Vkalp Bonsai Nursery Executive Summary - Free Essay Example

Sample details Pages: 23 Words: 6904 Downloads: 2 Date added: 2017/06/26 Category Statistics Essay Did you like this example? [Vkalp Bonsai NURSERY] Executive Summary My idea is to open a bonsai nursery called Vkalp. A bonsai tree is an ornamental plant. Most of the nurseries present in and near Ahmedabad focus mainly on selling their plants. Vkalp would go a step ahead in not just selling the plant but also educating them as to how to grow bonsai? How to maintain these bonsai trees {this is a very critical issue as most of the people cannot maintain these trees and these trees terminates their beauty}? Vkalp also intends in giving short term certified courses in Bonsai culture. This would bring awareness in the mind of people regarding Bonsai trees. Growing Bonsai trees is basically an art so Vkalp also intends in organizing competitions to promote the Bonsai culture. Don’t waste time! Our writers will create an original "Vkalp Bonsai Nursery Executive Summary" essay for you Create order Bonsai (pronounced bone-sigh) is an ancient oriental horticultural art form. The word Bonsai literally means, in both Chinese and in the Japanese language, tree-in- a-pot. Contrary to popular belief, bonsai is not the art of stunting a trees growth. The characters for bonsai translate, roughly, to pot and to plant. As such, bonsai is the art of growing trees in a confined space (usually a pot or a tray); so as to recreate some of natures most stunning and beautiful effects on trees, which are reduced in scale. Originally developed in the Orient almost 2000 years ago, today the sublime art of bonsai is practiced throughout the world. A tree planted in a small pot is not a bonsai until it has been pruned, shaped, and trained into the desired shape. When undertaking bonsai, you may find a new sense of appreciation for nature; you may start looking at trees, bushes and shrubs differently. Bonsai will surely change the way that you look at things. Mission statement To provide information to our customers so they can make informed, environmentally sound decisions about their landscape project. Vision Statement The Vkalp is a highly respected, ethical nursery. We are clearly structured and organized to promote success of our team members in an atmosphere that highly regards and encourages the sale and use of plant material to strengthen, rebuild, maintain and support our ecology and economy. Our most successful tool is knowledge of our product and how to help our customers use it successfully. We have a synergistic relationship with suppliers and customers. Idea My idea is to open a nursery cum retail outlet catering to ornamental plants especially concentrating on Bonsai. The scope of the idea is not just limited to selling the plant but also to provide services related to it. Core activities of proposed business The core activities of Vkalp would be opening a retail outlet of nursery which would basically focus only on Bonsai trees. Its activities would include selling out Bonsai trees and other saplings. It would also be renting out Bonsai trees to corporate and event organizers. I intend not only in selling the Bonsai trees but also educating them how to maintain them, for this I would be providing them certified courses in Bonsai culture. Offering / product The offering would broadly include the following 4 categories. Bonsai (for sale) These Bonsai trees would be available to the customers for sale. Bonsai (rent) These Bonsai trees would be strictly available only for rent to the corporate. Samplings (assorted) These samplings would be sold in the initial stage only; just as in nurseries. Courses in Bonsai culture These courses would be given to those customers and people who are interested in understanding and managing Bonsai trees. Industry description and outlook Description of Primary Industry The primary industry for my business would be Horticulture industry. National Horticulture Mission was launched during 2005-06 for doubling the horticulture production through holistic development of Horticulture. Quality planting is crucial for area expansion, replacement of senile orchards and it also gives export competitiveness. The projected demand of various horticultural produce by 2011-12 is as follows: Commodity Production (Million tons) 2001-02 2006-07 2011-12 Fruit 43 59.36 81 Vegetables 88.6 115.52 185 Spices 3 5 5.5 Coconut 8.8 18 20 Cashew nut 0.5 1.5 1.7 Others 2.2 6 6.8 Total 146.3 205.38 300 A few states such as Maharashtra, Andhra Pradesh, Uttar Pradesh, Punjab and Orissa, are self sufficient in production and distribution of planting material in some of the crops. Other states like Gujarat have to outsource their plantings to private and public nurseries. Total nurseries : 6339 Public Sector : 1594 Private sector : 4607 Top 5 states in Private Domain Maharashtra : 1300 Andhra Pradesh : 970 Himachal Pradesh : 684 Jammu Kashmir : 384 Gujarat : 335 So we can see that there is a huge demand for nurseries in Gujarat. And the horticulture industry is also growing at a continuous rate. In this industry the demand is much higher than the supply so there are many gaps which can be fulfilled. My aim is to open a nursery concentrating only on Bonsai and thus capitalizing on this opportunity. Design Industry in India My product is directly related to the Design Industry. Bonsai is an ornamental plant so they are considered as decorative plants in the house. Even while maintaining these plants it needs huge amount of creativity in the owner so if the Design industry is booming it will directly affect my business. The AMCON meeting held in Delhi on the sidelines of CSID Board Meeting brought in considerable participation from Asia and Asia Pacific Region and underlined the importance of such regional meetings to foster regional cooperation by sharing local concerns in a globalizing world. The reassurance of Asian design and the increasing globalization of markets like india and China have opened up considerable opportunities for designers and design-led companies. Similarly the focus on service design and design for quality of life including sustainable Design are becoming important strands as economies like India are becoming service driven and it is estimated that by 2010, service economy will form 65% of Indias GDP. The design scene in Asia is undergoing rapid change from one of being the follower to assuming more leadership in different product and service categories signaling a brighter tomorrow for Indian design as well as for the countries in Asia around. (design plus june 2007 by dr. D arlie o koshy) In the new age consumers are aspiring for holistic lifestyles and experiences. Consumer has become more discerning and selective these days this adds significance to multitude of parameters in products such as aesthetics, comfort, performance, value and above all service and experience. With the merchandising formats becoming more horizontal and retailers offering variety and choices, consumers are getting confused day by day. Necessity is no more the mother of invention it has move far from its conventional meaning to its new form, with the universal nature of products and services and in the shopping area, exclusivity would find more value than sheep mentality. Shopping is not only service provider to the consumer, but also retaining social, cultural and ethical values that restore a nation, its well being in terms of heritage and culture and contributes to cleaner and healthier environment. Retail industry in India The Retail Industry is also directly related to my business. My plants and most importantly the Bonsai would be sold to new houses and offices as a symbol of good charm. So if this industry is growing then my business would also capitalize on it. With property boom spreading in all directions, real estate in India is touching new heights. However, the growth also depends on the policies adopted by the government to facilitate investments mainly in the economic and industrial sector. The new stand adopted by Indian government regarding foreign direct investment (FDI) policies