Project Risk and Finance Monitoring: A Case Study of Hudson Yards

Desklib provides past papers and solved assignments for students. This report analyzes financial and project risks in Hudson Yards.

Project Risk and Finance Monitoring
1

Table of Contents
Part A...............................................................................................................................................3
Part B...............................................................................................................................................6
Part C...............................................................................................................................................8
References......................................................................................................................................11
2

Part A
Hudson Yards has been designated as the most complex infrastructure project of New York. It is
considered as the largest private development of the nation. The main purpose of the project is to
serve the society at a large. Some theorists are of the opinion and view that Hudson Yards project
is responsible for changing the iconic skyline of the city. In this part of the report, the key
features of the project have been explained in the form of table and some (remaining) points have
been explained in the form of the points (Aktas, et. al., 2015).
Working rail yard 28 acres
Train tracks covered 30 active tracks
Rail tunnels covered 3 tunnels along with the 1
Gateway tunnel
Dimensions of
caissons
4-5 in diameter and 20 to
80 in depth
Description of the platform
Steel used in the platform 25000 tonnes
Concrete used 14000 cubic yard
Weigh More than 35000
There were 300 caissons to support the platforms and buildings. These caissons were deeply
drilled between the tracks. The platform was completed in the year of 2015 with the beginning of
caissons took place in the year of March 2014 (Aktas, et. al., 2015). The most interesting Hudson
Yards project is that trains were operational during the period of construction and ultimately new
subway emerged.
 Hudson Yards covers the maximum tall towers along with the open space.
There are different types of neighbourhood involved in this concerned project depending on the
inherent characteristics of these neighbourhoods. These neighbourhoods are classified as
follows:
Responsive neighbourhood: In this neighbourhood, responses of all the possible environmental
factors. Accordingly, in this case environmental sensor of the all the possible environmental
3

factors have been duly considered (Aktas, et. al., 2015). In the New York, both electric as well as
thermal sub-metering have been taken into consideration so that both the internal and external
factors are understand to gain an in depth analysis and understanding.
Clean and responsible neighbourhood: Like theresponsive neighbourhood, under the clean and
responsible neighbourhood an attempt is made to make the environment clean and healthy. This
is possible by implementing and applying the organic waste management or separation systems.
This will enable in reducing the costs associated with the landfill and greenhouse emissions. All
these aspects have been duly considered in the Hudson Yards project. The interesting feature of
Hudson Yards project is that it focuses on the waste collection efficient so that waste collection
can be convenient and enabling the space. This will be possible by efficient utilizing dehydrators
along with grinders in the best possible manner.
Reliable and efficient neighbourhood:This classification of neighbourhood is somewhat
different from that of the aforementioned classified neighbourhood (Aktas, et. al., 2015).
Sorta like telling guests, “one can come into theorist and economist’s house, but please remove
one isshoes.” There’s no law that will enforce the removal of shoes. But there is also no law
mandating they be allowed in one ishouse. What one is and one is guests have agreed to is
basically a private agreement. If someone refuses to remove their shoes, one can ask them to
leave and they can’t do much (Atrill, 2014).
One cannot trespass and take pictures. If one is to do, those pictures are illegal and can be
destroyed but they cannot be claimed as their property. Drones are another issue that the laws
depend on which state one happen to be in. The EB-5 Program was not meant solely to assist
poverty-stricken or rural areas. Congress came up with the EB-5 Program in the early ‘90s, and
the objective was to stimulate job creation in the US via foreign direct investment.
With that said, one can certainly argue that luxury real estate projects should not be given the
Targeted Employment Area designation. Congress created an incentive within the EB-5 Program
whereby if the project was located in areas with exceptionally high unemployment OR in rural
areas (referred to as “Targeted Employment Areas”), then investors would only have to invest
4

$500,000 to qualify for a green card, rather than $1,000,000. Naturally, if a project qualifies for
the lower investment threshold, then it will be easier to attract prospective EB-5 investors.
Various sightseeing guide colleagues have been talking about the Vessel since it opened up a
week ago tonight. Some say it's beautiful. Some say it looks like a giant roach. But the funniest
interpretation of its shape that is catching on is that it looks like a giant shawarma, the meat that's
used for Gyros. But it truly is a stunning art object or design object. It's clad in reflective copper
sheeting that is perfect for above one is at head selfies, because one can look straight up at one is
itself.
People wonder if the copper plating is meant to oxidize and turn green eventually, like the Statue
of Liberty. Some agree with one is that the vessel will quickly become a must-see object. After
all, there is nothing in the world quite like it.
5

