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Feasibility Study Assignment For Duplex Construction In Geelong Region

Question

Task: You are required to read the following case study and prepare a Project Feasibility Study and Timeline based on the information contained in the case study.

Assessment Description
This assessment is a case study regarding a Residential Duplex Development Project. In this case study you own a real estate development business with cash reserves for funding development projects of $800,000. Your current business project is to successfully complete, within a nine-month timeframe, a small residential development in a regional centre (a place that is not a suburb in a capital city) in the state in which you reside.

  1.  A regional centre in your state with a growing population that currently has more than 10,000 residents;
  2.  A block of land for sale that is large enough to construct a duplex (two attached residences) based on the minimum land allotment size prescribed by the local council and that is selling for a price you can afford;
  3.  A builder that will construct a duplex on your chosen block of land for a price you can afford.

Your primary objective is to create as much equity as possible (value of your constructed duplex less all project costs) and as much income as possible (rent collected from tenanted duplex less all holding costs).

Your assessment task is to prepare and submit a Project Feasibility Study and Project Timeline. Templates for both of these will be made available to you but you are welcome to modify them or use your own templates if you wish. You are expected to source real statistics and information rather than providing estimates. This can be achieved by conducting internet research of relevant websites and emailing or telephoning relevant people and organisations.

You will also be required to prepare an explanation supported by evidence of where you sourced each item of information in your assessment submission from. How you do this is entirely up to you.

You may prepare a separate report based on each of the headings in the project feasibility study

You may include the information in your project feasibility study and project timeline as an appendix.

Your explanation report cannot exceed 2,000 words and it must also include:

  •  Constraints and goals
  •  Macro-environment business drivers (such as economic, competitive, resourcing and
  •  demographic factors taken into account when determining feasibility)
  •  Micro-environment business drivers (such as technical /internal expertise, time pressures, and other people-related considerations)

Answer

Executive Summary
Strategic project management is an inseparable component of a business venture as it confines the prime objectives of the investors. This feasibility study assignment interrogates Geelong town as a potential framework to construct duplex feasibility project. Budgeting, the price of land and sales information has been examined to depict the proper planning of duplex building in the Geelong region of Victoria State.

Introduction
The present feasibility study assignment elaborates the concept of feasibility study as an inevitably part of business functionality which confines a group of collective factors such as economic, legal, technological involvement and scheduling considerations into an account of strategic project management. In the current contemporary world, explanation of feasibility study is inevitable as it helps to measure the pathway of success within a given schedule. Project feasibility is mainly divided into five potential categories which include technical, legal, economical, scheduled and operational feasibility within project management. This study interrogates Geelong town as a potential framework to construct duplex feasibility project. Appropriate accommodation of a population which is more than 10,000 and moderate location of town can be effective factors emphasize new business. A potential budget has been processed for buying land and building duplex. This study describes various balance and checks of the marketplace to measure profit index of the duplex along with the application of real-life tools such as Gantt charts and scheduling tools. The feasibility study assignment also confines different factors of macro and micro environmental factors which influence business propositions.

Selection of regional centre with more than 10000 people
Location is an integral part of the construction business venture as it allows incorporating traffic flow and experiences a higher number of visitors to perform the construction of the duplex building. In this case study, Geelong, a small town situated in the state of Victoria, Australia, has taken into a project account to conduct a duplex building project. The town has been blessed with a population of more than 10000 which is necessary for the duplex building to accomplish specific objectives. The population of the regional centres contains various important historic importance, ports, demographic characteristics and ancient social legacies. Geelong is a well-known port town, the second largest town of Victoria state after Melbourne. Geelong is situated on the bank of Corio Bay and Barwon River and its current population has increased up to 192,000 in 2016. The regional athletic centre of Geelong significantly addresses the passion of sports among the youngsters. This regional centre gained popularity while promoting the participation of adults. The regional centre is also a source of enjoyment and a potentially unique institution which provides necessary aspects of improvement. The regional centre also significantly offers necessary supports and accommodations to the athletics to accomplish individual and collective goals within sports and games. The regional centres also provide facilities to the other athletics to accomplish utmost success and motivate to engage with various in house sports activities within Geelong town.

Geelong has become an integral part of Victoria as the area was occupied by tribes of Australia earlier namely known as the 'tongue of land or peninsula'. The city experienced boom during the gold rush within the western region of Victoria State. In the modern-day, Geelong town has sustained with the various emerging health sector, an education hub and manufacturing hub. Various ground research has observed that the town offers potential opportunities to develop this city into a more valuable place to incorporate duplex building. Construction of a duplex building is necessary for the regional centre to amplify more popularity and reputation within Australian communities. In addition, construction of a duplex project can be a potential driving force to enhance profitability index and ensure growth.

