Objective of having frequent brainstorming sessions, Financial Management

Case Study:

Silicon Cliffs is a big private company that undertakes consultancy activities and services in the field of building construction. Silicon Cliffs has gained peoples' confidence due to its seriousness, reasonable cost charged, provision of new designs, while using state-of-the-art technologies and materials in the construction process.

Recently, Silicon Cliffs has obtained a contract for a very challenging project, a type, which it has not embarked upon before - "Construction of a 5-star hotel on the border of a lake". The site has been chosen because it provides a panoramic view of the beautiful and luxuriant scenery that would surround the proposed hotel.

In a meeting held with members of the project team, the project manager voiced out that "applied research needs to be performed due to the complexity of the project".

Members of the project team suggested: "there should be frequent brainstorming sessions to develop a project option that would be acceptable to all of us, due to high-risk areas that may be encountered in the course of the project".

The Director of Silicon Cliffs, on his part, insisted that for this specific project there might be many possible solutions to one particular problem and consequently solutions should be evaluated by performing a risk analysis. He also added that the project manager should devise checklists and use them for comparison purposes during trade-off studies.

In the project team of Silicon Cliffs, there are also some cabinet-makers. They can make chairs, tables, stairs and other furniture. Wooden stairs need to be built to link the different levels of the hotel. Depending on the costs, schedules or deadlines, the project manager may opt for one of these two alternatives: either have the cabinet-makers construct the stairs or have prefabricated stairs ordered from a supplier. That is, make-or-buy decisions must first be identified and then a solution selected.

Answer the following questions.

(a) What is applied research and why should it be conducted for this project?

(b) (i) What is the objective of having frequent brainstorming sessions?

(ii) Describe the four basic rules that brainstorming groups follow.

(c) (i) What do you understand by "high-risk areas"?

(ii) High-risk areas generally fit into four categories. Describe each of these categories.

(d) Consider the following statement made by the Director of Silicon Cliffs: "the project manager should devise checklists and use them for comparison purposes during trade-off studies". Explain what is a trade-off and define its relation to a risk-analysis.

(e) Assume that in the proposed hotel project, a set of wooden stairs is to be constructed. A make or buy decision will have to be taken.

(i) Explain the meaning of a make or buy decision.

(ii) Propose a make and a buy decision for the above case.

(iii) Illustrate by means of a flow diagram a make-or-buy sequence, supporting your answer with brief explanatory notes.

(f) Once the 5-star hotel has been completed, it should be "delivered". Delivery is considered to be an instant of time at the end of the implementation phase. What are the three conditions associated with delivery?

Posted Date: 11/7/2013 12:41:08 AM | Location : United States







Related Discussions:- Objective of having frequent brainstorming sessions, Assignment Help, Ask Question on Objective of having frequent brainstorming sessions, Get Answer, Expert's Help, Objective of having frequent brainstorming sessions Discussions

Write discussion on Objective of having frequent brainstorming sessions
Your posts are moderated
Related Questions
Question 1 Under a hire purchase deal structured by X Finance Ltd. for Y Corporation, the finance company has offered to finance the purchase of equipment that costs Rs. 200 la

Question : (a) Lucky Corporation is considering an investment in one of the two mutually exclusive proposals: Project A which involves an initial outlay of Rs 170,000 and Proj

Regional Banks Large banks like First Norwest, Chicago, Mellon and Crocker function regionally at the national level in a fashion same to money center banks. Regional banks ser

Does the expected value of the sales and of the net income of Spanish companies have anything to do with sustainable growth? No. Sustainable growth it is just a number that sho

What are number of factors that influence the shape of the yield curve? There are some of factors which influence the shape of the yield curve as follows: (1) Expectations

a) IPod -Line / Mass production is most suitable given that Apple can sell the standardised product to mass markets across the world. Only small variations to the production proces

suppose perfect competition prevails in the market for hotel rooms. the current market equilibrium price of a stanar hotel room is 100 per night

What is an agent? What are the responsibilities of an agent? An agent is a person who has the actual or implied authority to act on behalf of another.  The owners whom the agen

Evolution of Hedge Funds: The establishment of the first Hedge Fund in the United States in the year 1949 by Alfred W. Jones marked the evolution of Hedge Fund industry. It was

The price of a non-dividend paying share, St, follows a geometric Brownian motion process. The current price of the share is £10 and volatility of the share price process is 12% pe