Part B
There were several risk associated with the building or construction of Hudson Yards. These
risks were properly managed so that the construction can be completes within time and that too
with quality. For this purpose, wherever find necessary guidance and assistance of field experts
(persons involved in the construction sector or infrastructure project) has been taken so that
construction can be completed effectively and efficiently.
Before starting the Hudson Yards projects, proper planning has been done so that such project
can be duly completed within the specified time frame since project can be prepared only when
proper planning can be done. Thus, it can be said that planning is an integral component in
initiating any project, its roles and significance even more when the project involves the
construction on any immovable property. In other words, in case of infrastructure project,
planning is very crucial. Such planning needs to be done with due care and attention. Only then,
such planning will be of importance. Under the planning phase, not only quantitative aspects but
also qualitative factors are considered. For the better and timely achievement of desired/ required
objective, various field experts have been hired (Haque, 2015).
Hudson Yards is physically beautiful. The Vessel looks like a giant vase with over 2,000 steps
inside. There's nothing like it in the world. It's free to climb around inside, although one have to
reserve tickets.
1. The restrooms are far too small. They were designed badly, with people moving in four
directions through one doorway. There are lines of men waiting to get in, and long lines of
women. Go to the bathroom before one goes to Hudson Yards Mall.
2. The building seems to have been designed specifically to force people to walk the entire length
of a floor before finding the escalator to the next floor up or down. That is, an escalator between
two floors will be at one end of the mall, while the escalator between the next two floors will be
at the far end of the building. While this assures the store owners that everyone in the mall will
eventually walk past their store, it's stressful for the shoppers. A tour guide colleague complained
a few days ago that she had to go back in and find a shopper who was nearly having a panic
attack, unable to find the way out.
6

3. Another design flaw is the lack of places to sit, either indoors or out. So if one need to sit down
every now and then, one is won't find a place unless one eats at one of the higher-end restaurants.
This may also have been calculated to increase the number of people going to the restaurants,
just to sit down.
The outdoor area around the vessel has waist high Ledges and walls. Whenever theorists sat on
one of them, a guard would come by and tell the local residents to stand up. Various people are
waiting for the change in policy (Aktas, et. al., 2015).
World trade Center is prettier but if a tourist wants to spend a couple hours more pleasantly, one
is should rent a bike and pedal along the Hudson and if one is still strong enough and have half
a day, complete the circuit around Manhattan, stopping to take in various inland sights.
Because the gardener expresses way is a highway. Massive amounts of salt and chemicals are
used to keep it open during winter month when it snows. The thousands of cars and trucks that
travel on it each day cause vibrations that overtime destroy the concrete.Theorists don’t know if
one have been to the area one is cited in one is question. But one can easily identify so many
other attractions. Of course, whatever attraction that catches theorist and economists focus and
attention is very different from what one will experience.
7

Part C
Since, the construction project involves higher amount of cost. Also, the projects pertaining to
infrastructure generally involves are unique. This makes the entire construction project unique
from another current infrastructure project (Haque, 2015).
While implementing the project in the dynamic environment there are series of the risk and
challenges that are faced by the authority concern in New York. Some of the challenges in this
regard, majorly include cost of the project, inflation, time period, legal obligation and
responsibility etc. Such challenges act as a threat to the decision making process of the investors
and the other parties related to the project. Further provided, these challenges must be taken into
consideration in a proper manner so as to have proper implementation of all the activities and
aspects related to the project concern. Hudson Yards project in order to have a positive command
and attain positive outcome must ensure a proper overview of these challenges so as to have
valuable judgement with respect to the current and foreseeing period (Atrill, 2014).
Various people were there on opening day, yesterday, having biked there somewhat drunk from a
retiree reunion at MacSorley’s. It’s a shopping mall, thus far, bigger than the one at Columbus
Circle, nearly as big as the one in World Trade Center. The mall is surrounded by unfinished tall
buildings that will have offices, apartments and theorists think a hotel. Maybe a quarter of the
shop space in the mall is without tenants yet. theorists were bored. For shopping theorists like
Herald Square better, a mile east of there, with much more cheap shopping and eating and a
reasonable amount of the expensive kind. Being completely sober probably would have made the
new mall look worse to me, rather than better. The giant acorn full of stairs, facing the Hudson
River, is kind of nice. It currently requires getting a ticket online two weeks ahead if onewants to
climb it (Aktas, et. al., 2015).
NO need of new stations, the majority of the people that will move there will not need subway
and will not use it. The workers to the area do not represent a significant increase in stats at all.
Also, the Hudson Yards has near it lot of stations. What is really in need is improving and
updating the Penn Station and all surrounding stations. Photos are protected by copyright to the
person taking the photo. One has a right to take photos of anything that is available from a public
8

