MBA 6231

MBA6231 - 6.docx

Last Name, 5

Student Name

Institution

Course Code

Instructor Name

Table of Content

Executive Summary ………………………………………………………….……. 3

Project Scope Statement……………………………………………………………. 11

Cost Estimate…………………………………………………………………….…. 14

Risk Matrix………………………………………………………………………….. 17

Project Evaluation………………………………………………………………….. 19

Reference List……………………………………………………………………….. 21

Executive Summary

Project Background

This is a proposal for a social entertainment lounge to be hosted in Chicago, IL. The project will involve holding a series of events in Chicago with the aim of introducing into the market a new lounge in the city of Chicago IL. The series of events will be centered towards adding value to the attendees and not just the party organizers. Michael Joseph Place will focus on a mature and professional crowd living in Chicago together with those in the city for conferences among other events. This will be a place for them to not only relax and enjoy the evening but also a place for networking. The environment will be conservative and exquisite offering live music and a focus on mature clientele. All this has been done with the aim of creating and building not just a social experience but also a professional one. There is no such a place in Chicago, IL and therefore it is expected that the business will perform well.

Objectives

· Take advantage on an exquisite location

· Have a highly publicized event for the grand opening

· Ensure that the costs, cash flow and operations are well managed.

· Ensure that food costs are reduced by 33%

· The total average beverage costs to be below 25%

· The event will be used to showcase what Michael Joseph Place is offering

· Have a professional audience thereby enabling networking opportunities for them.

· Host a certain number of events with an attendance of approximately 125 patrons

· Create a lounge that allows dancing, conversation and dining as well while still maintaining its sophistication.

· .

Project Scope

The project involves creating an event that is marketable, upscale and attracts professionals in different fields. It’s expected that the project will have been completed by August of 2018. The event will involve fine dining, exquisite atmosphere, live music and social interactions. As the project manager I will endeavor to develop the vision, scope, and mission and ensure that everything is per plan and within budget as well. I will be designing the event décor, come up with a menu and hire a caterer as well. The venue will have to be selected and booked for the eventful evening. This will be done quarterly basis for the next one year. One of the most important duties for the project manager is attract investors and acquire the licenses. The investors have to be engaged and buy in the idea of the project.

· Constraints

The highest likely constraint at the moment is related to the venue. I am worried that the venue might not pull the expected crowd for this event due to its location. Getting an approval to hold a special event is likely to be another constraint. The hired caterer will be a freelancer and therefore there is a chance that he could be late or deliver food that is not up to standards. The guests are expected to come driving, and therefore parking is likely to be an issue. The hired staffs will be serving professionals and are therefore expected to meet high standards in customer service. The temperatures will need to be well controlled to offer the expected ambience. Advertisements should be done in an orderly, timely manner to ensure that they do not interrupt the event.

· Dependencies

Investors are key determinants of the success of this event which targets a private professional crowd. Marketing will also determine the level of attendance to this event and especially now that it will be at night. The event will be defined as a success if the attendance is encouraging and that the business professionals are cooperative. The staff have to arrive on time, food needs to be delicious while the ambience needs to be relaxing and well planned.

· Assumptions

The assumption of this project is that once there is a good offering to the target clients they will attend. The clients need to be aware that this location will be exquisite, upscale and tranquil. The assumption is that since there is no such location in Chicago, IL within 100 miles radius clients will come. Failure to attend by the target audience will mean that the event will not be successful. The marketing strategy is that we will aim to attract a certain audience thereby enabling a connection of various professional relationships.

Project Milestones and Deliverables

These dates are an estimation of when it will take to complete one task to the other and the completion of the project management process. The milestone communicates the goals and expectations of the project manager, investor and other stakeholders. It also helps to ensure that each team is aware of the expectation in terms of both deadline and deliverables. It helps in making the plan clear and precise. There will be quarterly meetings to review the progress and also come up with any changes that may be needed.

The quarterly meeting will be held between all stakeholders who need to communicate their feedback so far and raise concerns. Changes in the process will be made and the potential risks discussed while making new plans for the future milestones. The project manager will also send monthly emails to communicate the achievement so far.

Project Charter

Project Title: Michael Joseph Place, The place to be

Project Start Date: 25/7/2018

Projected Finish Date: 25/12/2018

Budget Information: $ 4,500.00

Project Manager: Student name, [email protected], 210- 105 - 6676

Business Need

The project manager will be hosting an evening lounge event that will be targeting the clientele to an upscale lounge to be built in downtown. Through such an event the city will have a positive exposure.

There will be need for effective marketing, music, modern décor and most likely investors. The menu for food and drinks will need to be within budget. The venue needs to have amiable space and adequate seats for all guests.

