The Objectives of the Project the Palm Jumeirah - Assignment Example

? Project Management Introduction The Palm Jumeirah is one of the islands that are called the palm islands. The development and creation of the Palm Jumeirah has been a long and tough process. The project has been carried out using many of the features and techniques from the advanced technology. Because of the increasing tourism in the UAE, Palm Jumeirah is developed in such a way that the project serves to the tourism industry as well as the natural beauty of the country. The greatest benefit that the island served was to be the project that bought international recognition and fame to the small country. Thus, it was the world’s largest and most ambitious project being one of its kinds. The Palm Jumeirah was to be created from land reclamation by the company. The shape of the island would be that of a palm tree. The construction and the techniques would be used under the inspection of professionals in order to make sure that the project is carried out well. The island has to be made on a huge area which equals to the length of 800 football pitches. The project has to be planned critically so that the least number of issues are raised. This leads to the discussion of the main objective and strategy used in the planning of the project. Project Scope The objectives of the project will be set according to the requirements of the project. The initial aim of the project was set to improve Dubai’s economy, encourage tourism and build new costal areas. But most importantly, the aim of this project will be to be able to build the island successfully, and manage the maintenance for a long period of time. To carry out these objectives, there are many technical requirements that have to be completed including the engineering, security and construction. The island will be entertained by many resorts and restaurants in order to attract the tourists. There also has to be a crescent island that surrounds the Palm Jumeirah and forms a breakwater. The project would need many professionals to be working on it along with the company so that the work is distributed. There have to be many departments in which the project work is divided. The project will be planned with proper suggestions from a number of sources. Ideas are generated from various places and then applied to the project management as the project has a huge scope on international level (Field, 1998). Estimated Project Scope The project is on a huge platform and an awaited one thus the plan is put forward with several of time taking tasks that is carried out as part of the plan. The project will start all the way from reclaiming the land and making an artificial island in the shape of a palm tree. Through the many parts in which the project is divided, it will be easier for the company to define the project as the total work scope. The Work Breakdown Structure will provide the scope of the project from the cost, service and data. These will be put together and will provide the necessary framework along with the scheduled development (Reid, 1999). The work breakdown for this project will be the reclamation of land and development including the buildings, sceneries, establishment of machineries, facilities and many other areas need to be developed on international level. The project would be a costly one, and the estimated cost of the project that our company has predicted would be around US $50 billion. Furthermore, the cost of maintaining the island is also huge and thus, the island should be one that could serve for a long time. The estimated time for the project completion would be 7 years. Estimated Direct Cost Cost estimation is an integral part of the project management process. The direct cost refers to the cost directly involved with the project ?(Verma, 2009). ?The direct cost for this project would also be very high as it will include all the material, labor and production costs that are charged. Starting from the island, to the development and the functioning, the island would need plenty of labor force and material to be used. In the first part of the construction, there are sand and rocks needed to cover the seabed and form a breakwater so that the island would survive. The estimated cost of the labor and material used in the construction of the island and the estimated cost for the development on the island would be approximately US $12.3 billion. Estimated Indirect Cost Indirect cost also known as overhear cost refers to the cost not directly related with the project but must be estimated to have accurate estimate of overall project cost. The indirect costs in the project are those costs that are not directly related to the production, but can be either fixed or variable. The market research carried out for the project, the security of the project etc are the indirect costs joint with the project. Once these costs are planned and estimated, a budget will be created after which the work would be started (Verma, 2009). For this project, it has been estimated that the estimated indirect costs would be US $60 million. These costs are fixed and variable which may vary with the level of production. Schedule Resources and Cost Resources allocation and cost estimation are important components of the project management process during which the management has to line up all the available resources for the project according to their financial budget ?(Ramos, 2010).? This project had to undergo three stages which were the identification, design and implementation. Thus, there was as less as possible time spent for the first two stages by dividing the work and more focus done on the implementation. The implementation stage of the project will be carried out by the construction of the island, and the reclamation of the land. This has to be done using the sand, rocks and techniques such as dredging. The material is the most important resource that would be needed and labor as well. There has to be labor used not only in the work directly relating to the project, but also for other activities in the production area. There is a need of approximately 94,000,000 cubic meters of sand and 7 million tons of rock. Labor is also needed for the project to manage the resources. The labor would be a total of 40,000 workers who have to work on the construction of the island. The construction is the most important part of the project and thus, there has to be an efficient number of workforces being hired. Scheduling the resources is highly significant as the inappropriate plans and frequently changing schedules may cause plenty of problems that would lead the project down. Problems such as the development and supply schedules will be disturbed and there will be an increase in complexity. Slack of Time The slack or float refers to the time that any task in the project netwrok could be delayed having no impact upon the overall estimated project time ?