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Management of Melbury Investments - Case Study Example

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The paper "Management of Melbury Investments" is an outstanding example of a management case study.  The project charter aims at providing detailed information required by senior management in order to approve the project for funding.  The intended audience is the shareholders of Melbury investment…
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Extract of sample "Management of Melbury Investments"

Name Course name Instructor’s name Date of Submission Project Charter-Waftly Towers Hotel Rehabilitation Version History Version Implemented By Revision Date Approved BY Approval Date Reason 1.0 Manuel Iknno-CEO and Chairman, Melbury Investment ltd 1 Jan 2011 Final Approval Update Contents 1. Introduction 4 1.1 Purpose of the Project Charter 4 1.2 Project Overview 4 2 High Level Project Approach 4 3.0 Scope 5 3.1 Melbury Overall Business Goals 5 3.2 Melbury Project Objectives 6 4.0 Changes to be made 6 5.0 Components Required To “Sell” These Project/Key Success Indicators 6 6.0 Initial Statement of Work and Resources to Deliver the Proposed Renovations 7 7.0 Constraints and Special Considerations 8 8.0 Budget Allocation 9 9Major Deliverables/Milestone 9 10Duration 9 11Project Charter Approval 10 12Appendix: Key Terms 10 1. Introduction 1.1 Purpose of the Project Charter The project charter aims at providing detailed information required by senior management in order to approve the project for funding. The intended audience is the shareholders of Melbury investment. 1.2 Project Overview Melbury investments, which is planning to develop a chain of hotels known as Melbury Hotels has recently purchased the Waftly Towers property at 16 Elwood Avenue, Torquay. This property which is an existing hotel is currently in a very poor state of repair due to poor management. Waftly Hotel, due to poor management, has over the year’s attained poor reputation both locally and internationally. This is going to be Melbury first hotel which is going to be its marketing factor for the series of hotels that Melbury is going to open. It is going to market its hotels as medium seized hotels and personal service is going to be its central theme. Its first step will be to renovate, rehabilitate and reopen the hotel under the name, Melbury hotel. In addition, the first phase will also target on returning the business into profitability. This project will work as the starting point that will lead to the opening of a chain of Melbury Hotels. 2 High Level Project Approach The project will have two phases; Renovation and construction (estimated to take around 9 months) and Re-opening and rehabilitation (to take around 12 months following re-opening) After re-opening, the project will take 12 months before the hotel is viewed as fully operational. After it is fully operational, the projected will be terminated or closed. 3.0 Scope 3.1 Melbury Overall Business Goals The overall business objectives by Melbury Hotel investment for the Waftly Towers project are as follows; Firstly, it will be to ensure that the property is back into business and making profits by increasing sales by about 6%. This is going to be made possible by restoring the tarnished image of the hotel to a good image. By doing so, customers will start flocking in and this will ensure profits for the business. Secondly, since the reputation of the hotel within the local community and in the eyes of major sales channels is destroyed, Melbury will have to work really hard in order to restore the reputation of the property in order to get customers. Thirdly, Melbury will have to ensure that the Hotel environment is welcoming for its guests by providing a full 3 star service. Fourthly, Melbury Hotel dining experience should be one that is open to the public. It should also ensure that it dining experience is viewed as number one in Torquay. Also, Melbury should ensure that the hotel is established as the location in Torquay that is preferred for events with a number of up to 100 guests. Lastly, this hotel should provide a platform that will create a brand image for the chain of hotels that Melbury investment intends to open in the next 5 years. 3.2 Melbury Project Objectives They are as follows; completion of the property and grounds renovation, this process has to adhere to the approved Architectural blueprints, bringing the hotel back to operational state and hiring highly qualified staff, reopening of the hotel after ensuring that it is fully operational, managing the hotel for 1 year in order to achieve short term key success indicators and ensuring that the hotel is open for business by the first Day of spring 2012. 4.0 Changes to be made Firstly, the name of the hotel has to change from Waftly Towers Hotel to Melbury Hotel. Secondly, an extension of east wing with 40 rooms has to be constructed. Thirdly, management of the hotel has to be transferred from Waftly to Melbury. Fourthly, the hotel has to achieve a 3 star rating. Lastly, a heated porch which will be enclosed to allow the hotels capacity to be increased to a 60 people capacity will be constructed. 