Wembley Stadium Project Management Strategic Issues Essay

Wembley Stadium Project Management Strategic Issues - Essay Example It increased the projected costs to more than double the earlier projections. Especial about the Wembley Stadium is its innovative steel arch that adds to the beauty of the Stadium. The steel arc also endures weight and reduces the need for internal support that could have come in the way of viewers sitting in the stadium. The load bearing feature of the arc adds decorum to the seating arrangement. The design of the Wembley Stadium unlike the Sydney Opera House or Guggenheim Bilbao was not new but nevertheless included a design element in the arch that was innovative, leaving no scope to adhere to best practice techniques such as reference class forecasting as there are no past figures to depend upon, being the novel concept. This absence of historical example is many-a-times a red flag in perfect project planning (Strategicppm, 2011). The Wembley Stadium project was contracted to the lowest bidding company, which developed a situation similar to winner’s curse in measuring the cost of the project belligerently. Project cost hiked 36% in between the time of the bid acceptance and signing of contract (Strategicppm, 2011). The Wembley Stadium occupies a distinct place in the event and entertainment industry worldwide and particularly in the history of the UK. The Wembley Stadium has been a host to a number of global events in the 20th century, which included a chain of leading park, theatre and funfair events the like of the 1924 British Empire Exhibition, the 1934 Empire Games, the 1948 Summer Olympics, the 1996 World Cup Finals, the 1978 Eurovision Song Contest, the 1996 European Championships and many other events organised in between (Quintain, 2004). The stadium was razed in 2002 to be reconstructed in 2006 to a 90,000-seating capacity stadium. The new ?757 million Wembley Stadium (NAO, 2003) is now about thrice as big to its earlier size with its arch positioning 140 metres extended from its concourse, which is huge enough to be looked over by the whole of London (Quintain, 2004). The major difference visible is of the arc that replaced the twin towers, the symbol of the stadium. The new Wembley National Stadium equally justifies the fame of the icon it used to be like the old Wembley Stadium (SPG, 2008a). Though a hot debate followed with the razing of the historic twin towers, but it is highly commendable that the final settlement for constructing an arc was welcomed with uproar. The project got initiated in 1996, by raising a hue and cry for a new English national stadium. Soon after holding the national competitions, Sport England decided with a majority Wembley as the most desired location (House of Commons, 2004). The mission of the Sport England was to back the creation of an iconic stadium for three leading sports namely, football, rugby league and athletics (NAO, 2003). The major use of the Wembley national stadium was planned for football and rugby league (NAO, 2003). It was earmarked that after five years of the stadium's functioning, 1% of its yearly turnover would be donated by WNSL for the provision of sports education and other projects (NAO, 2003). 2. Analys is of the Reasons of Delays or Cost Increase during the Project The