PROJMGNT 2021 Project Management For Rental Property
Answer:
Project Selection Prioritization Matrix
Below is an example of how calculations in a trade-off matrix are performed:
|
Project/Selection Criteria |
Criteria A |
Criteria B |
| ||
|
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:
Old Farm House Business Case
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 |
|
Scope Overview
Milestone Schedule and Deliverables
|
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 |
Initial Risk Identification
|
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 |
Resources Required
|
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 |
Initial Stakeholder Identification
|
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 |
Team Operating Principles
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
Lessons Learned
Please list a minimum of three Lessons Learned you believe can contribute to your project:
- Scheduling Methodology
- Resource Management
- Risk Management
Commitment
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 |
Communication plan, WBS, and RACI
Stakeholder Prioritization Matrix
|
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 |
Project Communications Matrix
|
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 |
Work Breakdown Structure
Investment project: The Old Farm House
|
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 | |||||
|
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 |
|
Bibliography
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