5.0 Components Required To “Sell” These Project/Key Success Indicators Firstly, the goals to be achieved within the first year after opening the hotel are as follows; (a) The hotel has to achieve a 3 star rating. This is for both restaurant and accommodations within its first year of operation. (b) Hotel meetings bookings should at least average a utility rate of about 75 %. (c) An 85 % through the year as occupancy rates should be maintained. (d) If survey forms are issued to guests, the hotel should at least score a 95% guest satisfaction ratings. Lastly, (e) The hotel should reach the point of balance between making profits and losses every month. Secondly, long term goals are as follows; (a) Within two years after opening the hotel is projecting to enter in the top 3 list in the annual Torquay all-time best places to eat and spend a night. (b) The hotel also targets that within three years after opening, the amount of visitors who had previously spent nights in the hotel will hit 30 percent. (c) Lastly the hotel targets that its gross profit margin on income and operational expense will hit a 30% mark. 6.0 Initial Statement of Work and Resources to Deliver the Proposed Renovations The Waftly Tower is to be rehabilitated in order to achieve Melbury’s business objectives. The business objectives are explained as follows; To begin with, during physical renovation and construction, the Waftly Tower will require that; the existing 30 rooms in the hotel be renovated, the grounds and the gardens landscape be restored, the hotel also wants to construct an additional 40 rooms in a new east wing of the hotel, lastly it wants to construct a heated porch which will be enclosed to allow the hotels capacity to be increased to a 60 people capacity. Secondly, for business development, a well detailed marketing plan is to be developed and implemented, in order to create a strong foundation for future Melbury hotel, a brand image has to be created, lastly, the hotel has to establish partnerships and health relationships with local communities and sales channels that are appropriate. Thirdly, on the part of technology acquisition and development, a website has to be created which can support online reservations. In order to automate accounting, billing and to back up office functions a property management system has to be installed. There has to be put an addition of telecommunication infrastructure to provide high speed internet to all new rooms. On the other hand, on staffing of the hotel, a highly qualified and experienced manager who will be able to head the hotel after opening has to be recruited. The existing workers should be retrained so that they can work within the new standards set in place by the new management. In order to satisfy the requirements of the expanded hotel staff has to be recruited and trained. Lastly, on commissioning of the hotel, new appropriate management procedures and policies all administration aspects of the hotel and its operations have to be developed. The opening of the hotel has to be official to show change in management and brand image and name. A supply chain for all the goods and services that is needed to operate the hotel has to be established. A transition process of the hotel from the project team to the management team once operational has to be performed. The hotel has to acquire all the needed business permits and licenses. 7.0 Constraints and Special Considerations Firstly, the agreement during purchase asks the new owners of the hotel to retain and train the existing staff so as to ensure that they will not lose their job after reopening. Secondly, since the tower is a grade two heritage building, renovation work must be done with within the constraints of all the laws that are applicable. Thirdly, all the renovations and constructions done must be completed with very minimal disruption to the neighbors as possible. Fourthly, all the renovations and constructions have to be finished within phase one so as to avoid disrupting guests with ongoing constructions after reopening of the hotel. Also, Melbury has to agree to find an alternative accommodation for three elderly guest who have lived in the hotel on full time basis. Lastly, all the regulations and building code requirements may it be local or at national level have to be satisfied. 8.0 Budget Allocation Phase one of the project requires a budget of $4 million for it to be completed. An addition of $400,000 under the control of Ms. P. Mansher is to be allocated as a budget reserve. Without his written and direct approval, these reserve money cannot be spent or committed. For support and development of phase two, a $1 million is allocated. This money is under the control of Ms. P Mansher. In this phase, there is no contingency money. 9Major Deliverables/Milestone Major Deliverables Description Project charter Show need for a project, its cost, its duration and why the project should be allowed to start. Project Schedule Provides timeframes for specified tasks. Design review It is walkthrough the proposed project in order to be granted approval Deployment Plan Show to the shareholders and project team the tasks that are needed to start the project 10Duration Phase one of this project which is renovation, construction and extension will take one year. Phase two will start after the first year. 11Project Charter Approval The shareholder of Melbury Investment have reviewed the project charter, approved it and provided funds for the project to kick off. 12Appendix: Key Terms The following provides definitions to this document Term Definition Constraint It is a restriction or a limitation that is applicable. Deliverable Capability to carry out a service required to complete a project Milestone An event in the project scope e.g. completion of deliverables Project An endeavor to process a new product or service Read More
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