Design and plan a new project for authorisation and define its scope.I have uploaded a feasibility report on Noosa convention and a sample template for the project. The project plan should have the same structure as the template. You can use the feasibili

For every project to be successfully carried out, the baseline to evaluate the progress and its success is measured through its cost. Cost is the most crucial ingredient of any project which comprises of the highest risk factor. Managing the cost in a very efficient way not only makes the project successful, but also synchronizes other resources and results in a better margin of profit. To achieve this margin and success criteria, the important sector of a project planning is its cost management.

Cost Management is required to make plans and policies related to the cost/fund/capital. It is related to control all the activities related to finance through the estimation, budgeting, implementation, control, and return of fund (Georgas, 1986). In this NOOSA project, cost management is the most critical risk of the project as there is no any rigid source and funding partners yet defined. However, with the advanced approaches and management functionalities, there is a high expectation and optimum future return from this project. We shall discuss the plans in the alter sections. The most common approaches implemented around the globe for better cost management are as follows:

(Georgas, 1986)

· Cost Estimation

This is the process of collecting all the relevant costs and fields where there will be expenditures. It involves the direct costs, indirect costs, contingency and predictions. The estimation procedure mainly comprises of investment plan, cost evaluation and cost forecasting.

· Cost Budgeting

Budget is the backbone of any project. Without budget, it’s senseless to plan further which will ultimately lead to failure. Designing budget, its formal implementation plan and its control methodologies are the main area of cost budgeting.

· Cost Control

Controlling the cost means controlling the project strength. Cost control can be done by control procedures, close monitoring, inspection and assurance of proper usage of the cost. Various formulations can be determined to control the cost of a project.

· Cost Applications/Implementation

Various implementation methodologies can be designed or followed for creating a controlled cost application. It is the actual usage of cost and expenditures and consists of a high risk of cost overflow. Thus, a proper method of cost control and application should be implemented. Computerised control, hierarchy control of cost, unidirectional flow of fund etc. are some common approaches for cost application.

NOOSA Convention Centre and Performing Arts Centre project is considered as the bigger project by experts and by economists. Various analysis and researches have shown that this project is one of the most challenging project in terms of time and cost while after the completion, its return is one of the highly yielding project. Let’s evaluate the cost and its components in a detailed form.

Project budget is the reflection of project scope and total cost plan. Budget plan should be comprehensive and gives the idea of the applications/methods of how the fund will be used to carry out and complete the project. An ideal project has a budget plan that follows a S-Curve. That is, the cost expenditure will be lesser in the project initiation and will increase gradually to a peak while at the time of project’s major implementations and will come to a minimum at the time of project completion (Project Insight, n.d.).

This project of NOOSA Convention Centre and Performing Arts Centre has also forecasted a budget after its feasibility report. The budget comprises of total expenditures under various headings, total revenue from different sources and its implications. The pre-feasibility study has shown the below estimation.

(NOOSA SHIRE COUNCIL, 2016)

The total budget/capital estimated is 20-30$ million. For Convention Centre, its estimated around 15-20$ million whereas for Performing Arts Centre, it’s estimated around 7-10$ million.

The basis on which budgeting is done are Capital Source, Expenditures (Initial and Operational) and Revenue/Sales. So as to control the budget and cash expenditure, the project team have designed a formulation of cash and expense tracker. Budgeting for NOOSA project is based on the assumptions, forecasting and expenditures that might incur. Inflow and Outflow mapping is also done in an organized manner. A sample of budget formulator for NOOSA project is designed as below:

The most important step in the cost management is budget estimation and its methods. Things to consider for cost estimations includes time duration, direct and indirect expenditures, inflation and contingencies, etc. There are several methods to control the estimation. They are classified as (Project Management Skills, n.d.):

· Expert Judgement:

Considering the idea and experience of an expert or a group of experts would be a good idea to analyze and debug the estimation procedure. It will result in the better estimation.

· Analogous Estimating:

This method refers to the taking reference from previous projects of similar scope and nature. This provides a better comparison of our estimation and the historical projects. It helps to overcome the mistakes and shortcomings of the previous projects.

· Parametric Estimating:

Using a set of parametric or algorithms to create a formula for estimating is also a popular approach of estimation. This creates statistical data and figures which helps to estimate the budget in a systematic form.

· Bottom-Up Estimating:

This approach is based on the estimation after collecting and combining data from a component-based estimates. First of all, individual components/sector is estimated and the data is used to cover wide areas.

· Three-Point Estimates:

Most Common (Cm), Optimistic (Co) and Pessimistic (Cp) are the three points that estimates the project budget. It is also referred as PERT. The estimate is calculated as:

Estimate = (Co+4Cm+Cp)/6

· Reserve Analysis:

For projects with uncertain behavior and scopes, this approach issued based on keeping the contingencies and estimating the budget.