has encouraged an increasing number of countries to invest in Indian Properties. India has displaced US as the second-most favored destination for FDI in the world. As the investment scenario in India changes, India which has attracted more than three times foreign investment at US$ 7.96 billion during the first half of 2005-06 fiscal, as against US$ 2.38 billion during the corresponding period of 2004-05, making India amongst the dominant host countries for FDI in Asia and the Pacific (APAC). The positive outlook of Indian government is the key factor behind the sudden rise of the Indian Real Estate sector the second largest employer after agriculture in India. This budding sector is today witnessing development in all area such as residential, retail and commercial in metros of India such as Mumbai, Delhi NCR, Kolkata and Chennai. Easier access to bank loans and higher earnings are some of the pivotal reasons behind the sudden jump in Indian real estate. Flying high on the wings of booming real estate, property in India has become a dream for every potential investor looking forward to dig profits. All are eyeing Indian property market for a wide variety of reasons. Its ever growing economy which is on a continuous rise with 8.1 percent increase witnessed in the last financial year. The boom in economy increases purchasing power of its people and creates demand for real estate sector. India is going to produce an estimated 2 million new graduates from various Indian universities during this year, creating demand for 100 million square feet of office and industrial space. Presence of a large number of Fortune 500 and other reputed companies will attract more companies to initiate their operational bases in India thus creating more demand for corporate space. Real estate investments in India yield huge dividends. 70 percent of foreign investors in India are making profits and another 12 percent are breaking even. Apart from IT, ITES and Business Process Outsourcing (BPO) India has shown its expertise in sectors like auto-components, chemicals, apparels, pharmaceuticals and jewellery where it can match the best in the world. These positive attributes of India is definitely going to attract more foreign investors in the near future. Life style and Service industry in India As the overall disposable income of population in India is increasing the growth of lifestyle industry is also increasing as people tend to spend more on life style products. On the other hand service industry is considered as the most potential industry to grow at the highest pace till 2012. The company would offer various services like garden designing and maintained which is the service which would be catered to high level customers. Target customers The target customers for the different products would be different. Bonsai (for sale) The targeted customers for this segment would be majorly high end customers because it would be a costly product and would also be considered as a status symbol. To reach these customers I would take help of other nurseries and retail outlet of plants which have a direct access to the customers. These nurseries and flower shops would also be my customers. Moreover decorators and other retail outlets keeping decorative items would also be my customers. Bonsai (for rent) These Bonsai trees would be given on rent only to corporate and also to parties and events. So here my customers would be big corporate and also event management committees. I would rent by product to them so more the events more my product would be rented. Saplings (assorted) This would cater to the masses as it would be a cheap product. Here my customers would be nurseries and retail formats to sell plants. Here to sell these plants I would also have an agreement with builders to take plants and other decorative plants to be sold to them. They would use them in landscaping of their diverse projects. Courses in Bonsai culture This would cater to mainly those people who are really interested in understanding Bonsai and want to take up it as a hobby. Here my targeted customers would be only high end customers so they would be belonging to the upper class and upper middle class. Overall I intend to target the upper class and upper middle class. My product would be a status symbol so I dont want it to get diluted by selling it to the lower sections of the society. MARKETING COMMUNICAITON MIX FOR Vkalp Bonsai Nursery The strategic development of the Marketing Communication (MC) plan generally goes through two phases: The first phase is determining which MC functions and which media to use The second, which is more creatively challenging, is the phase where ideas would be created for how each MC function and medium will be used. Various MC functions and their mix called the Marketing Communication Mix would be used to achieve the above stated MC objectives. A Marketing Communication Mix is the selection of MC functions used at a given time as part of Marketing Program. The Marketing Communication Mix for Vkalp Bonsai Nursery would include: Advertising Word of Mouth Publicity ADVERTISING Vkalp Bonsai Nursery Vkalp initially to make the target audience aware and to attract them would focus on Advertising and Publicity but its main emphasis would be on Advertising. Here the main emphasis is to educate the targeted customer base about the Bonsai trees. The various media that Vkalp Bonsai Nursery would resort on for marketing and advertising Vkalp would be: Advertisements in local newspapers Leaflets placed in newspapers Advertisements in Radio Stations Creating Vkalps website Advertisements in Magazines: Two different advertisements each 3column X 5 Cm long in Magazines of Ahmedabad, Rajkot, Bhavnagar, Baroda as also either of Times of India or Business Standard would be required to make people aware of the establishment of Vkalp Bonsai Nursery. One would be to invite the target audience to apply for the membership and the other would be for attracting people to have educate the people about the Bonsai Culture. This advertisement would be floated on Friday, Saturday and Sunday editorials of magazines like Today, Sputnik, Stardust and many more relevant magazines which would reach to the targeted audience. These magazines would also attract corporate to place orders. Advertisement featuring attractive Bonsai Trees available at Vkalp Bonsai Nursery: Advertisement featuring to invite the target audience to apply for the membership of Vkalp Bonsai Nursery: Leaflets placed in Newspapers The most easy and less costly medium to aware people of the establishment of the Vkalp Bonsai Nursery would be placing colourful brochure kind leaflets in the most popular newspapers. This is different from advertising in the magazines in the sense that only the target audience would be made to come in contact whereas in case of advertising in the magazines all come in contact with the advertisement (also those who are not the target audience). These leaflets would be placed occasionally in the peak season like Diwali, summer vacations, Christmas and weekends. The newspapers in which such leaflets would be placed would be local newspapers like Gujarat Samachar, Divya Bhaskar and other local newspapers as also either of Times of India or Business Standard. These leaflets would be circulated to the newspaper providers of the middle, upper middle, upper and elite class areas like selected areas in Navrangpura, Naranpura, Thaltej, Gurukul, and S. G. Road, Vastrapura, Paldi and the like in Ahmedabad and similarly in other cities like Bhavnagar, Rajkot, Baroda. Advertisement in the Radio Station The modern radio stations are quickly penetrating the entertainment industry. These are source of entertainment for all from kids to elders in the family. These entertain women while they are cooking or while they are doing household chores, drivers while driving cars and so on. This medium has now become an efficient source of advertising with its far reach. The advertisements running in radio station, especially like Radio Mirchi, Radio One, SFM and My FM in Gujarat, for Vkalp Bonsai Nursery would inform