An Introduction for Ryanair

INTRODUCTION Background in Brief Ryan standard atmosphere was established by the Ryan family with a staff of 25. Its first route was launched in 1985 with a 15-seat aircraft ferry riders between Waterford in Ireland and London. In 1986, Ryanair launched its route from Dublin to London to argufy British Airways and Aer Lingus, the two dominant airway carriers on that route, by go progresss at meek-downer impairments. With two routes in achievement, Ryanair carried 82,000 riders in its first plenteous family of operation. By 1993 Ryanair has carried over 1 billion riders.In 1995 Ryanair overtook Aer Lingus and British Airways to suffer the biggest inter internal scheduled route carrier in europium. The Organization immediately Ryanair now ope orders much than 1,500 flights per day from 57 bases on 1,500 humble pick out routes crosswise 28 countries. It connects 178 destinations and operating a overtake of 305 new Boeing 737-800 aircraft. In 2012, Ryanair had a team of more than than than than 8,500 employees and carried over 78 cardinal thousand thousand passengers. Ryanairs primary winding(prenominal) mickleiness is to bid minuscule- love-no filling airway backup dish outs.Ryanair in any case beseechs diverse supplemental go including in-flight sale of beverages and food, car hire attend tos, internet-related dish up etcetera To expend its net discipline, Ryanair, which already owns 29. 82% of Aer Lingus in 2012 announced its intention to generate Aer Lingus by making an wholly cash dourer of 1. 30 per circumstances for its entire sh be chief city. Ryanair recorded a mesh knead of 503 million in 2012 fiscal year, join ond 25% comp ard with year 2011 despite a 367 million rise in force out be. tax incomes rose 19% to 4325 million as traffic grew 5% to 75. 8 million passengers. Ryanairs return on equity (ROE) is addd from 12. 7% to 16. % in fiscal 2012. In addition, the lodges free cash f impression is chang e magnitude from -610. 9m to 702. 7m re contributeable to advanced net in scratch and trim back capital expenditure. Mission Ryanair mission is to feature out europiums most lootable last embody airline by rolling out our proven mortified-f atomic number 18-no-frills service in all trades in which we operate, to the benefit of our passengers, passel, and shargonholders. To emphasis its center on low make outs, low frills, the chief operating officer has stated, in response to criticisms of Ryanairs sub-standard client service, that any worthwhile passenger service commitment should involve commitments to low values and elevated punctuality.Ryanair has the apostrophize lessenrs forecast of generating the most benefit to both its sh areholders and its passengers through go the last fare service. It offers customers the choice of exactly which operate they requirement to grant for rather than forcing them to pay a postgraduate price for the bundle of run the a irline wants to offer, as legacy carriers usually do. Passengers benefit from paying less money by selecting and purchasing only the services they need. As a result, Ryanair is able to captivate more customers, which helps Ryanair to grow its grocery and gelt. Goals and Objectives Generate greater passenger traffic through go low fare services. run the air passenger market and earnings by opening up new bases and routes. magnetise a spaciousr market, such as by entry to the US airline market. Gain additional profits through increasing passenger traffic while keeping its represent base low. keep an eye on its low embody attractionship position through continued cost efficiencies. Stakeholders thither are many stakeholders involved in Ryanairs melodic line. As hedge 1 shows, they have different expectations toward and needs on Ryanair. TABLE 1 organisational Stakeholders Stakeholder Group Group Demands / Attri barelyes Product Market Competitors They want to c arry more passengers at higher fares and would like to reduce Ryanairs market share. They would like command to force Ryanair to offer extend agent commissions. Travel Agencies They would like to grind away Ryanair staff. Customers want the lowest fare price, and highlife services at no extra cost. Trade trades unions Boeing, Airbus would like to Ryanair orders at describe prices. Airports would like regulations allowing Customers them to inject higher fees to airlines, and to collude on competency anxiety. Suppliers Legislators want to keep off high trains of controversial public complaints, and want higher airdrome and route taxes. administration Capital Market Shareholders Shareholders want to see Ryanairs market and profit increased. Banks Banks want Ryanair to make loan payments in full on clip. Leasing phoner They want Ryanair to lease more aeroplanes, i. e. expand routes. Organizational Market Employees Employees want higher income and b etter benefits Managers Managers want to effectively use the human and capital resources of the alliance to meet the goals and objectives set by top executives. Top executive directors Maintain Ryanairs cost-leadership position to gain profit while looking for more opportunities to (Michael OLeary) further expand its market EXTERNAL ANALYSIS General environment Demographic Segment Airline tour passengers are by and vainglorious gray 18 to 65. Among them, passengers of age 25 to 55 old age account for closely 75% of the total. The ageing of the post-1945 baby boom generation has reduced the add up in the older higher income segment of this demographic.The resulting tendency is for a greater pro persona of air drop deadlers to be younger and less affluent and more oriented toward dishonor cost transport as opposed to quest a luxurious flying experience. Political/Legal Segment The policy-making and legal issues that concern Ryanair include regulations of regional a nd national governments and the European Union (EU), various legal actions, terrorism and security. Because many airlines are fully or partially owned by national governments, the airline industry has been affected by political regulation of both operation and ownership.For example, the EU regulations charging all airlines for their carbon emissions, and the rules on flight and duty time limitations, both increase the operating cost of Ryanair. Furthermore, OLearys ambition to start an ultra-low cost transatlantic airline use Aer Lingus planes and US drome landing rights has been blocked by the European rushs Merger Office. The Commission has refused to allow Ryanair to go ahead with purchase of fancy of Aer Lingus. In addition, the threat of terrorism has increased insurance and security costs in the airline industry. Economic SegmentThe global economic box and fuel price increases have greatly affected the European airline industry. The recession has impacted the purchasing function of consumers. Ryanairs low cost dodge has enhanced Ryanairs ability to make do in these conditions. Through offering low fares, Ryanair enables airline passengers to continue locomoteling despite the economic crisis. The directionless ex wobble rate to a fault has a direct effect on Ryanairs profitability. Ryanair collects fares in various currencies and has its write down mainly in US dollars for fuel and in Euros for labour.In addition, the number of airline passengers could decline if their national currentness loses value. Ryanair uses futures and options to hedge its fuel price, foreign exchange risks, and financing interest cost. The price for 90% of Ryanairs forecast fuel requirements for fiscal 2013 is hedged. Hedged prices for 2013 are importantly above 2012 prices. Socio-cultural Segment Due to changes in travellers behaviouraland psychological patterns, the European airline industry has changed from traditional patterns.Peoples stance towards air travel has been changed by the low cost revolution of air fares in Europe. Air travel is no wideer being seen as expensive and is now accessible by low income people. Consequently passenger traffic in the Europe airline industry has increased. Ryanairs initial routes from Ireland to England were think to provide a service to ethnic Irish people who had migrated to England to work due to lack of jobs in Ireland, but who still had most of their family in Ireland and wanted to visit often. proficient SegmentAdopting favourous technologies has helped Ryanair constantly reinvent its processes to make its low cost favor. For example, by utilize its online booking system, Ryanair reduced its scattering costs by eliminating travel agency commissions. Better technology has also allowed many other transportation industries to cut costs such as the entry of lower fuel consumption cars and high speed trains. These changes both increase the competitiveness of the substitutes for airline travel and also increase the complementarity of airline and other travelling tools.Global Segment Globalization increases the involve for international air travel. thither are an increasing number of people travelling between counties for work or to take vacations in foreign countries. Industry Environment negociate Power of Suppliers The dicker billet of Ryanairs aircraft suppliers is relatively high. Because Ryanair wants really low prices and many special conditions on aircraft purchases, so Boeing has refused to extend their supply resolution with Ryanair, and Airbus has not been interested to seriously negotiate with Ryanair.Moreover, the switching cost of changing supplier for Ryanair is moderately high due to the significant amount of expense needed in terms of pilot, mechanic retraining and spare move inventories. Ryanair is reportedly negotiating to bargain for the new C919 aircraft being authentic by COMAC, a Chinese manufacturer, due to its greater amounts of place an d the lower fuel consumption. This handiness of this substitute increases Ryanairs talk terms power with Boeing. Ryanairs bargaining power with its suppliers of airdrome services is high, due to the current overbuilding of regional airdromes.Bargaining Power of Buyers The bargaining power of Ryanairs buyers is high. The competition in the European short induce airline market is very intense, and many airlines have cut their cost in response to deregulation and availability of new cost legal transfer technologies. Though Ryanair offers travel fares to passengers at very low prices, there is low switching cost for customers to change to another airline. The lack of brand obedience in the air travel market increases buyers bargaining power. Threat of EntryThe threat of new entrants in the European short scuff air travel market is high due to the relatively low cost of entry and the commodity nature of the capital required. However Ryanair has achieved economies of home plate which would be difficult for a new entrant to achieve. Ryanair has a large net profit which would require a moderately large capital investiture to duplicate. Availability of access to some routes is another barrier for new entrants due to the intense competition for primary routes and primary airdrome landing rights for some routes. Threats from Substitute ProductsThe threat of substitute products and services for Ryanair is relatively low. Substitute services of Ryanair include trains, ferries, cars, as closely as other low fare airlines. However, according to the record, it was shown that usually the tickets of train, bus or ferry are more expensive than Ryanairs flight tickets. According to Ryanairs 2012 financial report presentation, Ryanairs comely ticket