Essays on Project Management for Business - Construction of the Wembley Stadium in London, England Case Study

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The paper "Project Management for Business - Construction of the Wembley Stadium in London, England" is a perfect example of a business case study. The current business environment is characterised by innovation and distinctiveness whereby an organization undertakes a temporary effort to create a unique product or service. These have introduced the aspects of projects, previously limited to a few fields, into the wider business environment. A project is mainly characterised by its temporality, time-limit, and uniqueness. Projects are typically designed within the limits of time, cost, quality and deliverables. Project management is a body of knowledge, skills, tools, and techniques that guide the realization of project objectives so as to meet stakeholder needs and expectations. Different types of projects include exhibitions, sports events, disaster recovery projects, music concerts, fashion shows, banking projects, marketing, product development, defense, infrastructural developments, among others. In this paper, the focus is on infrastructural development, with a specific focus on the construction of the Wembley stadium in London, England.

The project involves the construction of a stadium. The objective was to upgrade the existing stadium into a modern national stadium capable of holding football and rugby events as well as international athletics.

Initially, the project was estimated to cost 326 million euros and was to be completed within four years. 1.2 Appraise the viability of projects, developing success/failure criteria Before a project is executed, there must be an appraisal done to determine whether it is viable. Different tools and techniques are used to assess the feasibility of a project, including financial measures such as the payback period, the internal rate of return, the net present value, and the profitability index, among others.

Other measures include the comparative benefit model, operating necessity and competitive necessity. Project development is influenced greatly by the uncertainty and the risks involved.

References

Crawford, J. K. 2001, Portfolio Management: Overview and Best Practices, in J. Knutson (Ed.), Project Management for Business Professionals. New York:Wiley, pp. 33–48.

Kerzner, H. 2001, Project management: A systems approach to planning, scheduling, and controlling, 7th ed, New York: John Wiley & Sons, Inc.

Lock, D. 2010. Project Management. 9th Ed. Gower.

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