MBA643 Project Risk, Finance, and Monitoring Report 3 Sample
Assignment Brief
This assessment is a culmination piece in which students can combine the information they have accumulated from weeks 1 to 12 and in the first and second assessments and apply key concepts, methodologies, tools and techniques in a real-life project. In doing so, students will take the necessary steps to research, interpret, critically analyse, and synthesise data about a project from different sources and reflect on different approaches to risk, finances, monitoring and ethical considerations according to the industry's best practices. This will also allow students to create comprehensive and reliable project reporting that meets industry standards by presenting knowledge, skills and ideas to specialist and non- specialist stakeholders.
Instructions
For this assessment, presume the role of a project manager for one of the projects listed below and present a comprehensive Project Management Plan to a broad audience of stakeholders. Also, you are to assume the project "GO" decision has been taken and that you are currently in the planning stage of the project's life cycle, finalising the project management plan to define how the project will be managed and delivered. Please refer to the three case studies provided on MyKBS > MBA643 > Assessments > Assessment 3.
Please note that the links give only an initial outline of the project's delivery, and substantial additional research will be required to complete your assessment successfully. Once you have conducted thorough research about your chosen project, you are then required to prepare a 2500-word Project Management Plan containing the following information:
• Project overview
o Project background, industry, goals and objectives.
• Baselines for scope, schedule, and quality.
• A comprehensive risk management plan that must include:
o Highlight at least eight (8) specific risks to the project.
o Analyse, classify, categorise and prioritise the risks, with your rationale for each step.
o Describe the areas where the risk could impact the project.
o Discuss possible solutions to mitigate risks and plan for the issues.
• Critically analyse, reflect and transmit your concerns on possible ethical and/or regulatory considerations to the project.
• A comprehensive cost management plan that must include:
o Project budget
o Budget allocations with rationale and application of at least one (1) Project Management Tool aligned with the industry best practices.
o Expected return on investment of the project.
• A change management plan that must include:
o A change control board,
o Definition of levels of authority X approvals
o Description of how the change control system will be implemented.
• A communications management plan that must include:
o Stakeholders who will receive the information (A minimum of 5 stakeholders)
o Stakeholder engagement scheme
o Stakeholder communication requirements
o Timeframe and frequency for the distribution of required information
o Methods or technologies used to convey the information
As this is a professional report, you are expected to complement your research and present your plan with matrix diagrams, tables, or other formats to present your findings clearly and concisely in a way that aligns with best practices in project management. Also, your report must include the following:
• Title page, table of contents, reference list and appendix – Not included in the wording count.
In addition to your written analysis and survey results, you must use at least ten (10) sources of information and reference these appropriately. These may include websites, social media sites, industry reports, census data, journal articles, and newspaper articles. These references should be presented as in-text citations and a reference list at the end of your video. Wikipedia and other 'popular' sites are not to be used.
Solution
Project Overview
Project Background
Olympic and Paralympic Village is a district that will host the athletes and their support staff during the event which is part of Paris 2024 Summer Olympic Games. This project is one of the key components of the preparation the Olympics and its idea is to develop a new ecological, qualitative urban quarter that will become post-Olympics living-commercial area (Groschl 2021).
Goals and Objectives
• Provide temporary, high-quality accommodation for athletes and also officials during the Olympic and Paralympic Games.
• Develop a sustainable, long-term urban district integrated specifically into the Greater Paris area for university assignment help.
• Enhance local infrastructure and also stimulate economic growth.
Baselines for Scope, Schedule, and Quality
Scope Baseline
• Project Deliverables:
• Construction of 2400 accommodations.
• Development of 119,000 m² of facilities including offices, commercial spaces, and sports amenities.
• Creation of extensive public spaces covering 49% of the project area.
• Implementation of sustainable energy solutions and green spaces.
• Inclusions:
• Housing units, office spaces, sports facilities, public parks, commercial areas.
• Infrastructure improvements like roads, public transport connections, and also environmental enhancements.
• Exclusions:
• Facilities not directly related to the Games (e.g., additional commercial developments post-Games).
Schedule Baseline
• Key Milestones:
• Start of studies
• Paris appointed as host city
• Launch of studies
• Submission of development guide-plan
• Start of construction
• Completion of Olympic Village
• Olympic Games
• Transformation to residential district
Quality Baseline
• Standards and Requirements:
• Compliance with Paris 2024 Olympic Committee standards.
• Adherence to French building regulations and environmental laws.
• LEED certification for sustainable building practices.
• Regular quality audits and inspections during construction.