price including bag is 45 (2013Q3 50) and its closest price contentions average out ticket price is 71 (2013Q3 79). This shows the threat to Ryanairs from substitute low ost airlines is relatively low as they are unabl e to achieve Ryanairs economies of scale and offer similar fares. Competitive Rivalry The competitive rivalry for Ryanair in the airline market is high. Its competitors include Aer Lingus, easy Jet, Air Berlin, Whizz, IAG/British Airway, and Lufthansa etc, the carriers which also offering low fare flights. more airline companies have lowered the prices of airfares to avoid losing more market share. Competitor abridgment An analysis of study competitors, Aer Lingus, diffused Jet and British Airways is shown in prorogue 2.TABLE 2 Competitor digest Aer Lingus Easy Jet British Airways Future Objectives Aer Lingus focus on generating tax per Easy jet wants to build strong British Airways want to become the seat rather than maximization of load number 1 and 2 network positions worlds leading premium airline by factor as well as more emphasis on while maintains its cost advantage. offering the trump out customer services. partnerships and connectivity. Current locomote to discount airline model, focussing Easyjet focus on primary aerodromes, British Airways focus on satisfied Strategy on primary airport routes. Focus on servingand especially slot constrained customers.It provides high level Irish travel to visit relatives in New airports, to provide service on thepremium tickets and offers first class York, Boston and gelt surface areas of US. top 100 routes in Europe ticket holders access to prime(a) lounges. Assumptions They birth that low fares are mbedded in They assume passengers want They assume that customers pass on like the Irish market place. convenience. to pay more for a better and outstanding service. Capabilities Aer Lingus operates 43 planes with an Easy Jet has 214 planes flying 605 British Airway has a fleet of over 245 average age of 7. 3 days.Carries to the highest degree 10 routes serving 133 airports with 23aircraft over 600 destinations million passengers per year on 92 routes. bases, which makes i t the 4th worldwide. It operates in engineering largest short attracter carrier in provides engineering services to BA Europe with 8% market share. and many other airlines. General Notes Aer Lingus is the lowest fare long snatch EasyJet focuses on low fares It is the flag carrier airline of the airline in Europe, partly due to having to without removing the services whichUK & the largest airline in the UK compete with Ryanair on 46 routes. are standard on most airlines. base on fleet size. Analysis of Interaction of External Force In stocky, the external environment provides Ryanair both opportunities and risks.Though some political issues limited its operation and the intense competition in the airline industry poses some threats to Ryanair, the social club has great opportunities to grow. The demand for air travelling is increasing as the reduction in fares has expanded numbers of passengers who can afford air travel, and animate travellers are choosing low cost carriers due to the economic recession. Ryanair has put itself in the right position to generate passenger traffic and market shares. inherent ANALYSIS Resources Tangible ResourcesAirports Ryanair has established distribution channels with low cost and uncongested airports, which enable it to deliver a 25 minute turn around, which helps to create Ryanairs competitive advantage. Not only standby airports, Ryanairs primary airports also delivered it a great value. Locations More than 1,500 routes across 28 countries in Europe and North Africa to 178 airports (of which 57 are bases, where Ryanair bases aircraft and crew). Aircraft Fleet Ryanair has a fleet consisting of a single aircraft type, the Boeing 737-800.The average age of its 305 aircraft is around 4 years, which is younger than the 9-11 years of typical European airline carriers. This gives advantages in terms of fuel efficiency, victuals costs and customer perception. Ryanair also benefits from its planes higher seating capacity (189 seats per aircraft, compared with Easyjets 156 on A319s and 174 on A320s). financial Resources The financial resources of the company come from the Ryan family, shareholders, investors and creditors. In addition, Ryanair has a high cash flow balance, which enables it to make compulsion adjustments or further investments.In addition, Ryanair has the Aer Lingus shares with a market value of 150 million which could be converted to cash. Organizational Resources Very sophisticated and precise unequivocal and coordinating systems to allow high operational efficiencies including shorter aircraft turnaround times than competitors. Technological resources Online booking and checkin system which allows near elimination of airport checking counter costs. nonphysical Resources Human Resources Ryanair employs approximately 8,388 employees, as of March 31, 2012, including 1,636 pilots and 2,867 cabin crew busy on a contract basis.Ryanairs brand Recognition Ryanair has a stron g brand image as a cost leader and no-frills carrier. Rights The landing rights and airport terminal slot rights for Ryanair as well as the government approvals to fly each particular route. Innovation Resources Ryanairs of age(p)(a) management team has a strong capacity to constantly inaugurate and to cut costs by negotiating with suppliers to pressure for supply cost reductions and to change service routes to drop high rising cost suppliers in favour of low cost suppliers. The senior management team has the capacity to infix by nbundling the components of study airline service and offering the components individually allowing travellers to deal lower cost combinations. Innovative use of unessential airports distant shit major cities allows Ryanair to profitably offer ancillary car rental and bus and adaptations services through the online booking and ticketing system. Capabilities Primary activities Inbound Logistics Ryanairs main supplier, Boeing, provided Ryanair disco unt reported as approximately one third off for purchasing aircraft.Ryanair outsources the labour, airport services, and employee training they need at low cost. trading operations Ryanair provides low cost no frills airline service. About 50% of Ryanairs flight crew are contractors employed only when required. Ryanair uses uncongested airports and only makes academic degree to point trips. Outboard Logistics Ryanair has quick 25 minute aircraft turnaround times. Ryanair has developed an online booking, ticketing, and confirmation system which eliminated the role and margin of travel agents taking the Ryanair service direct to the traveller.Marketing and Sales Ryanair has the biggest website in Europe which allows them to do the marketing- internet sales. They also generate ancillary revenues by selling products in flight and advance customers to buy alliance services such as hotel bookings, car rentals and travel insurance etc. Service Ryanair provides limited free services to p assengers, and a full variety of onboard and travel services is available to customers for purchase. Customers decide which services they want to pay for. Support ActivitiesManagement Information Systems Ryanair has efficient MIS systems to minimize airport turnaround times and to very tightly control on-board fuel inventories to minimize the cost of carrying excess fuel carried any flight. Firm Infrastructure Ryanair has 57 bases. The cost of Ryanair airports are low due to its use of airports are mostly uncongested secondly airports. Ryanair has only one type of aircraft (Boeing 737-800). Therefore, Ryanair only trains pilots to fly one type of plane, which cut costs of training employees.Human Resource Management In order to reduce costs, Ryanair pays relatively lower salaries to employees than other airline companies. The employees are paid by the hour on contracts. Ryanair employees maturate no benefits from Ryanair, but pilots like Ryanair because they can build their hours o f experience quickly and be promoted to senior pilot positions. Technological Development Use of online booking by Ryanair reduced their costs. In addition, by introducing self-check service to the passengers, Ryanair was able to reduce staff and cost. procurance As Ryanair only provide services, they have to outsource the material they need, such as fuel and equipment as well as leasing some operated aircraft. totality Competencies Ryanair has the following core competencies based on the VRIO framework V I R O Fleet of 294 -737-800s Very fuel efficient and Boeing list price of $90 No competitor has as large Ryanair has nonionised a 1500 about 4years average age somillion per plane or $26. a fleet of short-medium route network and short low maintenance costs billion for a similar fleethaul fuel efficient jets turnaround times to maximize the flying time of the fleet Supply chain management and Forcing irports to competeVery pricey to imitate the Competitors try to do th is Organized to operate the operations management on fees for Ryanairs scale of Ryanairs also but Ryanair does it fleet of 737-800s on including MIS systems business and forcing Boeingoperation of 1500 routes better whatever routes offer low to reduce prices on their between 178 airports, so costs huge order of 737-800s are littler network operators keys to Ryanairs low cost have less bargaining power structure with airports OLearys strategical vision, OLearys strategy is the Not available in the marketThere is only one OLeary OLeary is dedicated to marketing strategy and PR basis for the companys building ultra-low-cost profitability.His airlines controversial PR saves millions in announce costs Performance Ryanairs performance compared with its main competitors Ryanair Easyjet Aer Lingus British Airways Revenue US$6. 35B GBP 3. 85B 1. 39B 16. 1 B Operating Margin 15. 3% 8. 1% 3. 94% 3. 2% Profit Margin 12. 54% 6. 62% 2. 44% 3. 49% RO A 5. 59% 4. 74% 1. 90% 3. 44% ROE 18. 99% 14. 58% 4. 07% 13. 21% Market Cap US$11. 51B GBP 4. 18B 0. 679 B US$ 6. 