Implementation of Portfolio Management Assignment Sample

Portfolio Management: Mawson Zoo

Contents

• Introduction
• Discussion
• Accountability and Responsibility
• Alignment with corporate strategy
• Recommendations

Introduction

The Mawson zoo is just a kilometre away from the town, sitting on 6ha of the ground and proximal to the botanical garden. The stagnant expectation on the observation of the zoo by the public has influenced extremely on the number of animal viewers. Public claim on the space has branded the zoo as a cage rather than a residence for the animals. The administration has faced criticism due to these issues and the results have been a downward tendency in zoo visitation. Representation of the zoo as a crowded area swarm with varied species is a turnoff for the possible sponsors and even helper expatriates who are able of revitalizing the setup.

Furthermore, Mawson zoo face challenge on the development but also financial restraint which can be traced back to the extreme fall in the visitors ceiled support, and even incomplete research grants from the animal philanthropist. The preparation for enclosure led to mixed friction between the challenges faced and the purpose and mission of the zoo. Thus, the zoo administration resolved to hold talks with the possible sponsors and stakeholders and came up with a scheme name Zoo Renewal Project. This plan is substantive of the four phases that were started to the closure of the legendary Mawson zoo.

Discussion

The relocation of the zoo will lead to high costs attributed to the purchase and building of properties that are immovable from the maternal zoo. The zoo can cut on miscellaneous costs due to improved infrastructures. Especially, costs on servicing, refurbish, and furnishing of both the buildings and vehicle is saved. Staff overhead cost is also reduced in terms of employment, owed to the fact that novel setting and infrastructure have all the necessary access making everything easy therefore cost cutoffs (Swan, Carver, Correa & Nielsen, 2019). Moreover, this project is cost effectual. Expenses on housing allowances are sliced off owed to new settlement for the zoo staff. Also, operational costs reduce with the help of modern infrastructures.

Stage 3 of the Zoo Renewal Project is the relocation of the assets and the wildlife to a new serene ecosphere that is aimed at supporting the diverse species and also attracting many visitors locally and from abroad. However, after relocation, the zoo is ought to be self-supporting within years and a half. During this period, the zoo is probable to have obtained a positive perception from visitors and all the stakeholders and a 7.5% augment in visitations.

To make sure that the system is correctly embraced by the clients, the project managers must ensure the manufacture of a manual guide. This would go an extensive way to endorse modernism (Hicks, 2018). The last step should engage the growth and arrangement of a formal project report to the CEO of the Mawson Zoo. The report must be comprehensive and enough persuasive in terms of the development procedure for approval.

Accountability and Responsibility

The project manager argues the necessity for controlling their projects according to their scheduled plans. The challenge for the project manager is to relate the proper tools as well as methods in the project plan. Effective program management is a function that will completely define the work, schedules, monitoring process, and budgets. It is based on the capability to keep the personnel involved in their work. The project manager should have the capability to obtain assurance from the team as well as higher management. It is also essential to involve the employees in the decision making to improve the overall efficiency of the project.

They should resolve the complexities from the technical and organizational side. Senior and project managers find difficulty in recognizing the potential problems in the available data. Senior managers are better at influencing the side aspects of the project plan such as principles of project management. Therefore, a gathering of information and analysis process is critical for the project manager. Even a strong relationship among the senior as well as a project manager makes it easier steps to take good decision-making (Philbin & Kennedy, 2016). Even the project manager can get information from the planned project as well as actual data that make the decision making more efficient.

The potential problems associate more strongly with poor performance than real problems. The projects keep on failing due to the use of recognized project methods as well as techniques as the leadership capability is necessary for the successful completion of the project outcomes. The accomplishment of the project plan manages the time, cost as well as performance. The actual problems of the project team are a lack of leadership. When the project manager should not have the leadership quality, then they cannot take the possible steps for the successful completion of the project plan.