Risk Management Plan
Risk Matrix
Risk Analysis, Classification, and Prioritization
1. Construction Delays:
Thus, if the construction period is extended, it will also translate to increased likelihood of not meeting the set deadlines for project delivery. In spite of the fact that the construction of such large-scale construction projects normally takes a considerable amount of time, certain unfavourable circumstances may appear, including adverse weather conditions or strikes of the construction workers, as well as other changes in constructing the mentioned buildings, which may lead to the appearance of new problems on the construction site. These time losses can in turn shift the general schedule for the project delivery which is possibly compromising the preparedness of the village in accommodating Olympic Games (Parent 2020). To reduce this high-probability, high-impact risk, constant monitoring of the project schedule and other facets are necessary, as well as adequate consideration and planning for worst-case scenarios.
2. Budget Overruns:
The most essential risk factor that can make the project risky for the organization is related to the issue of budget overruns. This risk results from the extent and scope needed to build the Olympic Village and grinding which may cause an increase in costs of materials and contractor rates. These are consequences which lead on institutional development of financial stress together with transferring of spectacles of different traits of a project. To manage this: Risk type Probability x impact medium x High A detailed cost control plan and a contingency budget must be put in place to avoid such a predicament.
3. Environmental Impact:
Social and environmental aspects can be expected in the construction and use of Olympic Village of Vancouver. The other disadvantages are negative effects on the environment, such as negative effects on the scope, pollution of the surrounding territories, and the increase in the carbon footprint. The implications of such impacts may trigger actions from the regulatory bodies and public condemnation, which may demean the project. By having an effective environmental management plan, overall compliance with sustainability measures, and constant audits and assessments, the probability of encountering these risks can be managed since they are categorized as having medium probability but medium impacts (Limb et al. 2020).
4. Safety Hazards:
Consequently, safety hazards during the construction process are a concern as it may lead to harm to the employees or fellow workers as well as loss of reputation in the projects. These include cases of work-related injuries, death, or even compensation that may be extended to the victims when operating in hostile environments or during risky operations. Safety hazards, therefore, pose a high risk despite having low probabilities of occurrence Hence, there should be strict safety measures and safety training, frequent security policies check, and enforcement of stringent measures to ensure that employees do not suffer from the effects of safety hazards.
5. Regulatory Changes:
From, some of the differences included the possibility of new policies to alter the plans of a project or hindering construction schedules. Market regulation shifts may compel changes in the design, approval or compliances resulting in time overrun and associated cost implications. This is a medium-probability, medium-impact risk; hence, remaining vigilant of regulatory changes and engaging with the authorities as they emerge will go a long way in preventing this risk from happening in the first place (Gilbert 2023).
6. Stakeholder Conflicts:
Interparty disputes also influence the government, communities, and internal and external partners of a project to slow down the progress of the project. These are: Stakeholder conflicts can be as follow- Interests, information sharing, and objectives. However, as mentioned earlier, the possibility of resolving these conflicts on time is low, and the consequences of their absence can be serious. Through proper engagement of stakeholders and communication and obtaining solutions to conflict, this low probability, relatively moderate impact risk can be dealt with.
7. Supply Chain Disruptions:
One of the risks that are associated with Supply Chain Management is the risk of project delays due to the long-time taken before materials or equipment can be supplied. This risk includes factors like supply chain risks, which is the variability in supply chains from around the globe, or transportation risks, and supplier risks. Some of the measures that may effectively help minimize such a medium-probability, medium-impact risk are supply chain diversification with precise monitoring of the key suppliers and evaluation of the potential substitutes.
8. Post-Games Transition Issues:
The conversion of the space that accommodated mega-events into ordinary people’s living environment is an informative process that requires much planning and effort. Concerns can be also come up with regards to utilization of the facility, modifications in the infrastructure, and connections with current city environments. Such challenges may result to delay, time consumption or even lead to extra expense. This is a medium-probability, high-impact risk and to avoid it, it is important to start early the planning for the post – Games phase employment, clear and feasible transition strategies to be developed and implemented as well as effective collaboration with stakeholders involved.
Ethical and Regulatory Considerations
Ethical Considerations
In most organizational practices, ethicality plays a crucial role in dealing with organizational practices and other issues and when managing the Olympic and Paralympic Village project, ethical standards are forces that will play critical roles when it comes to determining the success and integrity of the project. The project has to ensure that they have progressive policies which are friendly to employees and contractors and they have to ensure that they implement safe working conditions for all employees. This pertains to the rights of all workers to be paid reasonable wages plus being given reasonable time to rest as well as being protected against risks and stress originating from their working conditions (Ba? & Delaplace 2023). Not only does such practices conforms to acceptable levels of ethical practice, but it also helps to strengthen organizational culture, especially in relation to working conditions, and increases productivity.
