Question 1

No. I do not agree with the statement because even if a project is classified as "prestigious," it
has to adhere to it budgets with limited budget spillovers. However, it is not the case with the
Sochi Olympics because it incurred more than $50 billion.

Question 2
The project was a failure because it did not adhere to budget. The completion ended up with
an expenditure of more than $50 billion. Additionally, the project was unable to prove if its
outcome could justify the value they would gain. This means that the project would not
performance to meet the needs of the users.

Question 3
It is better to judge a project based on critical completion date by normal project success
standards. The main reason being considering an "hard gate" only may lead to poor quality
output. For example, if we judge a project by adherence to a set data only, we may get
inferior output. Hence the need to consider all aspects.

Question 4
One of the problems facing the Rio Olympics sites is the destruction of the Maracanã
Stadium. After the completion of the project in 2016, the project was neglected and under
poor management which has led to looting. Sochi is currently being used as the international
events for the foreseeable future. The main opportunity is that it continues to serve diverse
events.

1. No, I do not agree with this statement. Since the prestige projects are
government-funded they are essentially paid for by the people (taxes etc.). Yes,
the government should make decisions that would increase revenue for the
country, however there still must be guidelines and procedures in place to protect
the governments money and people. The Olympics are a big deal as they bring
many tourist and attention to your country, however how the development of the
Olympics is managed could bring good and bad attention. Sochi had a budget of
$12 billion yet they spent $51 billion for the development of the Olympics. The
main question is "how does this affect your local economy"? Other countries may
perceive you as being careless and uncaring to the opinions of your people.
Much of the spending was careless, for example the proper testing was not done
in areas where the land conditions were questionable, therefore certain stages
had to be recreated multiple times. Yes, we have to bring in tourist to bring in
money for our country, however we have to protect that money when investing
into certain areas. There still needs to be rules and regulations that are followed
just as any other construction project. The Government is not exempt simply
because they are the Government.

1. No, I do not agree with this assertion. Because the prestige projects are government-
funded, the people and nationals of that country pay for them (taxes etc.). The
Olympics are a huge event because they attract a lot of tourists and attention to your
country, but how the Olympics are managed can bring both positive and bad attention.
Sochi had a budget of $12 billion, but they spent $51 billion on Olympic
development. "How does this influence your local economy?" is the fundamental
question. Other countries may regard you as negligent and unconcerned about your
people's thoughts.
 
Second, much of the spending was reckless; for example, there were numerous faults with
resource planning while also having a weakness in site and geological testing, necessitating
redo.
 
As a result, we should use the activity-based costing method, where we know the driver,
assign costs, and compute cost rate and volume.

2. The Sochi Olympics were a success. The project was completed on time, all
events ran smooth and the athletes and spectators were pleased with the overall
experience. Although the budget was exceeded (approximately four times the
original budget) the games were still successful.

2. Historically, project success has been described as a project that fulfils its objectives
on time and on budget. In many businesses, this evaluation criterion has remained the
most prevalent. However, in the case of a development project, success entails
providing the benefits and satisfying the expectations of beneficiaries, stakeholders,
donors, and funding agencies, in addition to reaching the schedule and budget targets.
The Olympics in Sochi were an enormous achievement. The task was finished on
time, all exercises went off effortlessly, and the contenders and onlookers had a ball.
Regardless of the way that the spending plan was outperformed, the games were a
triumph.
2. Step-by-Step explanation
To help organizations in deciding achievement, a contrast between project achievement
and task the board achievement should be drawn. Undertaking a positive outcome is
characterized as a level of viability wherein project expectations are evaluated as far as
advantages and partner fulfilment, or the sum to which the venture's definitive objectives
are met. The productivity with which an undertaking had the option to meet its targets is a
proportion of task the executive's achievement. Productivity alludes to how well an
undertaking utilizes its restricted assets to accomplish its targets while keeping up with
positive associations with both inward and outer partners.

3. Projects with critical completion dates should be judged by normal success

standards. Project completion is probably the most important measure of a
project. All projects have a time line and other factors they must adhere to. Strict
time completion dates can lead to errors and oversights. Testing and evaluation
steps may be skipped which can lead to project failures.

