A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts.
Written by Elizabeth Harrin from RebelsGuideToPM.com.
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Date
Transcript
Good morning. I’m Elizabeth Harrin from Gantthead’s blog, The Money Files. I’m standing outside the O2 Arena here in South East London. The building behind me used to be known as The Millennium Dome and it was the first case study that I produced for my book, Project Management in the Real World, back in 2006.
I looked at it from a financial perspective as it was a really interesting budgetary case study. The project was widely considered in the press at the time to be a bit of a white elephant. It was overspent and it needed to be bailed out by National Lottery funds.
The National Audit Office did a study on the project itself and concluded that projects of that size needed to really be based on a full understanding of cradle to grave costs for the entire initiative.
Having said that, the building opened on time, it had over than double the amount of visitors than the next highest UK visitor attraction. 5.5m people came along to see the exhibition inside, and another 1m got in for free. They had worked on the basis that they would get 12m visitors so again their costings were out, but, as you can see, nearly 12 years later the building is still going strong. It is used today as a convention centre and a concert venue and they also have things like tennis there.
So, overall, looking back with a historical perspective I think it has been a huge success.
Posted on: November 06, 2011 10:31 AM |
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