the audience of the nursery and the Bonsai trees and would invite them to come to the nursery and buy the Bonsai trees. The other advertisements in radio stations of other states would also invite orders from outside and expand the operations of Vkalp. Creating Vkalps Website To attract a large number of target audiences Vkalp is planning to float a website. This website would contain the content that is sufficient for the clickers to educate them and also place orders through the website. ENSURING WORD OF MOUTH FOR Vkalp Bonsai Nursery The most effective way of attracting potential customers at Vkalp Bonsai Nursery would be with the help of WORD OF MOUTH. This technique helps not only attracting the new customers but also helps in retaining the most lucrative current customers for the Nursery. The word of mouth can be accomplished by providing quality services to the customers and members of Vkalp Bonsai Nursery. The market research would be conducted time to time to understand and analyse the preferences of the customers and Vkalp Bonsai Nursery would try and fulfil and even overdoing those expectations of the customers and consumers making them satisfied and delighted with its services. A satisfied or an overwhelmed (delighted) does not simply become a loyal customer who would frequently buy products from the nursery but would bring and inform others of the nursery. It is seen that 1 satisfied customer brings atleast 13 other customers. This method is a cheap source of attracting new customers though retaining and satisfying the current customers sounds a bit costly. PUBLICITY FOR Vkalp Bonsai Nursery The publicity is the use of non-paid media messages to deliver brand information designed to positively influence customers and prospects. Publicity is a free tool to attract and influence the customers and prospects. Vkalp Bonsai Nursery during its inauguration that is initial stage as also later stage nursery on publicity to attract and influence prospects and customers as this source is the most renowned and people give their full consent to such publicity. For creating publicity Vkalp Bonsai Nursery would on a regular basis conduct various events in the premises like Most Creative Bonsai and Bonsai Fair. Competitive analysis Competition v Bonsai For this segment there are no players concentrating basically on Bonsai trees only. There is an Ahmedabad Bonsai Club running in Ahmedabad but its objectives are very different, they are running it only as a hobby. My objective is to create a culture of Bonsai trees. v Saplings ( assorted ) Here there is huge competitions as there are many nurseries operating in Gujarat. v Courses in Bonsai culture There is as such no competition as no player is interested in educating the buyer about the product. Competitive advantage v I would like to create a competitive edge over my competitors by creating a Brand name for my Bonsai trees and also by making aware of the product I would like to create a culture for such ornamental plants. v I would also target my bonsai trees as a status symbol. v I would also keep a customer database which would help me increase my sale by increasing the number of purchases per customer. v My main competitive advantage would be creating a retail format. No other player has thought of going into a retail format. The existing players operate in a very conventional and traditional way; I would have a completely different view towards the nursery. My main aim would be customer satisfaction and create a culture for Bonsai trees not just by selling them but also educating the customers on how to maintain them. SWOT ANALYSIS Strengths: Varied Agro-climatic conditions Available surplus in Spices, Kharif Onion, Pea and Cucurbits. Strong cooperative credit and marketing structure High productivity for plants. Weakness: Poor irrigation facilities Erratic monsoon Shallow and undulating land and with low fertility Opportunities: Scope for Area expansion in fruit crop Potential to increase production and export of Banana , Mango, Potato, Cumin , Fennel and Isubgul Sradar Sarovar project will provide irrigation facilities for additional 17.90 lakh ha. Good potential for cultivation of medicinal and aromatic plants Investment in green house , floriculture projects , tissue culture units , fruits vegetable processing units Threats: Drought prone Prone to cyclone and locust Depletion of water table Deterioration of soil and water PRODUCT LIFE CYCLE Development: For the 1st 2 years I would be growing Bonsai trees and so I would not be selling the plants. This would be in the development stage where I would be developing and growing the bonsai. Introduction: In the introduction stage I would be introducing the Bonsai trees in the market. In this stage I would be incurring a lot of marketing expense as this product is very new to the market. So to make aware the customers I would have to work too much for the market penetration. Growth: This would be the stage when I would capitalize on all the fixed cost I would be incurring. I would try to stretch this stage as much as possible. This stage is the time when I would gain my maximum revenue. Once I would start making profit I would attract competition. Maturity: This would be the stage where many players would enter the market and competition would increase. I intend to diversify into other field of miniature during this stage. I would concentrate on other business and keep this business as a secondary source of income. Decline: In this stage I would close down this business and the other business which I have diversified I would concentrate on it. Porters 5 forces model 1. Bargaining power of customers: Here the customers do not have any bargaining power in the Bonsai section as me being the only supplier of Branded Bonsai trees I would have the bargaining power in deciding the price. Even when supplying Bonsai trees to the corporates on rent, I would be the 1st of my kind doing it so I would have an edge in deciding the price. When selling the saplings, I would not hold the bargaining power; its the customers who would have the right to decide the price as there are many players already supplying the same product. 2. Bargaining power of suppliers: Here the suppliers do not have any bargaining power with them because the basic raw material needed that is the saplings and the seeds are available very easily and their price can be bargained down as there are many suppliers in the market. 3. Threat of Substitute products: There is not much threat of substitute for Bonsai trees. Bonsai trees are basically ornamental plants, they in fact are the substitutes for Bamboo Shoots whose market has already been saturated. While in the saplings and nursery section there is a high threat of substitute as people might be intended towards artificial plants and decorations. These artificial plants may also pose a threat to the Bonsai section. 4. Threat to new entrants: There is a very high risk on new entrants in the field. As this field does not need any huge investment or does not have any huge entry barriers, this field is a very volatile market. One of the positive points that can be stated is that there is a death valley of 10 lacs for a period over 2 years. This discourages investors to invest in the field as there would be no returns or very nominal returns in the 1st 2 years. 5. Competition within the industry: In the saplings section there is a huge competition within the industry as there are many players and most of them are trust based. Most of them have also acquired land from AMC on lease for a very long period which would decrease their cost and give them a competitive market. But in terms of Bonsai trees section there is very less competition in the market as there are very less players supplying Bonsai and among those who are supplying most do not have authentic Bonsais. Management and ownership The ownership of my business would completely be in my hands. I would hold the complete equity. I would also take a loan of 20 lacs to fund my project. Capital Structure Contribution Equity 22 lacs Debt 20 lacs Subsidy 6 lacs Total 48 Lacs Here I would be putting a total of 22 lacs as my own equity. I would be taking a soft loan of 20 lacs from Central Bank of India at a nominal rate of 7.5%p.a.