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Discussion about Eurodisney - Case Study Example

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Firms, therefore, put a lot of effort in the creation of a solid plan. One of the aims of project planning is to strategize on a way in which the entire project will sustain…
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Discussion about Eurodisney case Project cost planning is an integral procedure that influences the success or failure of a project.Firms, therefore, put a lot of effort in the creation of a solid plan. One of the aims of project planning is to strategize on a way in which the entire project will sustain itself without having to rely on its parent company. In this case, Eurodisney failed to follow the correct method of project cost planning which led to unusually many undesirable consequences (Warren, 2002).
Failure on their part was because they were operating in a new environment which presented many challenges. The customs and day-to-day routine of Europe’s inhabitants proved to be different and unique compared to those experienced in America and China. Planning was, therefore, mostly based on assumptions made about observations recorded by researchers on European culture. For example, the team involved in the planning, was of the assumption that most Europeans do not take breakfast. They, therefore, made smaller dining areas for the serving of breakfast meals. The outcome of this was that thrice the predicted number of people showed up for breakfast. They also overestimated their annual growth expected figure. They forecast indicated a 1.5% annual growth rate (Warren, 2002).
On the other hand, reasons for failure can be attributed to other factors and not on the failure of their project cost planning. For example, Europe began to suffer effects of high inflation. This automatically affected the whole project increasing the costs required to finance the entire project. The French government agreed to share the wealth that was soon to be generated from the project if it proved successful. French citizens, therefore, had to invest in the project by meeting some of the financial obligations. However, the high inflation rates affected most citizens’ ability to invest in the project. In addition, the production costs rocketed throughout the entire project (Warren, 2002).
The case study is a clear and concise depiction of what happens in the real world. Most organizations prepare project cost plans when dealing with new projects. This is an extremely beneficial way in which the organizations can treat the new project as a separate entity. This helps to shield the organization from unforeseen risks, which can be, detrimental to the parent company. The entire plan relies on a system that will allow for the project to pay for all expenses incurred during its development (Warren, 2002).
Project cost planning is common in businesses exposed to many risks, for example, the hospitality industry. Extensive research must be done before undertaking on a new project. This ensures the team involved in a project familiarize themselves with their new surroundings in order for them to make informed decisions. Businesses in the hospitality industry, for example, hotels, tend to locate new hotels in areas which are easily accessible to their customers. A proper project cost plan is useful in identifying such sites. It also helps in forecasting the expected growth rate of the new project. In addition, it outlines the payment plan to be used in the eradication of debts (Warren, 2002).
References
Warren J. Keegan, M. C. (2002). Global marketing management. New York: Prentice Hall. Read More
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