Draft Cost Management Document

A Brief Description of the Project

This is an old house remodeling project. For this project, the selected project team will be remodeling the vintage house located in Newton, MA. This house is 5658 sqft and is built-in 1920. It has 5 Beds and 6 Baths. The purpose of this project is to remodel the house and sell it on the market. This project’s total budget is $1.5 million and is scheduled to be finished within 1 year.

Stakeholders Include

Project Management team
Developer
Architect
Builder’s Sales Consultant
Design Consultant
Key Trade Contractors
Inspectors
Government
Lawyer
Real estate Agent
Sponsor
The Business Need for this Project

This project’s sponsor is looking to gain more capital for his own and recently discovered real estate as one of the popular markets during the pandemic. With all other business going down, he realized that real estate could really help him financially benefit and develop a new career path.

Challenges for the Project

The sponsor of the project does not have any experience with remodeling and selling the houses. In order to successfully complete the project, the project team will need to estimate the budget accurately, and the schedule of the project needs to be precise. In addition, considering this is the first remodeling project for the sponsor, the project team will need to provide detailed information to satisfy the sponsor. Moreover, the project team needs to develop a safety plan to protect the worker from the virus with the current pandemic.

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