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.
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.
The stakeholders who are involved within the project are listed below:
The assumptions of the project are as follows:
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.
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.
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.
The deliverables of the project are as follows:
The high-level deliverables of the project are as follows:
The team members and their roles are provided in the below table:
|
Team member |
Roles |
Mobile |
|
Signature |
|
Project manager |
The project manager manages the entire project. |
NA |
NA |
William Watson |
|
Broker |
The broker engages in searching for the summer apartments. |
NA |
NA |
James Anderson |
|
Organizer |
The organizer engages in organizing the paper works for the apartment. |
NA |
NA |
James Anderson |
|
Solicitor |
They generally help in surveying valuation as well as property. |
NA |
NA |
Andrew Lee |
|
Contractor |
The contractor engages in taking the contract for buying an apartment. |
NA |
NA |
James smith |
|
Project Planner |
The project planner engages in making proper planning for the project. |
NA |
NA |
Stephen smith |
The stakeholder’s communication matrix is provided in the table below:
|
Purpose |
Frequency |
Responsible person |
Ways of communication |
|
To know about the value of the property |
Once |
Project manager |
Video conference, face to face |
|
To finalize the offer |
Once |
Contractor |
Video conference, face to face |
|
For exchanging the contracts |
weekly |
Contractor |
Video conference, face to face |
|
For organizing finances |
Weekly |
Organizer |
Video conference, face to face |
The triple constraint view of the project is provided below:
Time:40 days
Scope: To buy summer apartment
Cost: $1,051,640.00
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.
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.
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.
The deliverables of the project include:
|
Milestone |
Completion date |
|
Milestone 1: Completion of initiation phase |
Thu 02-08-18 |
|
Milestone 2: Solicitor arrangement phase completion |
Wed 22-08-18 |
|
Milestone 3: Mortgage finalization completion |
Fri 07-09-18 |
|
Milestone 4: Completion of closure phase |
Mon 17-09-18 |
The constraints of the project include:
|
WBS level |
WBS |
Task Name |
Duration |
Responsible |
|
0 |
Buying a summer apartment in London |
40 days |
||
|
1 |
1 |
Initiation phase |
8 days |
|
|
2 |
1.1 |
Developing plan |
1 day |
Project manager |
|
2 |
1.2 |
Organizing finances |
3 days |
Organizer |
|
2 |
1.3 |
Register with MylondonHome |
1 day |
Project planner |
|
2 |
1.4 |
Search for property |
1 day |
Broker |
|
2 |
1.5 |
Viewing apartment in London |
1 day |
Project manager |
|
2 |
1.6 |
Putting forward an offer |
1 day |
Project planner |
|
1 |
2 |
Arranging a solicitor |
14 days |
|
|
2 |
2.1 |
Valuation survey |
2 days |
Organizer |
|
2 |
2.2 |
Property survey |
2 days |
Broker |
|
2 |
2.3 |
RICS condition report |
3 days |
Contractor |
|
2 |
2.4 |
RICS homebuyer report |
2 days |
Organizer |
|
2 |
2.5 |
Building or structural survey |
3 days |
Contractor |
|
2 |
2.6 |
Finalizing an offer |
1 day |
Project planner |
|
2 |
2.7 |
Proper communication |
1 day |
Project manager |
|
1 |
3 |
Finalizing the mortgage |
12 days |
|
|
2 |
3.1 |
Offer accepted |
1 day |
Contractor |
|
2 |
3.2 |
Conveyancing and searches |
2 days |
Project planner |
|
2 |
3.3 |
Exchange of contracts |
1 day |
Contractor |
|
2 |
3.4 |
Enquiries on the property |
2 days |
Solicitor, Apartment cost [1] |
|
2 |
3.5 |
Exchange of contracts |
2 days |
Project manager |
|
2 |
3.6 |
Signing contracts |
1 day |
Project manager |
|
2 |
3.7 |
Transfer of funds |
2 days |
Broker |
|
2 |
3.8 |
Setting manually agreed completion date |
1 day |
Project manager |
|
1 |
4 |
Closure phase |
6 days |
|
|
2 |
4.1 |
Remaining money owed |
2 days |
Organizer, Other cost [1] |
|
2 |
4.2 |
Paying a mortgage account fee |
2 days |
Contractor |
|
2 |
4.3 |
Paying solicitor bill |
1 day |
Solicitor |
|
2 |
4.4 |
Completion |
1 day |
Project planner |
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
|
Activities |
Project manager |
Broker |
Organizer |
Solicitor |
Contractor |
Project planner |
|
Developing plan |
R, A |
I |
C |
|||
|
Organizing finances |
I |
R, A |
C |
|||
|
Register with MylondonHome |
R, A |
I |
C |
|||
|
Search for property |
I |
R, A |
C |
|||
|
Viewing apartment in London |
I |
R, A |
C |
|||
|
Putting forward an offer |
I |
R, A |
C |
|||
|
Valuation survey |
C |
R, A |
I |
|||
|
Property survey |
C |
R, A |
I |
|||
|
RICS condition report |
C |
R, A |
I |
|||
|
RICS homebuyer report |
C |
R, A |
I |
|||
|
Building or structural survey |
C |
R, A |
I |
|||
|
Finalizing an offer |
I |
R, A |
C |
I |
||
|
Proper communication |
I |
R, A |
C |
|||
|
Offer accepted |
I |
R, A |
C |
|||
|
Conveyancing and searches |
I |
R, A |
C |
|||
|
Exchange of contracts |
I |
R, A |
C |
|||
|
Enquiries on the property |
R, A |
C |
I |
|||
|
Exchange of contracts |
R, A |
C |
I |
|||
|
Signing contracts |
I |
R, A |
C |
|||
|
Transfer of funds |
I |
R, A |
C |
|||
|
