Business Plan and Project Management for Christmas Party (LSBM204)

This business plan outlines the project management strategy for organizing a Christmas party. It includes a detailed project overview, defining the scope, rationale, constraints, and assumptions. The plan addresses project cost management through resource analysis and a comprehensive budget breakdown. Project time management is handled using a Gantt chart, detailing tasks, durations, and dependencies, alongside a network diagram. Risk management identifies potential financial, technological, operational, market, and legal risks, along with a risk register outlining likelihood, impact, and response strategies. The project communication management section features a stakeholder matrix and a communication plan. References to relevant books and journals support the plan's methodology. The document covers all the required aspects of the assignment and the project brief.

BUSINESS PLAN

Table of Contents
Table of Contents.............................................................................................................................2
Project overview.........................................................................................................................2
Project cost management.............................................................................................................3
Project time management............................................................................................................4
Project risk management.............................................................................................................7
Project communication management..........................................................................................9
REFERENCES..............................................................................................................................12

Project overview
Scope- the scope of the project includes the fact that scope is very wide and this is due to
the reason that when the Boolmsbury institute will organize the Christmas party for the student.
The scope is wide as this institute is very large and the party is organized for the entire student
and the faculty within the institute (Meredith, Shafer and Mantel Jr, 2017).
Rationale- the major reason for the celebration of the Christmas is that this is the last
festival of the year and due to this reason it is essential to be celebrated. Also, till the end of the
year all the student are also frustrated and it is very tough time for them as they have their exams.
Thus, this event or the Christmas party will make them relax and they will feel little lighter.
Constraint- while organizing the event there are many constraint which affect the
working and the execution of the project. This is due to the reason that the plan is being made for
the Christmas party which will happen in future. But the future is uncertain and it is not
necessary that whatever is planned takes place in the same manner only. In addition to this
another major constraint is the rapid changes taking place in the external environment. This is a
constraint as if any change will take place which is not good for the project.
Assumption – the major assumption for the project execution is that there will not be
many changes in the need and preferences of the student and all the things relating to the
Christmas party will be equal for all the visitors whether be it student, staff or any other
stakeholder of the project (Fleming and Koppelman, 2016). Another major assumption is that all
the resources of the project are readily and easily available for the completion of the project.
WBS

Project cost management
Resource analysis- there is many different types of resources which are necessary for the
successful completion of the project. Without the use of the resources the project cannot be
completed on time and due to this the project may not be sure that project is executed in proper
and effective manner. The major resources being used in this event of Christmas party are the
time, human resource, financial resources, technology, equipment, decoration material, venue
finalisation and many other types of resources.
Cost baseline and budget- this is also major criteria for the completion of the project as if
the cost of the project will be high then the institute will not be able to bear the cost of project
(Kerzner, 2017). It may be possible that the project will not get successful and will not be
completed. Thus, the budget which is defined as the estimation of all the estimated income and

expenses of a particular activity. The budget for the current event of Christmas party is as
follows-
Expenses Amount
Labour £400
Material £500
Marketing £300
Salaries and wages £800
Rent £450
Bills £550
Decoration £250
Food and catering £750
Total £4000
Project time management
Gantt chart
Task
Mode Task Name Duration Start Finish Predecessors
Auto
Scheduled Initiation 29 days Mon 7/20/20 Thu 8/27/20
Auto
Scheduled Developing the team 12 days Mon 7/20/20 Tue 8/4/20
Auto
Scheduled
Role and responsibility
identification 10 days Wed 8/5/20 Tue 8/18/20 2
Auto
Scheduled
Assignment of role and
responsibilities 7 days Wed 8/19/20 Thu 8/27/20 3
Auto
Scheduled Planning 24 days Fri 8/28/20 Wed 9/30/20
Auto
Scheduled
Project requirement
determination 9 days Fri 8/28/20 Wed 9/9/20 4
Auto
Scheduled Budget formulation 7 days Thu 9/10/20 Fri 9/18/20 6
Auto
Scheduled
Preparing project
charter 4 days Mon 9/21/20 Thu 9/24/20 7
Auto
Scheduled
Identification of critical
factor 4 days Fri 9/25/20 Wed 9/30/20 8
Auto
Scheduled Execution 21 days Thu 10/1/20 Thu 10/29/20

Auto
Scheduled
Providing training for
managing event 7 days Thu 10/1/20 Fri 10/9/20 9
Auto
Scheduled
Arranging for all
resources of event 6 days Mon 10/12/20 Mon 10/19/20 11
Auto
Scheduled
Finalizing the event
venue 4 days Tue 10/20/20 Fri 10/23/20 12
Auto
Scheduled
Ensuring the quality
standards 4 days Mon 10/26/20 Thu 10/29/20 13
Auto
Scheduled Monitoring 25 days Fri 10/30/20 Thu 12/3/20
Auto
Scheduled
Complying with all
safety measures 6 days Fri 10/30/20 Fri 11/6/20 14
Auto
Scheduled
Ensuring proper food
and safety 6 days Mon 11/9/20 Mon 11/16/20 16
Auto
Scheduled Risk management 7 days Tue 11/17/20 Wed 11/25/20 17
Auto
Scheduled
Monitoring tool
selection 6 days Thu 11/26/20 Thu 12/3/20 18
Auto
Scheduled Closure 16 days Fri 12/4/20 Fri 12/25/20
Auto
Scheduled
Reviewing the whole
project 7 days Fri 12/4/20 Mon 12/14/20 19
Auto
Scheduled
Suggestion for
improvement 4 days Tue 12/15/20 Fri 12/18/20 21
Auto
Scheduled
suggestion for
improvement 5 days Mon 12/21/20 Fri 12/25/20 22