Price Distribution
Geelong is an efficiently potential regional centre of Victoria State which has a population size of 192,000 residents. An accurate budget of $800,000 has been allocated to the project team to construct a duplex after purchasing a land plot. The feasibility study assignment has been identified that this ancient port town has become an elegant city that includes innovation and technological trends to attract various investors and business ventures to develop projects. Geelong town confines various historical ports and offers lands with relatively less price (Mukherjee and Roy, 2017).

Land

Information about the land

 

Land address

Geelong regional centre

Town

Geelong, Victoria

Property or land size

6 acres

Buying Information

Land Price

$300,000

Stamp Duty

$2000

Conveyance Fees

$8000

Purchasing a valuable plot in the regional area of Geelong will cost a price of $310,000 and the amount of money is systematically used on several inventory expenses including stamp duty expenses, conveyance fees and the price of purchased land. The owner of the Geelong regional athletic centre intends to buy a plot of potential land which sized 6 acres. The prime objective of buying this potential land by the regional athletic centre is to create a potential duplex in order to provide facilities to the young and potential athletics to pursue dreams within the state of Victoria, Australia (Portny, 2017).

Building Budget

Execution and design

$80,000

Construction, Flooring

$100,000

Electric appliance connection

$200,000

Plumbing, Painting, Plastering

$105,000

Windows and doors

$5000

Budgeting is essential to implicate new business ideas. In order to construct an effective duplex building to incorporate the needs of the athletics of Geelong, an amount of $490,000 is obvious to develop the project. Meanwhile, a potential duplex building consists of various important departmental steps which include design, electricity connection and other requirements such as painting, plumbing mentioned in the table (Pauwels and Terkaj, 2016).

Sale price of duplexes
Selling property is the prime goals of the constructors as it allows gaining higher revenue from the project site. On the basis of various assumptions and ground prediction, it has been observed within this feasibility study assignment that the selling price of the constructed duplex building will be nearly $1000, 000 and the investors are willing to sell the duplex in higher prices to enhance productivity and profitability within feasible project management context. In order to maximize the selling price of the duplex, it is essential to create a physiotherapy hub and utilization of common space will be helpful to ensure higher profitability index along with developing potential opportunities to create more productive projects. In order to sell the duplex building in higher value, it is an absolute and essential responsibility of the investor to renovate washrooms and the kitchen while implementing innovative designs and corresponding values within its operational process. Additionally, the duplex needs to implicate moderate planning to attract a larger consumer base. In the meantime, it is also important to decorate the rooms with thematic visions along with effective cleaning system. To draw the attraction of the buyers and other potential investors who want to buy the building, it is necessary to engage effective advertisements such as social media marketing by the owner (Warwick, 2019).

Allocated budget
Creation of Budget within a feasible project is an inevitable part of strategic project management context. However, the feasibility study assignment has confirmed that to accomplish the premeditated success of this project of constructing a duplex complex in Geelong, an amount of $800,000 has been allocated to the project authority. It is necessary to sell the duplex within the market price higher than the amount of money invested by the project authority. The cost of selling should be significantly greater than $800,000, to include higher profit within the business context. The project team requires examining and measuring the price criteria which have offered by the market of the Australian construction industry. Meanwhile, the implication of the following instructions can be a profitable option for the owner to sell the duplex building within a wide appropriate range of customer base as it is beneficial for the project authority of this duplex feasibility project (Weightman and Curson, 2018).

Checks and balances in the Marketplace within this feasibility study assignment
Check and balance is an inevitable function of the feasible project that includes several aspects of resolving mistakes and reducing risk magnitudes to centralize organizational power. Check and balance operation allows the authority to improve control over several important business decisions which consists of the decision-making process, risk measurement and assigning duties within sectoral movements. The implication of check and balance demonstrates the investor to develop several operational principles to enhance productivity and profitability within the duplex project context. Furthermore, checks and balances are also an essential process that empowers the team to cope with the project challenges and other improper and illegal processes in order to achieve transparency. Checks and balances have been segmented into three important subdivisions such as executive, judiciary and legislature department. However, the practice of effective check and balance process allows maximizing the efficiency of employees while it takes a significant amount of money to operate (Wickramaarachchi et al, 2018).

The duplex authority required to upgrade moderate check and balance process to operate the duties of significant sectorial departments while perfectly align with separating the tasks within expertise employees. Implementation of check and balance within a feasible project helps to control of various on-going projects to enhance the operational process. Implementation of this significant approach empowers the project team to reduce production cost of the constructed duplex along with measuring internal and external theft in order (Zhou et al, 2015).

Microenvironment business Driver
Microenvironment mentioned in this feasibility study assignment confines a systematic empirical framework of business propositions that directly attached to the business operations. The factors have a significant impact on the business functionalities and disciplinary activities. Microenvironment encloses a set of several important characteristics of business operations that consists of suppliers, competitors, employees, business mediators, stakeholders and especially customers. In order to incorporate higher revenue in a feasible project of constructing duplex, the investor required to create certain knowledge regarding this inseparable component of business venture (Woodyatt, 2018).