· Cost of Quality:

This approach is based on the fact that there can be project failures and due to which cost may vary. Comparison between projects cost during, before and after the failure are evaluated here.

· Project Management Estimating Software:

Software, application, spreadsheets, statistical tools etc. are used to evaluate and estimate the cost of a project. The software provide the most scientific results and estimates.

· Vendor Bid Analysis:

Bidding and tendering process can be another efficient way to estimate the cost of a project. Bidding within multiple vendors and suppliers can be acquired and evaluated to estimate the cost on their basis.

In this NOOSA project, there are various estimations made over capital, gain, revenue, expenditures and profitability. These estimates are created and evaluated on the most common approach of Cost of Quality, Analogous Estimate and Expert Judgement.

The estimates made here for the project as per the feasibility report are snapped as below (NOOSA SHIRE COUNCIL, 2016):

· Estimate for Convention Centre (NOOSA SHIRE COUNCIL, 2016, pp. 18-20):

· Estimate for Performing Arts Centre (NOOSA SHIRE COUNCIL, 2016, pp. 18-20):

Determining the level of success of the project should be carried out before the commencement of project. Level of confidence is the derivative of a management plan. Organized and managed plans and policies will ultimately result in the project success. Factors like risk, contingencies, scope, time and cost determine the confidence level. Identifying these factors and their resolutions should be done in pre-hand. Confidence level can be categorized as per the project necessity. Higher the negative factors, lower will be the confidence level. The most common categories are Complete, Optimal, High, Moderate and Low (Anon., n.d.).

NOOSA Performing Arts Centre and Convention Centre project also has a confidence level. As discussed in the section of risk factors and their analysis, this project has numerous risk factors. Some of them are time, cost, business interruption, site impacts, operating structure faults, etc. Taking all these factors into consideration, the confidence level of this project is derived as Moderate one. With the rigid management and plans, the project can turn out as a success. However, if any loophole in the plans and formulations, there can be creeps in scope and cost.

· The key thing you need to do is to make sure that you have done enough work to overcome probable contingencies. A good way of achieving this is to follow the 5 points below:

· Determine the key risks which has the potential to occur and which would seriously threat the project.

· Prioritize these risks in terms of magnitude

· Determine which ones are under your control and which ones are completely out of your control.

· Immediately escalate the risks which are out of your control upwards to your project / program board for their information and also obtain knowledge in how these could be mitigated.

· Start contingency planning on those risks within your control

Every project needs fund to execute. Without funding, any project cannot be imagined. All project has their own funds. The sources may vary in types. Some of the most common fund sources can be illustrated from the below mentioned chart:

(Anon., n.d.)

In the Noosa Convention Centre and Performing Arts Centre, the source of fund is not yet defined. But the map of probable funding can be derived.

As per the pre-feasibility review and assurance from the local governing body Federal Government National Stronger Regions Fund (NSRF), they have proposed the two models for capital funding (NOOSA SHIRE COUNCIL, 2016, p. 23). They are:

· All capital funds provided by Council (Round 1 and Round 2)

· $20 million in grants, with the remaining funds provided by Council through borrowing

· While it’s almost certain that these models will be in formulation for the funding for project of NOOSA Project. However, other probable source of und can be taken into consideration and kept as a backup resource. Some of the feasible sources are:

· Share Capital from general public and local public: Initial Public Offerings (IPO) and Further Public Offerings (FPO)

· Debentures from various capital companies

· Joint Venture capital

· Loan and Finance

· Leaseback and Pre-Booking

Project Cash flow can be defined as the models which streamline the flow of fund against the attainment of project target and activities. These models can vary from large complex models to simple and minimal cash flow structures. Overall cash flow can be categorized into the two major elements (Anon., 2017):

· Project Inflow (revenue) and Outflow (expense and capital expenditures)

· Fund Inflow (debt and/or equity) and Outflow (debt repayment and distribution)

Furthermore, cash flow for successfully completing the project of Noosa Performing Arts Centre and Convention Centre can be evaluated and performed through the approach of Return of Investment (ROI) model.

Return of Investment (ROI) is the indicator which finds out the profit/gain or loss of any project in comparison to its cost input. This method forecasts the yield of a project. The general formula for return of the project is:

Project ROI = ((Financial gain/loss – Project Cost)/Project Cost) x 100

ROI for NOOSA Convention Centre and Performing Arts Centre is designed as per the below sample.

(Sapama tech, n.d.)

Human Resource Management is the function of all the management which are concerned with hiring, inspiring and sustaining people in any company. The primary thing is always the people of the organization (Singh, 2009). “HRM is a series of integrated decisions that form the employment relationships; their quality contributes to the ability of the organizations and the employees to achieve their objectives (Boudreau, 2012)”. In this project there are many individual or group of people from the community responsible for the success. They are non-other than as follows: