Using knowledge gained from this course Team A has demonstrated their capacity for conceptualizing the concepts and practical application of project management and life cycle phases. This paper is the compilation of three successive papers submitted and revised by Team A that includes the project proposal paper, the project planning technical paper, and the project human capital paper. In the final phase of the project lifecycle the implementation process of terminating the project will be presented in such a way that the input will be based on observations in relation to how well the triple constraints and tradeoffs were handled. The balance between timing, budget and project specifications is used as a performance measurement to guide Team A's future success by determining lessons learned, what might be performed differently that must be corrected with the next project, and help determine what went right with the project that must be repeated on the next project. In addition, the steps needing to be taken to return the human resources to the organization will be provided.
Background and Statement of NeedThe increasing population of Lo Ki, California has resulted in an influx of new apartments, condominiums and small homes being built with little or inadequate storage and deed restrictions limiting what can be placed in driveways and side yards of the homes. Lo Ki is a mid-sized community lacking storage facilities within proximity. This has created a need that Store -N- Lock, a California-based self-storage facility, plans to address by building a new storage facility. This facility will meet the needs and demands of the citizens of Lo Ki for storage space, in addition increasing profits for Store -N-Lock.
Building a new storage facility will require a project management team that has a clear understanding of whom is responsible for what. This management team needs a clear vision of what the facility would look like, what the costs would be, what the processes and procedures would be, what the time frame is from conception to completion, what revenue would be expected from the final project and what the payback period would be. With that being said financing would be needed with a loan that allows some breathing room during lease up. In addition, in any new type of construction the management team will need to have a good relationship with the contractors, engineers, the architects, and any stakeholders. Clearly communicating the plan and approach will be beneficial because this will provide a way for stakeholders and anyone involved in the project to have a clearly defined goal, vision and mission of what the expectations of this project are in addition to any profit and loss sharing, equity positions, decision making and exit strategies. Once this project is up and running a permanent loan can be locked in.
Project StakeholdersThe project customers include the investors and owners of the facility. These individuals have added their resources and information in order to get the project off the ground, and stand to lose the most if the project fails. The customers will hold Team A accountable for any unforeseen circumstances that might occur. These project customers have also given time and assistance to ensure that the project will succeed.
Other project stakeholders include the city of Lo Ki since permits and licensing from the local municipality is required. This project will provide revenue to the city in the form of taxes. In addition, the bank providing the financing will be a stakeholder and benefit from the interest and association with the project. The project leader and team members of the project, such as upper management, the architect, the construction team, the management team (Team A) the classmates and instructor of this Project Management course including resource managers, and line managers involved in the project that stand to gain financially from this project. Each of these additional...
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