Business Case Presentation Opening a New Luxury Boutique
Business Case Presentation Opening a New Luxury Boutique Hotel By Gary May 2017
Contents Project scope, aims and objectives Stakeholder Analysis Project Tasks and Phases Key Performance Indicators Project Risks and Mitigation Strategies
Project Risks Unknowns in projects – even well-maintained old buildings will have issues – most likely risk overspend and over-runs Unanticipated delays – e. g. contractor issues Meeting launch deadline – soft launch may reduce risk Securing good supplier contracts Recruiting high quality staff Meeting occupancy targets
Risk Mitigation Strategies Secure a good professional team of advisors from the outset and ensure they work together Legal and finance team (due diligence on property, sensible financing structure for staged payments) Experienced architect (do not let them go on a flight of fancy) Lead contractor (check / visit previous work undertaken by them) Good quantity surveyor – accurate / realistic costing Thorough due diligence / structural survey of the property before acquisition Planning and preparation Get 3 x quotes Be clear and precise in the project brief from the outset – reduces overall cost and iterations each of which cost money and add delays Monitor project closely but do not interfere
References: Assudani, R. , and Kloppenborg, T. J. , (2010) Managing stakeholders for project management success: an emergent model of stakeholders. Journal of General Management, 35(3), 67 -80. Atkinson, R. , Crawford, L. , and Ward, S. , (2006) Fundamental uncertainties in projects and the scope of project management. International Journal of Project Management, 24(8), 687 -698. Harrison, J. S. , Bosse, D. A. , and Phillips, R. A. , (2010) Managing for stakeholders, stakeholder utility functions, and competitive advantage. Strategic Management Journal, 31(1), 58 -74. Intercontinental (2016) Cannes [online] available at http: //www. bykoket. com/news/interior-design/best-luxury-boutique-hotels-cannes retrieved 12 th May 2017. Jepsen, A. , L. , Eskerod, P. (2009). Stakeholder analysis in projects: Challenges in using current guidelines in the real world. Retrieved from http: //static. sdu. dk/mediafiles/D/B/3/%7 BDB 3 D 53 D 3 -AD 29 -4 FA 1 -8 E 9 B-91 A 55 CA 7 C 53 D%7 DJepsen%20&% 20 Eskerod%202009 Project. Management. pdf Lienert, J. (2010). Stakeholder Identification. Retrieved from - http: //www. sswm. info/content/stakeholder-identification Kaplan, R. S. , and Norton, D. P. , (1996) The balanced scorecard: translating strategy into action. Harvard: Harvard Business Press. Karim, S. , B. , A. , Rahman, H. , A. (2007). Issues and Strategies in Stakeholder Management. Retrieved from http: //www. academia. edu/172847/Issues_and_Strategies_in_Stakeholder_Management Kerzner, H. R. , (2013) Project management: A systems approach to planning, scheduling, and controlling. London: John Wiley and Sons. Ogunlana, S. O. , (2010). Beyond the ‘iron triangle’: Stakeholder perception of key performance indicators (KPIs) for large-scale public sector development projects. International Journal of Project Management, 28(3), 228 -236. Rajablu, M. , Marthandan, G. (2014). Managing for Stakeholders: The Role of Stakeholder-Based Management in Project Success. Asian Social Science; Vol. 11, No. 3; 2015. Retrieved from - http: //citeseerx. ist. psu. edu/viewdoc/download; jsessionid=A 7 A 5 F 8 A 099 C 22 A 63 CCA 8494 C 8 B 24036 C? doi=10. 1. 1. 665. 5661&rep=rep 1&type=pdf Rosenau, M. D. , and Githens, G. D. , (2011) Successful project management: a step-by-step approach with practical examples. London: John Wiley & Sons. Tantalo, C. , and Priem, R. L. (2016) Value creation through stakeholder synergy. Strategic Management Journal, 37(2), 314 -329. Timur, S. , and Getz, D. , (2008) A network perspective on managing stakeholders for sustainable urban tourism. International Journal of Contemporary Hospitality Management, 20(4), 445 -461. What is Stakeholder Analysis? Retrieved from - https: //project-management. com/what-is-stakeholder-analysis/ Zwikael, O. , and Ahn, M. , (2011) The effectiveness of risk management: an analysis of project risk planning across industries and countries. Risk Analysis, 31(1), 25 -37.
Additional Wider Reading Akova, O. , Cetin, G. , and Cifci, I. , (2015) The Relation between Demographic Factors and the Turnover Intention in Pre-Opening Hotel Businesses. Procedia-Social and Behavioral Sciences, 207, 377 -384. Enz, C. A. , Peiró-Signes, Á. , and Segarra-Oña, M. D. V. , (2014). How fast do new hotels ramp up performance? . Cornell Hospitality Quarterly, 55(2), 141 -151. Madar, A. , (2014) Hotel services quality assessment using SERVQUAL method. Case study: Athénée Palace hotel. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 7(2), 71. Newton, R. , (2016) Project management step by step: how to plan and manage a highly successful project. London: Pearson UK. Nicolau, J. L. , (2002) Assessing new hotel openings through an event study. Tourism Management, 23(1), 47 -54. Thomas, R. , and Wood, E. , (2014). Innovation in tourism: Re-conceptualising and measuring the absorptive capacity of the hotel sector. Tourism Management, 45, 39 -48. Vlachos, I. , and Bogdanovic, A, (2013) Lean thinking in the European hotel industry. Tourism Management, 36, 354 -363.
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