Re_ HK1414_ Post project review C3 6409.edited

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2012 London Olympic Project, UK

Table of Contents Introduction Project Cost Management Risk and Security Management Stakeholder Engagement and Communication Conclusions Recommendations References Appendix 2

Introduction Background The London Olympics Project in 2012 was a highly ambitious multi-billion dollar infrastructure project that was aimed at holding and organizing the Summer Olympics and Paralympics 2012 in London, United Kingdom. The secondary objective of the project was to uphold the city as well as the country's rich history, culture and infrastructural and engineering capabilities of the United Kingdom on the global stage. The project encompassed a wide range of huge activities including project planning, designing, construction, logistics, stakeholder management etc. The project has a long-term and significant impact on London's as well as the United Kingdom's overall economy and reputation. Project Success The 2012 London Olympics project can be considered a huge success. The project has set an example in the landscape of big infrastructure projects. The project has become a milestone for other big infrastructure projects to follow. The project management accomplished the efficient construction and renovation of iconic venues, including the Olympic Stadium, the Aquatics Centre, and the Velodrome. To achieve these, the London Olympics project management successfully incorporated management of huge resourcing activities, budgeting and funding allocation, comprehensive risk assessment and management, security management, and effective stakeholder management including labour management, and marketing, to effectively ensure a streamlined organization of the Olympics events and the smooth movements of the athletes and spectators. Project issues Despite its massive success and accomplishments, the 2012 London Olympics project also suffered undeniably significant challenges and difficulties. Among the issues, the most significant challenge that the project faced was the cost overruns, especially during the construction phases of the project. Moreover, ensuring efficient procurement and transportation of all the required materials, tools, and machinery were also critical issues. Furthermore, managing the influx of visitors and ensuring their safety is another challenge. On the other hand, 3

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the 2012 London Olympics project was also presented with significant difficulty in ensuring the effective management of the huge influx of visitors and ensuring their safety. This assessment explores the project cost management, the risk and security management and the stakeholder engagement and communication management of the 2012 London Olympics project. Based on the exploration, it evaluates the success or failures of these aspects of the project and the crucial lessons that the project provides for future projects. Finally, based on the evaluation, this report makes effective and practical recommendations for future projects. Project Cost Management The focus area of the 2012 London Olympics project's cost management revolved around developing a comprehensive and in-depth project cost estimation, budgeting, identifying all the relevant funding resources, allocation of the funding and controlling the resources. Moreover, financial risk mitigation was another crucial consideration for project management. Cost Estimation and Planning: The initial activity of the 2012 London Olympics project was to identify the expenses and develop an exhaustive process of cost estimation. The project management collaborated with external financial experts and worked closely to develop accurate and comprehensive detailed estimates for various project components. The project management implemented a rigorous cost analysis, historical data, market research, and expert judgment. Budget Development: After the development process of the cost estimation was completed, the 2012 London Olympics project cost estimates were established, and the project management developed an in-depth and comprehensive budget for the entire project. These budgets were developed to play a very crucial and critical financial blueprint in planning for the Olympics project. The budget included the detailed allocation of the procured funding to the different phases and components of the project. These components ranged from the construction of the venue, demolition and reconstruction of the existing venues that are further developed or modified and infrastructure development to security measures and event organization. Monitoring and Control: Another critically important factor for the 2012 London Olympics project management was developing and implementing effective cost monitoring and cost control frameworks. The project management understood that such a huge project would make the scope of the project extremely dynamic and sensitive to the wide range of factors in the 4

external environment. Therefore, the project management implemented a highly reactive approach to tracking the expenses of the project and promptly identified any potential deviations from the estimated budgets. To achieve this, the project management frequently conducted comprehensive cost analyses and published in-depth reports. The stakeholders of the project including government agencies and industry watchdogs scrutinized those reports. Cost and provisions March 2007 Budget (Emillion) The estimates at the time of the November 2004 bid (Million) Difference (Million) Olympic Delivery Authority budget 3,081 1,966 1,115 Core Olympic Costs Infrastructure and regeneration 1,673 1,115 Contingency 500 - 500 Sub-total (Note) 4,181 2,081 2,100 Other (non-ODA) Olympic Other provisions Policing and wider security 600 Tax (Note) 836 - 836 Programme contingency 2,247 - 2,247 Sub-total 9,325 2,081 7,244 Table: 2012 London Olympics budget (Source: UK Parliament, 2008) Evaluation Project Cost Management implemented by the 2012 London Olympic Project can be considered a success. The project management was successful in adhering to the estimated budgets. Given the scope and complexity of the project, this is one of the most notable successes of the project. However, it cannot be denied that despite the strict cost management, the project also faced some cost issues in some specific areas. The project was presented with serious difficulties due to cost overruns in the construction phase (Jennings, 2012). Still, the cost management approaches and strategies of the London Olympics will remain a lesson for future megaprojects. The project showed the importance of providing significant attention in the pre-project budget development and the continuous monitoring of the expenses to identify prospective deviations. Moreover, the 5