Another form of ethical consideration is the ability of managers or those in charge of financial responsibilities to exhibit accountability and all financial dealings. The mentioned functional activities raise the necessity to perform the financial transactions of the project with maximum clearness of all expenses and provision of the opportunities for their revising by the stakeholders. This practice ensures that there are measures put in place to combat or eradicate corruption and misuse of funds, which is important in keeping investors, government and the public in trust.
Environmental responsibility also emerges as another important ethical consideration by holding strong commitment towards environment. To fit into the project objectives and goals, the project should aim at not having a negative impact in the environment through sustainable construction, efficient utilization of space, resource and energy conservation (Della Sala 2022). It is not only timely a move that will help address problems affecting the natural environment but also in line with environmental conservation initiatives across the globe that pertain to the effects of climate change.
Regulatory Considerations
Adherence to French building code/standards and the general safety standards is another legal provision that is mandatory in the undertaking of the project. This concerns the standards concerning construction and material used in structures, fires, and construction techniques. Periodic check-up and assessment should be conducted to check on some of these aspects since they will help in protecting the life of the workers and people who will be moving into the houses in future.
Following environmental laws that have been put in place is also a consideration that cannot be ignored. It was also noted that the project must follow national and international standards for the protection of natural resources that bar pollutions. By adhering to these regulations, the project is not only saved from legal repercussions, but it also supports the latter mission and vision of the society (Song 2022).
Another important regulatory factor relates to the observation of the set guidelines on the company’s alignment with the Olympic Committee. They are; Each member of the team must be provided with accommodation that meets certain requirements set by Olympic Committee; The facilities in the village, which range from accommodation, dining, recreation and other services must be well equipped to meet the set standard by Olympic Committee; The physical infrastructure put in place to support each village including constructions, utilities, and other necessary installations have to be constructed to fit the standards of the Olympic Committee. It is therefore important for the host country to ensure that these requirements are met to enhance success when hosting the Games and to uphold the reputation of the hosting city.
Cost Management Plan
Project Budget
• Total estimated budget: $1.5 billion.
Budget Allocations
• Construction costs: $1.1 billion.
• Infrastructure improvements: $200 million.
• Environmental and sustainability measures: $100 million.
• Contingency fund: $100 million.
Project Management Tool
Bottom Up Budget
Among the parametric, analogous, top-down and bottom-up approach, bottom-up technique has been chosen for the cost allocation to the tasks and then finally inferred the budget of the project.
Expected Return on Investment (ROI)
• Enhanced urban infrastructure.
• Increased property values and economic growth.
• Long-term revenue from residential and commercial spaces.
Change Management Plan
Change Control Board
The Change Control Board comprises of several members who have the overall authority of approving considerable alterations to the project. The members include the project manager, key stakeholders, the financial officers, and the regulatory compliance officers through the CCB. It is made up of members from different fields to ensure that changes are challenged from different aspects such as technicality, cost implications, legal factors, and different stakeholders’ requirements.
Levels of Authority and Approvals
Changes are categorized into minor and major changes, each requiring different levels of approval:
• Minor Changes: It is a change that has most or all of the following characteristics – It is small, does not cause a shift in the project scope, cost, time, or quality. They may include some changes that involve shifting the project schedule a little, or small changes that affect budgets slightly. Usually, the project manager has the right to sign off the incidental modifications of the plan. This prevents small changes from undergoing a lot of unnecessary reviews before work can continue, since this process can be easily accomplished in a short time (ZHANG & Chen 2021).
• Major Changes: This may alter the dimension and complexity of the project by either expanding or reducing the tasks docket, estimating costs, proposing period of work or generally affecting the quality of work to be delivered. For instance, when changes occur that shift the project output, when there is a significant escalation in the costs of the project, or when there is a proposal to extend the deadline of the project. Some changes must be viewed and sanctioned by the Change Control Board, particularly any changes in the major components of the system.
Change Control System Implementation
This makes it possible for various changes to be implemented under a set standard and in a coordinated and documented format. The implementation of this system involves several key steps: The implementation of this system involves several key steps:
• Formal Change Request Process: Therefore, all changes that we want to propose should be done through a formal change request form template. Within this form, information on what the change would be, why the change is required, and what the consequences of the change on the project would be are provided.
• Impact Analysis and Documentation: Talking about the procedures followed to address the change requests, it is important to note that a detailed impact analysis is routinely performed for every change request that is made (Lee 2021). This evaluation examines how the change impacts aspects such as scope, time, cost, and quality in the project, as well as risks.
