Statement of Work and Plan [New Apartments]

Last Revised: [mm/dd/yy]

[New Apartments] Statement of Work

Project Manager: [Eileen Diaz]
Sponsor: [John Doe]

Revision History
Revision date Revised by Approved by Description of change

Purpose and Context

The purpose of this project is to build and own a new apartment building so that we can
have more housing available for those that are looking and can afford it.

Phases or Timeline

The project will begin on 5/2/22 with the building of the foundation and will be completed
on 5/28/24 with the apartments being fully capable to rent and live in.

Work to Be Performed
All project tasks

Task description Who is responsible Due date

1. Find out where the exact area that you Project Manager 5/10/22
want the apartments to be at

2. Examine the market to see what the Project Manager 5/17/22

demands are in this location, the
vacancy levels per kind of apartment,
the rents, and who your current or
future rivals are.

3. Calculate how many square feet of Project Manager 7/24/22

buildable space you have and how
many flats you should be able to
construct.

4. Estimate your future rentals and costs Project Manger/ 8/21/22

to determine the worth of your building
after the revenue is stable.

5. Build the apartments. Team 9/28/22

MODIFIED FROM
Fast Foundation for Project Management – Statement of Work
Reference The Fast Forward MBA in Project Management
Filename: 660080263.docx 1 of 4
Statement of Work and Plan [New Apartments]
Last Revised: [mm/dd/yy]

6. Give the apartment manger the building Project Manager 5/2/24

and let them give their renters the
completed apartments.

Deliverables & Quality Criteria

Deliverable Name Due Date Quality Criteria

Location 6/2/22 The apartment's location is incredibly

significant. It must be a place where the crime
rate is low and it can be by a school or
business area.

Built well 7/15/22 The build should have a good foundation and
the apartment does not have to be the largest
on the block, but it should be spacious enough
to accommodate all of your tenant
requirements.

Amenities 8/7/23 This one should have a swimming pool, gym,

washer and dyer inside the apartment, outdoor
area and a community room.

Maintained well 9/20/23 Hiring the necessary people that will keep the
apartment clean and tidy like a housekeeper
and a gardener.

Security 4/30/24 The building must have security cameras

around the complex and also security guards
checking the building and making the tenants
are safe and sound.

Risk Analysis

Risk Impact Mitigation Plan(s)

Being liable for the A renter who is hurt on To prevent being accused of
Tenants your property may file a carelessness, the plan is to take
claim for negligence and reasonable precautions to

MODIFIED FROM
Fast Foundation for Project Management – Statement of Work
Reference The Fast Forward MBA in Project Management
Filename: 660080263.docx 2 of 4
Statement of Work and Plan [New Apartments]
Last Revised: [mm/dd/yy]

Risk Impact Mitigation Plan(s)

pursue legal action. provide a safe environment.

Make sure we use skilled
contractors and retain documents
to prove you did everything you
could to keep the renter safe.

Not making a profit
from the apartments
due the tenants not
paying their rent
Any payment delay or
nonpayment can have a
significant impact on the
cash flow required to
maintain a rental
property management
company.
That’s when one may be forced
to evict them another one is a
strong tenant screening is
another approach to mitigate this
risk.

Bad location Due to the apartments That’s when research come in

being in a bad location
then people aren’t going
to want to rent from
there.
handy and to have to edge over
your competition you should do
you best to find when the best
location is to place the apartment
building.

Measures of Success
The project will be judged complete and successful by
1. You did your research and found a good location.
2. The apartments are well-built.
3. There’s a profit that comes from owning the apartments.
4. Making sure the apartments have interior spaces that are clean and appropriate.

MODIFIED FROM
Fast Foundation for Project Management – Statement of Work
Reference The Fast Forward MBA in Project Management
Filename: 660080263.docx 3 of 4
Statement of Work and Plan [New Apartments]
Last Revised: [mm/dd/yy]

5. That the apartment management is able to respond swiftly to maintenance requests.

6. Always leave move for growth and improvement which the apartments should have if
it is successful.

Stakeholder Analysis
Name & Role Major Responsibility or Contribution
[Name] They are one buying the product so they should make
Customer sure that they like it and if not share why don’t or how we
can improve.
[John Doe] Offers funding for the apartment complex.
Sponsor
[Name] Makes sure the project stays on budget and resolves
Management issues that occur and that the tasks are done before the
deadlines and the project itself is completed and
successful.
[Name] The team is responsible for putting the whole project
Team together and completing the tasks.

Assumptions

Assumption: That all tasks are going to be done by their deadlines

Impact if assumption is incorrect: The impact of that would be the tenants that already signed
for a unit won’t have one when they thought they were going to.
Assumption: That you found the best location for the building.
Impact if assumption is incorrect: People don’t want to rent and so you don’t make a profit.
Assumption: The building is always going to always to be well maintained
Impact if assumption is incorrect: The complex ends up looking unappealing and dirty due to
not keep it clean and so you lose renters and even potential renters.

MODIFIED FROM
Fast Foundation for Project Management – Statement of Work
Reference The Fast Forward MBA in Project Management
Filename: 660080263.docx 4 of 4