King Abdullah Financial District Project
Indeed, the so-called Public Pension Agency considers KAFD as one of its key projects. The PPA owns this particular project. The Al Riyadh Investment Company is the investment arm that represents PPA in its project management, as well as, oversight roles. Equally, the project will stimulate the prosperity of the Kingdom’s financial sector. As a matter of fact, the KAFD project aims to be the pioneer financial destination not only in Saudi Arabia but also in the Middle East. According to the Project management Institute, project management refers to the application of various skill, key techniques, and relevant knowledge not forgetting tools in various critical activities with an aim of meeting the project requirements. Projects do assume five phases. Firstly, project conception is the initial phase.
During this phase, the idea to start the project is careful examined and evaluated to determine whether it will beneficial to the organization. Secondly, the project is defined and a plan is made. Projects are prone to various management problems. These problems arise when the managers do not carefully put in to consideration the various project management aspects. This research paper seeks to explore project management of King Abdullah Financial District Project, explaining the distinctive project management elements and how they are effectively incorporated in the management of this particular project. King Abdullah Financial District Project The major goal of executing the KAFD project is establish a state-of-heart economic edifice that will be a destination of financial institutions. It will therefore have distinguished facilities, as well as, services to support the financial bodies.
Recreation facilities will also be available in this edifice. In furtherance, there will be educational institutions that will offer world class educational and learning services to scholars. There will be large car parks that will be designed to meet world standards. Like any other project, the King Abdullah Financial District (KAFD) is bound and assumes the distinctive phases of project management. The project is extensive evaluated in its initial phase. All this activities are under the project management conception, as well as, initiation phase. Indeed, after the project conception, the project is seen to be realistic. King Abdullah Financial District (KAFD) project also adopts the second phase of project management. This phase involves project definition, as well as planning. For the successful implementation of the KAFD project, planning is actually very important.
The platforms are planned to accommodate numerous employees working for various institutions. The business hub is planned to house institutions headquarters. In addition, the business will have a financial academy. The financial academy will offer pioneering educational services that will build financial specialties. In furtherance, this academy will offer relevant training courses that fits the requirements for the various companies and financial institutions. The managers have also ensured that project is executed within the set budget frameworks. Analysis of the Current Situation The completion date of this mega project is actually unknown meaning that it is uncertain. For instance, the KAFD project that is going to cost $ 11. 6 billion is being greatly admired, however, nobody is actually sure of its actual completion date.
According to the supervisory, as well as, the KAFD project managers, the completion date of this particular project cannot actually be fixed due to the fact that planning for additional building is still under process. I will ensure that funds are transferred and credited in to the contractor’s account in time to enable them make timely payments. To add on, I will ensure that contractors meet the set completion dates scheduled for the defined critical activities. Acting in the position of the KAFD project manager, I will also establish better communication lines with key stakeholders of the project. This will significantly increase the efficiency levels. Conclusion Project managers have the sole responsibility of overseeing, as well as, planning for the implementation of the whole project.
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