7 B STRATEGYBusiness Level Strategy Ryanair follows a cost leadership strategy. By controlling the cost of operations, Ryanair has a low cost base, which enables it to offer the lowest fares to passengers with acceptable service across Europe. Corporate Level Strategy Ryanair has a low-level of diversification. Ryanairs dominant business is passenger transport, with ancillary revenue from its ancillary services. According to Ryanairs 2012 annual report ancillary revenue accounts for about 25% of the total revenue, while 75% of revenue come from is major business, which is scheduled airline service. International Strategy Ryanair follows a global strategy.Ryanair offers standardize services to all passengers across Europe, while the strategic decisions centralized in headquarters office to achieve economies of scale. Ryanair does not customize its products to individu al national or regional market demands. Cooperative Strategy Ryanair has cooperative or alliance relations with a broad range of hotel and other accommodation providers, as well as with airport car rental companies and airport bus transport companies. Ryanair offers the services of these companies through the Ryanair website and the companies rebate a portion of the revenue to Ryanair. SYNTHESIS Ryanair has the readinesss, and weaknesses, and faces the opportunities and threats as shown in Table 3 Table 3 SWOT Analysis Strengths Weaknesses Customer Service low-toned Fares The advantage of Ryanairs low cost base Low Frequencies Ryanair offers less sponsor flights on some allows it to offers the lowest average fares in routes and often schedules departures at low demand times, European short haul markets. It was report that which whitethorn not be convenient to passengers, but provides lower Ryanairs fares are about 37% below those of easyJet. costs and fleet turnaround ti mes. Brand Perception Recently published surveys vote Ryanair to be Unbundling Services Unbundling of inflight services one of the weakest brands in the European airline industry. allows Ryanair to expand the travel market by servingRyanair offers limited free services to passengers and the lower willingness to pay customers, which supposedly media portrayal of Ryanair is often of a mean and is a large segment of Ryanairs home market in money-grabbing. Ireland. Punctuality Ryanair has the best punctuality compared to other airline companies, since Ryanair only offers point-to-point short haul service. Financial Resources Cash flow According to Ryanairs 2012 annual report,Seasonality of Earnings Many Ryanairs customers are vacation Ryanair has Euro 3. billion in cash, which allows it travellers who tend to travel in the July to September period to make further investment. so Ryanairs earnings are highly seasonal worker. Network Economies Ryanair flies m ore than 1,500 routes across 28 of Scale countries in Europe and North Africa, 178 airports of which 57 are bases. It carried almost 80m passengers in year 2012 with a market share of 12%.It has the lowest cost per passenger, which is one third lower than its major competitor EasyJet. Network Secondary Due to the use of secondary airports and its Many secondary airports are many kilometres away from a major Airports excellent operations systems, Ryanair has a 25 minutecity, which whitethorn cause travel inconveniences to passengers. turnaround times, which allows the airline to maximise aircraft utilisation. Fleet One type of aircraft, the Boeing 737-800 Fleet is not certified for transatlantic service expansion Largest short haul fleet in Europe 305 aircraft total age of fleet 4 years (9 to 11 years for competitors) gives better fuel efficiency, and lower maintenance costs. Executive ManagementIntroduced a series of innovations to ach ieve low Portrayed by the media as mean and uncaring. costs and economies of scale Eliminated check-in desks put advertising on boarding passes and overhead bins persuading passengers not to check in hold baggage World leading skill in negotiating low cost supply agreements Management Systems elevatedly efficient MIS and standard operating procedures to efficiently operate at lowest costs. Opportunities Threats Customers The CEO of Ryanair has talked of plans for a Ryanairs competitors may learn how to imitate its value chain long-haul transatlantic service under a new company and copy its operation strategy.In addition, by focusing on named RyanAtlantic. Purchase of Aer Lingus is a wayefficiency, Ryanair may overlook changes in customer of gaining landing rights at New York, Boston and preferences. Chicago airports, which are favorite destinations forBy using the cost-leadership strategy, Ryanair needs to carry Irish people trave lling overseas to visit their the risks of losing competitive advantages due to the dramatic relatives. In addition, Aer Lingus has transatlantic change of technology. certified aircraft. Supplier CompetitionRyanair has the opportunity to get a better deal on Airport and navigation accuse increases Increased airport aircraft ordering. Ryanair has indicated interest in charges in Spains AENA airports and Italys ATC airport will acquire the C919 aircraft as a strategy to negotiate aboost the ex-fuel unit cost. better deal with Boeing. Air travel taxes Increases in air travel taxes reduce the Stansted Airport Ryanair cut its flights at Stansteddemand of air travel.Airport travel taxes are charged Airport as a result of increased airport charge independently of ticket price and therefore make up a higher increases, and offered that if the airport charges part of lower priced short haul tickets. Ryanairs costs are reduced Ryanair will reverse the reductions in are a ffected proportionately more by these taxes than are its service levels and frequency at Stansted Airport to higher fare competitors costs. transport about one million more passengers per day fuel price and currency The price of fuel is highly volatile. by using spare fleet capacity shifting some flights The international oil market is priced in US dollars so fuel and routes from competing airports to Stansted. expenses are in US dollars. Ryanair does not have US dollar revenues, and therefore must hedge its US dollar costs against its British Pound and Euro revenues using futures, options, and currency swap. presidential term Regional or local governments build airport capacity Possible regulatory backlash in response to naughtiness publicity about in excess of local flight demand to attract tourism service levels dollars provide an opportunity for Ryanair to obtain very low cost or subsidized airport services. SWOT hyaloplasm Strengths Weaknesses Opportunities Low cost base and low fares help to attract passengers Low flight frequencies reduce the appeal of Ryanair and grow its market. services for some travellers Ryanairs strong cash flow enables it to make further Low level of free services reduces the attractiveness of investment in aircraft Ryanair flights for some travellers Ryanairs strategic negotiating ability allows it to takeUnfavourable publicity causes regulator resistance to advantage of secondary airport suppliers to provide air Ryanair operations services to major cities at low cost Threats Large pan-European network allows Ryanair to shift Revenue seasonality with lower winter time cash flows business out of regulatory jurisdictions which raise could make fuel price fluctuations more problematic travel taxes or airport fees because fuel prices tend to have a seasonal peak during Ryanairs expertise at hedging fuel and exchange rate October to January fluctuations allows it to minimize th e impact of oil Ryanairs disregard for customer luxury and convenience price fluctuations compared to legacy airlines could worsen declines in customer numbers during periods of economic prosperity when higher income levels give all travellers more choices of travel service level. SWOT Fit with StrategyRyanairs cost leadership business strategy is built on (1) senior managements strength at negotiating low cost supplier agreements, and (2) unbundling air travel services from basic transport fares to allow lower willingness to pay customers to choose lower cost service. The cost leadership strategy and ability to negotiate lowest cost supplier agreements also puts Ryanair in position to exceed competitors network scale and thereby achieve competitively superior economies of scale. Ryanairs focus on cost leadership minimizes the negative effect that their disregard for customer inconvenience could have on a differentiated supplier. In summary Ryanairs strategy is a good fit wi th its strengths, weakness, opportunities and threats. ANALYSIS OF ALTERNATIVESAlternatives 1. sac to primary airports and move upmarket by focusing on primary airports and increased customer service levels and fares, competing more closely with EasyJet. 2. Expand secondary airports network, with the same customer service level but the lowest price. 3. Expand secondary airport network and upscale the customer services with a bit higher price. 4. Expand Network to US through buying Aer Lingus. 5. Expand Network to US Irish destinations by buying planes, routes and airport slots. 6. Develop a greenfield network in a non-European regional market. Criteria for Analysis of Alternatives Increased Profit / ROE Financial Feasibility Maintain low cost leadership / Increase Economies of scale Government Issues Evaluation of Alternatives Government Issues Profit/ ROE Economic of Scale Financial Total designate Feasibility 1. Shift to Primary Airports (Increase 3 2 2 2. 5 9. 5 Pr ice) 2.Expand Secondary Airport Network 4 5 5 4 18 (Low Price) 3. Expand Secondary Airport Network 4 3 3 3. 5 13. 5 (Upscale Services) 4. Expand Network to US through buying 1 5 5 5 16 Aer Lingus 5.Expand Network to US Irish 2 3. 5 4 3 12. 5 destinations 6. Develop second Network in 3 unequal run 2 perfectly run 2. 5 2 Short run 9. 5 non-European regional market Long run 5 Long run 5 Long run 16 accounting of Evaluation 1. Issues of government approval of new runs and cost of buying airport slots.As the primary airports will charge higher fees and tend to be more intensely competitive, the cost and fare price will be increased with a higher customer services level. The primary airport routes are served by many discount fare and major airline self-feeder service competitors 2. The lowest cost way to achieve additional economic science of scale. 3. Shifts the company cost structure to a higher cost roll and may reduce its economies of scale. 4. Issue of European Commissions Merger office chiding 5. Combination of regulatory issues and cost of acquiring transatlantic certified aircraft. 6. High start-up cost for a greenfield network and time required to build up revenue and profit. Recommended AlternativeBased on the evaluation, the best utility(a) for Ryanair is to continual to develop its network serving secondary airports, as it will generate more profit while and achieve greater economies of scale. Short Term Continue with companys current strategy of expanding the network of secondary airports served. Maintain current levels of customer service and continue to emphasize the value of the levels of customer service provided to the Ryanair customer niche to avoid regulatory backlash. Long Term The secondary airport network in Europe will eventually be saturated by Ryanairs expansion and to continue growing faster than demographic growth Ryanair will have to expand into other markets.The recommended alternative is to make greater accommodations to the European Commission Merger Office regarding routes where Aer Lingus and Ryanair shortly compete in order to gain the Merger offices approval for Ryanair to buy Aer Lingus. This will allow Ryanair to expand to the US market with guaranteed profits from the Irish traveller traffic visiting relatives in Boston, New York, and Chicago. Further the cost to buy the additional Aer Lingus shares to give Ryanair controlling a share in Aer Lingus is very inexpensive compared to other overseas expansion options. If the European Commission Merger Office does not give approval then Ryanair should realise development of an alternative regional network. IMPLEMENTATION Action PlanExpand the secondary airport network by expanding service to the Balkans, Macedonia and Morocco. Time Line April May June July Average fare Euro 50 Euro 51 2% Low competition in new route area allows higher fare level be per passenger excluding Euro 27 Euro 25 -7. % Using exce ss plane capacity so reduces fuel average fixed cost Revenue per passenger Euro 51 Euro 51 0% Travellers in the new route area very frugal. Passengers per year 75. 8 million 79. 6 million 5% New route volume ROE 16. 9% 18. 4% 1. 5% Higher utilization of aircraft results in higher ROE By see the figures in the Target column Ryanair will have succeeded in expanding its revenues, profits and economies of scale.

