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STUDY OF FAILED PROJECT ---- THE MILLENNIUM DOME

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STUDY OF FAILED PROJECT ---- THE MILLENNIUM DOME

  1. 1. Study of Failed Project Naila Ghani Khunsa Iqbal Zahra Badar Wajiha Farooq Narmeen Haroon MS – TOTAL QUALITY M ANAGEMENT INSTITUTE OF QUALITY AND TECHNOLOGY MANAGEMENT UNIVERSITY OF THE PUNJAB, LAHORE, PAKISTAN.
  2. 2. Millennium Dome:
  3. 3. The Millennium Dome, colloquially referred to simply as The Dome.
  4. 4. Origination: • the project concept was expanded and championed by Labour party Prime Minister Tony Blair when he took office in 1997. • The event was designed to draw tourists into London during the Millennium year and was intended to be a celebration of mankind’s achievements.
  5. 5. "a triumph of confidence over cynicism, boldness over blandness, excellence over mediocrity".
  6. 6. In 1997 the Labor government of Tony Blair formed the New Millennium Experience Company Ltd. (NMEC)
  7. 7. Finance Management: Government decides to support the project with public money after being unable to raise private capital.
  8. 8. Total expenditure: • the total cost of The Dome at the liquidation of the New Millennium Experience Company in 2002 was £789 million, • of which £628 million was covered by National Lottery grants • and £189 million through sales of tickets etc.
  9. 9. initial reaction from the press was poor. Lack of content, lack of clear themes and lack of creativity were common criticisms.
  10. 10. • For budgeting purposes government officials had projected 12M visitors. In reality only 6 1/2M people attended.
  11. 11. • The NMEC is a company which has been under considerable pressure. Any company which had just completed a massive capital project and had then opened a huge and novel visitor attraction would be.
  12. 12. LONDON ARENA
  13. 13. the venue's new owners, spent 600 million pounds ($1.2 billion) to renovate the site, adding a 20,000-seat concert arena
  14. 14. Contributing factors as reported in the press: • Lack of vision. • Poor execution • Failure to manage expectations • Failure to plan properly for the post event disposition of the venue.
  15. 15. Causes of difficulties: The main cause of the financial difficulties is the failure to achieve the visitor numbers and the income required. Right from the start the idea was driven by politicians, not the commercial or business sector. Its designers created an impressive pack and only when this was launched they started asking the market how they want it.
  16. 16. a table linking these factors with the factors studied in class. no Factors contributed towards failure Falls in category of phase 1 Less creativity conception 2 Poor prioritization planning 3 Over expectations definition 4 Wrong forecasting definition 5 Changing responsibilities planning 6 Poor marketing strategies execution 7 Over use of resources execution
  17. 17. Definition phase is the most important phase. You are doing project to attract customers so find out their requirements before starting the project and not after.
  18. 18. it was all………. Thanks for your attention……..!

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