(under the National Horticultural board). I would also get a subsidy of approximately 6 lacs for the drip system and also the green house. Partner Network My partner network would include the following partners: A Bonsai Specialist that would help me to gain important know-how on how to grow Bonsai and also on how to maintain them. An agricultural specialist who would assist the local semi-skilled workers in growing the Bonsai trees. Central bank of India (Bank) which would provide us with the necessary finance needed to fund our project. These partners would not be contributing any capital towards the capital structure. They would be hired on pay basis. They would be paid salary for their proprietary knowledge. The reason why they would not be contributing any capital is that I want the complete hold of the business in my hand. Moreover in future if I am not satisfied with their contribution towards the business I can easily change them and keep new advisors. This would give me enough flexibility to run my business. Moreover I can even hire the best advisors in the town for my business. This decision is taken keeping in mind the future growth of the business, if in future the business expands I can hire advisors from China or Japan. Organizational structure The industry to which my business is related to is currently a new concept and has very limited players involved in it so the critical factor for the organizations will be to have the structure which complements the business in long run and have a sustainable competitive advantage. For the start of any new business or industry the organizations are having sole proprietor ownership, same is the case in my business. As the company is in the seed stage of its business life cycle it would be having sole ownership under the owner there would two specialists one would be bonsai specialist and another would be agriculture specialist. This two specialist would be guide the production department for getting the right quality of product the production department would be having 7 another subordinates who would do the production work. The marketing department would have several different activites which are as follows. Developing the retail market. Developing the corporate relationship chain through the communicators. Searching for the new markets. Developing a network through which the company would rent the bonsai plants. Moving forward the finance department would have a chartered accountant and a cash manger that would do the payment collection and accountancy work. Cultivation of Bonsai Trees Bonsai are not necessarily genetically dwarfed plants. They can be created from nearly any perennial woody-stemmed tree or shrub species which produces true branches and remains small through pot confinement with crown and root pruning. Some species are more sought after for use as bonsai material, because they have characteristics, such as small leaves or needles that make them appropriate for the smaller design scope of bonsai. The purposes of bonsai are primarily contemplation (for the viewer) and the pleasant exercise of effort and ingenuity (for the grower). By contrast with other plant-related practices, bonsai is not intended for production of food (although some fruit trees can be used as bonsai bearing limited amounts of seasonal fruit), for medicine (although some woody herbs can be made into bonsai), or for creating yard-sized or park-sized landscapes. As a result, the scope of bonsai practice is narrow and focused on the successful long-term cultivation and shaping of one or more small trees in a single pot. Techniques to grow Bonsai Trees This juniper makes extensive use of both Jin (deadwood branches) and Shari (trunk deadwood). The practice of bonsai incorporates a number of techniques either unique to bonsai or, if used in other forms of cultivation, applied in unusual ways that are particularly suitable to the bonsai domain. Leaf trimming This technique involves the selective removal of leaves (for most varieties of deciduous tree) or needles (for coniferous trees and some others) from a bonsais trunk and branches. A common esthetic technique in bonsai design is to expose the trees branches below groups of leaves or needles (sometimes called pads). In many species, particularly coniferous ones, this means that leaves or needles projecting below their branches must be trimmed off. For some coniferous varieties, such as spruce, branches carry needles from the trunk to the tip and many of these needles may be trimmed to expose the branch shape and bark. Needle and bud trimming can also be used in coniferous trees to force back-budding or budding on old wood, which may not occur naturally in many conifers. Along with pruning, leaf trimming is the most common activity used for bonsai development and maintenance, and the one that occurs most frequently during the year. Pruning The small size of the tree and some dwarfing of foliage result from pruning the trunk, branches, and roots. Improper pruning can weaken or kill trees. Careful pruning throughout the trees life is necessary, however, to maintain a bonsais basic design, which can otherwise disappear behind the uncontrolled natural growth of branches and leaves. Wiring Wrapping copper or aluminum wire around branches and trunks allows the bonsai designer to create the desired general form and make detailed branch and leaf placements. When wire is used on new branches or shoots, it holds the branches in place until they lignify (convert into wood), usually 6-9 months or one growing season. Wires are also used to connect a branch to another object (e.g., another branch, the pot itself) so that tightening the wire applies force to the branch. Some species do not lignify strongly, and some specimens branches are too stiff or brittle to be bent easily. These cases are not conducive to wiring, and shaping them is accomplished primarily through pruning. Clamping For larger specimens, or species with stiffer wood, bonsai artists also use mechanical devices for shaping trunks and branches. The most common are screw-based clamps, which can straighten or bend a part of the bonsai using much greater force than wiring can supply. To prevent damage to the tree, the clamps are tightened a little at a time and make their changes over a period of months or years. Grafting In this technique, new growing material (typically a bud, branch, or root) is introduced to a prepared area on the trunk or under the bark of the tree. There are two major purposes for grafting in bonsai. First, a number of favorite species do not thrive as bonsai on their natural root stock and their trunks are often grafted onto hardier root stock. Examples include Japanese red maple and Japanese Black pine. Second, grafting allows the bonsai artist to add branches (and sometimes roots) where they are needed to improve or complete a bonsai design. There are many applicable Grafting techniques, none unique to bonsai, including branch grafting, bud grafting, thread grafting, and others. Defoliation Short-term dwarfing of foliage can be accomplished in certain deciduous bonsai by partial or total defoliation of the plant partway through the growing season. Not all species can survive this technique. In defoliating a healthy tree of a suitable species, most or all of the leaves are removed by clipping partway along each leafs petiole (the thin stem that connects a leaf to its branch). Petioles later dry up and drop off, or are manually removed once dry. The tree responds by producing a fresh crop of leaves. The new leaves are generally much smaller than those from the first crop, sometimes as small as half the length and width. If the bonsai is shown at this time, the smaller leaves contribute greatly to the bonsai esthetic of dwarfing. It should be noted that this change in leaf size is usually not permanent, and the leaves of the following spring will often be the normal size. Defoliation weakens the tree and should not be