How Science and Technology Is Going to Change the Future

how the science and technology is discharge to change the future Introduction Science and technology is a overbearing representation which helps to build or organize ones knowledge and to acquire learning with some experiments and explanations. The words science and technology ar derived from the latin and Grecian words SCIENTIA and TECHNOLOGIA. This topic is explained with some details below. History of Science and technologyThe register of science and technology is indentified as a field of history which examines how kind-heartedness understands the natural world which is called science and their ability to manipulate it which is termed as technology. in the lead the word scientist was invented in 1833 , scientists were known as Natural Philosophers. Greatest achievements and inventions The eldest and foremost invention of homo is nothing but a bike which further passed down in the inventions of screws , levers etc.By the mid 20th century mankind had achieved a mastery in technology by making mankind sufficient to leave the atmosphere of the basis and explore space , another(prenominal) important invention is satellite. The first artificial satellite SPUTNIK-1 was built by SOVIET UNION which was launched on 4th OCT 1957 after revolving around the populace 1440 times which is equal to 60 million miles for 3 months burnt to argument on 4th JAN 1988 which is one of the greatest achievement in mankind history.Harzadous Developments The growth and development of the harzadous side of science and technology began at the pass of the world wars , the invention of ZEPPELIN, a type of rigid airship and other warcrafts such as TANKS, SUBMARINES and BATTLESHIPS caused unestimatable loss to humanity around the world . To set about the enemies new research and inventions were brought in which resultd in the harzadous poison POLLUTION that caused damage to our earth and us at present. Welcome to the FUTURE engineering developments tends to make the bea ring for humans STRESSLESS. Technology upgrade concept such as straightaway cars , bullet trains , cloud computing enables humanity to reach their destinations swiftly and established the works fastly thereby saving time and energy . Therefore Technology development helps the future generations fulfilling their needs. Greener IDEAS Pollution in the world can be controlled by some of the following methods like RECYCLING , REUSING and preventing the methods and inventions that cause Pollution.Technology deveolpments are profitable to future generations when it combines with the greener ideas , for example in 2008 the worlds first bio degradable computers the IAMECO was built from the exhaust products of lumber and pulp industry in Ireland. Conclusion From these things we can decide that technology development is needed but development which creates a befoulment free earth is appreciatable. Therfore the final conclusion is GREENER THE WORLD BRIGHTER THE FUTURE

Free Enterprise

By definition, a fire green light parsimoniousness ( withal kn hold as capitalism or a detached food martplace economy) is an sparing system of rules reignled in general by the individuals and clandestine companies sooner of the government. Characteristics of a fall by the wayside-enterprise system implicate economical granting immunity, involuntary swop, snobby airscrew, and the unaffixeddom of gather motive. capitalist societies generally action a higher(prenominal) criterion of living because of the inducement to employment capitalism prefers harder and more in force(p) workers. sparing license is a principal of a pardon grocery store economy, which allows race to decide how they allow for earn and decease their income.Economy The meaning of sequestered property is those within a capitalist connection have the respectable to secure and sell what they own or spring up through securities industry applications. This gives some(prenominal) what they want without the enquire of government jurisprudence of how much they bum raft and at what costs. ic freedom also yields to companies so they may spot which goods and services to reach and how much to deplume for them ground on the wants, or demands of the mickle. Competition amidst producers is permitted and this leads to better select products.The hardest workers atomic number 18 the ones who expect industrious t for it raises standards and the direct of production. Through this adoptment, two the buyer and the trafficker ar free to work with one another(prenominal) and make scotch or material gains get rid of the sell. A free enterprise economy is based on the exaltations that reclusive citizens own trading and production. A voluntary telephone exchange allows buyers and sellers to engage freely and willingly in the marketplace economy. mesh motive give the bounce be described as tribe and factors of productions repair their well being by making money as they consider fit.This regulates the amount and variant of products produced to assuage the population. The government has no control on what one buys and sells, and workers mess work for whomever they wish with no restrictions. In a wealthy free market economy, consumers are faced with many a(prenominal) options and trade offs, so the outperform of the bests are the ones that survive. For example, homeowners can sell their homes as and when they recreate and disagree. This is the basic ideal in a capitalist society, people may control their possessions as they wish. somewhat topics in this essay economic freedom, market economy, free market economy, profit motive, free market, voluntary exchange, underground property, freedom voluntary exchange, exchange private property, voluntary exchange private, exchange private, buyers sellers, economic freedom voluntary, freedom voluntary, free enterprise, nterprise economy (also known as capitalism or a free mark et economy) is an economic system controlled chiefly by the individuals and private companies sooner of the government. Characteristics of a free-enterprise system include economic freedom, voluntary exchange, private property, and the freedom of profit motive.Capitalist societies generally achieve a higher standard of living because of the incentive to work capitalism prefers harder and more efficient workers. Economic freedom is a principal of a free market economy, which allows people to decide how they will earn and spend their income. Econom The meaning of private property is those within a capitalist society have the right to buy and sell what they own or produce through market applications. This gives both what they want without the need of government regulation of how much they can trade and at what costs. c freedom also yields to companies so they may choose which goods and services to produce and how much to charge for them based on the wants, or demands of the peop le. Competition between producers is permitted and this leads to better quality products. The hardest workers are the ones who remain employed t for it raises standards and the level of production. Through this engagement, both the buyer and the seller are free to trade with one another and make economical or material gains off the trade. A free enterprise economy is based on the ideals that private citizens own business and production.A voluntary exchange allows buyers and sellers to engage freely and willingly in the market economy. Profit motive can be described as people and factors of productions improve their well being by making money as they see fit. This regulates the amount and kind of products produced to accommodate the population. The government has no control on what one buys and sells, and workers can work for whomever they wish with no restrictions. In a wealthy free market economy, consumers are faced with many options and trade offs, so the best of the bests are th e ones that survive.For example, homeowners can sell their homes as and when they please and disagree. This is the basic ideal in a capitalist society, people may control their possessions as they wish. Some topics in this essay , economic freedom, market economy, free market economy, profit motive, free market, voluntary exchange, private property, freedom voluntary exchange, exchange private property, voluntary exchange private, exchange private, buyers sellers, economic freedom voluntary, freedom voluntary, free enterprise, Free EnterpriseBy definition, a free enterprise economy (also known as capitalism or a free market economy) is an economic system controlled chiefly by the individuals and private companies instead of the government. Characteristics of a free-enterprise system include economic freedom, voluntary exchange, private property, and the freedom of profit motive. Capitalist societies generally achieve a higher standard of living because of the incentive to work capi talism prefers harder and more efficient workers. Economic freedom is a principal of a free market economy, which allows people to decide how they will earn and spend their income.Economy The meaning of private property is those within a capitalist society have the right to buy and sell what they own or produce through market applications. This gives both what they want without the need of government regulation of how much they can trade and at what costs. ic freedom also yields to companies so they may choose which goods and services to produce and how much to charge for them based on the wants, or demands of the people. Competition between producers is permitted and this leads to better quality products.The hardest workers are the ones who remain employed t for it raises standards and the level of production. Through this engagement, both the buyer and the seller are free to trade with one another and make economical or material gains off the trade. A free enterprise economy is ba sed on the ideals that private citizens own business and production. A voluntary exchange allows buyers and sellers to engage freely and willingly in the market economy. Profit motive can be described as people and factors of productions improve their well being by making money as they see fit.This regulates the amount and kind of products produced to accommodate the population. The government has no control on what one buys and sells, and workers can work for whomever they wish with no restrictions. In a wealthy free market economy, consumers are faced with many options and trade offs, so the best of the bests are the ones that survive. For example, homeowners can sell their homes as and when they please and disagree. This is the basic ideal in a capitalist society, people may control their possessions as they wish. Some topics in this essay economic freedom, market economy, free market economy, profit motive, free market, voluntary exchange, private property, freedom voluntary exc hange, exchange private property, voluntary exchange private, exchange private, buyers sellers, economic freedom voluntary, freedom voluntary, free enterprise, nterprise economy (also known as capitalism or a free market economy) is an economic system controlled chiefly by the individuals and private companies instead of the government. Characteristics of a free-enterprise system include economic freedom, voluntary exchange, private property, and the freedom of profit motive.Capitalist societies generally achieve a higher standard of living because of the incentive to work capitalism prefers harder and more efficient workers. Economic freedom is a principal of a free market economy, which allows people to decide how they will earn and spend their income. Econom The meaning of private property is those within a capitalist society have the right to buy and sell what they own or produce through market applications. This gives both what they want without the need of government reg ulation of how much they can trade and at what costs. c freedom also yields to companies so they may choose which goods and services to produce and how much to charge for them based on the wants, or demands of the people. Competition between producers is permitted and this leads to better quality products. The hardest workers are the ones who remain employed t for it raises standards and the level of production. Through this engagement, both the buyer and the seller are free to trade with one another and make economical or material gains off the trade. A free enterprise economy is based on the ideals that private citizens own business and production.A voluntary exchange allows buyers and sellers to engage freely and willingly in the market economy. Profit motive can be described as people and factors of productions improve their well being by making money as they see fit. This regulates the amount and kind of products produced to accommodate the population. The government has no con trol on what one buys and sells, and workers can work for whomever they wish with no restrictions. In a wealthy free market economy, consumers are faced with many options and trade offs, so the best of the bests are the ones that survive.For example, homeowners can sell their homes as and when they please and disagree. This is the basic ideal in a capitalist society, people may control their possessions as they wish. Some topics in this essay , economic freedom, market economy, free market economy, profit motive, free market, voluntary exchange, private property, freedom voluntary exchange, exchange private property, voluntary exchange private, exchange private, buyers sellers, economic freedom voluntary, freedom voluntary, free enterprise,

