Project Conchran Crossing Simulation

Learning Objectives:

This project will simulate a home renovation project and sale and is based on a real$-$life project.

The simulation will support student learning in these areas:

Active vs passive project management

Economics $$ screening and incremental

Consideration of business value in project management decisions

Decision making under uncertainty

Configuration management and linkages of scope, cost and schedule

Project reporting and earned value metrics

Project monitoring & controlling and closing

Mechanics

Duration:

The simulated time is $6$ to $12$ months or more.

Each class week, the project progresses and your team has deliverables:

Management update including decisions or recommendations. This is a mock presentation where you, as PM$,$ will meet with the Project Sponsor for the project update. One member of your team will present each week. Both of you will present as co$-$project managers for the final presentation.

Analysis including earned value metrics each month and as needed to support your decisions and recommendations

Instructions will be given for each deliverable.

Active role in project management:

Your team may and should ask questions of the Renovation company, realtor and sponsor via Prof. Claudia.

You may change parts of the project with permission from Prof. Claudia. We will need to keep the project gradable but allow you space to actively manage your project.

Partners:

You will work with $1-2$ partners for the entire project.

Grading:

This project is $25\%$ of your grade

For each analysis, you and your partner will have the same grade.

For each presentation, the presenter will receive their own grade.

You will be asked to provide feedback for the presentations. Quality feedback will be part of your grade.

You may not know in advance who will present each time. Both of you should be prepared to deliver the management presentation.

You may be asked to participate in the management updates as part of the RCEL Property Management team.

Background

RCEL Property Management Company, owns and manages rental properties across the Houston area. It recently expanded its business into home flipping which involves purchasing a home, renovating it and reselling it to make a profit.

The project is divided into $2$ phases:

Phase $1.$ Selection and purchase of a home and

Phase $2.$ Renovation and resale of the home

The first phase is complete and resulted in the purchase of the home in Conchran Crossing in the Woodlands.

You will be the Project Manager for Phase $2.$

The prior project manager left everything in good shape. You will receive a number of their files.

Each month, the renovation company will provide updates on progress and costs$-$to$-$date to your analyst. Your analyst will then update the budget and schedule for you.

The majority of the work in Phase $2$ will be done by the renovation company.

Additional work will be done by an interior designer and the realtor

There are additional costs to RCEL Property Management for the project that may not be included in the report from the renovation company.

Owning the home $($taxes$,$ insurance, utilities$)$

Selling the home

Interior designer