week

Week -2

Susmitha Kadiyala

University of Cumberland’s

Overview

The project identified for the assignment is the Hudson Yards project in New York. The project is worth US $20 billion and is aimed at transforming the economy as well the aesthetic values of its particular location. It involves the construction of skyscrapers which will transform Manhattan’s skyline and the overall economy of the area between the 10th and the 12th avenues. The project is owned privately by two companies which include US related companies and Oxford properties include both commercial and residential spaces covering over 17 million square foot of space. With various businesses and investors already showing interest in the project, the venture is expected to improve the economy of the area as well as improve the overall quality of life and well-being of those living within the area.

Four elements of a project

The success of any project depends on the ability of the associated parties to take into consideration the four elements of project management. Through the process, businesses and organizations are not only able to put in place the necessary plan and interventions to realize the desired goals and objectives of the organization but also the overall success of the project in regards to the successful implementation of the laid down processes and procedures. The four elements of project management according to Silvius et al. (2017) include resources, time, money and scope. 

To begin with the success completion of the project depends on the availability of the necessary resource needed to realize the desired project goals. These resources include the people needed to undertake the various roles as well as the associate tools and equipment. The individuals needed to undertake the various roles within the project are sourced from the local communities as well as other states within the United States. 

Started in May 2018, the project is expected to be completed in 2022. The time provides the opportunity for the effective implementation of the laid out plan and strategy for the project. This will also see to it that all the necessary changes to the project are made in good time without affecting the overall outcome of the project in regards to delivering the desired deliverables within the stipulated timelines. 

Regarding the cost of the project, it is estimated that the project will costs US $20 billion. The money is provided by the two enterprises involved in the development and implementation of the project. It is also imperative to point out that these are profitable companies with the ability to provide the necessary funding to realize the successful completion of the project and desired positive outcomes the individuals living within the Hardson River and the nation as a whole (Rasnacis & Berzisa, 2017). 

Last but not least, the scope of the project involves the development of 16 structures focus on changing the general appearance of the area or community. The project is designed to be completed in two phases which will promote the overall effectiveness and efficiency of the strategies and interventions focused on realizing the desired positive outcomes for the project and the associated stakeholders.

Business Case

The development will not only provide employment to the individuals within its vicinity but also provide an opportunity to improve the overall economy of the particular location. After the completion of the project, more businesses will set up their operations within the structures with will enhance business activities and engagement among the associated persons. Also, it is the case that the structures will provide employment to the locals and all the relevant professionals even after their completion as individuals will be employed within the various companies or businesses occupying the new developments or premises for business activities.

Reference

Rasnacis, A., & Berzisa, S. (2017). Method for adaptation and implementation of agile project management methodology. Procedia Computer Science, 104, 43-50.

Silvius, A. G., Kampinga, M., Paniagua, S., & Mooi, H. (2017). Considering sustainability in project management decision making; An investigation using Q-methodology. International Journal of Project Management, 35(6), 1133-1150.