The sponsor would like a summary of your project. Summarize your project to date, including a message regarding the

1

Jeremy Taylor

Strayer University

Dr. Kimble

Business 375 Project Management

30 January 2022

2

Two years ago, there were changes in my life that happened. All I wanted was to construct a

house or even refurbish one. I understood that my current home could not be capable of meeting

most of my needs. I decided to create a capital budget for total projects due to my busy work

schedule and school. Upon creating my financial budget, we then realized that based on the budget

that we had earlier planned that we did not correctly plan.

We would still be short on the overall funding for completion that we originally planned for. I

researched contractors to complete the projects for us as lost-time hours, which was otherwise

considered in my budget (Borkovskaya, 2018). This event proved to be far more expensive than

the original plan for funding and completion of the projects; this comes even when trying to factor

in different opportunity costs, which are in one way or the other associated with the time-

consuming labor that needed to be done.

This decision was an important one and is a very small example of why choosing the right

projects to invest capital is a very important consideration. From my option analysis, I thought that

adding an extra room in the house would have the highest return on investment; hence it would

have been expensive for me. From my financial knowledge, the choice of this option would be a

lengthy endeavor, and this would be the time. The space for my child was indeed needed as soon

as possible, and it wouldn't make any sense then. After consultation, more research being done,

and a lengthy conversation, I decided to make my choice based on my budget that could be easily

afforded. I then decided that I could list the house and ensure I put a clause in the contract that,

upon closing, $6,000 would be made for a purchaser to ensure they complete their choice of the

remaining upgrades (Borkovskaya, 2018). This gave me the leverage of goal accomplishment and

the power of purchasing a new house that had a cheaper alternative. In this particular scenario,

3

guys like me are able to purchase a new home which is a cheaper option though it might not

necessarily be true.

The project organizational structure is the most common in an organization where the

organization is organized in the projects, and the project manager has control over the projects. The

people assigned the projects, and other employees must report to the project manager directly.

Here the resources and employees need to be relocated in other projects, and general

communication generally and hence primarily occurs in a similar project. On the management

structure, the organizational matrix would suggest how different approaches like services,

marketing, and sales would be managed by authorities (Okudan, Budayan, and Dikmen, 2021). In

this scenario, I will be the head hence the ruling authority for the whole project. Homes in the fast-

growing construction companies, the authority plays a vital role in business success and

organization growth (Hickel, 2019).

In some scenarios, the directors are the directing authorities that help the managers to assign the

project's tasks. Project Managers look after the management of projects that have been assigned to

them, and they create different strategies to align the tasks accordingly to his task and team

members. I would use a strong matrix structure that provides the manager with equal and more

power than the functional management. Here the project manager has primary control over the

resources and the distribution of the entire tasks. There are different benefits of implementing a

matrix organizational structure in a project of my type. One of them is increased communication

efficiency. This is because the matrix structure above allows departments to communicate and

collaborate on different projects easily.

From my perspective, I think stakeholders of a project can be an individual or an entity who are

in one way or the other affected by the outcome of a project. They should be affected and have

4

influence and authority towards the project. You need to involve stakeholders throughout the

project. All stakeholders must agree on the deliverables. You need to define mechanisms that

govern changes, communicate with stakeholders in a project, and see things from their

perspectives. Examples of stakeholders are the project manager, the owner, and the project's

workers. Some of the best practices for estimating and developing a project budget are being

honest and accurate on figures and adapting to the available budgets.

References:

Drobetz, W., El Ghoul, S., Guedhami, O., & Janzen, M. (2018). Policy uncertainty,

investment, and the cost of capital. Journal of Financial Stability, 39, 28-45.

Borkovskaya, V. (2018). Project management risks in the sphere of housing and communal

services. In MATEC Web of Conferences (Vol. 251, p. 06025). EDP Sciences.

Hickel, J. (2019). The contradiction of the sustainable development goals: Growth versus

ecology on a finite planet. Sustainable Development, 27(5), 873-884.