Friar Tucker

Before taking on any project whether work or personal there has to be a plan. The project can be as simple as cooking dinner but a plan is still needed. For example, what foods will be needed, how many people will be invited and what will the cost of the food total. Unlike personal projects business projects require more accurate planning because of the financial consequences that are involved. Companies not only have to be selective in the projects they acquire but they have to ensure they projects are in line with the strategic plans of the company. Outlining the requirements prior to starting a project can eliminate confusion. Ensuring all employees have the same understanding on time frame for completing projects can save the company time and money. Job responsibility is also a critical factor in planning projects. Employees should know who is in charge of what projects in case a problem arises. Like any project risk are unpreventable and can occur at any given moment. However, how a company responds to the risk will be a key factor.

Friar Tucker is a good example of a company making good project choices.

Friar Tucker International (FTI) is a company in the hospitality services chain that manages entertainment, cuisine, sports establishments and recently acquired hotel subcontracted work. FTI's vision is "to be among the top ten hospitality service providers in the family entertainment business". FTI's focus is to expand in the following areas which are entertainment hospitality, cuisine business, and corporate entertainment. Therefore, CEO Ricardo Bellini has formed a Project Selection Committee (PSC) to decide what type of projects FTI should consider. Ricardo also solicited help from management consultant Arlene Del Lazaro in choosing the right project for FTI. A total of five projects were presented to the PSC committee for evaluations, which had to be narrowed down to the three projects.