5Viewing apartment in London1 dayProject manager 21.6Putting forward an offer1 dayProject planner 12Arranging a solicitor14 days
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10 PROJECT MANAGEMENT 22.1Valuation survey2 daysOrganizer 22.2Property survey2 daysBroker 22.3RICS condition report3 daysContractor 22.4RICS homebuyer report2 daysOrganizer 22.5Building or structural survey3 daysContractor 22.6Finalizing an offer1 dayProject planner 22.7Proper communication1 dayProject manager 13Finalizing the mortgage12 days 23.1Offer accepted1 dayContractor 23.2Conveyancing and searches2 daysProject planner 23.3Exchange of contracts1 dayContractor 2 3.4Enquiries on the property2 days Solicitor, Apartment cost [1] 23.5Exchange of contracts2 daysProject manager 23.6Signing contracts1 dayProject manager 23.7Transfer of funds2 daysBroker 2 3.8 Setting manually agreed completion date 1 dayProject manager 14Closure phase6 days 2 4.1Remaining money owed2 days Organizer, Other cost [1] 24.2Paying a mortgage account fee2 daysContractor 24.3Paying solicitor bill1 daySolicitor 24.4Completion1 dayProject planner
11 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 ActivitiesProject manager BrokerOrganize r SolicitorContractorProject planner Developing plan R, AIC Organizing finances IR, AC Register with MylondonHome R, AIC Search for property IR, AC Viewing apartmentin IR, AC
12 PROJECT MANAGEMENT London Putting forward an offer IR, AC Valuation survey CR, AI Property survey CR, AI RICS condition report CR, AI RICS homebuyer report CR, AI Building or structural survey CR, AI Finalizing an offer IR, ACI Proper communication IR, AC Offer accepted IR, AC Conveyanci ng and searches IR, AC Exchange of contracts IR, AC
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13 PROJECT MANAGEMENT Enquiries on the property R, ACI Exchange of contracts R, ACI Signing contracts IR, AC Transfer of funds IR, AC Setting agreed completion date IR, ACI Remaining money owed IR, ACI Paying a mortgage account fee IR, AC Paying solicitor bill IR, ACI 12. Program Evaluation and Review Technique The PERT chart for the project is provided below:
14 PROJECT MANAGEMENT Figure 1: PERT Chart (Source: Created by Author)
15 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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16 PROJECT MANAGEMENT 14. Gantt Chart The Gantt chart for the project is provided below: Figure 3: Gantt chart (Source: Created by Author)
17 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 Bottomup estimating Thistechniqueis generallyusedfor estimatingthecost of the project when very much less detail about the project is present It generally utilizes historicaldatain order to calculate the cost but it generally utilizesstatistical data. Thistechniqueis generally utilized for reducingthebiases aswellas uncertaintiesinthe costestimation technique Thistechniqueof estimationis consideredtobe very much accurate aswellastime consuming. It is considered as the fastest technique forestimatingcost accurately This is much more accuratethan analogous estimation Itismoreaccurate thananalogousand parametric techniques Thisisthemost 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) SVCVEACBACVAC Buying a summer $ 0.00$ 0.00$ 0.00$$$$-$
20 PROJECT MANAGEMENT contracts0.000.000.00 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.
21 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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22 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: RiskImpactProbabilityMitigation Findingwrong broker HighHighRight broker must be identified. Inappropriate surveyHighMediumProper survey needs tobeconductedin order to resolve the issue. Lack of knowledgeMediumMediumProperknowledge about the apartment needstogained before buying. InappropriateHighHighAllthedocuments
23 PROJECT MANAGEMENT document verification mustbeproperly 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. DocumentsRoles Feasibility reportTo analyze that the project is feasible Status reportTo focus on the progress of the project Final documentItreflectsthattheprojectiscompleted successfully. Stakeholder’s signoff: PositionSignoff (Signatures)
24 PROJECT MANAGEMENT Project managerWilliam Watson BrokerJames Anderson OrganizerJames Anderson SolicitorAndrew Lee ContractorJames smith Project PlannerStephen smith
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25 PROJECT MANAGEMENT Bibliography Braglia,M.,&Frosolini,M.(2014).Anintegratedapproachtoimplementproject managementinformationsystemswithintheextendedenterprise.International Journal of Project Management,32(1), 18-29. Bucero, A., & Englund, R. L. (2015, October). Project sponsorship: Achieving management commitment for project success. Project Management Institute. Conforto, E. C., Salum, F., Amaral, D. C., da Silva, S. L., & de Almeida, L. F. M. (2014). Canagileprojectmanagementbeadoptedbyindustriesotherthansoftware development?.Project Management Journal,45(3), 21-34. Costantino, F., Di Gravio, G., & Nonino, F. (2015). Project selection in project portfolio management:Anartificialneuralnetworkmodelbasedoncriticalsuccess factors.International Journal of Project Management,33(8), 1744-1754. Drouin,N.,Sankaran,S.,&Muller,R.(2016).Thenatureoforganizationalproject management and its role as an organizational capability.Manageable Cooperation?. Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute. Hornstein, H. A. (2015). The integration of project management and organizational change management is now a necessity.International Journal of Project Management,33(2), 291-298. Joslin, R., & Müller, R. (2015). Relationships between a project management methodology and project success in different project governance contexts.International Journal of Project Management,33(6), 1377-1392.
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