Ventura Stadium Status Report

Ventura Stadium Status Report

Project: Ventura Stadium

Status (Date as of) 25th February, 2021

Project Summary

The project is structured around an ideology to construct a professional baseball stadium to seat a whopping 47000 people. The budget for this project is $ 320,000,000, while the management reserve stands at $35 million. The completion date is set for 3rd April 2022. Failure to meet the deadline will subject the project to a $ 500,000 per day for the days it will run after the documented ending date.

Status Summary

  1. The Ventura Stadium project has passed the initial allocated budget by 5 500, 000 which translates to (CV = -5, 500 000)
  2. The project has a negative schedule variance, which can be attributed to it being behind the intended schedule by a whopping 15 days. When considering the SPI (EV/PV), one gets a variance of 0.95, indicating that the project is far behind its schedule. This can also be seen by considering the finish variance value that denotes the days the project has been prolonged.

Project Cost at Completion

The project execution was set at $ 320,000,000, but it has exceeded this by a whopping $7,963,801. As much as the project has exceeded the set budget, the figure is still less than the management reserve, which stands at $35 million.

Recommendation

  1. The project has exceeded the set budget, but it is still below the management reserve; in this case, those in charge should utilize these funds to hire resources, which will help expedite the rate at which the tasks are performed and create room to complete the project as soon as possible.
  2. The company should hire more resources to aid with the installation of the lighting system, seats, and the general stadium infrastructure because it is taking way too much time, thereby delaying the project.
  3. Given that G&E wants to preserve its reputation in the construction business, it should focus on hiring new resources to ensure they meet the 3rd April deadline and establish a buffer as soon as completion is achieved.

 

Reference

Larson, E. W., & Gray, C. F. (2021). Project Management the Managerial Approach. McGraw Hill.