Business Strategy For Portfolio Management In Event Planning

Inventory/ Required Resources

Discuss About The Business Strategy On Portfolio Management?

Project management is a separate discipline for imitating, planning, executing, controlling, and following up regarding the wok of a team for the purpose of achieving specific goals and meeting out specific success criteria (Kerzner, 2013). Furthermore, a project is basically a temporary endeavor which is designed for producing a unique product, services or any result within a definite time period (Verzuh, 2015). Moreover, it is undertaken for meeting specific goals and objectives which bring the beneficial change or added value. This report describes the project management for organizing a convention and event of music concert which is aimed towards saving young lives. Moreover, to organize this concert, proper management has to be done which involves various activities. The activities include making of an event schedule, listing out the resource requirements, staffing details has to be made, and sub contract requirement is to be fulfilled (Larson and Gray, 2013). Moreover, production schedule or logistic should be made, location and site map has to be included for proper identification by the audiences as well as event budget needs to be finalized which includes income and expenditure so that costing could be reduced.

Thus, this report is aimed towards the proper description of project management so that an event could be made a high success (Gido, Clements and Clements, 2014). By doing project management, unique result can be generated which will fulfill the objective of this music concert.

In order to carry out any project, a project manager needs number of resources which will help them out during the accomplishment of the project (Wysocki, 2011). For this event, firstly, the manager would require the physical resources such as premises, music equipment, speakers, money, machines, postures of success story, large LED screen for showing documentary films related to suicide prevention, banners of sponsor’s name, etc. Furthermore, the manger would require human resources such as staff or team members, crew members, guitarist, piano player, and singers. Moreover, technical resources are also required for handling technical issues and for connecting the equipment.

In addition to this, the project manager has to collect the inventory for carrying out event program such as decoration items for decorating the backdrop of the stag. Further, manager would also need woofer and amplifier for better sound production. Along with that, manager should also arrange the headphones for the audiences so that they can hear it in a clear manner. Moreover, these resources are necessary to be arranged in order to make the event a great success (Flyvbjerg, 2013). In addition to this, project manager should also prepare the checklist so that nothing could be left out for this project.

Facilities and Stage Requirements

In order to carry out music concert, stag is required by the musician. Therefore, project manager has to arrange for the stag. Stag requirement include the decoration of backdrop in which various lighting and flex should be needed (Shields and Rangarajan, 2013). And for that, manager has to reach out various vendors who can provide it at relatively lower prices so that budget does not get cross. Further, stag also requires large LED screen for showing film, two banners of sponsor’s name and proper installation of all the music equipment like piano, guitar, drums, etc. Along with that, mic is also required for singing, for loud music voice and with proper plug in. The stag also need proper plugs and socket for inserting music equipment. Therefore, all these arrangement should be done in advance in order to avoid the awkward situation at last moment (5 Basic Phases of Project Management, 2017).

Furthermore, facilities are also required at the premises for the convenience of audiences. For that aspect, project manager requires food and beverages facilities, water facilities, parking facilities, A/C facility, headphones facility, chorus booklet, souvenirs ad books related to structure, succeed and safety life plan and meaningful life which should be made available at 2 corners of the stage. For keeping food facilities, manager must contact the food vendors and arrange for the food for number of people who are going to attend the event. For that, marketing must contact food vendors who can provide quality food at lower prices by keeping in mind the budget. Further, food should be easily eatables and not a messy kind of. Food should be paced properly and hygiene should be there and also paper towels should be arranged for guests. Further, for water facility, mineral water bottle should be supplied to all the audiences so that they can have water at any time they require. Then, parking space should be ample in order to avoid awkward situation for elite class of people. In case, parking space is less, then other space must be arranged beforehand. Lastly, A/C should be checked before the concert and if not working they should be repaired and headphones should be provided to the guest for better listening.

