Tag Archives: property development project

How To Identify The Ultra-Important Project Approach

Wait! Audacious and Suicidal…Kinda Weird You Forgot or Did You Miss Something?

In today’s blog post, I break down the 10 steps you need to take to get clarity.

Remember, if you want maximum results from any of your property development projects, you’ll need to know the desired end results that’s associated with Project Approach.

If you want to keep risks and complaints down and performance up, it’s always best that you focus on the Project Approach. Why?

Because this allows you to strengthen and test performance of different phases before it becomes part of any process and sequence. After all, what’s the point if it isn’t working?

The big difference is you’re focusing on speed and implementation of end result.

So the following sections describes types of information required in Project Approach.

Project approach involves outsourcers, contractors or vendors
Project approach involves outsourcers, contractors or vendors

Ok, so are you starting to see the power and how it functions as a complete project.

Enough pie-in-the-sky mumbo-jumbo…so let’s talk about how you actually DO IT, keep reading and you’ll be glad you did.

Basically, there are four distinct and logical stages of projects:

Project and Strategic Planning – provides a business with direction on achieving its mission and vision statements within set period of time by setting milestones and specific goals.

Strategic planning differs from a typical plan because planning takes the external environment into consideration.

Depending on the business’s needs…

The strategic planning for a project includes details about necessary organizational design changes for the project.

This includes performance goals, needed resources and required outcomes.

Outcome – Clearly defined project…

Project Feasibility – studies aim to objectively and rationally define the strengths and weaknesses of proposed project, opportunities and threats as presented by environment.

Also resources required to carry through, ultimately the prospects for success.

In its simplest, two criterias are used to judge feasibility, which are costs required and the values and benefits to be attained.

A well-designed feasibility study should provide a historical background of project:

  • Description of project
  • Accounting statements
  • Details of developer’s functional
  • Requirements of project
  • Management and policies
  • Marketing research
  • Financial data
  • Legal requirements…

Outcome – Project substantiation with a clearly developed strategy to deliver client and stakeholder objectives.

Project Procurement – once the project has been progressed beyond the feasibility stage then next important stage of project is procurement stage.

This process involves developing design of project and delivering project to tender stage and award of contract.

Outcome – Project ready for tender to meet client’s requirements and subsequent transaction of contract, which involves delivering project to final handover.

During this phase of the project you want assurance of key risks are being managed and desired benefits are realised.

Project Delivery – once the project has been progressed beyond procurement stage then next important stage is project delivery.

This involves developing design of project and delivering project to tender stage and award of contract.

Outcome – Project ready for tender that meets the client’s requirements and subsequent transaction of contract.

The benefit of Project Approach allows Project Manager, Design Manager and project team to lay out a high-level vision for project execution and use this vision to help create detailed plans.

project management
Project management in various stages for effective development methodology

In the Project Approach section, I’ll tie everything together for your project management benefit:

1. Discuss whether any broader company initiatives or strategies impact the structure of this project.

2. Identify any constraints or time-boxes in terms of budget, effort, time or quality, and the impact to project.

3. Describe other options for overall approach and why you chose options you did over others.

Note why you think this approach has the best chance of success over the others.

4. Talk about how the deliverables will be supported and maintained after the project ends.

Also indicate whether the approach was influenced by support and maintenance implications.

5. Discuss any other related projects that are completed, in progress or pending that influenced the approach for this project and why.

6. Discuss, at a high level, how project progresses from start to end and interdependencies between high-level phases and stages.

7. Discuss any techniques that might be of interest

8. Note whether new technology or new processes are being utilized and why.

9. Identify any unusual staffing requirements, if using consultants or outside specialists and explain why you need them.

10. Describe use of outsourcers, contractors or vendors, especially if they are doing significant work.

Remember, the Project Approach is the linchpin that holds the entire process together.

If you can get this right, you’ll make more money, experience less stress and build tremendous good will amongst stakeholders.

Not only will this process get you specific goals provided by Project Approach, but also gives you the momentum you desperately need to achieve your desired end result.

The big takeaway is by asking these types of questions FIRST hand because this just flat out works…

P.S. There was so much I wanted to cover on this topic that it wouldn’t all fit in one post, so I’m breaking it up into three posts.

Don’t worry… you won’t have to wait a week or more for Part 2 and Part 3.

I’m putting the finishing touches on Part 2 now, and I’ll email you tomorrow and let you know when it’s published.

Project Approach