PROJECT CHARTER Flashcards
- Why was this specific location (Punta Engaño, Lapu-Lapu City) chosen for the project?
Punta Engaño was strategically selected due to its high potential for residential development, offering an appealing location for future residents and maximizing return on investment. The area’s growth and connectivity make it ideal for midscale condominium projects.
- What are the key differentiators of MJL Residences compared to other similar developments in the area?
MJL Residences stands out through its combination of midscale affordability, unique architectural elements, and a diverse array of unit types catering to different preferences. This differentiation aims to attract a broader range of potential buyers in a competitive market.
- What measures are in place to ensure compliance with local building codes and safety regulations?
Compliance will be ensured by involving qualified legal and engineering teams to conduct regular reviews and maintain adherence to local building regulations. The team will secure all necessary permits early and maintain communication with regulatory bodies throughout the project.
- What led to the conclusion that this project would significantly boost the company’s reputation?
This is the first midscale project for FLECS, expected to establish credibility and open doors for larger future projects.
Handling this midscale project positions FLECS as capable of larger and more complex projects, enhancing its profile in the construction industry. Successful delivery will serve as a testament to the company’s growing capabilities, making it more attractive to future clients.
- How do you justify the estimated budget and what contingencies are in place to handle potential overruns?
The budget is based on detailed cost breakdowns with a built-in contingency to address overruns.
The budget was developed with comprehensive cost analysis, factoring in labor, materials, and contingencies for unforeseen expenses. This ensures financial preparedness while maintaining a structured approach to potential cost variances.
- What strategies are in place to meet critical milestones, especially if unexpected delays occur?
Regular progress assessments, buffer time in schedules, and adaptive project management techniques.
The project will use phased progress reviews, ensuring each milestone is assessed for timely completion. Buffer times are included in the project plan to address unexpected issues, helping the team stay on track.
- How do you plan to monitor the construction schedule to ensure timely completion?
Use of project management software and frequent site inspections to ensure adherence to timelines.
A combination of project management software and scheduled site inspections will provide continuous monitoring. These measures will help detect delays early and prompt immediate corrective action if necessary.
- How reliable are the funding sources listed (equity, bank loans, private investors), and what happens if they fall through?
Sources (equity, loans, private investors) have been secured, with contingency plans for shortfalls.
The primary funding sources include developer equity, bank loans, and private investors, with established agreements providing financial security. If any issues arise, secondary funding options and budget adjustments are in place as backup strategies.
- What process will be followed to manage budget constraints and mitigate financial risks?
Cost control through periodic financial reviews and procurement strategies to manage risks.
Periodic reviews of the budget will help track expenses and detect potential overspending. Procurement strategies, including early bulk purchasing and supplier agreements, will further help manage costs effectively.
- How will you manage changes in project scope to prevent scope creep?
Clear documentation and approval processes for any changes, overseen by the project manager.
The project manager will oversee scope changes through a formal documentation process requiring stakeholder approval. This approach prevents scope creep and maintains project focus while allowing for necessary adjustments.
- What proactive measures will be taken if the assumed availability of materials and equipment changes?
Establishing relationships with multiple suppliers and securing materials early in the process.
The project team plans to secure materials through agreements with multiple suppliers and advance procurement. This strategy ensures a steady supply chain even if there are shortages or delays with one supplier.
- What specific mechanisms will ensure all major deliverables meet quality expectations?
Quality checks at each phase and stakeholder engagement to validate deliverables.
Deliverables will undergo rigorous quality inspections at each stage to ensure compliance with standards. Stakeholder feedback and involvement will be sought to align deliverables with expectations and maintain trust.
- How will labor shortages or potential cost increases be addressed?
Buffer budget allocations and workforce management to adjust resources as needed.
The budget includes contingency allocations to absorb cost fluctuations, and proactive hiring practices will mitigate labor shortages. Regular cost assessments will be performed to detect potential overruns early.
- What is the plan for addressing delays in permit approvals or regulatory issues?
Early submission and proactive engagement with regulatory bodies to expedite approvals.
Early engagement with authorities and comprehensive pre-submission checks will expedite permit approvals. This approach ensures that the project timeline accommodates potential delays without significant disruption.
- How were key roles such as the Project Manager and Lead Architect chosen, and what are their credentials?
Key roles were assigned based on expertise in past successful projects and professional credentials.
Key roles like the Project Manager and Lead Architect were selected based on prior experience with successful construction projects and their qualifications. This ensures that leadership positions are filled with skilled individuals who can drive the project forward effectively.