The reasons behind the poor performance of the project plan are the non-qualified members of the project team, poor selection of the team members, limitation of resources, and critical objectives of the project plan. The other reasons for poor project performance are poor communication among the team members and lack of involvement of stakeholders. Even poor communication leads to a lack of clarity about the roles as well as the responsibilities of the project manager (Philbin & Kennedy, 2016). There is a lack of understanding of the project requirements. If there is any poor estimation in the planning phase, then it is one of the vital causes of project failures. To make sure that everything is up to date with the requirements of the project, then communication among.

Alignment with Corporate Strategy

The above case specified that organization is facing issues due to the high cost of relocation. Hence it is highly essential to reduce the overall cost to maximize profit. The relocating of the zoo also has a few potential threats that may arise during the implementation of the plan. Such risks and issues may comprise a lack of knowledge and practice of the project staff, incapability to use superior software and technological devices, quit a job during a continuing project, uncooperative management, etc (Kerzner, 2017). This is why alternative team arrangement is essential to deal with any unexpected troubles that might occur.

The assortment of a high-quality project system relies on a majority of factors that decide its usability and effectual understanding of a system and proper problem-solving. These factors comprise its instinctive and collaborative nature, ease in showing information, consistency on the update, and ability to manage a complete lifecycle of a project, incorporation ability, and scalability (Yap & Skitmore, 2020).

Project portfolio management involves making decisions and doing the accurate things at a suitable instant, with its foundation base on voluntary delivery in time and the scope of the investment. consequently, each portfolio, program, and project management want at giving an organization a competitive advantage over the others in the market structure and as such is focused on the recognition of the consequences of a business and improved performances (Tonchia, 2018).

The frequent challenge that delays the realization of the project comprises:

• The idea that aims at attaining the similar objectives and to some degree are overlapping

• Some projects have no link to the strategy of a business

• The approval of planned objectives with no projects put in place to assist this

• Some ideas only have unconfirmed and extremely optimistic benefits and costs judgment

Recommendations

• The VRT system must be incorporated into Mawson Zoo’s day by day operations to endorse the level of effectiveness in its service delivery and thus reduce the running cost. Without any uncertainty, the technology would shorten tasks and result in augmented revenue

• To protect the communication channel, the VRT system ought to be prepared with critical security features. The security features will stop any illegal person's from access the amenities related to the entire system while doing so would interfere with the element of the whole system. Also, the features would improve transparency in each activity and the ultimate of it all, customer contentment

• Both the ICT alongside the IT units must present enough and essential training to the personnel members to make sure they have a complete understanding of how the system works. The VRT system will result in an augmented number of the visitor or even frequent clients to the zoo. Through the recently included technology, actions such as verification of bookings will be made easier and sooner. These in return, improve customer satisfaction. The feature then leads to repeat guests and even expand to attract more patrons.

• The new equipment would go a long way to guarantee competence in the procedure of assigning the organization’s resources. So, the present value of the zoo will be augmented. By implementing the VRT system, the business will positively have within its setting, software modified towards meeting the needs of its customers’ specifications.

Reference

Cooray, N. H. K., Somathilake, H. M. D. N., Wickramasinghe, M., Dissanayke, T. D. S. H., & Dissanayake, D. M. M. I. (2018). Analysis of Cost Control Techniques Used on Building Construction Projects in Sri Lanka. International Journal of Research, 5(23), 909-923.

Heagney, J. (2016). Fundamentals of project management. Amacom.

Hicks, C. (2018). Project Management and the Temporary Relocation of the Decoupling Point: Hermeneutical Phenomenological Study.

Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.

Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Lina, L., & Wei, H. (2019). Analysis of Effective Control Measures for Civil Engineering Management and Project Cost.

Swan, J. L., Carver, A., Correa, N., & Nielsen, C. K. (2019). Wildlife rescue and relocation efforts associated with the Panamá Canal Third Locks Expansion Project. Tropical Zoology, 32(2), 58-74.

Tonchia, S. (2018). Project Cost Management and Finance. In Industrial Project Management (pp. 153-170). Springer, Berlin, Heidelberg.

Yap, J. B. H., & Skitmore, M. (2020). Ameliorating time and cost control with project learning and communication management. International Journal of Managing Projects in Business.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Portfolio Management Assignment Help Australia

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