The first step to this project involves coming up with a plan on a piece of paper. Once this is done the next step will involve selection of vendors to various goods and services. Once everything has been put to perspective the next stage will be to involve investors who will include local business owners. These investors will be encouraged to do so with the exchange for them to market and advertise their products at the event. We will have three packages for investors including Silver, Gold and Platinum packages.

Project Objectives

The proposal is to have a social entertainment evening lounge in Chicago. The project managers will be showcasing the new concept of entertainment by holding a series of events known as “The Place to be!”

· The events will be used to showcase the atmosphere that the new lounge will be offering

· The events will offer the professional audiences an opportunity to network while at the same time being entertained.

· The events will be targeting an audience of 150 attendants

· To have an environment where attendants can dance, dine and drink socially while discussing business.

Approach

This project will be managed in accordance with the PMI approach as modified.

Assumptions/Constraints/Dependencies

The assumption is that with the provision of an exquisite and upscale venue that is mature in Chicago, IL, will be successful due to the fact that there is no such a venue within a 100 mile radius.

One of the likely constraint is finding a venue that grabs attention of the targeted crowd.

The success of these events depends on attracting two sets of individuals. One of them is investors and the other is private professionals who will attend a social event at night.

Initial Risk Factors

· Obtaining a liquor license on time for the event is the major risk factor.

· Failure of attendees despite investing money and time is another risk.

· Failing to complete the organizational plans within 30 days before the event series begin.

· Not attracting any viable investors

Regulatory cost/impact

One of the needed licensing is from the city council where I will be required to get a special event license. This will enable us to have alcohol in the premises. There will be need for security and fire reviews from the respective departments of city council. The parking code and regulations for the venue will also have to be looked into seriously.

Roles and Responsibilities

Sign-Off

Michael Joseph

Student Name

Comments

No comments at this time

Project Scope Statement

This project will consist of creating a marketable, upscale, and social events custom designed based on the professional clientele. The project will be completed by August, 2018. The evening will consist of fine dining, live music and innovative and exquisites atmosphere.

The signatures above indicate an understanding of the purpose and content of this document by those signing it. By signing this document, they agree to this as the formal Project Scope Statement document.

Cost Estimate

Risk Matrix

Project Name: “1st Quarterly evening hosted by Michael Joseph”

Project Lessons

The project manager is an individual who has the responsibility of seeing a project from the start to completion. Their duties include planning, management of persons, resources and ensuring that the scope of the project is achieved. The individual creates objectives that they see them through to completion without any hitches. As per the project management plan and acting as the project manager I would say that the project was 95% successful. The time and budget were on point though there were some minimal errors. The project involved a small team of individuals and therefore it was easy to communicate effectively. Constant and effective communication is crucial for the completion of any project.

During the operation of the project the scope had to be modified so as to accommodate new changes and ideas. These changes were minimal and did not affect the budget nor the timeline. The ideas touched on issues such as advertisement and the event décor. All the set objectives were achieved and on time. There was an issue with the caterer and the project manager had not made provisions for a back-up. This is the reason there was a 5% area of improvement for this project. The caterer arrived late and the food was already cold. Clients did not complain as they were not aware how we had planned with the caterer. This incidence however brought stress to the schedule and therefore the overall performance of the project manager.

Achieving the set objectives was not a toll order as they were easy to understand and achievable. The plan was laid out and reviewed from time to time to ensure that there were no discrepancies. One of the key issues was ensuring that the budget was maintained. There was a to-do-list which was checked and ticked anytime that a task had been completed. The set dates were used as mile markers and in the computation of the budget in the project management process. The dating process was also used to communicate the goals and expectations to investors so as to align our strategy with theirs. All the parties were aware of the steps to be taken to ensure the completion of the project. Quarterly meetings were held to ensure that a review is done so as to make sure that everything is going as per the plan. Through this meetings there would be communication between the different units and also ensure correction or modification of the budget and schedule when there was a need. If tasked with a similar project, I would do more research especially on pricing to ensure that everything goes as per the plan.

In my future projects I will use this initial project format as a foundation for which I will then build on. I am now more familiar with the venues, caterers, event coordinators and suppliers in my area as well as the available live bands. I now have the knowledge on how to vet vendors and ensure that I get the best for my event. Having a standby caterer is crucial as well as having your own security rather than depending on the police or fire departments. The budget was well set and maintained therefore the overall success of the event.

I would advise other project managers to ensure they do a thorough research during the planning phase of a project. This will reduce stress when it comes to the implementation bit of the project. They should also ensure they have the smallest team possible. This will ensure accountability and ease of communication between the teams. Research on similar projects is also crucial in ensuring that you don’t make the same mistakes as done by other project managers before you. With this I am sure you will be able to have a successful project with minimal waste of resources as possible.

References

Larson, E. W., & Gray, C. F. (2015). A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide. Project Management Institute.