performed in two consecutive years. Deadwood Bonsai growers use deadwood bonsai techniques called Jin and Shari to simulate age and maturity in a bonsai. Jin is the term used when the bark from an entire branch is removed to create the impression of a snag of deadwood. Shari denotes stripping bark from areas of the trunk to simulate natural scarring from a broken limb or lightning strike. In addition to stripping bark, this technique may also involve the use of tools to scar the deadwood or to raise its grain, and the application of chemicals (usually lime sulfur) to bleach and preserve the exposed deadwood. Taking Care of Bonsai Trees Watering With limited space in a bonsai pot, regular attention is needed to ensure the tree is correctly watered. Sun, heat and wind exposure can dry bonsai trees to the point of drought in a short period of time. While some species can handle periods of relative dryness, others require near-constant moisture. Watering too frequently, or allowing the soil to remain soggy, promotes fungal infections and root rot. Free draining soil is used to prevent water logging. Deciduous trees are more at risk of dehydration and will wilt as the soil dries out. Evergreen trees, which tend to cope with dry conditions better, do not display signs of the problem until after damage has occurred. Repotting Bonsai are repotted and root-pruned at intervals dictated by the vigor and age of each tree. In the case of deciduous trees, this is done as the tree is leaving its dormant period, generally around springtime. Bonsai are often repotted while in development, and less often as they become more mature. This prevents them from becoming pot-bound and encourages the growth of new feeder roots, allowing the tree to absorb moisture more efficiently. Pre-bonsai material known as potensai, are often placed in growing boxes which are made from scraps of fence board or wood slats. These large boxes allow the roots to grow more freely and increase the vigor of the tree. The second stage, after using a grow box, has been to replant the tree in a training box; this is often smaller and helps to create a smaller dense root mass which can be more easily moved into a final presentation pot. Requirements of Bonsai Trees Tools Set of bonsai tools (left to right): leaf trimmer; rake with spatula; root hook; coir brush; concave cutter; knob cutter; wire cutter; small, medium and large shears. Special tools are available for the maintenance of bonsai. The most common tool is the concave cutter (5th from left in picture), a tool designed to prune flush, without leaving a stub. Other tools include branch bending jacks, wire pliers and shears of different proportions for performing detail and rough shaping. Soil and Fertilization Opinions about soil mixes and fertilization vary widely among practitioners. Some promote the use of organic fertilizers to augment an essentially inorganic soil mix, while others will use chemical fertilizers freely. Most use the general rule of little and often due to the flushing effect when watering, taking care to use the correct fertilizer at any given time in each season, depending on the trees requirements. Bonsai soil is primarily a loose, fast-draining mix of components, often a base mixture of coarse sand or gravel, fired clay pellets or expanded shale combined with an organic component such as peat or bark. Containers Containers come in a variety of shapes and colors, and may be glazed or unglazed. Containers with straight sides and sharp corners are generally better suited to formally presented plants, while oval or round containers might be used for plants with informal shapes. Most evergreen bonsai are placed in unglazed pots, while deciduous trees are planted in glazed pots. The color of the pot should complement the tree, and many formal and informal rules guide the selection of pot finish and color for a particular tree. Pots are also distinguished by their size. The design of the bonsai tree, the thickness of its trunk, and its height can all be considered when determining the size of a suitable pot. Assumptions Interest rates long term 7.50% short term 18.00% Average price per plant (INR) Bonsai for sale 2000 Bonsai for rentals 200 Saplings assorted 45 Depreciation SLM RATES land 0% Building 10% Drip sysytem 20% Shade 20% Equipment 50% Vehicles 15% Cost of Capital Risk free rate 9% Market premium 13% Beta 1 Cost of Equity 22% Cost of Debt 7.50% Proportion of Equity 30 Proportion of Debt 20 WACC 16.20% Working Capital Stock in progress 180 days Finished goods 60 days Projected sales (1st yr) Bonsai for sale 0% Bonsai for rentals 0% Saplings assorted 35% Cost (per yr.)(per yard) Seeds 2500 Fertilizers 15000 Chemicals 25000 Labour Cost (per year)(in lacs) Bonsai Specialist 1.2 Agriculture Specialst 0.5 Helpers (3) 0.5 Accountant 0.1 Chartered Accountant 0.1 Total 2.4 Tax Rate 35% Cost of the Project PARTICULARS COST (INR) (lacs) Land (2 acres) 10 (5 lacs per acre) Building (utility building) 3 Drip system 5 Shade (Green house) 7 Working Capital 10 Equipments and transport facility 5 Cash loss (expected for 2 years) 5 Water reservoir 2 Contigency 3 Total Expenses 50 Lacs Capital Structure Contribution (lacs) Equity 24 Debt (7.5%) 20 Subsidy 6 Total 50 Lacs Revenue Chart Particulars 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Land (acres) 2 2 3 4 5 5 Sq yds per acre 4048 4048 4048 4048 4048 4048 Land (sq yds) 8096 8096 12144 16192 20240 20240 Less: Common space allocation 30% 30% 30% 30% 30% 30% Land available for saplings 5667.2 5667.2 8500.8 11334.4 14168 14168 No. of saplings per sq yd 3 3 3 3 3 3 Total no. of saplings 17001 17001 25502 34003 42504 42504 Production mix (%) Bonsai for sale 20% 20% 20% 20% 20% 20% Bonsai for rentals 5% 5% 5% 5% 5% 5% Saplings assorted 75% 75% 75% 75% 75% 75% Plants Bonsai for sale 3400 3400 5100 6800 8500 8500 Bonsai for rentals 850 850 1275 1700 2125 2125 Saplings assorted 12750 12750 19126 25502 31878 31878 Plants for sale Bonsai for sale 0% 0% 20% 25% 35% 40% Bonsai for rentals 0% 0% 20% 30% 50% 70% Saplings assorted 35% 45% 50% 60% 65% 70% Plants for sale Bonsai for sale 0 0 1020 1700 2975 3400 Bonsai for rentals 0 0 255 510 1062 1487 Saplings assorted 4462 5737 9563 15301 20720 22314 Average price per plant (INR) Bonsai for sale 2000 2000 2000 2500 2500 2500 Bonsai for rentals 150 150 200 200 250 250 Saplings assorted 45 45 45 45 45 45 Revenue of sale Bonsai for sale 0 0 2040000 4250000 7437500 8500000 Bonsai for rentals 0 0 51000 102000 265500 371750 Saplings assorted 200790 258165 430335 688545 932400 1004130 Total Revenue 200790 258165 2521335 5040545 8635400 9875880 Revenue in lacs 2.01 2.58165 25.21 50.41 86.35 98.76 Expenses Particulars 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Cost of production (A) Seeds 0.05 0.05 0.08 0.1 0.13 0.13 Fertilizers 0.3 0.3 0.45 0.6 0.75 0.75 Chemicals 0.5 0.5 0.75 1 1.25 1.25 Electricity cost 0.2 0.2 0.3 0.4 0.5 0.5 Total 1.05 1.05 1.58 2.1 2.63 2.63 Administration selling expense (B) Labour Cost 2.4 2.64 2.90 3.19 3.51 3.87 Marketing cost 5 5 5 6 6 6 Depreciation 4.15 4.15 4.15 4.15 4.15 4.15 Total 11.55 11.79 12.05 13.34 13.66 14.02 Financing Expense (C ) Interest 1.50 1.50 1.28 1.05 0.83 0.60 Total 1.50 1.50 1.28 1.05 0.83 0.60 Dividend 0 0 0 8.75 10.5 12.25 Total expense 14.10 14.34 14.90 25.24 27.61 29.49 Cash Flow PARTICULARS 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Sources Equity 24 5 0 0 0 0 Debt 20 0 0 0 0 0 Subsidy 6 0 0 0 0 0 Total revenue 2.01 2.58 25.21 50.41 86.35 98.76 Total 52.01 7.58 25.21 50.41 86.35 98.76 Application Land 10 0 5 5 5 0 Building 3 0 0 0 0 0 Water reservoir 2 0 0 0 0 0 Drip system 5 0 0 0 0 5 Shade 7 0 0 0 0 7 Equipments and transport facility 5 0 2 0 2 0 Interest 1.5 1.5 1.275 1.05 0.825 0.6 Installment 0 0 3 3 3 3 Seeds 0.05 0.05 0.08 0.1 0.13 0.13 Fertilizers 0.3 0.3 0.45 0.6 0.75 0.75 Chemicals 0.5 0.5 0.75 1 1.25 1.25 Electricity cost 0.2 0.2 0.3 0.4 0.5 0.5 Labour Cost 2.40 2.64 2.90 3.19 3.51 3.87 Marketing cost 15 0 0 24 0 0 Dividend 0 0 0 8.75 10.5 12.25 Total 51.95 5.19 15.75 47.09 27.46 34.34 Op. Cash Balance 0 0.06 2.45 11.91 15.22 74.11 Net Cash