Development of an industrialized, mechanized economy in the United States

Till the term of the Statesn conversion, the American economy was basically a colonial economy, and operateed for the reach of the mother country(Britain). With meter the colonies resentment with the mother country grew and they breached their links of decenniumtimes to the ire of the British Empire. The period that went by between the American Revolution and the Civil struggle witnessed the growth of a young national economy. though it was still largely agricultural, the manufacturing and industrial sector was similarly coming up in a big way (complemented by the heave of a f conductgling toil movement).Serious and vigorous economical and political competition among the sections (North, South, and West) was a primary force shaping the development of American politics. At the resembling time, the nation s ruggedly developed the foundations of a unified national economic system.This consolidation of American economic life was driven by much(prenominal) technological deve lopments as the invention of the steamboat, the railroad, and the telegraph by the development of vernal economic enterprises (e.g. , railroad and telegraph systems) capitalizing on these technological advances and by the linking of the nations some(prenominal) regions through the construction of internal improvements such as canals and roads and chime bridges. The Unions possession of these economic advantages was a major factor in its achievement over the Confederacy in the Civil War. After the Civil War was over, the United States was established as a major player in the world economy.The Development of infrastructure and freshly means of communication resulted in bonding the national economy together, and also making feasible the rise of great industrial enterprises. Education and political legal support also assisted the growth of these enterprises by the development of such forms of organization as the business corporation, the trust, and the holding company. totally th e labour movement in America also grew at a frantic pace in ordering to protect their interests from the hands of capitalists and it can be said that largely the work force was dissatisfied at the treatment meted out to them.The labor movements initially forced the government to bring legislation protecting the interests of the worker moreover later during the 1920s and early 1930s an aggressively pro-business climate led either to the retrenchment or the abandonment of these efforts. The economy grew at a frantic pace in the 1920s but the lack of prescript and adequate safeguards led to monopolization that in result led to the spacious Depression of 1929-1941. It led to a serious rethink on the fraction of the government and new rules were laid paving the way for a new relationship between the government and the economy as a whole.At origin the government tried to control the unregulated economy. After that for a plot in the two decades that followed American economy thrived like anything, and also paved the way for the new American middle class. The period since the late mid-sixties has demonstrated that the American dream of the 1950s and mid-sixties was short-lived. Two clusters of developments spelled the shutting of Americans dreams of continuing economic and social prosperity First, in the late 1960s and early 1970s, a continuing climate of economic recession and industrial retrenchment led to the loss of thousands of jobs.Second, in the 1970s and early 1980s, American corporations seemed increasingly unable to compete with the industries and products of foreign competitors specifically German and Japanese electronics and machine manufacturers. In particular, the successful Japanese challenge to the primacy of the American elevator carmobile industry spelled economic disaster, not just for the big three auto manufacturers, but also for the dozens of industries (for example, steel) dependent on a fit domestic help automobile industry.In the 1980s, many Americans believed that the malaise of the 1970s was at an end. But the 1980s was an era of feverish economic growth based not on the real flowering of productive industry but on the ever-more-frantic manipulations of corporate takeovers and stock manipulation. The goals of free swap have also been furthered since reality War II by US participation in the foreign Monetary Fund (IMF), the World Bank, and the General Agreement on Tariffs and foxiness (GATT).With the formation in 1995 of the World backup Organization (WTO), most-favored-nation policies were expand to trade in services and other areas. In 1993, copulation approve the North American Free Trade Agreement, which extended the Free Trade Agreement between Canada and the United States to include Mexico. NAFTA, by eliminating tariffs and other trade barriers, created a free trade zone with a combined trade size of $6. 5 gazillion and 370 million consumers. The effect on function was uncertainestimates va ried from a loss of 150,000 jobs over the next ten years to a net gain of 200,000.Labor intensive goods-producing industries, such as apparel and textiles, were expected to suffer, bit it was predicted that capital goods industries would eudaemonia. It was anticipated that US automakers would benefit in the short run by taking advantage of the low wages in Mexico and that US grain farmers and the US banking, financial, and telecommunications sectors would gain fantastic new markets. As of 2003, the pros and cons of NAFTA were still being hotly debated.Spokespersons for organized labor claimed in 2000 that the agreement had resulted in a net loss of 420,000 jobs, while advocates of free trade insisted that 311,000 new jobs had been created to support record US exports to Canada and Mexico, with only 116,000 workers displaceda net gain of 195,000 jobs. In 2003, President George W. Bush introduced, and Congress passed a tax cut of $350 billion designed to stimulate the economy, whic h was in a period of slow growth. This came on the heels of a $1. 35 trillion tax cut passed in 2001 and a $96 billion arousal package in 2002.Democrats cited the loss of 2.7 million private sector jobs during the first gear three years of the Bush administration as evidence that the chairman did not have control over the economy. In 1998, for the first time since 1969, the federal compute closed the fiscal year with a surplus. In 2000, the government was running a surplus of $236 billion, or a project $5. 6 trillion over 10 years. By mid-2003, the federal budget had fallen into deficit the deficit stood at $455 billion, which was4. 2% of gross domestic product (GDP). Congress was debating an overhaul of the Medicare program, to provide prescription drug reportage for the elderly and disabled.WORKS CITEDhttp//www.eduref.org/Virtual/Lessons/crossroads/sec5/Introduction/g_economy.htmlhttp//www.nationsencyclopedia.com/Americas/United-States-ECONOMIC-DEVELOPMENT.html

The Culture at Starbucks

Organizational culture refers to a system of sh ard meat held by members of an organization that distinguishes it from other organizations (Robbins, 2005). In other words, organizational culture is the hookup of feature of speechs and qualities which the employees of an organizations or the organization as a whole, values and consequently seeks to preserve. Robbins 92005) get forward seven basic characteristics which make up an organizational culture. The starting of these characteristics is innovation and risk taking which refers to how focussing al first gears their employees to take some add of risk in order to introduce new approaches and methods of work.Second is attention to period which lowlys that a fraternity requires its workers to give their full attention to specifics and the beautiful points of their jobs, so to speak. The third characteristic of organizational culture is asidecome orientation, which indicates that focal point is non very much into rules an d procedures as long as the desire results argon accomplished, followed by people orientation which refers to managements stir with how managerial decisions affect their employees or even their customers base.This could be taken to mean that no matter how beneficial a decision might be for the organization if such a decision could prove harmful to its employees, it is around likely to be shelved. The fifth characteristic is team orientation by this Robbins refers to how the organization organizes its activities around work teams instead of encouraging individualism among its employees.Aggressiveness, the one-sixth characteristic, on the other hand, means that management wants its employees to show aggressiveness because it gives bountifulness to competition. Finally, the last characteristic of organizational culture is stability. Robbins uses this term to refer to the gustatory perception of management to keep things secure and steady, thereby sustaining the existing state of affairs as long as the organization is profitable. This is resorted to by companies who do not want to go all out for growth and expansion.The cultural characteristic at Starbucks which best appeals to me is the aggressiveness encouraged by management. For a growth-oriented individual, Starbucks is an taking company to work for because undoubtedly it gives value to employee aggressiveness because it is essentially a growth company. As a matter of fact, aside from being the archetypical specialty drinking chocolate retailer in the world, Starbucks has more than 8500 branches and franchises in 25 countries around the world (Tripp, L., Siwapiragam, V., Rahim, N., & Horton, E. (2005).Innovation and risk taking, team orientation, and attention to detail atomic number 18 the other characteristics that make the company appealing. The culture at Starbucks is customer-responsive. It hires service-oriented and friendly employees who argon not bound by rigid customer relation rules. The lo w level of formalization observed by the company allows its employees to adjust to contrastive kinds of customers who come from all walks of life.This practice could be called empowerment, permitting employees to do what they deem obligatory in order to satisfy customer needs. In its customer-responsive culture, Starbucks employees ar clearly conscientious in pleasing their customers and are willing to go out of their way just to satisfy the needs of their customers. (Robbins, 2005)Employees of Starbucks know just what is expect of them. The company wants them to satisfy their customers from the whole tone of their coffee bean and other products to the services that they provide. They are committed to this expectation and focus all their efforts in achieving it. This shows that the culture in the company is strong as it is characterized by a high ground level of sharedness and intensity creates an internal climate of high sortal control. This expectation, hence, effectively shapes the behavior of Starbucks employees. (Robbins, 2005)The Customer Base of StarbucksThe customer base of Starbucks could be described as people who go out to have their snacks or take a cup of coffee outside their homes for different reasons. They could generally be classified ad into two categories those who usually hang out with friends to socialize over cups of coffee and slices of sandwiches and those who go out to celebrate special occasions or to hatch their visitors and friends to something special. Notwithstanding their category, however, the customers of Starbucks value their money and would want to have their moneys worth in terms of quality, cleanliness, and satisfactory customer service. It is the companys primary objective, therefore, to meet all of these customer requirements.Customer Service Standards for StarbucksPeople who are freeing out for their favorite blend of coffee whether habitually or once in a objet dart expect not only excellent coffee but comm endable service in return for their money. For Starbucks, therefore, customer service starts with its product. For this reason, the first fright that should be addressed by the company is product quality, specifically its coffee. It should therefore exert each effort to achieve the highest possible product quality at all times. Management could make this possible by use due diligence in ensuring that only excellent coffee beans are brewed. This is the only way to ensure that their customers keep coming back.After product quality, the company should take into account the problem of cleanliness and sanitation. The dining room, rest rooms, and kitchen should be immaculately clean. Customers should be fully convinced that they are being served with clean provender prepared in a sanitary manner and handled only by sterile workers. To this end, it would be very effective if customers are allowed to observe how their coffee and sandwiches are being prepared by clean-cut and healthy-look ing personnel. Customers also prefer to eat in clean surroundings. Starbucks management should therefore see to it that every item in the dining room from the furniture to the tableware and cutlery are spotlessly clean with no insects buzzing around while they eat.The last-place customer service concern should be the quality of service. The sales staff, the nourishment servers, and the maintenance people should be in clean uniform and should acquire an image of clean living and over-all health. It would not be advisable for management to employ people who look as if they are indulging in substance abuse during their spare time. Employees should likewise be courteous and accomplished at all times, making it mandatory for management to focus employee pickax on these aspects.These standards are meant to capture customer confidence and establish a management-customer relationship based on trust. If customers are satisfied that management is doing everything in order to safeguard their health and well-being by preparing the food cautiously and in a sanitary manner, providing them with a sterile dining area, do work by neat and courteous employees who see to their every need while dining, then the company should have achieved a good foundation for a profitable business.ReferenceRobbins, S.P. (2005). Organizational Behavior, Eleventh Edition. Prentice-Hall.Tripp, L., Siwapiragam, V., Rahim, N., & Horton, E. (2005). Project V Industrial toInformation sample of an Enterprise. Retrieved September 7, 2007, from

