The Government Freeport Hotel Purchase, Remediation /Renovation Budget
In my view, If this Project is going to be nimble and effective there are some factors that must be esoteric and Grokked by the Government. The Bahamian People and Stakeholders must also be Clear-eyed of the Process before a budget can be developed.
A Statement of Works should be Developed to confirm the Scope of what is Included in a Project or what is Excluded from a Project. Also the Risks and Constraints should be augmented to ensure Scope and Managed Expectations.
The development of a Work Breakdown Structure (WBS), Which list and Sequenced every Activity that is Required for the Completion of a Project.
Most Project Plans contain Three Standard Components, WBS, Schedule, and the Budget.
Project Work often happens in Parallel or precedence which creates dependencies for other Activities, an understanding of the relationships between these two concepts is important.
The Schedule is Intertwined with the WBS, Network Diagram,Risk Assessment, and eventually the Budget. Change One and you Invariably Influence the Others.
The Schedule and the Budget work together to Float a Project or Sink it. The Schedule impacts the Final Budget in many ways, That's why it's important to have a Schedule in place First before a Budget.
It's Best to Determine How Much Time is Really required to Complete a Project before one can Start Worrying about a Budget.
To Create Both an accurate schedule and a detailed budget for a project, it is important to know both the Effort and the Duration required to complete a work package.
For a schedule, duration of a task or work element is important.
The Critical Path, Critical Chain or whatever management style is determined to be used, Only after One of the Two is Decided Upon and Known, Then one can know how long a project is scheduled to take relative to Time.
When a Project Completion Date is Finalized I, The Project Time is known and revealed, a bottom up budget or whatever Estimate Model selected, can be developed and ROI using Net Present Value (NPV) incorporating The Time Value Of Money is Applied.
Deliverable s of New Construction, Renovations, or Project Completion, Can not be delivered On Time, Within Budget, or According to Requirements if these Steps are Not
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