Flow 0.06 2.39 9.46 3.31 58.89 64.42 Cl. Cash Balance 0.06 2.45 11.91 15.22 74.11 138.53 Profit Loss Account (in lacs) Particulars 2008-09 2009-10 2010-2011 2011-12 2012-13 2013-14 Total Revenue 2.01 2.58 25.21 50.41 86.35 98.76 Total Expense (A+B) 12.60 12.84 13.63 15.44 16.29 16.64 PBIT -10.59 -10.26 11.58 34.96 70.07 82.12 less: Interest (C ) 1.50 1.50 1.28 1.05 0.83 0.60 PBT -12.09 -11.76 10.31 33.91 69.24 81.52 less accumulated loss -12.09 -23.85 -13.54 20.37 89.61 171.13 Less: Tax (35%) 0 0 0.00 7.13 31.36 59.90 PAT -12.09 -11.76 10.31 26.78 37.88 21.62 Less: Dividend 0 0 0 8.75 10.5 12.25 B/S Retained earing -12.09 -23.85 -13.54 4.49 31.87 41.24 IRR Retained earnings -12.09 -11.76 10.31 18.03 27.38 9.37 Balance Sheet Liabilities 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Equity + Subsidy 30 35 35 35 35 35 Debt 20 20 17 14 11 8 Retained profit -12.09 -23.85 -13.54 4.49 31.87 41.24 proposed dividend 0 0 0 8.75 10.5 12.25 Total 37.91 31.15 38.46 62.24 88.37 96.49 Assets 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Total Assets 15.85 11.7 9.55 5.4 3.25 11.1 Water reservoir 2 2 2 2 2 2 Land 10 10 15 20 25 25 Cash 0.06 2.45 11.91 15.22 74.11 138.53 Marketing Cost 10 5 0 16 8 0 Total 37.91 31.15 38.46 58.62 112.36 176.63 Irr Calculations 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Outflow 30 5 0 0 0 0 Inflows Dividend 0 0 0 8.75 10.5 12.25 Retained Earnings 0.00 0.00 10.31 18.03 27.38 9.37 Net Flow -30 -5 10.31 26.78 37.88 21.62 IRR 34% Interest Calculations Debt (7.5%) Loan in beginning Int. Due Installment Loan at End of yr. 2008-09 20 1.5000 0 20 2009-10 20 1.5000 0 20 2010-11 20 1.2750 3 17 2011-12 17 1.0500 3 14 2012-13 14 0.8250 3 11 2013-14 11 0.6000 3 8 2014-15 8 0.3750 3 5 Depreciation Calculations Building (lacs) Value At Beginning Depreciation Value At End 2008-09 3 0.3 2.7 2009-10 2.7 0.3 2.4 2010-11 2.4 0.3 2.1 2011-12 2.1 0.3 1.8 2012-13 1.8 0.3 1.5 2013-14 1.5 0.3 1.2 Drip System Value At Beginning Depreciation Value At End 2008-09 5 1 4 2009-10 4 1 3 2010-11 3 1 2 2011-12 2 1 1 2012-13 1 1 0 2013-14 5 1 4 Shade Value At Beginning Depreciation Value At End 2008-09 7 1.4 5.6 2009-10 5.6 1.4 4.2 2010-11 4.2 1.4 2.8 2011-12 2.8 1.4 1.4 2012-13 1.4 1.4 0 2013-14 7 1.4 5.6 Equipment Value At Beginning Depreciation Value At End 2008-09 2 1 1 2009-10 1 1 0 2010-11 2 1 1 2011-12 1 1 0 2012-13 2 1 1 2013-14 1 1 0 Vehicles Value At Beginning Depreciation Value At End 2008-09 3 0.45 2.55 2009-10 2.55 0.45 2.1 2010-11 2.1 0.45 1.65 2011-12 1.65 0.45 1.2 2012-13 1.2 0.45 0.75 2013-14 0.75 0.45 0.3 Total Assets Value At Beginning Depreciation Value At End 2008-09 20 4.15 15.85 2009-10 15.85 4.15 11.7 2010-11 13.7 4.15 9.55 2011-12 9.55 4.15 5.4 2012-13 7.4 4.15 3.25 2013-14 15.25 4.15 11.1 Exit strategy If the project fails If the project fails then whatever investment I have done in the fixed assets of the project would be recovered by selling the land and the utility vehicles and would thus recover my investment in the project. The rate at which the price of land is rising in that area would any how fetch me a higher price than that of the current price. The price which would be available after 3 years would not only recover my investment in the land but would save me of the complete investment. Thus these are my plans if the project fails. I would then venture into some other field keeping into mind whatever mistake I would have made in this project. If the project succeeds If this project turns out to be a success I would then expand my business into other miniature items and would specialize into miniature items. After 3 years into the business I would come to know whether the project has failed or not. Once successful I would have a created a brand name for Vkalp. This brand name would be attached to all bonsai trees which are miniature trees. I would then carry this image of Vkalp into offering miniature items like miniature paintings, miniature sculptures and miniature mementos. This is one more market which has not been tapped efficiently. I would like to capitalize on this market. There is huge scope of business in this area. These are my future plans to exit the current business and expansion into other venture. Bibliography v ISI emerging markets v EBSCO Business source complete v EMRALD management extract v CMIE v Indiastats.com v Google.co.in v Research publications

Reforms in the Criminal Justice System - Free Essay Example

Sample details Pages: 2 Words: 562 Downloads: 2 Date added: 2019/02/20 Category Society Essay Level High school Tags: Criminal Justice Essay Did you like this example? There have been rising concerns on the criminal justice system that has seen the system require different changes to accomplish the mission of the system. The main reason for presenting this topic on the criminal justice system is because it has experienced various challenges and requires some reforms. Therefore, presenting such information will be in need to understand the changes that should be initiated for the system to be streamlined. The data was collected from the different areas that make up the criminal justice system. The system is comprised of three areas that are law enforcers, the court system and correctional facilities. Therefore, in understanding the three different areas an individual will be able to come up with a concrete representation of each and how they can be used to help each to curb the issue of rising crimes across the globe (Thomas McGourlay, 2017). The primary goal of presenting information on this topic is to help people understand the importance of integrating the three elements of the criminal justice system. Don’t waste time! Our writers will create an original "Reforms in the Criminal Justice System" essay for you Create order The selection of the data visualization was based on the source of the data and the methods that were used to collect the data. The fairness of data visualization was ensured through taking multiple sources and analyzing them to understand the issue better. It can also be achieved by identifying the data that fits in the topic instead of getting bulk data and trying to filter them out them out for the best. Therefore, it is the responsibility of the various departments to ensure that they pass information to the relevant department for the success of the whole system (Vincelette Bostic, 2013). In writing this topic, I intended to ensure that all the system work closely together and that they understand the importance of each other. Therefore, it is my call to the instructor that he will find the importance of presenting information about the criminal justice system and find it possible to guide along writing the whole topic. I request the instructor to give the essential aspects that might be missed out in the presentation and how a good compilation can be achieved. The challenges that are faced in the criminal justice system are as a result of the failure of communication within the three elements. There has also an increased trend in corruption involving the various components of the system and which has led to an inability to accomplish their mission. The law enforcers are regarded as the first-hand information source, and if they fail to present such information to the court system, then the crimes are expected to rise since criminals will not be sentenced or taken to correctional facilities (Vincelette Bostic, 2013). The criminal justice system The data for the reliable information on the criminal justice system should be obtained from the three components presented above. The police should provide information on the incidences that they handle that are crime related and how many proceed to the final stage. The courts should provide information on the number of cases they receive from the police and the way they deal with such information (Thomas McGourlay, 2017). The court should comment on how effective the information is presented to them by the police and how the police can become more useful in making the system successful. The correctional facilities should also offer services that will make the criminals more useful in the society.