The list of required resources has been made already and after analyzing the entire hall where concert is going to happen, some of the required resources have been found there. Stag is already built there with proscenium and it is quite big and spacious which will be good for the musician to play music freely and the stage also has wings. Furthermore, there is an ample of seating space with 20941 seats so that program can be organized at large scale. Furthermore, hall is equipped with all facilities including A/C, high sound speakers, Woofers and Amplifiers, stalls and dress circle plan and it has seats for kids as well so that people who are accompanying kids with them can make them sit there.

Already Available Resources

On the other hand, the hall also has huge area for car parking so that manager needs not to search for another parking space nearby. All the guest coming to the concert can park their car very easily. In addition to this, the stalls are already established there for food so that any food item can be placed over it for the audiences. Furthermore, all these facilities will really help the manager in lowering down their burden.

Capitol Theatre is located in Sydney, Australia and it was opened in 1916 with more than 100 years and provides world class entertainment to people in Sydney. For example, musical, ballet, concerts, etc. This hall has been selected due to various significant reasons. This hall has all the amenities infused in it which makes it highly attractive to the audiences arriving there. Further, it is very spacious so a huge program could be organized in this hall. Moreover, the concert hall has an elegant venue for symphony and chamber orchestra so that a music concert could be a great success here. Furthermore, jazz and rock ‘n’ roll concerts are also available so people will like it surely. Along with that, Further, it has ample of parking space which will be easy for the people to park their vehicle in a hassle free mode.

In addition to this, it is located in the inner-city suburb of Haymarket due to its location. The hall is easily accessible via public transport including train, light rail, buses, taxi or car. The complete address of this concert hall is 13, Campbell Street Haymarket NSW 2000 Australia. Further, the event will start by 7 pm to 9.45 pm so people can get public transport easily.

Staff of the even includes company staff, numerous volunteers from local youth communities, and students from University. Along with that, 20 speakers, singers and musician have been scheduled for performing throughout the night. There are generally 5 basic tasks which are primary and that must be necessarily accomplished for success of the project. First is the collection of resources in which generally 3 members will be required. These three members of company staff will go to client and would be note down necessary information required for collecting resources. Then they will collect all the required resources for this event. Further, the next task is of allocation of resources for responsibility and for that 5 staff members of a firm would be required. After that, stag decoration team will be build up and for that around 6 people will be required who will completely decorate and arrange the stag for final performance and among which 3 will remain all the time behind the stag for any requirements. Moreover, 5 volunteers of communities would be allocated the task of attending the guest when they enter the concert hall. Lastly, the major task is of arranging for food and distributing it to the audiences and for that 10 University Student would be required. Thus, the proper distribution of the staff members will lead to a huge success of the project.

Location of the Task

The work schedule is basically a schedule of complete project and there is a definite time period for every project. Therefore, project manager makes the work schedule in order to accomplish the project in a given timeline. For the present project of music event, deadline has been decided for 60 days starting from Tuesday 9/19/17 and ending on Monday 12/11/17. Furthermore, the manager has made a Gantt chart for proper understanding and appropriate allocation of the task for defined number of days. For instance, estimation of idea has been allocated 9 days, event concept has got 1 one day and so on.

A proper roaster must be made by the manager so that every staff member could have the information about their working days and hours. The roaster has been made as follows:

Names  Days	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday	Sunday
Supervisor 1	X	X	9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	Closed
Supervisor 2	X	X	9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	Closed
Supervisor 3	9 Pm to 5 Pm	9 Pm to 5 Pm	X	X	9 Pm to 5 Pm	9 Pm to 5 Pm	Closed
Supervisor 4			9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	Closed
Supervisor 5	9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	9 Pm to 5 Pm	X	X	Closed

Organization structure of this project is very easy and simple. It does not involve complex structure (Fleming and Koppelman, 2016). All the hierarchies have been clearly defined to the staff members in order to avoid confusion. The lower level member will work under the supervision of their senior and will report to this/her senior. Later, that’s senior will report directly to project manager and will work under their supervision. This way a proper hierarchy will be followed in order to avoid chaos among the employees. Furthermore, this hierarchy has been depicted.

