Risk Management

Risk Management

Fish Tank – Sea Food Restaurant

Project Risk and Issues Management

Table of Contents
1.    Importance of Project    3
2.    Project Description    3
3.    Project Governance Model    4
4.    Work Breakdown Structure (WBS)    5
5.    Estimated Project Timeline & Budget    6
6.    Critical Assumptions    6
7.    Data Sources & Collection Methodologies    7
8.    Bibliography    7
9.    Appendix:    8

Fish Tank – Sea Food Restaurant

Assignment 2.1: Project Selection and Description

Table of Contents
1.    Importance of Project    3
2.    Project Description    3
3.    Project Governance Model    4
4.    Work Breakdown Structure (WBS)    5
5.    Estimated Project Timeline & Budget    6
6.    Critical Assumptions    6
7.    Data Sources & Collection Methodologies    7
8.    Bibliography    7
9.    Appendix:    8

Fish Tank – Sea Food Restaurant
1.    Importance of Project

The sea food restaurant project holds immense importance in my life as from a very young age I developed a taste for different kind of sea food and was interested in opening a business related to it. For the same purpose, I use to explore for different restaurants in UAE to find variety of sea foods that can satisfy my taste buds and with the passage of time I realized that none of the restaurants had variety when it comes to sea food cuisines. Therefore, I thought of opening a sea food restaurant that will offer customer multiple cuisines to select from. I strongly believe that sea food business has immense potential due to incredible demand of local and tourist population of dining at sea food restaurant and eating fish.
2.    Project Description

This project report is based on opening a new sea food restaurant that will serve sea food cuisine in Arabic, Indian and Continental style. The new sea food restaurant will be named Fish Tank and it will be located in Jumeirah which is the prime location of Dubai – United Arab Emirates (UAE) and serve the local Emirati, Expatriates and tourist population with quality sea food in different styles and cuisines according to their cultural preferences and likings.
Below mentioned is the output and outcome of the Fish Tank Sea Food Restaurant.
Output    Outcome
Contract signed and premises obtained on a long term lease.
Increase revenueby increase sales in first year.

Convert the vacant place in a restaurant, place a giant fish tank artistically & complete interior designing works as per the restaurant theme.     Increase sea food menu choices for the local and tourist customer all under in one sea food restaurant
Fully equipped sea food restaurant that has all necessary restaurant decor, furnishings, furniture, crockery and kitchen appliances installed.
Increase brand and customer loyalty levels by enhancing quality service standards.

Experienced and well trained staff will be responsible for managing functional and operational activities of the restaurant.    Increase the customer satisfaction levels of diners by providing them with signature sea food.

3.    Project Governance Model

Here is the Project Governance Model of Fish Tank Restaurant  “figure 1 “ and briefly explainedabout roles of the project teams in appendix 1:

4.    Work Breakdown Structure (WBS)

Diagram 1, below mentioned is the WBS of Fish Tank Sea Food Restaurant. The WBS is divided in to six major deliverable. Activities under each deliverable are briefly defined below in the appendix 2.

5.    Estimated Project Timeline & Budget

The estimated time required to complete Fish Tank Sea Food Restaurant project will be 3 months or 90 days. The start date of the project will be 01/09/2012 whereas the project end date will be 30/11/2012. The project time line estimation was acquired by In Style Interior Design Consultants who has carried out similar kind of estimations for a restaurant project in Dubai (Consultants 2012). The project millstone time line details can be found in Appendix 3.
About the budget required to complete Fish Tank Sea Food Restaurant project is approximately AED 2 Million. The project budget estimation was taken after studying similar kind of summary reports presented by both In Style Interior Design LLC and Jumeirah Consultants and some adjustment has been done as the prices of the furniture, equipment and location renting price is different from the estimation that at present. The project budget details can be found in Appendix4.

6.    Critical Assumptions

Some of the critical assumptions of the sea food restaurant are mentioned below as follows:
?    The rented premises will be ready for internal construction work
?    Basic facilities such as water, electricity and civil infrastructure are available at the selected place.
?    All necessary requisites and requirements for the construction of sea food restaurant are readily available.
?    Availability of both budget and time to carry out the sea food restaurant project.
?    Staff possessesbasic knowledge about the restaurant management systems which include kitchen maintenance, procurement management and customer service management though requires specific training related to sea food knowledge is still required.
?    Project team and stakeholders would be given complete support throughout the project.

