The report includes the analysis of case study, The Regency Plaza Project under numerous theories of project management and the decisions, conclusions which can be arrived through the comprehensive analysis. A brief introduction about the project being analyzed is provided to identify the key aspects of the specific project in context. The plan of analyzing the Regency Plaza project is discussed in brief under three topics of project management with elements of theory and frameworks of the same used in analyzing the project. In the analysis section, the project is analyzed comprehensively under each topic using the applicable theories. The main focus and effort is on applying the theories to the information that has been acquired about the project. The discussion and conclusion section brings forward the finding about what worked well and what didn’t and the reasons for them and what would be the actions taken if we were managing the project. Explanation about the project’s success or failure based on key points is provided and the key learning points of the project is also mentioned briefly.
The project being analyzed in this assignment is the building of the Regency Plaza Hotel Complex, which consists of a 300 room hotel and 96 luxury condominiums build on 22 story steel structure which blends well with the surrounding. Both hotel and condominium owners can use the first two floors and the next eight floors are hotel rooms and the remaining twelve floors are condominium units. 300 parking spaces are provided through two levels for both hotel and condominium users. The building site was situated in the eastern side of the Boston Common with grand views of the city park at the western side and the back units looked into a city owned garage located in the lower end of Stuart Street. The project includes a four star restaurants, a health club, free parking, concierge service for the convenient of its users and can order the above mentioned services. The unit is planned to be sold at a price from $1,500,000 to $2,500,000. The project is owned by The Regency Hotel Group which has 24 luxury hotel properties based in major urban cities around the world renowned for extensive service and amenities and this is the first project of Regency Group which will include condominiums.
Plan of analysis
The analyzing of the Regency Plaza project is planned under following topics.
Leadership: Being an effective project manger
The role of the project manager directly affects the success and the failure of a project. The project manager’s role is described as “take responsibility for planning, implementing and completing the project” (Meredith & Mantel, 2000: 85). The manager should cope with complexity and change and should also interact with each and every stake holder successfully. The project managers can go through their work only by a huge network of relationships. E.g. - Initiating contact with the key players of the project. They can’t involve and apply much pressure in project tasks and if done so will lead to project failure. The mutual exchange of resources between stakeholders (Quid pro Quo) is very important for success. And also the Law of Reciprocity applies in a same way which defines that if a good deed is done it deserves a good deed and vice versa for a bad deed. Anticipating the project problems, provide encouragement to the stakeholders, reinforce the objectives and the scope of the project, managing marketing and also clearing conflicts adds to the skills and characteristics of an effective project manager.
‘Risk management is a process of identifying, assessing, and prioritizing risks of different kinds.’ What is risk management website. http://www.whatisriskmanagement.net/ (date retrieved 15th may 2012) Risks in a project have either positive or negative impact on the quality, schedule and cost of the project. It is a proactive attempt to identify...