With the above Gantt chart and network diagram it is evident that all the activities of the project
are interlinked with one another (Radujković and Sjekavica, 2017). Thus, for the completion of
the project in successful manner it is essential for the project manager to manage the work in
coordinated and timely manner. Also, the network diagram assists the company in analysing the
shortest distance which is there between the initiating activity and the last activity of the project.
Project risk management
Risk identification- the risk is the uncertain event which can happen during the
completion process of the project. The risk is uncertain as it can happen or may not happen
depending on the future conditions prevailing at the time of the project completion. The major
risk being identified for the Christmas party organizing are as follows-
 Financial risk- this is the risk which involves the shortage of the money or the finance
and without finance the business cannot work in effective and efficient manner. The
finance is the risk as the money is not readily available and for borrowing the money the
people have to take loan or need to bring sponsor (Demirkesen and Ozorhon, 2017).
Thus, the cost of borrowing the finance is very high and it might be possible that the
project not find good sources of borrowing finance.

 Technological risk- this is the risk which occurs due to the changes in the technological
market. There are many different types of changes taking place in the external
environment and if the project manager does not take into consideration this then the
company will not be able to succeed in the project (Nicholas and Steyn, 2017).
 Operational risk- this is the risk which the project manager faces at time of the
completion or the operations of the project. It is very essential for the project head to
ensure that the project is having enough of the requirement which is necessary for the
completion of the project in successful as if this will not be considered then the company
will not be able to manage the work in proper manner.
 Market risk- this risk is referred to as the changes taking place in the market and the
requirement of the visitors coming for the Christmas party. If the project manager will
not take care of this risk then this will create problem in the successful completion of the
project and this will hamper the success level of the project.
 Legal risk- this is also the most essential risk which can be encountered by the project
manager at time of completing the project. This is majorly because of the fact that the
project involves gathering of lot many people, eating together and many other activities.
Thus, this need to be complied with all the laws and regulation and this can create risk.
Risk register
Risk Likelihood Impact Risk response
Financial risk 3 Moderate This risk can be mitigated with help of
hiring a person who will work only on
the research of various financial sources
and the cheapest out of them.
Technological risk 4 High This risk can be mitigated by the project
manager by adapting to all the latest
changes which are taking place in the
technological sector.
Operational risk 2 Low For the mitigation of this risk it is
essential for the project manager to
allocate the activities and the role in
accordance with the capabilities of the

person.
Market risk 4 High This risk can be minimised by having
proper market research and from time to
time. This is essential due to the reason
that when the timely market research so
that it can adapt to the latest changes.
Legal risk 1 Low This risk can be mitigated with help of
hiring or recruiting the expert or
professional in the field of law. This is
essential as that person will be having full
knowledge and will try to protect the
project.
Project communication management
Stakeholder matrix- the stakeholder is the people who are interested in the success of the
project and the completion of project in successful manner. If the stakeholders are not satisfied
then the project will not be successful (Turner, 2016). The major stakeholder in the project of
Christmas party organization the major stakeholders are as follows-
Stakeholder Roles and responsibilities Power and interest
Project manager This is the main person in the
successful completion of the
project. This is majorly due to
the reason that this is the person
who is responsible for the
successful completion and proper
management of the project. The
major role of the project manager
is to maintain proper
coordination among all the
activities of the project.
They have both high
interest and high power as
they are responsible for
the successful completion
of the project.
Project sponsor This is the person who is The power is low as the

responsible for the providing of
the finance to the project and its
completion. This is the most
essential stakeholder as if the
finance will not be sufficient
then the company will not be
able to make the project
successful.
sponsor just provides
finance but the interest is
high as if the project will
get successful then only
sponsor will get good
returns.
Resource allocator This is the stakeholder which is
responsible for the allocation of
the resources. The resources are
very limited and for success it is
essential that resources are
optimally allocated.
Here the power of
allocator is high as they
have power to provide
resources but the interest
is low as they just have to
allocate the resources.
Team members These are the people who are
actually working on the
successful completion of the
project. These are the people
who actually perform the task
assigned by the manager in order
to complete the project.
The interest and power
both are low of the team
members.
Communication plan
The communication is referred to as the exchanging of the information, fact and figures
and knowledge relating to anything from the sender to the receiver in the same manner as
intended by the sender. Without the communication the project cannot be successful as all the
activities of the project need to be communicated with the other stakeholder and the intended and
interest parties as well (Kivilä, Martinsuo and Vuorinen, 2017). The major channel
communication used by the Blomsbury institute for the communication of the project of
Christmas party celebration mainly uses the method of written communication. This is
necessarily used by the project manager and other stakeholder as this is more clear method of

communicating with one another. Also, the written messages can be kept as a proof for the future
reference as well. Also, in addition to this the written communication is better as this will assist
the manager of project to keep a track of all the activities and this will assist them in proper and
effective monitoring of the project for getting successful.