(Cooper, 2012).? Since the project is a huge one, there can be many areas where there can be a slack of time. The management of resources can take plenty of critical actions to be carried out. When there is a project with a huge number of material and a labor to be used, there can be a slack of time in between and that can cause an overall delay. Sometimes, the slack of time does not affect the overall completion time of the project. The delays can be small everyday happening events in the project. This can be because the labor worked slower, or the material did not reach on time. How to manage the risk Risk management is a critically important area within project management that is basically the planning and strategies to overcome inforseen events or activities that could have impact upon the progress or outcome of the project in positive or negative manner ?(Kendrick, 2009)?. Since there are many risks associated with the project, there has to be risk management as well. This will allow the company to identify the risks before the completion of the project, analyze them and most importantly respond to them. The best way in which the risks can be managed is by critically analyzing each step that is being taken. The project management team should put in all their effort to be in touch with every activity that is being carried out. Risk management should be thoroughly understood by the project management as it allows the managers to analyze the method of dealing with risk. There can be many risks that are assumed or expected in this project. The company needs to focus mainly on the construction of the island, and any risks associated with it. The island has to be long lasting and strongly constructed. It has to be resistant of the natural climate and the predicted climate changes for the next 50 years. Furthermore, the estimated costs that are used in the project should be planned and everything should be organized according to that otherwise any risks with the capital put in the project can cause a delay in the completion of the project (Atkins, 2008). There are many approaches through which risk is managed. The project risks need proper supervision since the first day of planning. However, if not avoided, the risks should be transferred. The project manager has to make sure that the affect of that risk is to the minimum. Transferring the risk would mean that the affect of the risk has been transferred to another party, or simply shifted the liability onto the other party. It is also important to know whether the risk factor is related directly to the project activity, or indirectly as to the security, engineering or any of the various other departments (Royer, 2001). Insurance is a commonly used risk transfer method as it accepts the risk of another. Other ways in which risks can be transfers depend on the contractors and the way the contract is laid out. However, not all risks are transferred; the project will also have many of retained risks which are any amounts that are over the insured amount. This means that the risks are either too small or obvious ones that would not affect the long term project management. Thus, these risks are generated with the project side by side, and can be avoided. But the chances of loss are very less and so they can be acceptable (Bartlett, 2004). Some of the huge risk factors could be the breakwater created alongside the Palm Jumeirah. There can be chances that the barrier to the sea water would result in the water being stagnant. Thus the geology of the area and the construction should be properly discussed and planned so that none of the risks are occurred. The breakwater would have proper space to let the water come in, and at the same time it would serve to break the flow of the water from coming to the island directly (Loosemore, 2005). Moreover, the economy of the country would also tend to matter a lot on the island. The project would be concerned with many of those people who will reside and visit the island. The risk factor would lie in the construction of the island. In the future, the island could become weak or affected by the water and the activities being carried out. However, to avoid these risks, the construction should be using material of high quality. And it should be checked thoroughly throughout the operating years. Conclusion However, the project features many of the activities that have to be carried out during the construction and even after it will be constructed. The project will be huge and carried out under many of the professional consultants. The development of the Palm Jumeirah will not only serve to the locals or the tourists, but it will add to the overall natural scenery of the world. The risks that are joined with the project should be managed and avoided to the fullest. The success of the project will greatly lie upon the planning, organizing and carrying out the project in the most efficient manner. References Field M. (1998) Project Management Cengage Learning EMEA Reid A. (1999) Project Management: Getting it right Woodhead Publishing Verma R. (2009) Operations and Supply Chain Management for the 21st Century Cengage Learning Ramos S. (2010) Dubai Amplified: The Engineering of a Port Geography Ashgate Publishing Ltd Cooper C. (2012) Worldwide Destinations: The Geography of Travel and Tourism Routledge Kendrick T. (2009) Identifying and Managing Project Risk: Essential Tools for Failure-Proofreading Your Project AMACOM Atkins J. (2008) Managing Project Risk: Best Practices for Architects and Related Professionals John Wiley & Sons Royer P. (2001) Project Risk Management: A Positive Approach Management Concepts Bartlett J. (2004) Project Risk Analysis and Management Guide APM Publishing Limited Loosemore M. (2005) Risk Management in Projects Taylor & Francis Read More