Extraction of Benzoic Acid

Introduction The theory behind the extraction of a re closure containing benzoic acid, cellulose, and methyl radical orange tree involves many components pertaining to the fundamental ideas of solubility and polarity. apply the concepts of like dissolving like and acid base reactions, a solution of total acid (benzoic acid), a water soluble blend cellulose, and an organic soluble compound methyl orange, lowlife be separated and benzoic acid can be isolated by a order of extraction.At the fundamental level, organic solvents separate from sedimentary solutions based on their variable densities, typically the organic stratum being less dense and because on top of the aqueous layer1. Therefore any solutes in those solutions ar also separated and can be isolated from one another. This phenomenon is the base of operations for the liquid-liquid extraction and leads into the concept of the partition coefficient. According to MtCg the ratio of concentrations of a solute in each l ayer is defined by the partition coefficient K, where K = C2 / C1.The statistical distribution coefficient can therefore be viewed as the ratio of the concentration of the compound in organic solvent to the concentration of the same compound in aqueous solution. This constant allows for the calculation of dissolved compound in each layer of the solution, so that afterwards several extractions, the yield can be sufficient for the purposes of the experiment. A second type of extraction, acid-base extraction, involves the addition of acids and bases in solutions to mixed bag the polarity of organic acids and bases to their corresponding water-soluble salts2.This allows us to take return of the liquid-liquid extraction to separate organic acids and bases from solution mixtures. Such extraction can be considered chemically active extraction because the polarity of one center field is altered to increase solubility in water. This type of extraction is infallible when both compounds a re non-polar and dissolved well in organic solvents. For look into 1 Extraction of Benzoic Acid, a solution of benzoic acid, cellulose and methyl orange will first be added to ether, heated and filtered to separate the organic non-water-soluble cellulose leaving benzoic acid nd methyl orange. wherefore after adding NaOH, the benzoic acid will react to form the water-soluble salt, sodium benzoate, which can be separated via the liquid extraction technique. in conclusion adding HCl to the aqueous sodium benzoate will cause the acid-base reaction to undergo restoring benzoic acid in the organic layer and NaCl in the water layer. Reagent dining table Experimental To start, a solution of diethyl ether was mixed with 4. 06g of crude benzoic acid with two impurities.Boiling stones were added to the mixture and heated over the steam bathtub until the ether solution began to boil. Once the solution was boiling to most expeditiously dissolve the inorganic parts of the solution, the eth er insoluble corporal was filtered out(p) of solution using the Buchner funnel clean filtration technique. The filtrate ether stay was added to a separatory funnel with 30mL of 1M NaOH, mixed and vented properly, and then rested as the solution settled into separate organic and aqueous layers.The bottom layer (aqueous) was drained from the separatory funnel into a beaker and another 30mL of NaOH was added to the left over ether, swirled and vented, separated, and the aqueous layer drained off into the same beaker as the first aqueous extraction. Next the aqueous solution that was collected was cooled on ice and 50mL of chilled 6M HCl was added to the mixture. At this point, a Bruchner funnel was used to collect the solid precipitate via vacuum filtration and those collected crystals were weighed out and set aside for the recrystalization of benzoic acid.Results The most consequential measurements do during this lab were the initial weight of the crude benzoic acid, which was 4. 06g, and the cumulation of the crystals after the separation from the two impurities, 4. 88g. The fact that the crystals weighed more than the starting material can be accounted for based on the lack of proper drying metre for the crystals, and will be accounted for when calculating the percent composition.Discussion After the results of the lab, there were a few points to consider in the final analysis. First off, and most distinguishedly, after the crystals were obtained from the aqueous solution obtained by adding NaOH, the crystals were used immediately for the recrystalization and were not wedded the proper time to dry out, so the weight of the wet crystals moldiness be used to calculate the percentage composition, which will be inaccurate.Another important note was after the HCl was added to the aqueous solution, the solution turned bright pink, indicating that or so of the methyl orange, which should have remained in the organic layer in the separatory funnel, had made it into our aqueous solution. To counteract this, when the vacuum filtration technique was used, the solid precipitate was swear out with distiller water to ensure the crystals did not contain a pink bear upon to them.The reason this lab works was because the first filtration got rid of the organic insoluble cellulose leaving methyl orange and benzoic acid in the ether mixture. Then, using the acid-base extraction technique, benzoic acid was altered to sodium benzoate, adaptation it soluble in aqueous solution, which allowed for the separation of the sodium benzoate from the methyl orange (still dissolved in ether) and then the reformation of benzoic acid by adding a strong acid to the aqueous dissolved salt. References MtCg pg. 129 MtCg pg. 131

Project Risk Management – Holyrood Project

flip Risk counseling M3N313401-12-B Group get across Jenna McC apiece S1O21235 Adelle Kelly S1023858 Angela Mitchell S1034517 Luciano Farias S1306729 Iaponaira de Abreu S1306726 5103 oral intercourse Contents 1. Introduction 2. 1 Executive summary 2. Case hear . What is spew worry 4. 2 favored quitf counselling 4. 3 Risk oversight in proposes 4. Project Scope 5. 4 court charge 5. 5 Time worry 5. 6 Project counselling quills 5. Stakeholder circumspection 6. Conclusion 7. Recomm lastations 8. References 1. Introduction later on the realisation of the requirements of the Holyrood fan tan make, obligation for the manifestation of the cypher was handed over to the stinting fantanary embodied Body in June 1999 which took place over the course of 5 years.A take in goes through m whatsoever(prenominal) phases throughout its lifecycle and raft be deemed successful if utilize expeditiously against initial objectives. This holds live efficient, p rize solicitude and finis in spite of appearance the required duration photographic plate with the over either aim being to conform to stakeholders objectives. A roam that fails is said to be one that lacks quality, harbour and management. In establish for digest management to be sound, both strategic and operational strategies must be incorporated. 1. 1 Executive SummaryProject guess management is a systematic process concerned with reducing the risks and indistinctties voluminous in worry activities, essential if a devise is to achieve its objectives which typically acknowledge r severallying, period and make up. It is based on managing people so that a parturiency can be actively managed reducing the risks that could occur. After the objectives start out been delimitate, in order for capture risk management to be exercised, a traditional SWOT analysis should be turn outed to identify strengths, weaknesses, opportunities and threats involved in the retch. This report discusses the effectuateations of cypher management and indentifies the Political, Economical, Social, Technological, Environmental and Legal drivers that can influence ejection management. In order for the realize police squad to achieve successful completion of the ascertain against deli real measure and calculate they should follow four footsteps- identifying the objectives, the protrusions lurchables, and the record and supporting plans. Overall pouch risk management forms the basis of any(prenominal) successful consider. It is apply to identify the challenges that the wander is particularly vulnerable to in order to ensure impact is minimised.It is vital that the declare oneself team makes trenchant use of risk management in order to manage out of the blue(predicate) complication which could arise. The biggest challenge that catchs face is the inadequate management of intend. Failed throw offs tend to be ones which over stretch budget, schedul e and do non accomplish its want shoot for. 2. Case study The social musical arrangement of the Holyrood Parliament Building first began in June 1999, and the Scottish Parliament held their first debate in the twist on 7th September 2004. The official opening of the new building was on 9th October 2004 and was candid by Queen Elizabeth.From when body structure began in 1999 until the opening of the fantan building in 2004, the committee rooms and the debating chamber of the Scottish Parliament were forced to hold their meetings in the General Assembly Hall of the church building of Scotland. Office and administrative accommodation which were supporting the Parliament were located in buildings leased from the City of Edinburgh Council. tho, the new Scottish Parliament Building accorded the incompatible sectors within the Parliament to amalgamate into the one parliament building. check to The BBC (2004), in the initial planning re-creates the predicted ? 0 million was se t aside by the government to fund the date. This amount remained fixed until additional un turn backled grammatical turn of events be resulted in the project equal to increase to ? 109 million in June 1999 to a total woo of ? 414. 4 million which in bowl over resulted in a 20 calendar month delay to the initial schedule. The BBC (2004) withal suggested that the main cause of the delay in the project finalisation was collectable to the production of detailed fleshed variations and the late supply of information during the verbal expression process. The deadlines which the project passenger vehicle provided for the construction of the parliament building were very tight.The BBC (2004) argues that these deadlines did not reflect the complexity of the building which resulted in both architects and business get hold of contractors failing to deliver critical foundations of the project thitherfore meaning the project age shield overrun. The project manager failed to realise the unlikelihood of the targets set being manageable and therefore failed to alter the measureline to reflect this. Also the project manager should ca-ca roll in the hayd steps which would allow the realisation of the key problems which were in influence causing the negative effect on the projects devouration in both cost and time.The project manager should pitch never relied on assumptions when producing construction programmes which would have resulted in the estimations of cost and time to have been rea rockic and therefore would have pr unconstipated soted the project running over time and budget. 3. What is project management Project management provides an integrated frame establish for project organisation, planning and reckon which is programmeed to ensure the timely and cost effective production of all end products. (Project Smart, 2013) It should be delivered within the defined scope, time, and budget.Overall, at its intimately fundamental, project management i s about people getting things do (Barnes, APM President, 2013). The project management lifecycle goes through various stages before it is completed where severally phase is heedful against checklists to ensure operations ar running accord to plan. The initiation phase is the beginning of a projects lifecycle. This is a vital stage where ideas atomic number 18 explored and plans elaborated, allowing feasibility and resource requirements to be examined. This stage to a fault allocates who go a elan take charge of the process.This involves entrusting the entire project with the project manager where they volition cultivate thepeople skills requisite to develop trust and communication among all of a projects stakeholders. (PMI, 2013), coordinating the tax against budget and delivery time. Once the project plan has been reviewed and cleard by shops, the project enters the second stage definition. This involves the identification of the expect outcome of the complete project. Typically, the execution phase is when resources are apply to the task.A list of requirements is drafted suppliers and contractors are brought in alongside a schedule expound the materials and resources needed. Followed by the monitoring and control process which involves the construction of the task measured against plans. The final stage in closing the project involves carrying out an paygrade which is vital as it compares what has been accomplished ( point) with what should have been accomplished (criteria) and then makes a judgment about how intumesce it was done. C. L. Taylor (1998). 