project also showed the critical importance of developing situation-based financial risk assessment to develop appropriate financial risk response protocols and effective risk response. Risk and Security Management The focus area of the Risk and Security Management for the 2012 London Olympic Project revolved around the comprehensive strategy, framework and protocols to ensure the safety and security of all participants and attendees of the various events. The London Olympics in 2012 was one of the most significant events which had a considerable global audience. It was the largest sports event that the United Kingdom ever organized. To ensure comprehensive and effective risk and security management, the 2012 London Olympics project management developed a separate division, the Olympic Safety and Security Strategic Risk Assessment (OSSRA) (Government of the U, 2011). It established effective and efficient collaboration with various governmental agencies and authorities. It developed various cross-department partnerships to leverage the expertise and capacities of the agencies in the areas of conducting assessments of the severity of major potential accidents, natural events, malicious attacks, serious and organized crime, domestic extremism, and public disorder. Moreover, the Olympic Safety and Security Strategic Risk Assessment body also emphasized venue-specific risk assessment and management framework to ensure maximum risk mitigation and effective minimization practices. It identified safety and security aspects unique to hosting the Games, requiring specific planning. It also aligned with the Olympic and Paralympic Safety and Security Strategy. It conducted comprehensive risk assessment processes both during the pre- development stage and during the live events. It developed a specific risk assessment framework that considered five factors - Protect, Prepare, Identify and Disrupt, Command, Control, Plan and Resource and Engage. 6

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Image 1: 2012 London Olympics security (Source: UserPerspective, 2023) Evaluation The Risk and Security Management approach developed and implemented by the 2012 London Olympic Project can be considered a success. The comprehensiveness and intricate approach of the Olympic Safety and Security Strategic Risk Assessment in conducting risk assessment and developing effective risk mitigation strategies played a huge and critical role in ensuring the safety and security of the participants, the organizing teams and the attendees during the Olympic Games. Through its risk and security management, the 2012 London Olympics project showcased significant resilience against potential risks, including terrorism, crime, public disruption, and major accidents. The 2012 London Olympics provides several significant lessons in the aspect of Risk and Security Management. It shows how collaborating with capable external specialized stakeholders, especially with the governmental ones can improve the risk and security protection for large projects. It also emphasized that developing a separate and autonomous risk management body can improve effectiveness, efficiency and productivity in the aspects of risk and security assessment, mitigation, and response to diverse threats. Moreover, frequent risk review and monitoring are quintessential parts of a successful risk and security management framework. Stakeholder Engagement and Communication Effective stakeholder management and communication were crucial components of the 2012 London Olympics project. The focus area of the stakeholder and communication management was to ensure all the relevant stakeholders were communicated and involved in the project. The relevant parties in the project included the Olympic Delivery Authority (ODA), the London Organising Committee for the Olympic and Paralympic Games (LOCOG), technology partners, sponsors, marketers, global media enterprises, and the prosumers (Santomier et al., 2017). The project management ensured effective communication by implementing by leveraging innovations and comprehensive utilization of information and communication technologies. The 7

project management leveraged various available virtual and internet-based platforms, including the wide range of available social media platforms. The project also showcased proactive approaches in ensuring that all the methods and channels of communication were streamlined and integrated to create a highly engaging and interactive communication experience for all the stakeholders around the world. To implement this approach to communication, the project developed a 'one team' strategy (Adiba, 2012). A Technology Operations Center was created where all the individuals and teams, irrespective of their responsibility or respective company or organization were seated inside the one technology centre together. The stakeholder and communication management operations of the 2012 London Olympics project can be considered successful. The project was successful in making the 212 Olympics event one of the most popular and publicized Olympic events ever held. Moreover, effective stakeholder management ensured that the event successfully engaged various stakeholders and put the reputation of London as well as the United Kingdom at a very high level on the global stage. The tremendous success of the 2012 London Olympics has been attributed to the pragmatic and comprehensive planning and management of the project management team, in collaboration with the ODA and the LOCOG. The project was highly successful in leveraging the increased use of mobile devices and social media by prosumers. The stakeholder engagement and communication management of the 2012 London Olympics was an effective lesson in how a willingness to take risks with innovations and emerging media strategies and effective partnerships and collaborations with sponsors and marketers can multiply the worldwide audience's enthusiasm for various sports. Moreover, it also emphasized that developing a comprehensive stakeholder engagement and communication management plan before the event is extremely critical in ensuring its success. 8

