According to the given information about after finishing of the renovation of an Italian restaurant in Toronto to reflect the iconic style of the 1980s project, can you create the lessons learned report assuming this project has been finished?

Issue Description	Owner	Resolution	Impact** (H,M,L)	Decision Due Date	Status
Excessive budget overrun		Review expenditures, renegotiate contracts, seek competitive bids	High	15 April 2024	Ongoing

Items for Management attention this reporting period

• It's essential to address the red flag indicating excessive over budgeting. We need to conduct a thorough review of expenditures to ensure accuracy. We can ask our financial department to allocate the remaining funds judiciously to avoid potential financial issues later.
• Additionally, this review should encompass all aspects of the project budget, including material costs, labor expenses, equipment rentals, permits, and any other associated costs.
• For the project to be successfully completed, we need to identify any discrepancies or inaccuracies in the budget allocation and expenditure tracking. This may involve comparing actual costs against budgeted amounts, identifying areas where spending may have exceeded initial estimates, and understanding the reasons behind any discrepancies.
• While the project adheres to design and renovation plans, modifications in interior design might indicate scope creep. We can implement a change control process to evaluate and approve alterations systematically, ensuring they align with project objectives and budget constraints.
• In order to resolve the yellow status, it is crucial to bolster quality control procedures. To maintain high standards, the number of inspections and quality checks conducted during the renovation process needs to be increased. We can consider involving third-party quality inspectors to provide unbiased assessments. These inspectors can conduct independent reviews of the workmanship and materials used in the renovation, helping to ensure compliance with industry standards and best practices.
• The comprehensive quality management system should include procedures for conducting regular inspections and quality checks throughout the renovation process, as well as mechanisms for identifying and addressing any issues or deficiencies promptly.

Risk Description	Assigned Resources	Action Required	Due Date	Status
Delay in procurement of 80's themed materials	Project Manager	Accept	24/02/25	Closed
Unforeseen structural issues during renovation	Structural Engineer	Accept	24/03/15	Open
Regulatory approval delays for theme-specific changes	Legal Advisor	Accept	24/04/15	Open
Fluctuations in material costs impacting overall budget	Finance Team	Accept	24/09/01	Open