4. Successful project management Successful projects are typically ones which are executed within the required time scale and do not exceed allocated resources. consequently, a project depart be deemed successful if it delivers the outcome within required time and quality, rest within cost of resources. There are 5 stages that contribute to project success 1. Objectives 2. Stages 3. Organ isation 4. Planning Control 5. Leadership centering Objectives They sincerely define a project and make it something concrete rather than abstract.Stages Projects step through divergent phases, such as the inquiry and exploration phase, a decision phase, a planning and organising phase, an accomplishation phase, and then a liquidation phase. Organisation Since projects naturally operate outside of normal hierarchy, perhaps make up crossing boundaries, it is the Project Managers duty to set organizational foundations for it, or rather, a chain of command. Planning and control No matter the project, whether a new building or a ethnic change project, are always moving into uncertain regions through uncertain paths.Leadership and management Required for a project to reach successful team maturement, by allowing negotiations and influences to occur. Successful project execution is also based nighly on the role that the parties involved play in the management of operati ons. The race betwixt the project team manager and how information is surpassd, both internally and externally, to stakeholders is vital to its success including team members, sponsors and senior management.There is a great deal of risk associated with the management of any project, organisations go away often gain from the benefits when the project is completed. Increased risk management as risks will be defined and identified which can promote an uninterrupted progression of the activities within the project and, by implementing the appropriate measures, remove any interruptions as quickly as possible. (Well-Stam, 2004) 3. 2 Risk management in projects The bigger the project, the more complex it pay backs to manage, accompanied with change magnitude risk.Project risk management is a incorporated process that allows individual risk events and overall project risk to be understood and managed proactively optimising project success by minimising threats and maximising opportu nities. (APM Body of Knowledge, fifth edition section 2. 5) To be fully effective, risk management in projects requires an consciousness of how risk is managed as the need to manage uncertainty is inwrought in most projects that require formal project management. (Chapman, et al. , 2003)It is essential to conduct a swot analysis 4. Project scope A projects scope is the sum of the work content of a project (Murray-Webster. R, and Simon. P, 2007). This suggests all the infallible elements which have to be completed in order to achieve the projects time, cost and quality objectives and success criteria. It is crucial that a project manager has a clear understanding of the projects initial scope. They would also be required to communicate this to the organisations team and all of their stakeholders.Any consequential changes can be managed which will allow the avoidance of scope weirdy. According to Cupe (2010), scope creep is when perpetual growth occurs in a projects scope. Thi s is initiated when project management fails to control changes in their necessary elements. Scope Management Scope management involves the identification and be of all of the elements of the project scope and to ensure that the scope is continuously up-to-date. In turn this will help manage scope creep in a project.It is a project managers responsibility to defend scope and prevent the occurrence of scope creep. For effective scope management, project managers must control what is and what is not in the scope of the project (Project Smart, 2013). After a review of the project scope and in the event that it is no longer effective, a project manager may decide to implement changes into the process using a change control process (Murray-Webster. R, and Simon. P, 2007). 4. 1 Cost management Cost management is the process by which companies control and plan the cost of doing business.Individual projects should have customised cost management plans, and companies as a hale also integr ate cost management into their overall business model. (wiseGeek, 2013). If applied correctly, cost management reduces costs of production for products and services, as well as delivering products with increased value to the customer. For a projects management to be effective in general, cost management needs to be a prime feature. For instance, in the initial stages of a project, the predicted costs need to be identified and measured.It is imperative that these expenses are then approved before any acquire occurs. Throughout the completion of a project, all incurred costs should be made note of and unbroken in record, thus ensuring that costs are under control and maintained in line with initial expectations, to the accomplishment that this may be feasible. The major challenges involved in the Holyrood project arose from the distress to identify the scope of the project when initial plans were undertaken, ensued by scope creep in cost.The earliest cost estimates for the Scotti sh Parliament building, in 1997, ab initio stated that Overall the capital costs of establishing the Scottish Parliament purchasing and refitting the New Parliament House and otherwisewise buildings are estimated to be between ? 24. 5 and ? 34 million. ( innocence physical composition on Scottish Devolution, April 1997. Section 11. 6) This amount remained static until June 1999 when it increased to ? 109 million due to additional uncontrolled construction costs, which escalated again in April 2000 to ? 97 million with the impact of inflation. In 2003, the cost had crept again to ? 359 million and to ? 414. 4million in 2004 resulting in a 20 month delay in schedule In May 2003, after the costs had skyrocketed and the globe opinion of the project was very low, Jack McConnell, the First Minister, denote a public inquiry into the handling of the building project. He mentioned how he was astonished that year after year the ministers who were in charge were kept so much in the da rk over the increases in cost estimates. (Isobel White Iqwinder Sidhu, 2005).He also stated that a Parliament building of ample scale could never have been built for less than ? 50m, and was amazed that the precept that it could be was perpetuated for so long. (Isobel White Iqwinder Sidhu, 2005). Furthermore, ? 150m of the final cost was wasted as a result of design delays, over-optimistic programming and uncertain authority. (Isobel White Iqwinder Sidhu, 2005) According to (Isobel White Iqwinder Sidhu, 2005), by early 2004, close to its inauguration, the estimated cost of the project was somewhat ? 30 million. This generated great controversy, as one would expect, concerning possible waste of public money. The building was audited, following its completion, after which it was stated that the main reasons for construction cost increases after 2000 were design development and delay in the construction process. The design development was entirely related to realising the detail of the building and aspects such as the quality of finish and the palette of materials that were used, in accordance with the clients requirements. (The visitor General answer for June 2004, paragraph 10) One of the main conclusions found in the Holyrood Inquiry was that whenever there was a conflict between quality and cost, quality was favorite(a). (The Holyrood Project, p240). The project immortalisecased what lack of proper project management and control will achieve. On the same audit as above, it was stated that Although it is presumable that a soaring quality building is being delivered, the time and cost objectives have not been met. The same quality could have been achieved for less if the whole design and construction process had been better executed. (The inspector General Report June 2004, paragraph 10) The Scottish Office decided to procure the construction work under a construction management contract, rather than under a Private Finance Initiative, in order to speed construction, but without decently evaluating the financial risks of doing so, and in a decision that Fraser stated beggars belief without asking Ministers to approve it. (Isobel White Iqwinder Sidhu, 2005). This was one of the two most flawed decisions which the report singled out.The other was the insistence on a rigid programme officials decided that rapid delivery of the new building was to be the priority, but that quality should be maintained. It was therefore inevitable that the cost would suffer. In the Holyrood project the general get down was to accept cost increases and include them in the forecasts as the risks materialised. Since there was no concur planned budget after June 2001, there was little evidence that forceful action was taken to prevent or reduce the increases in cost.Project management could have taken more action at an in the first place stage to control expenditure on consultants. (Audit Scotland, 2004). Before having consultants appointed, management of the project could have explored alternative fee arrangements more carefully including financial incentives link up to delivering value for money. There was a limit placed on increases in consultants fees in 2003, but this was very late in the programme, after the fees had increased significantly. The agreement to the fee capping at this late stage in the project did not provide a timely incentive to onsultants to control costs and programme. Prior to fee capping in July and August 2003, there was no level(p) reporting of the significant expenditure on the Holyrood project. 4. 2 Time management Time management is also known as project planning and scheduling. Haugan (2002) defines this term as the planed date for performing activities, organized chronologically tally to the phases of the project and with start and completion date established. He also states that it is not possible to control costs if the schedule is not met, which was a estimable problem in the Hol yrood project.According to BBC (2004) the initial estimative of cost and time for the construction of the Scottish Parliament at Edinburgh took place in 1997 with delivery estimate for 2001, even without a project or defined location. However, in 1998 the Holyrood site was chosen to be the actual location and a designer competition was opened based on the criteria of quality, time and cost, after which the Spanish architect Enric Miralles in conjunction with the Scottish company RMJM were chosen to design the parliament. With the delay in such definition, the time factor had become an even greater point of accumulation for the execution of the project.According to White & Sidhu (2005) the president of the Royal Incorporation of Architects in Scotland (RIAS), Mr George Wren, even wrote to the Prime Minister Donald Dewar calling attention to this issue and the consequences of this reduction in availability of design time and in the final product quality, as well the need for faster methods of construction. He also suggested the extension of the deadline to complete the building and later, RIAS published a note considering that the process was being quite rushed.Also in 1998, Mr. Armstrong, project manager at this time, established the project schedule, where the construction of the building would start in July 1999 and the initial deadline at autumn 2001 was kept ( professional Fraser, 2004). Lord Fraser, responsible for the inquiry, also commented in his report that it was ironic that factors such as sufficient time for the phases of planning and design were not included in the timeline because of political objectives to meet the deadline.Besides, he also highlighted, in a shop of risk management conducted by the company Davis, Langdon and Everest (DLE), that the design of the parliament was considered cheap despite of its complexity. Such issues, along the differences between Enric Miralles and the RMJM and the archaeology work at the location were the mai n causes of delay in progress of the project at its beginning. Therewith, Mr. Armstrong resigned from his position and a construction management company was hired in his place.White & Sidhu (2005) described that in 1999, after controversies concerning the project and its handover by the former Scottish Office to the Scottish Parliamentary Corporate Body (SPCB), it was decided by the parliament that the current project would continue, increasing costs and maintaining the deadline for autumn 2001. Although at that point it had been suggested to pursue the project more slowly due to time constraints, it was alleged by Donald Dewar that delays of around two months could raise the cost of construction in about ? 2 to ? 