Project Management For Rental Property – Project Selection Prioritization Matrix

Scope Overview

Below is an example of how calculations in a trade-off matrix are performed:

Project/Selection Criteria	Criteria A	Criteria B	Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper
Weight:	5	10	Total
Landscaping project	7		5
	(5*7=) 35	(5*10=) 50	(35+50=) 85

Using the example, score each of the projects in the table below. Based on the score, which project would you choose?

Project/Selection Criteria	Potential Monetary Gain	Success Probability	Social Opinion
Weight:	5	10	3	Total
Construction Project: International Hotel, Hawaii	10	(5*10=)50	5	(10*5=)50	5	(3*5=)15	115
Construction Project: Local Hotel, Brisbane	8	(5*8=)40	6	(10*6=)60	4	(3*4=)12	112
Infrastructure Project: High Speed Rail – Sydney to Melbourne	9	(5*9=)45	3	(10*3=)30	8	(3*8=)24	99
Investment project: The Old Farm House	7	(5*7=)35	7	(10*7=)70	10	(3*10=)30	135

Investment project: The Old Farm House

Based on the prior Project Selection Prioritization Matrix, you undoubtedly have surmised that the Old Farm House investment project is the best option for you at the moment.  Following this decision, the following business case below has been developed for you: 

You have inherited a century old farm house and acreage in a rural area.  You have visited the site and made an inspection.  The house needs a great deal of repair work to get it marginally liveable.  You have itemized the most important things that need to be done and estimated the time.

You plan to use this house for vacations and as a rental property through Airbnb. In fact, your work colleague as already expressed interest in staying over as soon as the property is finished. Your parents have sponsored you with a personal loan of $10.000, – that will give you enough money to buy the supplies and have a spending budget on help from a local contractor and two of his apprentices. You yourself have committed to working 80 hours over your vacation to fix up the house, but you are terrible at carpentry and painting. Your vacation of two weeks starts on Monday the 1st of June, and you prefer to be present when the contractor is on site. Assume you, the contractor and his apprentices all can work up to 8 hrs per day, 5 days per week.

You expect that within 2 years of renting the property you will have earned enough money to repay your parents.

Each activity is to be performed by one person only. 

Continually ask yourself the question “when this is done, what else can I start now, or which things can I do at the same time?”.

Resources	Cost	Note
Supplies needed	$5.000
You	$0	Can do all jobs except carpentry and painting
Contractor	$125 per hour	Expert in carpentry
Apprentice I	$60 per hour	Expert in painting
Apprentice II	$40 per hour	Can do all odd jobs (except carpentry and painting)

Please note while working on this project, many assumptions are made that appear unrealistic, such as for example the wages, or constraints around who can do what.  The main reason behind these decision has been to create an example that is easy for you to work on, while keeping it within small boundaries. 

The following List of Most Important Fixes and Project Customer Trade-Off Matrix are provided to you as background to the project; they are part of the Business Case.

List of Most Important Fixes (not necessarily in order of schedule or priority):
1	Purchase supplies
2	Hang new curtains
3	Repair wooden shutters
4	Paint shutters
5	Hang shutters
6	Repair wooden porch
7	Paint porch
8	Repair wooden floor
9	Sand floor
10	Refinish (paint) floor
11	Paint ceilings
12	Paint doors
13	Paint interior walls
14	Paint exterior walls
15	Wash exterior windows
16	Wash interior windows

Project Customer Trade-off Matrix

Old Farm House	Enhance	Meet	Sacrifice
Cost		Cannot go over $10.000	Spend full budget to save time
Schedule	Save time (you are allowed to spend the full budget if it enhances time finished)	Must finish in two weeks (10 business days)
Quality		Must meet
Scope		Must meet

Milestone	Completion Date	Acceptance Criteria	Stakeholder Judge
Charter signed off	12/3/18	Sign off	Client
Purchase supplies	12/6/18	Quality	Supplier
Shutters	12/8/18	Quality	Contractor
Porch	12/8/18	Easy	Interior Designer
Floor	12/9/18	Appearance	Contractor
Painting	12/12/18	Appearance	Painter
Windows	12/13/18	Size	Carpenter
Project completion	12/18/18	Final Deliverable	Project Manager

Project (Potential) Risks	Risk Owner	Contingency Plans
Delay in Completion	Planner	Time Management Plan
Over budget	Budgeter	Contingency Budget
Quality Issues	Quality Analyst	Quality Control Tools
Labour Issues	HR manager	External Contractor