From this hierarchy, it can be clearly understood that staff members will report to whom and under whose supervision they will do their work.

In order to manage the facilities, it is required by the manger to acquire facilities for the guests who are coming for the music concert which is basically aimed toward saving of life of youth who are committing suicide out of stress. For that aspect, event must consist of food for the audiences so that they can enjoy it long with live music. Therefore, a good quality and happening food must be provided to them which matches the theme of the concert. For food facility, project manager has contacted various suppliers or contractor of food who can put up their stall at the hall and can provide best quality food at lower prices. Thus, one food contractor has been finalized and the name of its catering business is Sydney Caterer Services.

Similarly, water will also be provided to the guest and for that suppliers have been searched by the project manager and his team and all the bottles of water will be supplied by the company named Sydney Pure Water.

Number of Staff Members Needed for Each Task

This section deals with the schedule and logistic of all the required resources used for the production (Meskendahl, 2010). Furthermore, it is important for the manager to have proper logistic of all the listed resources on time in order to accomplish the present project. For that purpose, manager must make a schedule for the logistic of the required resources. Firstly, physical resources such as music equipment, mic, orchestra, etc. should be hired from the supplier and they should be checked before placing it into the hall. Those resources must be hired beforehand and kept in an inventory house of project department. It should be finalized that on the given date those instruments and other psychology resources get supplied to the concert hall directly from inventory house. Further, the human resources required for the project must be present on their scheduled date and all the task must be accomplished by them. They must reach the destination point before the scheduled time and cross check all the task.

Moreover, the food and water must be picked from the catering house and it should be delivered at the concert hall before the guest arrives. And the stall of food should be prepared in advance and the food must be kept directly over it. In addition to this, technical equipment and other backup plans must be available in advance which can be used in any case of emergency.

This site is located in the inner-city suburb of Haymarket due to its location. The hall is easily accessible via public transport including train, light rail, buses, taxi or car. The complete address of this concert hall is 13, Campbell Street Haymarket NSW 2000 Australia. Further, the event will start by 7 pm to 9.45 pm so people can get public transport easily.

Conclusion

From the above file, it can be concluded that project management makes every project easier to do. Through the management, a project could be accomplished at a given timeline and in an effective manner. Furthermore, from the above file it has also been summed up that project management could be applied in every filed of working. It is not only limited to bringing up a new and unique product, in fact, by suing project management, a unique service can also be developed. Further, from this report, it has been learned that a strong leadership is required for accomplishing these tasks and an effective management to get it done in an efficient manner by others. Furthermore, in this report, an event could be made a huge success if properly managed by a project manager because the hall is situated at very prime location and can be easily reachable due to ample options of transport available. Further, the resources have been acquired from authentic suppliers which will help in getting success. Moreover, a budget has been made based on the income and expenditure which will help the project manager to decide every task within a limit of the budget.

References

Kerzner, H., 2013. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Larson, E.W. and Gray, C., 2013. Project Management: The Managerial Process with MS Project. McGraw-Hill.

Wysocki, R.K., 2011. Effective project management: traditional, agile, extreme. John Wiley & Sons.

Flyvbjerg, B., 2013. From Nobel prize to project management: getting risks right. arXiv preprint arXiv:1302.3642.

Shields, P.M. and Rangarajan, N., 2013. A playbook for research methods: Integrating conceptual frameworks and project management. New Forums Press.

Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.

Meskendahl, S., 2010. The influence of business strategy on project portfolio management and its success—a conceptual framework. International Journal of Project Management, 28(8), pp.807-817.

Verzuh, E., 2015. The fast forward MBA in project management. economics& Sons.

Gido, J., Clements, J. and Clements, J., 2014. Successful project management. Nelson Education.

5 Basic Phases of Project Management. 2017. [Online]. Available through < https://www.projectinsight.net/project-management-basics/basic-project-management-phases>. [Accesssed on 19^th September, 2017].