place. However, publishing them for commercial purposes may involve other rights to
individuals in those photos. Hudson Yardsmay not like one is taking photos and should make
effort to hide from view what they wish not to be photographed while one is are offsite.
However, they have no rights to those photos no matter how much they object (Goyal, 2016).
For now, theorists am still attracted to: The High Line, the Hudson River, all those water
vehicles, the highway, the Javits Centre, the last stop of the 7 train, the skyline that’s totally
different by New Jersey, all the on-going construction works. Plus certain food places located
there where theorists may go depending ontheorist and economists mood,theorist and economists
available time, and the weather. And the people theorists see there. The diversity of faces and
skin tone is still remarkably very noticeable.
Some people think in part it’s basically making a legal claim that while permitted, is a bit
foolish.
1. Designs of buildings are in fact protected by copyright. In theory one is couldn’t simply make a
copy of Frank Lloyd Wright’s “Falling Water” house and build it as is.
2. Arguably photographs of a copyrighted item are covered by the original copyright. So, in other
words, one is can’t simply take photos of a Harry Potter book and sell the photos claiming one is
weren’t infringing on the copyright.
3. So, theorists think they’re basically saying, “People own the copyright to the design of the
building, therefore any photo is a derivative work. Therefore we own that too.”
Would that hold up in a court of law? It’s dubious. It might. Now, if one were to take a photo and
sell it as a postcard, then one will probably lose. But take a photo and put it on one isFB page,
one would be probably be ok (Fair use may or may not apply, but most reasonable copyright
owners aren’t going to bother with such incidental infringements. Copyright, unlike trademarks
can’t be lost due to lack of enforcement.)
So, in part, it sounds like they’re trying to enforce a right they may dubiously have and arguably
being “generous” about it because they could in theory not allow any photos. Again though, that
would be pretty unrealistic.
9

But on of that, even if that argument didn’t hold up (and it most certainly wouldn’t if one were
taking a picture of one isspouse and the Vessel is a tiny part of the composition), once one enter
their grounds, they arguably can make any agreement they want (Goyal, 2016).
This is similar to “no food in the movie theatre”. If one violate that, the theatre can revoke one
isticket. It’s a private deal.So, if one is on Hudson Yards properties, one is in effect are agreeing
to whatever rules they want to setup. That said, this was still a very foolish thing they tried.
Yeah, theorists can see they want to use social media items that others take.
10

References
 Aktas N., Croci, E. and Petmezas D., 2015, Is working capital management value-enhancing?
Evidence from firm performance and investments, Journal of Corporate Finance, Volume 30,
PP- 98-113.
 Atrill, 2014. Financial Management for Decision Makers. 7th ed. London FT Prentice Hall,
Working capital.
 Goyal, P.K., 2016. A study of ratio analysis as a technique of financial performance evaluation.
 Haque, M., 2015. Ratio analysis & financial performance of JMI Syringes & Medical Devices
Ltd.
 Saunders, M.N. and Lewis, P., 2012. Doing research in business & management: An essential
guide to planning your project. Pearson.
 Serra, C.E.M. and Kunc, M., 2015. Benefits realisation management and its influence on project
success and on the execution of business strategies. International Journal of Project
Management, 33(1), pp.53-66.
 Smith, B. and Dodds, B., 2017. Developing managers through project-based learning. Taylor &
Francis
 Snyder, C.S., 2014. A guide to the project management body of knowledge: PMBOK
guide. Project Management Institute: Newtown Square, PA, USA.
 Venkatesh, V., Thong, J.Y. and Xu, X., 2012. Consumer acceptance and use of information
technology: extending the unified theory of acceptance and use of technology. MIS quarterly,
pp.157-178.
11