Project Management Scheduling - 1657 Words

Title Successful Project Management Scheduling outcomes: A Theoretical Comparative Analysis of networking techniques between Event, Chain with other traditional methodologies Research Question Why it is important to conduct a comparative analysis of Event, Chain with other traditional methodologies and investigate how it contributes in being Successful scheduling techniques in Project Management discipline? Introduction to Dissertation Nowadays, Project scheduling plays lot of benefactor in executing any type of project in allotted time and cost. Project scheduling is a vital stage in project development phase due to technological advancement in information technology where lot of IT projects have led different way of†¦show more content†¦CCPM methodology tackles resource contention before the project begins, aggregate the safety in specified locations (buffers) rather then leaving it. The critical chain path typically is not the same as the traditional critical path. CCPM is not merely a scheduling technique. The CCPM methodology explicitly states that without the necessary changes in the scheduling rules will not only fail to achieve improvement but may actually degrade performance. Event chain methodology, a new way of scheduling is an uncertainty modeling and schedule network analysis technique that is focused on identifying and managing events and event chains that affect project schedules. Event chain methodology helps to mitigate the negative impact of psychological heuristics and biases, as well as to allow for easy modeling of uncertainties in the project schedules. Event Chain Methodology Objectives: 1. Mitigate effect motivational and cognitive biases in estimating and scheduling. In many cases, project managers intentionally or unintentionally create project schedules that are impossible to implement. 2. Simplify the process of defining risks and uncertainties in project schedules, particularly improve the ability to provide reality checks and visualize multiple events. 3. Perform more accurate quantitative analysis while taking to an account such factors as relationship between different events and actual moment of the events. Intaver Institute (N.D) Virine and Trumper (2007)Show MoreRelatedThe Scheduling Of Project Management1045 Words   |  5 PagesHypothesis: The scheduling in project management is the discipline for stating how to complete a project within a certain timeframe, usually with defined stage, and with designated resources. The project schedule reflects all of the work associated with delivering the project on time. It shows how the work will progress over a period of time and takes into account factors such as limited resources and estimating uncertainty. 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Management Elements of Waterview Connection

Question: Discuss about the Management Elements of Waterview Connection. Answer: Introduction This report entails analyzing various risk management elements of Waterview Connection project. The specific elements discussed are: project context, risk identification, risk analysis and evaluation, and risk treatment. Project Context The Waterview Connection is among the biggest and most significant infrastructure projects ever to be implemented in New Zealand. It is Aucklands most crucial transport project for almost six decades. The project involves construction of a motorway ring route that will go round the city of Auckland. On completion, this motorway route will be the main connection between the Northwestern and Southwestern motorways (Waka Kotahi, 2011). With this project in place, the famous Western Ring Route of Auckland will not be complete. This ambitious project is expected to unlock the potential of Auckland of becoming one of the top-class cities in the world. It will provide the city with a robust and steadfast motorway network that will ease movement of people, vehicles and goods in, out and around Auckland (Learnz, (n.d.)). The project comprises of several features. Two of the main features are the Waterview tunnels and the Great North Road Interchange. The former consists of two 2.4km-long tunnels, each with three traffic lanes. The latter consists of 4 ramps totaling 1.7km in length, which will connect Northwestern and Southwestern motorways (Fletcher Construction Company Limited, 2016). The developer of this project is Well-Connected Alliance (WCA), which comprises of NZ Transport Agency (NZTA), Tonkin Taylor, McConnell Dowell Constructors, Fletcher Construction, Obayashi Corporation, Beca Infrastructure and Parsons Brinkerhoff. Other sub-alliance partners include SICE NZ Ltd and Wilson Tunnelling. The decision to use an alliance was attributed to the complexity of the project. Such mega projects usually have complex issues in relation to their design works, construction works, environmental impacts and lifecycle concerns. Other stakeholders of the project are contractors and suppliers based in New Zealand and other parts of the world. The enabling works of the project started in January 2012 while proper construction started in June 2012. The project is scheduled for completion and opening in early 2017 (Nicole Lawton, 2016). After being completed, the Well-Connected Alliance will be responsible for maintenance and management of the route for 10 years. This mega project is estimated to cost NZ$1.4 billion (Beca, 2014). It is also estimated to have created job opportunities for about 1000 people so far. Therefore it is a mega project with significant economic impacts to people and the country as a whole. Quality is one of the top priorities of Waterview Connection project. This is definitely a complex project and that it why it is being delivered using an alliance approach. The alliance is capable of dealing with multiple design and construction challenges associated with such projects. As stated before the Waterview Connection project comprises of two parallel tunnels, each 2.4 long, 40m below the ground surface and 11m apart, and interchanges that will connect it to the Southwestern Motorway and Northwestern Motorway at Mt Roskill and Great North Road respectively. The total length of the project motorway will be approximately 5 km. The project also comprises of various landscape and urban design initiatives, including upgraded parks, playgrounds, recreational facilities, sports amenities and enhanced walking and cycling connections (NZ Transport Agency, 2016). These initiatives will open up numerous opportunities for local communities (people and businesses). Despite all these ambitious expectations on the positive impacts of the Waterview Connection projects, its associated negative impacts cannot be overlooked. Just like any other project, there must be both positive and negative impacts. The design and construction of the project is complex and possibly so is its management. The most important thing is to analyze the risks related to the design, construction and management of the project and identify their appropriate mitigation strategies. By understanding potential risks of the project, it becomes easier to identify ways of eliminating or preventing them, or reducing their effects. This project is costing the New Zealand government billions of dollars and therefore failure to manage its associated risks appropriately will have adverse effects on the entire country. Risk Identification There are several risks associated with Waterview Connection project. This project is more vulnerable to risks than ordinary construction projects because it has multiple unique features, including complex processes, long duration, vigorous organizational structures, financial intensity, and fluctuating environmental conditions. These risks have direct impacts on the feasibility of the project. Inasmuch as the project has been extensively planned by Well-Connected Alliance, some of these risks are inevitable. This puts the remaining part of the project at risk of not being completed as planned. But this can be avoided if potential risks are identified, analyzed and mitigated. The four main categories of these risks are as follows: technical risks, external risks, organizational risks, and project management risks. Technical risks These risks include design risks of any new ancillary structures along the corridor, construction risks and environmental risks. Design risks cannot be ignored because Waterview Connection project is very complex and therefore probability of making errors, no matter how small they may be, is relatively high (Nadeem et al., 2010). Even though the main design of this project has already been produced, proposal for changes or introduction of ancillary structures or facilities as the project progresses cannot be ignored. If these changes are not properly planned, they may result into substantial delay of the project. Construction risks are the risks that arise during the actual construction process (Innovation of Civil Engineers, 2016). Environmental risks are the risks caused by environmental factors that affect the project. Considering the high innovativeness of this project, its overall technical risks are very high and therefore of great importance for analysis. Identifying and understanding technical risks will ensure that preliminary planning is done comprehensively and project scope is properly determined (Nerija and Audrius, 2012). External risks These risks include contractual relations risks, unavoidable events (force majeure) risks, environmental risks and social risks. Contractual relations risks are the risks that result from stakeholders failure to honor their commitments fully or by introducing new changes as the project continues. Force majeure risks are those caused by factors that cannot be avoided by the stakeholders and therefore nothing can be done to stop them, such as natural disasters. Environmental factors are causes that are related to environmental issues. Social risks are those caused by issues arising from the local communities. Another important group of external risks comprises of market conditions, variations in exchange rate, politics, and climate change (Yohe, 2010). Even though most of the external risks are caused by outside factors, analyzing and understanding these risks helps stakeholders to plan on how to mitigate them. It is important because it will help stakeholders prepare in advance on how to approach relevant authorities or individuals if any of the external risks occur. Organizational risks Organizational risks are those that arise from the different levels of the projects organizational structure. It is important to explore these risks because they will enable