Project Overview and Purpose
The main purpose of the project is to revamp and upgrade a 35 year old building located in downtown Philadelphia, Pennsylvania. The building, which has been abandoned for the past five year and us to be an office complex, has to be upgraded to a luxury apartment building with 50 one to three bedroom. It would solve the problem of lack of proper rental houses by ensuring that there are an increased number of luxury apartments that would attract tenants thereby benefiting property owners with increased cash flow. The recommendation deliverable would be aimed at stating some of the key problems faced in the course of pursuing the project and proposing further improvements if necessary.
To resolve the business problem that relates to the lack of proper rental houses and will increase the number of luxury apartments. It will help to improve investments in other areas and eventually will improve business in Philadelphia and surrounding towns.
Refurbishment of the existing building
Does not includes
Will not entertain extra construction or additional changes such as building of new rooms change in basic infrastructure.
Work breakdown Structure
The work breakdown structure is divided up to level four that goes to the work packages and activities defining level. The more we divide the tasks into activities and work packages the more it becomes easy to handle the work.
Refurbishments of the entire building
As mentioned in the proposal, the project must be completed with 15 months, the progress milestones associated with the project are a s follows:
Foundation inspection complete
Foundation renovation complete
Walls inspection and filling complete
Flooring renovation complete
Interior wiring complete
Exterior wiring complete
Wardrobes and cabinets complete
Interior plumbing complete
Exterior plumbing complete
Walk through and driveway complete
Exterior finish complete
Interior finish complete
Key turnover complete and Acceptance review
Roles and Responsibilities
Provides executive team approval and handle budget. He is recipient of project deliverables.
Projects owner will provide policy definition to project team. He will resolves policy issues in order to provide clear and decisive definition. Also, he will reduce conflicts and responsible for project expectation.
Provides over all management to the project, accountable for establishing a charter and scope, securing resources and assigning tasks to team members.
Provides assistance in resolving issues that are beyond project manager’s jurisdiction.
Key provider of all of the requirements related to refurbishment of the building and is recipient of all deliverables and key benefits associated with the projects.
Working project team, assistants, labors responsible for high level business model design to low level construction tasks.
Project related issues will be tracked, prioritized, assigned, resolved and communicated in accordance with prime contractors. Issues will be addressed with project owners and will be communicated in the project weekly status updates.
The project involves construction of luxurious apartments, which would automatically be rented at higher prices. Therefore, there is a risk of failing to attract tenants hence leading to financial losses. Lastly, there is the risk of overall financial loss on the project. The entire project may fail to meet the stipulated requirements hence leading to excessive financial losses on the part of the government, if the building does not meet the government’s code requirements. For this reason contingency reserves and risk mitigation plan is planned properly to overcome any unwanted changes.
Project manger will establish a change log, and will submit all changes via change log form. The change orders will be reviewed and the effects of approved change order will be reflected in updates to the project plan.
The prime contractor’s project manager will present the project status to the buyer on bi weekly basis. The buyer will notify the prime contractor of schedule, scope or budget modifications in a timely manner.
The budget estimated in this project is $20 million budget and is envisaged to take 15 months, however, the increase and decrease in cost and schedule depends upon the risk involved and change management. There is three months lag as a risk factors and contingency reserves saved for issues to occur.
The current budget would be adequate to complete the project ruling out any unforeseen or unexpected expenses. Economic gains would be realized largely due to most of the construction building materials would be purchased in bulk. Discounts would help in reducing expenses associated with the completion of the project. All the support will be provided by the business sponsors and steering committee. All resources will be available to the staff on time during the entire project.
The key impact of not competing the project is that the old building might collapse and lead to excessive losses, both property and financial. It must be noted that a 35-year-old building could gradually wear out and collapse ultimately in cases where maintenance is virtually nonexistent. Therefore, the key impact is that the building could collapse and lead to excessive loses to the government and other stakeholders. By refurbishment it will solve the problem of lack of proper rental houses by ensuring that there are an increased number of luxury apartments that would attract tenants thereby benefiting property owners with increased cash flow. This would also improve investments in other areas, which are aimed at improving business in Philadelphia and surrounding towns.