Macro Environmental Driver
Macro environmental driver refers to a set of uncontrollable and inseparable components of a business venture that creates limitations as well as provides essential information about the business context. It helps to include an effective decision-making process, in-house working performance and implementation of innovative and creative strategies within duplex construction. The authority needs to engage with the sustainable development process to aid flexibility and performative functionality while addressing deceptive impacts of macro-environmental factors. Macro Environmental drivers mentioned in this feasibility study assignment can be demonstrated with pestle analysis of marketplace within Geelong regional centre which encloses various potential external factors including political influences, demographic location, social background, economic growth, technological involvement, legal affairs and environmental aspects that affect business prosperity and operational planning.

Applications of Project Tools in real life
Gantt chart: Gantt-Pro is well recognized online software that has been used by the project authority to demonstrate planning and helps to manage several operational functions of feasible duplex program. Gantt-pro is a potential project planning tool which allows the department to track the performative progress of sectoral process and building coordination with subordinates. Gantt chart is mainly used in the project management to create graphical illustrations that uphold project planning and tracking of the duplex project along with determine given time frame for accomplishing the project (van der Molen et al, 2018). Price of online modern Gantt chart: $50 per month

Project Timeframe Tools
The project time frame tools discussed in this feasibility study assignment are productive approaches to determine departmental changes and allow achieving provisional targets of the authority. In addition, project timeframe tools are used to function as per systematic schedule to complete the tasks in a given time frame.
Price: $30 per month

Scheduling Tools
Scheduling tools are designed to deliver different segments of the project process in functional operations. Project scheduling tools are used in the measurement of the tasks within the given schedule and it is essential to use by the duplex building authority to incorporate the productivity within business perspectives. Scheduling tools are used for meeting the deadlines and managing the sectoral duties in order (Uluta? et al, 2016).
Price: $40 per month

Recommendation

  • Needs to implicate innovative designs and equipment to enhance operational success.
  • Required to incorporate various potential resources and strategies to construct a duplex
  • Needs to analyze market rates and financial fluidity to sell a duplex in higher price

Conclusion
Practice of strategic project management is an inevitable part of a feasible project as it allows incorporating business functionalities within organizational context. A systematic framework of project management allows the investors to implicate innovative designs and ideas within the operational process of the construction of duplex within Geelong regional centre. This feasibility study assignment has provided a systematic empirical framework that confines analytical values of construction project within Geelong town. The study also conducted a potential duplex making process to ensure productivity and profitability.

Reference List
Mukherjee, M. and Roy, S., (2017). Feasibility studies and important aspect of project management. International Journal of Advanced Engineering and Management, 2(4), pp.98-100. Portny, S.E., (2017). Project management for dummies. Hoboken: John Wiley and Sons.

Pauwels, P. and Terkaj, W., (2016). EXPRESS to OWL for construction industry: Towards a recommendable and usable ifcOWL ontology. Automation in Construction, 63, pp.100-133.

Uluta? Duman, D., Giritli, H. and McDermott, P., (2016). Corporate social responsibility in construction industry: A comparative study between UK and Turkey. Built Environment Project and Asset Management, 6(2), pp.218-231.

van der Molen, H.F., Basnet, P., Hoonakker, P.L., Lehtola, M.M., Lappalainen, J., Frings-Dresen, M.H., Haslam, R.A. and Verbeek, J.H., (2018), August. Effectiveness of Interventions for Preventing Injuries in the Construction Industry: Results of an Updated Cochrane Systematic Review. feasibility study assignment. In Congress of the International Ergonomics Association (pp. 438-440). Springer, Cham.

Warwick, T. (2019). Challenging the ‘decline' of the industrial elite in the manufacturing town: Middlesbrough's steel magnates and the urban sphere 1880-1931. The Local Historian, 49(3), 230-238.

Weightman, J., and Curson, N. (2018, November). Attaining Technical Excellence in Project-Based Organisations through Multidisciplinary Knowledge Management Strategies and Tools to Improve the Transfer, Application and Reuse of Critical Knowledge, 45(7), 45. Wickramaarachchi, N., and Burns, E. (2018). Belonging, Strangerhood and Mobility: South Sudanese in a Rural Town, Victoria, 4(1), 45.

Woodyatt, L. (2018). “The Catch Up Group”-regional transplant recipients receiving targeted education in their local community, 3(1), 78. Retrieved on: 27 August 2019, retrieved from: Zhou, Z., Goh, Y.M. and Li, Q., (2015). Overview and analysis of safety management studies in the construction industry. Safety science, 72, pp.337-350.


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