Heathrow terminal five: Project analysis from different stakeholder perspectives - Term Paper Example

One such achievement is the Heathrow Terminal Five (T5) project which has since become the pride of Europe and an eye opener to the developed world as reiterated by Rudd (2008). This paper therefore seeks to examine the values of Heathrow Terminal Five from different perspectives and to its varied stakeholders. In particular, the discussion focuses on a systematic evaluation of the T5 stakeholders and the perceived values of this project from different viewpoints. Conversely, the paper looks at the various strategies and approaches utilized by the proponents to enhance the values of Heathrow T5 projects.

With these in mind, the discussion culminates with a justified proposal for the capturing and delivery of value to the present and future stakeholders of global projects like the Heathrow T5. 1.1 Project Description Heathrow Terminal Five is one of the largest airport terminals in the world by size, complexity, structural development and service capacity (Belobaba, et al. 2009). This world class establishment is a state-of-the-art projects located within the borough of Hillingdon in London. Owned by the British Airways and operated by the International Airlines Group otherwise known as Iberia, Heathrow Terminal Five is an international airport terminal connecting over 120 international airlines from all over the world (Trappel 2011, p.38). The development of this project began way back in 1982 when the British government envisioned the need to expand the UK’s transport and communication industry.

At a cost of ?4.2 billion, the construction of Heathrow T5 began in 2001 and was completed in 2008 with the third phase T5C being completed in May 2010 (Macleod & Gillespie 2011). The terminal occupies about 260 hectares of land in the suburbs of Hillingdon with an annual service capacity of 35million passengers with about 184,620 flights. For operational turnover, this capacity translates to approximately 95,890 passengers per day at optimal capacity (Potts 2008). The official opening of this magnificent project was graced by Her Majesty the Royal Queen Elizabeth II on Friday 14 March, 2008.

From there henceforth, Heathrow T5 has remained a global entry point to Europe as observed by Rosenthal and Wong (2011). 1.2 Stakeholders of Heathrow Terminal Five (T5) The development of Heathrow T5 brought together several interest groups by virtue of its essence, location and importance to the socio-cultural and global economy. By ownership and tenancy, the first stakeholders of this project comprise the British Airways and the International Airways Group which is the exclusive operating tenant of Heathrow T5 as ascertained by Beaverstock (2010, p.47). It is through the initiative and profitability interest of these stakeholders that Heathrow T5 became a reality of the day.

The second class of stakeholders includes the Hillingdon community and Londoners in general. The entire