assignment 1 – project3

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assignment 1 – project3

Scenario 3

Part a

Purpose

The purpose of this project is to build this big house into a bed and breakfast for tourists.

Goals

Become an attraction for both national and international tourists.

Parameters

Price can’t be high as the house is quite old and not a commercial company hotel.

Project stakeholders

Me, tourists, tour companies

Resources

The resources required for this project include any sort of renovation requirements, tools, money and equipment.

Part B

Goals

Gather tourists from national and international areas, become a very famous bed and breakfast for tourist and hikers.

Timeline

Roles and responsibility

I have most roles and responsibilities as this will be an individual project. I will hire others to do some tasks, however the overall responsibility will be mine.

Details

The first month will be the designing, planning and analysing process. Then the preparations will be made. Once all preparations are completed, the project will be implemented. This will last 2 months and after, the monitoring and review will be done.

Risk Management Plan

Project Budget

This project will be very expensive because of the renovations, furniture and bedding requirements.

Project will be roughly $50,000. Including all equipment and sports equipment.

Part C

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assignment 1 – project3
Last updated: Feb 2024

Page 1

Part C

All the details and plans will be written down and illustrated so that the final product of this project can be imagined beforehand. All aspects will be taken into consideration and the outcomes will be compare to design and the plan details.

All transactions will be monitored to ensure that the costs can be calculated and compared to the budget.

Key to success

  • Make sure that the company has enough customers.
  • Use budgets to identify financial goals and objectives
  • Ensure that the quality of products are the best that can possibly be provided.
  • Become a leader in the Market
  • Component of KPIs

    Objectives – identifies what the project is meant to achieve. These are the goals of the project.

    Measurement – what the company used to measure the progress and quality of the work. What types of strategies were used to measure the project’s progress.

    Target – reaching the targets and goals. Identifying what tasks must be completed and when they must be completed.

    There are many risks to consider when creating a new business in an established market. The risk evaluation process I would use would be the PEST analysis which identifies most market risks. Political risks, Economic Risks, Social Risks and Technological risks are all identified and discussed in the PEST analysis.

    Part D

    There will be a comparison between the real performance and results and the expected performance and results which can then identify the performance gap of this project.

    I will also have to identify the causes of these gaps and the way to prevent them for future projects.

    Some lessons that I learn are things like orgnaisation skills is very important in this project. Most important thing is to organise all plans and implement that strategies as best as possible.

    ...

    assignment 1 – project3
    Last updated: Feb 2024

    Page 2

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