Project with vital of entirety dates have to be judged with the aid of normal success general.
Project final touch is probably the maximum crucial measure of a task. All tasks have a time
line and other elements they should adhere to. Strict time finishing touch dates can lead to
errors and oversights. Testing and assessment steps can be skipped that could cause a venture
failures.

Step-by-Step explanation
Assigning time to the obligations is important for well timed finishing touch of the project.
This means breaking down the assignment into exceptional responsibilities. This may be
performed by way of growing a to-do list. Some of the duties need to be finished first to
avoid challenge delays.
Recommendations to make sure project  is done by the projected time:
-Plan Effectively.
-Hire the Right Team.
-Assign Accountability.
-Keep Clear Communication.
-Choose the Right Tools.
-Monitor Progress Daily.

4. According to Russia's Welcom2018.com there are many venues that were

constructed for the Olympics in Sochi still being used today. A few of the venues
are: The Mandarin recreational center and beach has shopping, restaurants, and
a concert hall for performances. A new port in the Azov and Black Sea basin was
built for the delivery of the cargo carriers delivering construction materials.
Olympic Villages was built next to the park to house athletes, coaches, and
delegates. The village has been renamed and is now used as residential
housing. In the center of the park is the Medals Plaza. The Plaza is used for
concerts and performances. The House of Fans has been transformed into a
automobile museum. The automobiles displayed were produced between 1930s-
1990s. Although many of the sites have been transformed, most of the venues
are sitting and have not been used since the Olympic games. Currently the
Russia economy has plummeted, and the country is in crisis. The $51 billion that
was poured into the Olympic construction has not been recovered and in 2015
funds were still being poured into the sites to be maintained (such as the ice
rink). Several of the companies funding these sites are on the brink of
bankruptcy.

