LAST WEEKS PAPER. Project Scope Statement: This project is going to focus on a startup business that is in the market for property acquisition, with the intent to rent the property until the mortgage has been paid off. At this point the properties would either be sold for instant profit, or the properties would continually be rented for a sustainable income. The company will only have four partners and limited outside investors. The scope of this project will be focused on property under 300,000 dollars and is located within the Seattle. Foreclosed on properties are excluded from the scope, because they are not a realistic buy with the budget of the small startup. The budget is also the biggest constraint the project will face. This is why the outside investors could get involved. The four partners would each have a different role they would fill to ensure the success of the project. One of the four partners would fill one of the following four areas: Finance and banking management, Property and contract management, Advertisement and customer acquisition Property repair and upkeep The four areas listed above are the 4 most important criteria that should be focused on, if those areas are successful then I believe the project will be successful. The process that will be used when accepting results will be based upon number of property costs versus the net income of the properties. It will be an acceptable product if the properties make more money than they cost to manage. The deliverable that is expected from this project is owned property. The assumptions for this project include the following: Funding is available to buy the properties. Properties are available for purchase on the market within the scope of the project. The market is in the sellers favor. Outside investors will not own more than 10 percent of the company. Stakeholders: There will be very limited stakeholders as this is a small startup project. The four members of the group will be the primary stakeholders, since they have the most invested into the project. They will be internal stakeholders with a high impact and influence on the project.The other set of stakeholders will be the limited outside investors. They will be a small minority in the project and would be an external stakeholder. This group of stakeholders would not have an impact or influence on any decisions made. They are investing in the opportunity to make a profit down the line, not to own a property acquisition company.
Â Communication Plan: The communication plan for this project would target the audience that is looking for a rental property in the short term and in the long term targeting those who want to buy. The best way and most cost efficient way to draw attention to the business would involve creating signs that could be placed throughout the community. These would be visual aids that would draw eyes to the project, and from there word of mouth would spread the project around. The other form of advertising that would be used is radio commercials. These plugs are cheap and effective. Overall the success of this plan would be high is my estimation. The cost is cheap and the reach is large enough to gain the clients needed for success. WBS for Property Acquisition and Management:Planning Bring in Four PartnersSelect Company NameIdentify InvestorsResearch Identify Property PricesFind the Right AreaDiscuss Bank Loans for Small Business Shop Around at Different BanksCompare Loan OptionsSecure the Best LoanPurchase and Management Buy PropertyFind Renter Agree to Terms of ContractManage Upkeep of Property Collect the Agreed Amount from Renter
Last week, each of you selected a project and defined the scope, stakeholders, communication plan and the WBS. You will use this project to complete the elements below. Share your project’s scope statement to start your response to the assignment.Decompose one of your WBS elements: Ensure your WBS has the appropriate level of detail and then add all of the application activities to estimate resources and durations against. Then sequence your activities and show an end milestone. Highlight your critical path through your activities. Remember, activities are contained WITHIN the WBS, they are not the WBS. Do not make us guess the critical path, it should be well graphed and stated on a gantt chart, either hand drawn or using a scheduling program! If you don’t have a scheduling tool, you can try something like this: http://gantter.com/ (Links to an external site.)Links to an external site. Make sure there isn’t too much overlap of resources within overlapping activities.
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