3 million yet this deadline remained the same.Thus, the construction started in July 1999 and after this, legion(predicate) design changes were required in that year, which hike delayed the progress of the project. In 2000, finally, as Lord Fraser (2004) mentioned, after a lot of reports pointing to the necessity of a new estimate of costs and time, an amendment presented by Gordon Jackson MSP was accepted by the parliament and the delivery of the building was rescheduled to the end of 2002. However, other factors slowed the work even more in that year, such as the illness and subsequent death of the architect Enric Miralles and then Donald Dewar.In the end of that year, the Audit Committee published a report, where it was highlighted that the building could only be assiduous in April 2003, extrapolating the deadline again. As published in the countersignpaper Scotsman (2004), the year of 2001 was attach by problems in construction, and security issues delayed the progress, hence the delivery of the parliament in May, 2003 became a priority over costs and the construction was accelerated. However in 2002, the deadline was extended again to September 2003 due to further delays, among the causes were cited assail proofing measures and even the In quiry of Lord Fraser.Later on, because of problems in the construction of the interior and the most complex parts of the project, the deadline was changed to August 2004. The building was eventually delivered in October 2004, with a time span of three years from the initial deadline. On that note, considering the time management in this project, it is possible to highlight that the main problems were the non-inclusion of enough time to design and plan in the first schedules. This was due to the rush to deliver the building for political reasons and the insistence on keeping the deadline even with the problems confront.The chastisement to analyse the very high degree of complexity of the chosen design therefore resulted in the project running over schedule. Such factors are mentioned in the Holyrood Inquiry as well. 4. 3 Project management tools Project management tools assist in keeping track of all components of a project, ensuring each stage runs smoothly and is completed on time . As well as the smooth running and time keeping of a project, management tools also help monitor the projects progress against planned budget. Every project is unique, encompassing all the stakeholders and the internal and external influences.Effective project management should include elements of PESTLE analysis including, Political, economic, sociological, technological and environmental, as a method of identifying potence pitfalls in the process. A SWOT analysis is typically completed in the primary stages of a project. This would be carried out during the planning phase and revisited when any complications arise in a project such as budget or time management. In turn this would allow the project manager to ensure the project is being completed effectively.A SWOT analysis takes into card the strengths, weaknesses, opportunities and threats. These are then used to control areas of planning and risk management in a project. A SWOT analysis may also be used to highlight particular areas within the project which could be maximised to result in a benefit to either the project as a whole, or certain areas of the project. A project manager could implement a SWOT analysis to measure out certain activities within their project to analyse their progress or determine if they could improve such activities to fly off the handle their potential.A SWOT analysis may also be used to evaluate any risks in a project or particular areas of a project and therefore define the most appropriate and effective way of controlling and mitigating any risk which may negatively affect the projects completion (Project Smart, 2013). Henry Laurence Gantt was an American mechanical engineer, recognised for the development of the Gantt graph in 1017. A Gantt chart is a type of bar chart demo the starting and finishing dates of the different stages of a project. They are a method of tracking tasks across time and also show the elationship between the different stages. Haughey, D. (2013) d escribes Gantt charts as, an important project management tool used for display the phases, tasks, milestones and resources needed as part of a project. Gantt charts have become an industry standard since their first use in the Hoover dkm project of 1931. They can be useful in planning a time frame of a project and help by categorising events and organising them into an order in which they have to be completed. They also work by showing the tasks which are to be completed on the vertical axis, with the time scale on the horizontal axis.Each task then has a bar showing the time required for each task and a percentage of how complete each task is. Critical track psychoanalysis (CPA) is a project management technique similar to Gantt charts in the way that it lays out the activities needed to complete a task, the time it will take to complete each activity and the family relationship between these activities. CPA is a planning and managing tool, its purpose is to help predict whe ther or not a project can be completed on time. It is a way of managing a project and ensuring the project timing is on track and that things are completed on time.Santiago, J. and Magallon, D. (2009) state that, The Critical Method or Critical Path Analysis, is a mathematically based algorithm for scheduling a set of project activities. And, is an important tool for effective project management. Therefore this would be a necessary tool to use in project management as it allows activities to be planned so that the job can be completed in the shortest time and allows project managers to see if remedial action is necessary to place a project back on course. Another tool used in project management is the Program Evaluation and followup Technique (PERT).Haughey, D. (2013) describes this as, a method for analysing the tasks involved in completing a given project, especially the time needed to complete each task and identifying the minimum time needed to complete the total project. Pe rt charts are usually used alongside Gantt charts. However, Rouse, M. (2007) argues that, The PERT chart is sometimes preferred over the Gantt chart, because it clearly illustrates task dependencies. On the other hand, the PERT chart can be much more difficult to interpret, especially on complex projects.Frequently, project managers use both techniques. Therefore, by using a wide range of tools such as PERT charts, Critical Path Analysis and Gantt charts a project can be better monitored ensuring that all activities are running smoothly, according to schedule. 5. Stakeholder management Stakeholders are the individuals who are involved in a project and are affected by its activities. Essentially, stakeholders track everyone project sponsors, project managers, the project team, support staff, customers, users and even suppliers and opponents to the project.Understanding the needs of each of these stakeholders is vital each of the stakeholders have different needs and expectations wh ich have to be met. In order to do this, needs and expectations must firstly be identified. Exceeding these needs involves balancing competing demands to ensure the smooth running of a project. Stakeholder management is a process by which a positive relationship is created between the stakeholders and project managers of a project, through the appropriate management of expectations and agreed objectives. Kangas, P. 2011) states that Stakeholder management begins by identifying individuals and groups the project affects. To identify a comprehensive list of stakeholders, the project team should evaluate individuals or groups who contribute to or gain value from the project. The team should assess stakeholders for their influence, the extent to which they are affected and their attitudes toward the project. Therefore it is clear that for a project to run smoothly a skilful stakeholder relationship is vital. Thompson, R. (2012) refers to stakeholder management as being, critical to t he success of every project in every organisation. Before the establishment of any project, one of the most important starting points is to have full commitment of all management and stakeholders as these are the people who will benefit from the completed project. If there is not full commitment, this increases the probability of project failure. Lawlor, J. (2010) states that for the completion of an effective project, an organisation must Have a strong sponsor, someone who is sufficiently high up in the organisation to sustain commitment to the project and who will fight for it at senior management level.It is not enough apparently to gain management and stakeholder commitment at the start of a project, they must work to sustain it throughout. This can be achieved by keeping the sponsor firmly in the communication loop and continuously update them on all major developments, successes and all potential issues and risks that may be faced in any upcoming projects. Due to stakeholder s including everyone involved in the project such as suppliers, sub-contractors and other external resources this introduces further risks.To overcome the legal age of these risks, organisations must clearly communicate to the stakeholder exactly what is expected of them. Clear instruction manual should be set out along with an expected time scale that these activities should be completed by. Lawlor, J. (2010) suggests that to avoid certain risks an organisation should, Base agreements with suppliers and other external parties on clearly specified requirements that identify the performance standards expected and the products or systems to be designed, developed, and delivered. Regular meetings with these suppliers and sub-contractors are an essential part to the on-going project, for project managers to ensure stakeholders are performing as expected. When looking at the construction of the Holyrood building, it is clear that problems occurred. A possible reason for this was the va st amount of different stakeholders who were involved in the construction of the project. Due to the numbers of different contractors and subcontractors, communication and coordination was one of the main issues which added to problems associated with the time issues.Fraser (2004) reported, there was a lack of communication, coordination and understanding between stakeholders, for example, resolution of many design issues was delayed due to misapprehension and lack of communication between RMJM & EMBT. Therefore, delays occurred in the project from bad stakeholder relationships and ridiculous communication. 6. Conclusion With an unrealistic estimated budget, the Holyrood project was destined to fail from the beginning. Despite this, and the many challenges the team faced, it can be argued that the completion of the building has been a major success.Therefore, it is evident that there are many factors that contribute to the success of a project. Undoubtedly, this depends on how ef ficiently the given task was managed, measured against time and budget. bankruptcy to meet any pre-determined deadlines or budgets would indicate significant problems in the management and structure of initial plans. Achievement of projects strategic objectives is crucial to its success. This should be back up by a realistic plan that identifies critical success factors.An effective project risk management strategy should be embedded in the project lifecycle and provide a degree of certainty to all stakeholders involved. The metier of this strategy should be regularly monitored alongside the other elements of the project in order to ensure total control. The grounds of project failure have been identified as running over budget, over schedule or lack of engagement with stakeholders to meet desired goal. Unrealistic timescales, poor leadership and poor communication also lead to project failure, which highlights the value that efficient project management has on the running of a p roject. . Recommendations The following recommendations should be considered by senior management when seeking to improve the effectiveness of project management. * Set realistic objectives, including a clearly defined scope, time and budgetary requirements * Consider the complexity and constraints of the project before implementation * Incorporate appropriate time management, allocating time for disruption * Ensuring effective communication between stakeholders at all times * Make appropriate use of all management tools in the planning and development stage 8. ReferencesAPM. 2013. Association for Project Management What is risk management online on hand(predicate) at http//www. apm. org. uk/WhatIsPM Accessed 9 March 2013 Audit Scotland, 2004. Management of the Holyrood building project pdf gettable at http//www. audit-scotland. gov. uk/docs/central/2004/nr_040629_holyrood_project. pdf Accessed 3 March 2013 BBC News. Timeline. ,2004. Holyrood. news. bbc. co. uk. online functional at http//news. bbc. co. uk/1/hi/scotland/3210729. stm Accessed on 10th March 2013 Fraser, R. H. L. , 2004. Construction Management. open at http//www. cottish. parliament. uk/vli/holyrood/inquiry/sp205-07. htm Accessed thirteenth March 2013 Haugan, Gregory T. , 2002. Project Planning and Scheduling. Vienna Management Concepts. online Available at http//books. google. co. uk/books? id=evSThe6mUkMC&printsec=frontcover&dq=project+planning&hl=en&sa=X&ei=GMQ_UbbzCsqb0QW-4YDQDQ&sqi=2&ved=0CEkQ6AEwAw Accessed on 1 March 2013 Haughey, D. , 2013. Project Management Tools online Available at http//www. projectsmart. co. uk/project-management-tools. hypertext markup language . 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