Indoor Theme Park Project
Executive Summary
In the original base line, the Theme Park Project was meant to start on the 14th of April, 2008 and get finished by the 19th of December, 2008. The aim of this project is to construct an IndoorTheme Park in approximately 180 days. The park will include Carousel, Ferris wheel, Bowling, Ropes course, Go Cart, Climbing Wall and Mini Golf attractions.
The deliverables include:
- Tested and safe attractions (including Ferris wheel, Mini Golf, Go Cart, Climbing Wall, Bowling, Ropes course and Carousel);
- Comfortable infrastructure (buildings, bathrooms, decorative elements, elevators, flooring, supports, hangers, electricity, light, heating and security).
The benefits of this project:
- Attractions and fun sports available all-year round due to the indoor basis;
- Safe and secure activities provided with a corresponding infrastructure for maximum visitor comfort;
- Sport elements available in fun attractions and games for a healthier lifestyle.
Original Overall Project Cost: $3,743,000
Original Estimate to Completion: by this moment the project should have been completed by 50% of all the tasks. The project should be half-completed by the 10th of October 2008.
Schedule Performance
Message to the Stakeholders: this project is a very promising one. By now it is done by 40%, and giving up on it would be unreasonable. There is nothing to worry about concerning the loss of investments because even though several weeks are lost, it will be successful. If the Grand Opening Day (which is the final task to complete) is going to be shifted to January or February, the same amount of visitors is expected due to winter holidays and loss of competition on the behalf of adventure parks and other outside and summer season establishments.
Analysis of poorly performing tasks
Cost variance (CV) for the entire project is $144, 036 over the original budget. It happened because the following tasks went over their budget: Footings, Columns & Beams, Slab on Grade, Plumbing and HVAC Stacks & Vents.
Schedule Variance (Earned Value – Planned Value) for all summary tasks shows that they are all behind the schedule. The actual cost of the entire project is $986,900. Cost Performance Index (CPI) is approximately 0.85 meaning that each dollar brings in only 85 cents. Schedule Performance Index (SPI) is 0.62, which means that the progress is 62% out of what was originally planned. It is still more than a half. Estimate at Completion (EAC) is 4 382 639, 07. This is how much the total project will cost now (Christensen, 1998).