• Approval Workflow and Communication: When the assessment of the impact is done, the change request is forwarded through the needed approval cycle. Regarding minor modifications, the approval of the project manager is required and can be done through the Record of Decision (Zembri-Mary & Engrand-Linder 2023). For change that affects a large reform, the change request is forwarded to the Change Control Board for authorization.
Communications Management Plan
Conclusion
This project management plan defines the integrated framework and the detailed approach to constructing the Olympic and Paralympic Village for the Paris 2024. This has involved both overall project structures and timeline, resource and risk management strategies, key ethical considerations, cost and change management, and plan for a communication strategy that will ensure the delivery and sustainability of this major urban regeneration scheme.
References
Ba?, A. & Delaplace, M 2023, March, ‘Bidding for Olympic and Paralympic games, a tool for transportation investments and tourism? The case of Istanbul’, In Journal of Convention & Event Tourism, vol. 24, no. 2, pp. 182-204. Routledge. retrieved 1 June 2024, https://www.researchgate.net/profile/Ahmet-Bas-7/publication/366642423_Bidding_for_Olympic_and_Paralympic_games_a_tool_for_transportation_investments_and_tourism_The_case_of_Istanbul/links/63d22d766fe15d6a574b96be/
Bidding-for-Olympic-and-Paralympic-games-a-tool-for-transportation-investments-and-tourism-The-case-of-Istanbul.pdf?origin=journalDetail&_tp=eyJwYWdlIjoiam91cm5hbERldGFpbCJ9
Della Sala, V 2022, ‘The Olym-pic Village and the Olympic Urbanism: Perception and Expectations of Olym-pic Specialists’, Bollettino della Socie-tà Geografica Italiana, pp. 51-64. retrieved 1 June 2024, https://www.bsgi.it/index.php/bsgi/article/download/1796/6768
Gilbert, O 2023, ‘The Olympic Games: social and environmental innovation. Field Actions Science Reports’, The journal of field actions, (Special Issue 25), pp. 20-23. retrieved 1 June 2024, https://journals.openedition.org/factsreports/pdf/7128
Groschl, S 2021, ‘Planning and organizing the Olympic and Paralympic Games: the case of Rio 2016’, Sport, Business and Management: An International Journal, vol. 11, no. 4, pp. 365-383. doi: https://doi.org/10.1108/SBM-06-2020-0057
Lee, J.W 2021, ‘A thin line between a sport mega-event and a mega-construction project: The 2018 Winter Olympic Games in PyeongChang and its event-led development’, Managing Sport and Leisure, vol. 26, no. 5, pp. 395-412. doi: https://doi.org/10.1080/23750472.2020.1834872
Limb, E.S., Procter, D.S., Cooper, A.R., Page, A.S., Nightingale, C.M., Ram, B., Shankar, A., Clary, C., Lewis, D., Cummins, S. & Ellaway, A 2020, ‘The effect of moving to East Village, the former London 2012 Olympic and Paralympic Games Athletes' Village, on mode of travel (ENABLE London study, a natural experiment)’, international journal of behavioral nutrition and physical activity, vol. 17, pp. 1-11. retrieved 1 June 2024, https://link.springer.com/content/pdf/10.1186/s12966-020-0916-0.pdf
Parent, MM 2020, Organizing the Olympic Games. In Routledge Handbook of the Olympic and Paralympic Games, pp. 171-182. Routledge.
Song, C 2022, ‘The Perceived Sustainability of Sports and Social Legacy Goals of Beijing Summer and Winter Olympic and Paralympic Games’, Int. J. Phys. Educ. Fit. Sports, vol. 11, no. 2, pp. 1-12. retrieved 1 June 2024, https://www.researchgate.net/profile/Charlie-Song-2/publication/360252837_The_Perceived_Sustainability_of_Sports_and_Social_Legacy_Goals_of_Beijing_Summer_and_Winter_Olympic_and_Paralympic_Games/links/631772feacd814437f0ac255/The-Perceived-Sustainability-of-Sports-and-Social-Legacy-Goals-of-Beijing-Summer-and-Winter-Olympic-and-Paralympic-Games.pdf?origin=journalDetail&_tp=eyJwYWdlIjoiam91cm5hbERldGFpbCJ9
Zembri-Mary, G. & Engrand-Linder, V 2023, ‘Urban planning law in the face of the Olympic challenge: Between innovation and criticism of exceptional urban regeneration’, Local Economy, vol. 38, no. 4, pp. 369-388. doi: https://doi.org/10.1177/02690942231216045
ZHANG, X. & Chen, L 2021, ‘Temporary design and the Olympics: a research by design proposal for Paris 2024 Summer Olympic Games’, retrieved 1 June 2024, https://www.politesi.polimi.it/bitstream/10589/196777/3/final%20thesis.pdf
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