Setting agreed completion date |
I |
R, A |
C |
I |
||
|
Remaining money owed |
I |
R, A |
C |
I |
||
|
Paying a mortgage account fee |
I |
R, A |
C |
|||
|
Paying solicitor bill |
I |
R, A |
C |
I |
The most important cost estimate techniques are compared in the table below:
|
Analogous estimating |
Parametric estimating |
Three-point estimating |
Bottom up estimating |
|
This technique is generally used for estimating the cost of the project when very much less detail about the project is present |
It generally utilizes historical data in order to calculate the cost but it generally utilizes statistical data. |
This technique is generally utilized for reducing the biases as well as uncertainties in the cost estimation technique |
This technique of estimation is considered to be very much accurate as well as time consuming. |
|
It is considered as the fastest technique for estimating cost accurately |
This is much more accurate than analogous estimation |
It is more accurate than analogous and parametric techniques |
This is the most accurate technique. |
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) |
SV |
CV |
EAC |
BAC |
VAC |
|
Buying a summer apartment in London |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 1,051,640.00 |
$ 0.00 |
-$ 1,051,640.00 |
|
Initiation phase |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 2,360.00 |
$ 0.00 |
-$ 2,360.00 |
|
Developing plan |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 320.00 |
$ 0.00 |
-$ 320.00 |
|
Organizing finances |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 840.00 |
$ 0.00 |
-$ 840.00 |
|
Register with MylondonHome |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 320.00 |
$ 0.00 |
-$ 320.00 |
|
Search for property |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 240.00 |
$ 0.00 |
-$ 240.00 |
|
Viewing apartment in London |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 320.00 |
$ 0.00 |
-$ 320.00 |
|
Putting forward an offer |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 320.00 |
$ 0.00 |
-$ 320.00 |
|
Arranging a solicitor |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 3,920.00 |
$ 0.00 |
-$ 3,920.00 |
|
Valuation survey |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 560.00 |
$ 0.00 |
-$ 560.00 |
|
Property survey |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 480.00 |
$ 0.00 |
-$ 480.00 |
|
RICS condition report |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 840.00 |
$ 0.00 |
-$ 840.00 |
|
RICS homebuyer report |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 560.00 |
$ 0.00 |
-$ 560.00 |
|
Building or structural survey |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 840.00 |
$ 0.00 |
-$ 840.00 |
|
Finalizing an offer |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 320.00 |
$ 0.00 |
-$ 320.00 |
|
Proper communication |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 320.00 |
$ 0.00 |
-$ 320.00 |
|
Finalizing the mortgage |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 1,003,600.00 |
$ 0.00 |
-$ 1,003,600.00 |
|
Offer accepted |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 280.00 |
$ 0.00 |
-$ 280.00 |
|
Conveyancing and searches |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 640.00 |
$ 0.00 |
-$ 640.00 |
|
Exchange of contracts |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 280.00 |
$ 0.00 |
-$ 280.00 |
|
Enquiries on the property |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 1,000,640.00 |
$ 0.00 |
-$ 1,000,640.00 |
|
Exchange of contracts |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 640.00 |
$ 0.00 |
-$ 640.00 |
|
Signing contracts |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 0.00 |
$ 320.00 |
$ 0.00 |
-$ 320.00 |
|
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 |
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
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.
The risks that are associated with the project are listed below:
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.
The risks that are associated with the project can be managed with the help of the steps that are elaborated in the table below:
|
Risk |
Impact |
Probability |
Mitigation |
|
Finding wrong broker |
High |
High |
Right broker must be identified. |
|
Inappropriate survey |
High |
Medium |
Proper survey needs to be conducted in order to resolve the issue. |
|
Lack of knowledge |
Medium |
Medium |
Proper knowledge about the apartment needs to gained before buying. |
|
Inappropriate document verification |
High |
High |
All the documents must be properly verified. |
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.
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.
|
The project manager engages in reviewing the project closure report. |
|
|
Documents |
Roles |
|
Feasibility report |
To analyze that the project is feasible |
|
Status report |
To focus on the progress of the project |
|
Final document |
It reflects that the project is completed successfully. |
Stakeholder’s signoff:
|
Position |
Signoff (Signatures) |
|
Project manager |
William Watson |
|
Broker |
James Anderson |
|
Organizer |
James Anderson |
|
Solicitor |
Andrew Lee |
|
Contractor |
James smith |
|
Project Planner |
Stephen smith |
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