Many of the venues built for the Sochi Olympics are still being used today, according to
Russia's Welcom2018.com. The following are a handful of the locations: Shopping,
restaurants, and a concert theater are all available at the Mandarin recreational complex and
beach. A new port was developed in the Azov and Black Sea basins to receive cargo ships
transporting construction materials. Athletes, coaches, and delegates were housed in Olympic
Villages, which were built near to the park. The village was renamed and is now being used
for residential purposes. The Medals Plaza is located at the park's heart. Concerts and
performances are held on the Plaza. The House of Fans is now a museum dedicated to
automobiles. The autos on show were manufactured between the 1930s and the 1990s.
Despite the fact that several of the sites have been refurbished, the majority of the venues
have sat idle since the Olympic games. Russia's economy has collapsed, and the country is
currently under a state of emergency. The $51 billion spent on the Olympics has not been
recouped, and monies were still being pumped into the sites to be maintained in 2015.
Several of the firms that finance these sites are on the verge of going out of business.
CASE TITLE: Sochi Olympics
– What’s the Cost of National
Prestige?
1. Consider the following
statement: “Government
funded projects
intended to serve as ‘prestige
projects,’ such as the Sochi
Olympics,
should not be judged on the
basis of cost.” Do you agree or
disagree
with this statement? Why?
No, I do not agree with
this statement. Since the
prestige
projects are government-
funded they are essentially
paid for by the
people (taxes etc.). Yes, the
government should make
decisions that
would increase revenue for the
country, however, there still
must be
guidelines and procedures in
place to protect the
governments money
and people. The Olympics are
a big deal as they bring many
tourists
and attention to your country,
however how the development
of the
Olympics is managed could
bring good and bad attention.
Sochi had a
budget of $12 billion yet they
spent $51 billion for the
development of
the Olympics. The main
question is “how does this
affect your local
economy”? Other countries
may perceive you as being
careless and
uncaring to the opinions of
your people. Much of the
spending was
careless, for example the
proper testing was not done in
areas where
the land conditions were
questionable, therefore certain
stages had to
be recreated multiple times.
Yes, we must bring in tourist
to bring in
money for our country,
however we must protect that
money when
investing into certain areas.
There still needs to be
rules and
regulations that are followed
just as any other construction
project. The
Government is not exempt
simply because they are the
Government.
2. Project success is
defined as adherence to
budget, schedule,
functionality (performance),
and client satisfaction.
Under these
criteria, cite evidence that
suggests the Sochi Olympics
project was a
success and/or failure.
The Sochi Olympics were a
success. The project was
completed
on time, all events ran smooth,
and the athletes and spectators
were
pleased with the overall
experience. Although the
budget was
exceeded (approximately
four times the original
budget) the games
were still successful.
3. When a project has a “hard
gate,” like being ready on
time, how does
that affect normal success
criteria? Is it fair to judge a
project with a
CASE TITLE: Sochi Olympics
– What’s the Cost of National
Prestige?
1. Consider the following
statement: “Government
funded projects
intended to serve as ‘prestige
projects,’ such as the Sochi
Olympics,
should not be judged on the
basis of cost.” Do you agree or
disagree
with this statement? Why?
No, I do not agree with
this statement. Since the
prestige
projects are government-
funded they are essentially
paid for by the
people (taxes etc.). Yes, the
government should make
decisions that
would increase revenue for the
country, however, there still
must be
guidelines and procedures in
place to protect the
governments money
and people. The Olympics are
a big deal as they bring many
tourists
and attention to your country,
however how the development
of the
Olympics is managed could
bring good and bad attention.
Sochi had a
budget of $12 billion yet they
spent $51 billion for the
development of
the Olympics. The main
question is “how does this
affect your local
economy”? Other countries
may perceive you as being
careless and
uncaring to the opinions of
your people. Much of the
spending was
careless, for example the
proper testing was not done in
areas where
the land conditions were
questionable, therefore certain
stages had to
be recreated multiple times.
Yes, we must bring in tourist
to bring in
money for our country,
however we must protect that
money when
investing into certain areas.
There still needs to be
rules and
regulations that are followed
just as any other construction
project. The
Government is not exempt
simply because they are the
Government.
2. Project success is
defined as adherence to
budget, schedule,
functionality (performance),
and client satisfaction.
Under these
criteria, cite evidence that
suggests the Sochi Olympics
project was a
success and/or failure.
The Sochi Olympics were a
success. The project was
completed
on time, all events ran smooth,
and the athletes and spectators
were
pleased with the overall
experience. Although the
budget was
exceeded (approximately
four times the original
budget) the games
were still successful.
3. When a project has a “hard
gate,” like being ready on
time, how does
that affect normal success
criteria? Is it fair to judge a
project with a
CASE TITLE: Sochi Olympics
– What’s the Cost of National
Prestige?
1. Consider the following
statement: “Government
funded projects
intended to serve as ‘prestige
projects,’ such as the Sochi
Olympics,
should not be judged on the
basis of cost.” Do you agree or
disagree
with this statement? Why?
No, I do not agree with
this statement. Since the
prestige
projects are government-
funded they are essentially
paid for by the
people (taxes etc.). Yes, the
government should make
decisions that
would increase revenue for the
country, however, there still
must be
guidelines and procedures in
place to protect the
governments money
and people. The Olympics are
a big deal as they bring many
tourists
and attention to your country,
however how the development
of the
Olympics is managed could
bring good and bad attention.
Sochi had a
budget of $12 billion yet they
spent $51 billion for the
development of
the Olympics. The main
question is “how does this
affect your local
economy”? Other countries
may perceive you as being
careless and
uncaring to the opinions of
your people. Much of the
spending was
careless, for example the
proper testing was not done in
areas where
the land conditions were
questionable, therefore certain
stages had to
be recreated multiple times.
Yes, we must bring in tourist
to bring in
money for our country,
however we must protect that
money when
investing into certain areas.
There still needs to be
rules and
regulations that are followed
just as any other construction
project. The
Government is not exempt
simply because they are the
Government.
2. Project success is
defined as adherence to
budget, schedule,
functionality (performance),
and client satisfaction.
Under these
criteria, cite evidence that
suggests the Sochi Olympics
project was a
success and/or failure.
The Sochi Olympics were a
success. The project was
completed
on time, all events ran smooth,
and the athletes and spectators
were
pleased with the overall
experience. Although the
budget was
exceeded (approximately
four times the original
budget) the games
were still successful.
3. When a project has a “hard
gate,” like being ready on
time, how does
that affect normal success
criteria? Is it fair to judge a
project with a