Funding:	A loan of $10,000 has been taken for project
People:	Project Manager, Planner, Budgeter, Quality Analyst, HR manager, Contractor, Workers, Suppliers, Interior Designer, Painter, and Carpenter
Equipment:	Construction Equipment, Painting Brushes and paints, cables, and Lights and fans
Other:	power supply, main line, transportation

Stakeholder	Interest in Project	Priority (High/Medium/Low)
Client	Financial gain	High
Project Manager	Completion of the Project	Medium
Contractor	Completion of the Allocated works	Low
End User	Use of the end product	High

Please list a minimum of three Team Operating Principles you believe are important for your project (refer to textbook):

• Team Work
• Communication
• Skills and Knowledge

Please list a minimum of three Lessons Learned you believe can contribute to your project:

• Scheduling Methodology
• Resource Management
• Risk Management

Fill out the first column of the table below:

Sponsor	Department / Organisation	Signature
Chris Jacob	N/A	Chris Jacob
Project Manager	Department / Organisation	Signature
<<name of the student>>	N/A	<<name of the student>>
Core Team Member/s	Department/ Organisation	Signature
Linda Jones	N/A	Linda Jones
Kathie Greg	N/A	Kathie Greg
Michael Cole	N/A	Michael Cole

Stakeholder:	What is the stakeholder’s main interest?	Power	Interest	Influence	Impact	Urgency	Legitimacy	Total	Priority (a score of 6-9 = low, 10 to 14 = medium, 15 to 18 = high))
Client	Financial gain	3	3	3	2	2	2	15	High
Project Manager	Completion of the Project	2	3	1	3	2	2	13	Medium
Contractor	Completion of the Allocated works	1	1	2	2	1	2	9	Low
End User	Use of the end product	3	3	2	2	2	1	13	Medium

Stakeholder	Learn From Stakeholder	Share With Stakeholder	Timing	Method	Owner (responsible for communication)
Client	Project Manager	Supplier	Once	Meetings	Budgeter
Project Manager	Client	Project team	Monthly	Emails	Project team
Contractor	Project Manager	Workers	Weekly	Documentation	Supplier
End User	Client	Project Manager	Once	Manuals	Trainer

WBS Code	Activity Name	Predecessor(s)
1	Charter signed off
2	Purchase supplies	1
3	Shutters
3.1	Repair shutters	2
3.2	Paint shutters	3.1
3.3	Hang shutters	3.2
4	Porch
4.1	Repair porch	2
4.2	Paint porch	4.1
5	Floor
5.1	Repair floor	2
5.2	Sand floor	5.1
5.3	Refinish (paint) floor	5.2
6	Painting
6.1	Paint ceilings	5
6.2	Paint doors	6.1
6.3	Paint interior walls	6.2
6.4	Paint exterior walls	2, 3 & 4
7	Windows
7.1	Wash exterior windows	2, 6.1 & 6.4
7.2	Wash interior windows	2, 6.2
7.3	Hang curtains	2, 6.2, 7.2
8	Project completion

WBS Code	Activity Name	Sponsor	Project Manager (you)	Person A	Person B
1	Charter signed off	A	R	C	I
2	Purchase supplies	R	A	C	I
3	Shutters	A	C	R	I
4	Porch	R	I	C	A
5	Floor	C	A	R	I
6	Painting	I	R	A	C
7	Windows	A	C	R	I
8	Project completion	C	R	A	I
RACI Key: (R) Responsible, (A) Accountable, (C) Consult, (I) Inform

Time estimation

WBS Code	Activity Name	Predecessors	Duration (hrs)
1	Charter signed off		0
2	Purchase supplies	2	8
3	Shutters
3.1	Repair shutters	2	4
3.2	Paint shutters	2, 3.1	2
3.3	Hang shutters	3.1	2
4	Porch
4.1	Repair porch	3.2	8
4.2	Paint porch	3.3	4
5	Floor
5.1	Repair floor	5.2	8
5.2	Sand floor	4.1, 4.2	4
5.3	Refinish (paint) floor	4.1, 5.1	8
6	Painting
6.1	Paint ceilings	5.3	8
6.2	Paint doors	5.3	4
6.3	Paint interior walls	6.1, 6.2	8
6.4	Paint exterior walls	6.3	8
7	Windows
7.1	Wash exterior windows	6.3	8
7.2	Wash interior windows	7.1, 6.4	8
7.3	Hang curtains	7.2	3
8	Project completion

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