Blablabla Financial

Consultant

Memo
To: Michael

From: Gabriel, Erdi, Paola

cc: ILAC

Date: Feb 8, 2022

Re: PROJECT CASE STUDY: OLYMPIC GAMES

After thoroughly investigating the problems that have arisen regarding the overbudget in the
realization of the following Olympic Games, we as Blablabla Financial Consultant Company
have come to certain solutions and recommendations that we will present to you below.

For starters, everyone involved in the project must communicate effectively; any communication
gaps must be addressed as soon as possible.

Having a good communication is a key to success in an organization, all team members have to
be in the same page to complete successfully the Olympic Games.

So, the first thing that you have you must do is, having meeting with the whole team.

Solutions and Recommendations:

1. Meetings to discuss current events— The status meeting is the most basic and well-
known procedure. Regular status meetings keep everyone honest, accountable, and
alert—especially if work assignments are modest and have clear completion criteria.
Furthermore, status meetings are effective instruments for increasing project
communication and expectations management.
2. Defining goals and objectives: you must have a clear idea of what are you doing,
everyone involved must understand the scope of work before it begins because as you
 know one of the biggest problems that you can encounter is poor alignment with your
objectives and goals.
3. Re-use: use cities that already have the facilities to be the hosts, that have the adequate
infrastructure and without incurring a major expense for the construction of new venues
or facilities to host all the athletes, coaches, and others. In this way, a large part of the
budget will not be used in construction because they would use cities that already have
what is necessary to host an event of this size.
4. Back up budget: we know how expensive Olympics games can be, so having a backup
budget it is a good idea because you can use your original budget in the whole
organization and this emergency budget is only in case you need extra money, but keep
in mind that you should stick to you first budget that you made and make sure that you
don’t have any slacks.
5. Re-assigning budget: Now with Covid 19, we know that public in big amount is not
permitted in this type of events so, we can cut budget for some of the things that you
should do with assistants, for example, instead of using money to assemble seats for
everybody you can reassign that budget to another activity or task that have to be done
but you don’t have enough money to complete.
6. Partnership: find a city that wants to invest of being a host city to the Olympic Games
so in that case you can split costs and have a bigger budget for the organization.
7. Tracking: Keep records of all the money that you’re spending to have control of your
expenses and be sure that you’re making a good investment

We know that more solutions and recommendations can be offered but we considered that with
these 7 points is a better way to start taking care about your budget and team organization.

Don’t hesitate to contact us if you have any problem,

Best Regards,

Blablabla Financial Consultant Company.