ABC Assignment - Accounting Best Concepts PDF

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Accounting Best Concepts...

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THE KEY DRIVER FOR THE PROJECT Geelong is home to two of the Deakin Universities, Waterfront and Waurn ponds which can be identified as a leading tertiary institution and many local and international students reside within the city. Geelong student population has been grown over the years and it has been one of the major export incomes in Victorian economy. 2018-2019 Student migration has been 96,902, but in 2019-2020 it has been decreased to 12,814 ("Centre for Population" 2021). But Domestic student income has not been changed extremely compared to the international students.

Figure 01: Migration Australia 2019-20 ("Centre for Population" 2021)

Due to the decrease in student migration, currently there is enough accommodation including the Waurn ponds student accommodation and Geelong rental accommodations which fulfils the requirements for the current students and for new domestic students. Due to the decrease in student numbers, building a student accommodation might looks like a waste of money and time considering the University income also has been decreased and the current student accommodation needs can be fulfilled by the city and by the current

student accommodations on Waurn ponds campus. As the Geelong has been grows in economically and popularity, no university accommodations has become more expensive. The affordability of student accommodation has changed from acceptable to moderately unaffordable across Geelong region it fulfils any accommodation requirements for the current market. Even though migration is stopped, students has been enrolled in courses already to come to Australia and study. Some has already started their studies in their own country expecting to come to Australia once the boarders are open. Currently vaccinations are happening in all around the world and it people has been living with the pandemic for around two years and, it will be back to normal by the time vaccinations are completed. Experts predict that Australia will be open for international students by the first half of 2023. As soon the students will be allowed in the national borders will become open for the students there's going to be a floodgate opening for all the students and there'll be so many students coming in (students who already stared their courses while waiting for boarders to open and new students) and Geelong will not be able to provide enough accommodations for the increased demand. Currently all the industries are at their lowest and construction industry is also experiencing their lowest and due to the less projects and demand in the construction field there has been a decrease in the cost of construction and material costs are at lowest in the current, market. Deakin student accommodation is an investment and the best time to invest is at its lowest. Deakin is a community based, Community engaging and Community surrounding organization and it values the social sustainability and has enhanced social, cultural, economic and environmental wellbeing over the years and it will continue to spread its contributions to the community even through this student accommodation project.

PROJECT SCOPE Proposed Deakin Student Accommodation on 19-23 Brougham St, Geelong VIC 3220 is a 11 story fully furnished accommodation consisted of 410 Beds. Deakin considers the wellbeing and the quality of lifestyle of students and your value optimization in terms of space utility will not be rooms only, there will be recreational facilities, BBQ facilities for leisure and study areas for the study purposes and cooking spaces will be provided. This includes all the student requirements in a built environment. Study areas will allow students to meet with each other and study and discuss study materials while the recreational facilities keeps them entertained without making them entertained. Difference between student housing and ordinary housings is the reduced individual spaces and the nature of short term stay. Students usually stay longer outside studying and using other entertainment facilities rather than staying in the bedroom. This makes the student accommodations more affordable which considers and outlines the design aspects of a student accommodation.

PROPOSAL Proposed project scope is included with all site preparation, ground works, structure, services, fittings and finishes, hard and soft landscaping, including all commissioning. After the tendering process the we will supply all preliminaries, labour, materials, supervision, and plant and equipment to ensure the works are complete with all necessary ancillary and minor items. Work will be according all the state and relevant standards of authorities and Work will be in accordance with the documentation, including plans and drawings, that is available. The contract type for the project is AS4000-1997 which is mostly used contract type in Australia. Project is to be executed on 1 st of December 2021 and it is to be completed on 31st of December 2022.

SITE AND LOCALITY CONTEXT

Figure 02: 19-23 Brougham St, Geelong VIC 3220 on Google Earth

Figure 03: 19-23 Brougham St, Geelong VIC 3220 on Google Maps

TRAFFIC PLAN & SAFETY PLAN International Students are usually using public transportation due to not being able to afford a vehicle and there are many parking issues due to the high demand in the city. Brougham Street is facing the front of the land which is a single lane traffic on both directions and parking can be done along the street or on central median. All the parking spaces in the city are time restricted parking’s. 40kmh speed limit applies in the city area on all roads. Smythe street is on the north of the site which is a single traffic lane on each direction. Little Brougham Street (A narrow street) and Little Smythe that faces the land on other two directions Connects Brougham and Smythe streets.

KEY STAKEHOLDERS

Stakeholder analysis shows the Deakin University related everything has become a part of this project stakeholders. Deakin university, Infrastructure and Property Group (IPG), Deakin students and Geelong community are the main stakeholders of this project. IPG is a Deakin team specialised in facility, infrastructure and operational management. Students are facing many housing issues when living in share houses and rooming houses. Most common issues are house is overcrowded or/and unfair conditions and/or unacceptable living standards from the landlords. These conditions could affect the student mental and physical health and it even effects their studies. Deakin waterfront Accommodation project could be the best solution for these issues. This project provides the students with a shared space included of a study area, recreational facility and much more a student expects from a student accommodation. It is in the centre of Geelong city and just 5minute walk to the University which makes this place the most convenience land for the project. This could make new standards for student accommodation market and Geelong society will try to uplift their standards to match the competition. This project attracts more people to the city which means more growth for Geelong.

Deakin Accomodation Project

Figure 04: Stakeholder Map

KEY TIMELINES

   

Tender Submission: 1 October 2021 interviews: First week of October 2021 Commencing Construction: 1 December 2021 Final Completion of Construction: 31st December 2022

A project timeline management can be identified as one of the most important factors and a well scheduled timeline could guarantee the success of project completion on time. Our company must be fully operational on site by the 1st of December. Building will take 400 days to complete according to project schedule. Ground work will take 50 days and 120 days for prefabrication of reinforced concrete structure. With the Covid-19 restrictions and lockdowns, it is not easy maintaining the time schedule with the actual progress.

PROJECT-SPECIFIC RISKS AND CHALLENGES

This project has car park on the lower levels and there is a public access space for functions which solves risks associated. Students do not wish to live in the ground floor of a busy city with the noises and disturbances. Including parking facilities increases the security of students in the proposed building and the public access space provides Geelong city a place to have meetings and functions which directly profits the community. Project management is managing the time cost and quality of the project and project risks need to be identified and it could help mitigate the risks. Risks have been identified and risk reduction techniques have been established for the project success within cost, quality and time.

Risk Description

Risk Probability

Risk Impact

Severity

Strategy

Action Plan (Risk Mitigation)

Severity Mitigation

Low Unidentified utility services/ground conditions water table Low higher than expectation, as the beach is Close Restricted High Parking issues

High

Control

Detailed Utility map analysis and site analysis Dewatering claims as a variation

Mediu m

Control

High

Control

Material Delay

High

Mediu m

Weather Condition

Medium

Mediu m

Construction Delays

High

High

Cost overrun

Medium

High

Scope Variation

Medium

High

Covid-19 Unexpected Lockdowns Working in Limited space

Medium

High

Traffic Management team allocation Control Advance procurement of resources Reduce Use of PPE, Weather predictions, rescheduling of critical work Transfer Extra funds for on time completion Reduce Use Cost Controlling methods Transfer Bourne by the Client Accept

Low

High

Transfer

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