Conclusions Image 2: Success of 2012 London Olympics communication (Source: London Data Store, 2013) The 2012 London Olympics project has set an exemplary milestone in the mega project environment. The project set many lessons that future similar projects can observe and follow. Moreover, the project showcased the United Kingdom's capabilities in accurately developing, organising, hosting and delivering a globally significant event. The project echoed the rich history of the country and its culture. The project's success lies in its pragmatic, risk-tolerant, innovative, effective, productive and efficient management of the construction and infrastructure operations, risk and security management to ensure London as well as the UK's reputation on the global stage and stakeholder and communication management to involve the global audience. The event even played a crucial role in driving the United Kingdom's economy on a global scale. The proactive approach to cost management ensured that the entire project was financially 9

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feasible. The risk and security management protected the participants and the attendees in the Olympic venues. Recommendations Enhanced Budget Control: The 2012 London Olympics project management succeeded in overall cost management. However, there were some undeniable instances of cost overruns, especially during the construction phase. Future projects could address this issue by implementing a more robust cost analysis approach. They could incorporate emerging technologies, such as big data analysis, artificial intelligence, etc (Marotta & Au, 2022). Visitor Management: The influx of a huge number of visitors to the Olympic venues poses significant challenges to project management. Future projects should consider implementing advanced technologies to develop a more comprehensive approach, such as advanced live big data analysis, more effective security mechanisms, such as advanced cryptography, live crowd monitoring, detection and management technologies, more advanced emergency response plans etc., to enhance visitor management. Long-Term Life Cycle Planning: Future projects should also consider the project for long-term term purposes, not just the initial main event. The project planning management should consider how the projects should be utilized for long-term benefits throughout their entire life cycle. This will enable them to reap sustainable economic benefits and continued community engagement. 10

References Adiba, P. (2012). The IT Challenge of the London Olympics. https://hbr.org/2012/08/meeting-the-it-challenge-of-th Government of the UK. (2011). London 2012 Olympic Safety and Security Strategic riSk aSSeSSment (oSSSra) and risk mitigation process. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_ data/file/97982/osssra-summary.pdf Jennings, W. (2012). Why costs overrun: risk, optimism and uncertainty in budgeting for the London 2012 Olympic Games. Construction management and economics, 30(6), 455- 462. https://edisciplinas.usp.br/pluginfile.php/4587179/mod_resource/content/1/Why %20costs%20overrun%20risk%20optimism%20and%20uncertainty%20in%20budgeting %20for%20the%20London%202012%20Olympic%20Games%20-%20atigo%207.pdf London Data Store. (2013). London 2012 Opinion Research. https://data.london.gov.uk/dataset/london-2012-opinion-research Marotta, G., & Au, C. D. (2022). Budgeting in the Age of Artificial Intelligence–New Opportunities and Challenges. Available at SSRN 4168230. https://www.zbw.eu/econis- archiv/bitstream/11159/522465/1/EBP085807818_0.pdf Santomier, James & Hogan, Patricia & Kunz, Reinhard. (2017). The 2012 London Olympics: Innovations in ICT and Social Media Marketing. Innovation: Management, Policy & Practice. in press. 10.1080/14479338.2016.1237305. https://www.researchgate.net/publication/308719401_The_2012_London_Olympics_Inn ovations_in_ICT_and_Social_Media_Marketing#:~:text= A%20review%20of%20the %20literature ,2 )%20the%20confluence%20of%20dramatically UK Parliament. (2008). The budget for the London 2012 Olympic and Paralympic Games. https://publications.parliament.uk/pa/cm200708/cmselect/cmpubacc/85/85.pdf . UserPerspective. (2023). CCTV security at the 2012 London Olympics. http://userperspective.co.uk/cctv-security-at-the-2012-london-olympics/ Xu, Z., Cheng, C., & Sugumaran, V. (2020). Big data analytics of crime prevention and control based on image processing upon cloud computing. J Surveill Secur Saf, 1, 16-33. https://f.oaes.cc/xmlpdf/dcad5f10-b816-42ab-b5d6-9ee89e74ab4a/3659.pdf 11

Appendix Cost and provisions March 2007 Budget (Emillion) The estimates at the time of the November 2004 bid (Million) Difference (Million) Olympic Delivery Authority budget 3,081 1,966 1,115 Core Olympic Costs Infrastructure and regeneration 1,673 1,115 Contingency 500 - 500 Sub-total (Note) 4,181 2,081 2,100 Other (non-ODA) Olympic Other provisions Policing and wider security 600 Tax (Note) 836 - 836 Programme contingency 2,247 - 2,247 Sub-total 9,325 2,081 7,244 Table: 2012 London Olympics budget (Source: UK Parliament, 2008) Image 1: 2012 London Olympics security (Source: UserPerspective, 2023) 12

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Image 2: Success of 2012 London Olympics communication (Source: London Data Store, 2013) 13

Re_ HK1414_ Post project review C3 6409.edited

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