IMPLEMENT AND MONITOR PROJECT BUDGET

Project name: Second Venue Expansion Project

Prepared by: Simonetta

Date: 13/06/2023

Project Objectives

The high-level goals of the project are to open a second venue for the restaurant in another city, thereby expanding the customer base, increasing brand presence, and generating additional revenue. The success criteria for the project include:

1. Opening the second venue within a timeline of six months from the project start.
2. Increasing the customer base by 30% within the first year of the second venue's operation.
3. Achieving a positive return on investment within two years of the second venue's operation.

Project budget	$500,000.00
Project item/phase	Estimated cost
Project initiation	$10,000.00
Define project scope and objectives	$2,000.00
Identify project stakeholders	$1,000.00
Develop project charter	$3,000.00
Obtain project authority approval	$4,000.00
Location selection and lease agreement	$50,000.00
Research potential locations	$5,000.00
Visit and evaluate potential locations	$10,000.00
Negotiate lease agreement	$35,000.00
Venue renovation and interior design	$200,000.00
Total Cost	$320,000.00

Implementandmonitoractionsasperyourcostmanagementplantoensuretheprojectmaintainsitsfinancialobjectives.

1. Implementingactionsincludebutarenotlimitedtoregularlyreviewingtheprojectprogressand addressing problems and issuescausing project delays and blowouts, conductingperformancereviewswithprojectteammembers,implementingareasonabletimelimitforprojectmeetings,etc.
2. Monitoringactionsmayincludebutarenotlimitedtoconductingprojectteammeetingstoensureissuesandproblemscausingprojectdelays,andblowoutsarebeingaddressed,reviewing the performance review schedule and ensuring that reviews are being done on atimelymanner,reviewinghoursspentonprojectmeetings,etc.