the project team to ensure that the remaining part of the project is well planned and its scope is well defined, staffs are well experienced, an effective recruitment method is put in place to get new staffs or those to replace others who have left and project schedule is adhered to (Peter, 2010). Project management risks Project management risks are the risks resulting from issues related to how the project is being managed. These risks arises especially if management competency is low (Wang, Zou and Zhang, 2006), or if there are endless conflicts among participants (Chris and Tung, 2008). These risks are important because they help the project management team to ensure that the project deliverables, objectives, estimates are accurately determined and planned. This will aid in reducing or avoiding things that could hinder the projects successful completion. Risk Analysis and Evaluation Technical risks These risks have great implication on the projects success. It is important to note that there are some sections of the project that are yet to be done and so these technical risks cannot be ignored. In general, technical risks can be caused by the following factors: changes to original design without performing adequate and complete analysis on proposed designs; wrong estimates of contract times; improper construction methods; unavailability of needed utilities; site and worker safety; environmental risks; unfitting materials and equipment; disruptions and delayed deliveries; inadequate specialized workforce; and onsite offsite wetlands; among others. Considering that this project is complex, the probability and level of importance of technical risks are high and therefore their priority is also high. The team has to explore all technical risks and identify appropriate avoidance or mitigation strategies. This is the only way that the project can proceed and be completed successfully. External risks The risks are due to outside factors that may not have connection with the project (Bright Hub Project Management, 2012). They can be caused by changes in funding for the financial year by the federal and state governments; introduction of new stakeholders as the project progresses; changing priorities in existing project plan; stakeholders calling for late changes and extra needs; changes in project quality, objectives, scope, time and costs; economic instability; fluctuations in exchange rate; market conditions; political interference; changes in regulations of environmental and public safety. Even though the project team has no capability to prevent these risks, understanding these risks will help the team to be prepared in advance just in case the risks occur (Zou et al., 2007). Considering that this is a national project with both national and international impacts, the probability and level of importance of external risks are also high and thus their priority is high. Therefore the risks are important in helping the team identify appropriate strategies they can apply to accept, transfer or mitigate the external risks. Organizational risks These risks can be caused by: improper planning for the remaining part of the project; assigning tasks to inexperienced staff; unexpected assignment for the project manager; losing crucial employees at decisive stages of the project; changing priorities in existing project plan; and changes in the project quality, objectives, scope, time and cost. It is worth noting that this is a very complex project that requires the highest level of competence, keenness and accuracy. Working outside project scope or assigning tasks to inexperienced workforce will have severe impacts on the project (Galorath Dan, 2008). So the probability of organizational risks in this project is high and so they have to be given a top priority. Project management risks Some of the causes of these risks include: changes that may occur to the definition of project objectives, needs, deliverables and costs; undertaking too many activities at ago; inability to control workforce priorities; inexperienced or inadequate workforce (Ibrahim Mahamid, 2013); delays by the contractors or consultants; poor communication or uncoordinated project team; and inadequate resources. Well-Connected Alliance should understand the complex features and challenges of this project, work as a team to overcome them and ensure that the project achieves its monetary value. Therefore this project has a high probability and level of importance of project management risks and so the priority of these risks is also high. It is upon the project management team to establish suitable ways of preventing or managing these risks. Risk Treatment All the four categories of risks (technical risks, external risks, organizational risks and project management risks) have significant impacts on the project. Their probability and level of importance are high and so are their priority values. Therefore for the project to be completed successfully, these risks have to be treated. Risk treatment approaches that can be used include: risk avoidance strategies, risk acceptance strategies, risk transference strategies, and risk mitigation strategies (Nerija Banaitiene and Audrius Banaitis, 2012). Some of the best ways to treat the four risks are as follows: Technical risks These risks can be treated by having qualified staffs at all stages of the project; using appropriate selection methods for high quality construction materials, equipment and methods; making prudent assumptions on any issue related to the project; ensuring that suppliers commit themselves to timely deliveries; upholding the highest standards of site and worker safety through regular training and provision of safety equipment; and allocating adequate time for each activity by making an allowance for unforeseen environmental conditions. External risks Some of the strategies of treating these risks include: pushing for political goodwill in the country by augmenting awareness of the project benefits; collaborating with the relevant government authorities to ensure that the project budget is provided for in each financial year; developing a mechanism of integrating new stakeholders in the project; avoiding or reducing call for supplementary needs or new changes in the project; sticking to the project context and priorities from start to finish; and hiring economic specialists for recommendations on how to deal with fluctuating market conditions. These treatment approaches are appropriate because they will ensure that all risk factors for external risks have been accepted, transferred or mitigated. One of the most challenging external risk to control is climate change (Yohe, 2010). Poor weather conditions become poor conditions because delays because most of the construction works take place outdoors. One of the ways of treating this risk is to have a flexible schedule for the project. This will ensure that when natural, unforeseen and unavoidable conditions occur, such as an earthquake, no party will be subjected to any loss or all parties will share losses using a predetermined method. Thus the schedule should allow for extension of the project in case of such occurrences. Organizational risks It is known that the owner of the Waterview Connection project is NZ Transport Authority. This being a public agency, its organizational structure has a significant impact on the projects success. Some of the ways of treating organizational risks include: defining the process of decision making so as to avoid disputes and conflicts; having an effective recruiting methodology that identifies qualified and experienced staff; and having and sticking to consistent project priorities and context. Project management risks The project management team has a critical role to play in the remaining part of the project. The following are some of the ways the team can treat project management risks: reviewing and clearly understanding defined project context; having adequate and experienced workforce; being in control of workforce priorities; ensuring accurate scheduling and estimations; ensuring that the communication system in place is effective and facilitates easy and transparent information sharing among all stakeholders; holding consultants and contractors responsible and accountable for their actions; planning to ensure that all needed resources are available on time; ensuring that there is adequate reporting throughout the project period; clearly defining the roles and responsibilities of all parties and individuals involved in the project; ensuring that documentation is done properly and consistently; ensuring that there are appropriate procedures put in place to control quality of work done; and en suring that there is adequate staff to manage the project. The project team has to fully support the project; prioritize the project objectives and commit all their efforts to achieving them; reviewing the projects expectations and ensuring that they are accurate; ensuring that any conflict among the project team members is resolved quickly; putting in place mechanisms to retain all top executives of the project team; ensuring that all project inputs are of top quality; making sure that all decisions made are definite, complete and of high quality; and making sure that the projects methodology is followed to the latter (Mar, 2016). There is also a potential risk associated with this project after its completion. This risk is high operational and maintenance costs of the infrastructure being constructed. It has been estimated that the annual operational and maintenance costs of the project will be $16 million (Matt L., 2016). This is relatively high and may reduce the projects investment returns. It is therefore important for the relevant stakeholders to start looking for ways on how to reduce this high cost. Conclusion The remaining part of Waterview Connection still has multiple risks that can hinder its successful completion. These risks include technical risks, project management risks, organizational risks and external risks. The good part is that majority of these risks can be avoided or mitigated if they are properly identified and analyzed (Protiviti, (n.d)). This is mainly the responsibility of stakeholders involved in the project. To facilitate successful completion of the remaining part of the project, Well-Connected Alliance should get a team of highly experienced advisors, who have worked on similar projects before, and an experienced, professional independent reviewer, consultant or risk manager to assist them identify potential risks associated with the remaining part of the project. 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