7.    Data Sources & Collection Methodologies

Below table will show the data sources & collection research methodology that I will use in this project:
Required Info./Data    Data Sources    Collection Methodologies
•    Locating an appropriate place
•    Obtaining commercial license
•    Selecting Interior Designs
•    Appointing Contractor
•    Developing the Project Site
•    Employee Management
•    Project Constraints
•    Risk Management
•    Operation & Control
•    Stakeholder Management    •    Other Restaurant Managers
•    Food & Beverage Managers
•    Chefs
•    Walk in clients
•    Research Analyst
•    Technical Analyst
•    Newspaper
•    Websites
•    Face Book    •    Online Interviews
•    Online Survey
•    Reviewing documents related to dining
•    Reviewing Restaurant project plan in the internet

Table 1

8.    Bibliography

1.    Consultants, Jumeriah. Feasibility Study & Business Plans. 2012. http://www.jumeiraconsultants.com/# (accessed August 16, 2012).
2.    In-Style. Dubai : Style Interior Design. 2012. http://www.instyledirect.com/dubai/index.php?view=interior-design-dubai (accessed August 20, 2012).
3.    ITP. Sea Food Retaurants in Dubai. 2012. http://www.timeoutdubai.com/restaurants/search/all-locations/all-experiences/seafood (accessed August 16, 2012).
4.    Garland, R. (2009). Project Governance: A Practical Guide to Effective Project Decision Making. Kogan Page Publishers.

9.    Appendix:

Appendix 1: Roles & responsibility of project team(Garland, 2009)
Roles     Responsibility
Project Owner     Primarily owns the project and is responsible for funding it. Generally reviews the progress of the project and provide timely recommendations to the Project Manager.
Project Manager     Ensures that Project Team completes the project work in time and that the project is delivers within estimated budget and scope and on schedule.
Responsible for troubleshooting constraints related to time, cost, quality and other aspects related to scope of work. Also responsible for communication, risk management, status reporting and resolving conflicts related to the project.
Reference group
Provides timely assessment and consultancy to project owner and manager. Also responsible for conducting survey and retrieving information that can prove handy for the project. Researchers assist project management team in planning and strategizing.
Construction Team     Consist of members and sub-contractors that work under the project manager. Responsible to construct the site and oversee civil, mechanical, electrical, HVAC, painting and commissioning works according to the scope and nature of work.
Interior & Exterior Design Team     Consist of members that are responsible for completing designing works. Also responsible for planning layout and space and concept management according to client need.
Restaurant Management Team        The operation team responsible for managing restaurant includes General Manager, Food & Beverage Manager, Sales & Marketing Manager, Operation Manager, Executive Chef, House Manager, Shift Leader, Serving Staff , Kitchen Staff, Cashier, Accountant, Administration Officer, Cleaners and Security Officer.
Recruitment Manger
Responsible for selecting, interviewing, short listing and hiring potential candidates for the job. Assist project manager in selecting team that has the skills and abilities to perform required job.
Finance Manager
Responsible for managing finances of the company, preparing reports, income statements and balance sheets. Assist project manager with the project budgeting needs.
Procurement Manager    Responsible for procuring raw materials required for the project. Assist project manager in purchasing stocks that are required for completing construction project.
Table: 3
Appendix 2: Work Break down Structure

WBS No    Major deliverable    Description of Work pages
Site Selection/Renting    Finding an appropriate location in Jumeirah area for opening the sea food restaurant and obtaining long term rental agreement on fair market price value
1.2    Restaurant Design    Designing layout of restaurant by selecting theme/interior design.
1.3    Construction    Constructing a sea food restaurant with a large size fish tank and attractive décor, lighting and surroundings. Overseeing that contractor finishes designing work according to the desired standards
1.4    Purchasing    Procuring construction materials that may include electrical fittings, paint material, tiles, false ceiling, restaurant furniture, crockery, kitchen fit out and refrigerators and etc. Also making a contract with food supplier for the kitchen.
1.5    Recruitment    Recruiting restaurant management team
1.6    Lunching & Closeout    Project Manager will hand over the project once it is completed to the Restaurant Manager who will than engage in marketing, advertising and promotional activities.

Table: 4

Appendix 3: Fish Tank Sea Food Restaurant – Project Milestones

Major Milestones    Due Date
1.    Complete market Research     Sept2012
2.    Obtain Building and equipment’s      Sept/Oct 2012
3.    Complete the all construction work  and installation for equipment     Oct  2012
4.    Recruiting Employees (Restaurant Management Team)    Sept/Oct 2012
5.    Launching, Initial Marketing, Advertisement & Promotions    Nov2012
6.    Grand Opening    Nov 2012

Table 5

Appendix 4: Fish Tank Sea Food Restaurant – Project Budget

Title    Amount in AED
Premises Cost/Year    300,000
License Cost    25,000
Visa Cost (Employees)    150,000
Interior Designing Cost    25,000
Furniture & Crockery    100,000
Kitchen Fit Out & Refrigeration    100,000
Salaries/Year    1,000,000
Sales, Marketing & Advertisement Cost/Year    80,000
Misc Cost/Year    20000
Total Estimated Cost     1,800,000
Table 6