Title page   Exclusive Summary   Content   1. Introduction Hong Kong Disneyland is the world’s fifth and the first Disneyland in Asia. In 1999, The Walt Disney Company and the Government of Hong Kong formally announced the construction and together founded the Hong Kong International Them Parks Limited. Which is responsible for the future operation of Hong Kong Disneyland. The construction project began to implement in 2003 and was officially grand opening to the public in September 2005. Hong Kong Disneyland has attracted countless visitors and the park is planning to continue increase the capacity and establish more recreational facilities. However, Hong Kong Disneyland reported that they are facing a loss of visitors and the park attendance dropped to 6.1 million in the most recent fiscal year (Martin 2017). The losses of both finance and park attendance forced the company to propose an improvement plan and make rectification. This report focuses on the stated problems of Hong Kong Disneyland and provides a project plan with detailed analysis and estimates. Project objectives and scope will be present first for a clearer understanding of the project content. Project stakeholders and risks will also be analysed for further study. Both analyses are the key to project success and must be considered during the planning and implementation phases. Work Breakdown Structure, budget estimates and Gantt Chart will be provided next and recommendations will be presented at the end of the report.   2. Discussion 2.1 Project objectives and scope HKDL project is a recovery and transformation project for Hong Kong Disneyland. HK Disneyland operated at a loss in past few years, due to the main customers have changed and the emergence of some new competitors HKDL under great pressure. Mainland tourists as a major source of guests for the HKDL also recorded a decline in numbers owing to the external environment and the exchange rate factor. The HK Disneyland Annual report 2015/16 has shown they lost HK$ 171 million in 2016, the figure was worse than 2015 (HK$ 148 million). Therefore, HK Disneyland Company should start a saving project with a realistic set of plans and objectives, and this project is scheduled to be completed by 2020. The project is starting with the initial budget of HK$ 5million from each project partners, accumulating the total capital of HK$ 10million. The project is scheduled to be completed by 2019 with the increased the profit 15%-20%, in order to meet the breakeven. Before that, in 2018 we will close low visit rate spots and loss project to reduce cost. Meanwhile, the project will help HKDL expand seek new market by Diversified cooperation. After 2020 fiscal the new project goal is to make a profit, which is the second stage of the project base on the success of the first stage. 2.2 Project activities Firstly, to establish a long-term cooperation with more international travel agencies, and other HK tourist attractions, to improve market share. Such as, Proving DHKL tour package and create an agent booking login to tourists. Secondly, to create a customisation service to new customers and returned customers respectively, in order to capture new client also catch returned customers. Thirdly, close the spots which had low visit rate in past 2 years and transfer that investment to the new project or develop popular spots, also the demolition for reconstruction process would be outsourced depending on the budget and quality from external vendors. Fourthly, to limit the losses below 60% of last fiscal year and reach the breakeven of initial investment at minimum in the fiscal year after next (2020). 2.3 Constraints Due to the large scale of investment and a long construction period and a series of uncertain factors, it is hard to make a profit and recoup their losses in a short time. In that way, the HKDL project was divided into three stages, now we just focus on the first stage. The first stage is a saving project, which focuses on makes HKDL breakeven as soon as possible, through innovate the management strategy and marketing plan. The Hong Kong Disneyland belong to HK International Theme Parks Limited which is a joint venture company with shareholders, the Hong Kong Government and The Walt Disney Company. Therefore the HKDL project must pass through the board and the governmental evaluation also the permission of Walt Disney Company. Moreover, the project funding is limited, because the first stage as a saving mission to reduce the financial loss and meet the breakeven. Therefore, the work activities are focus on cutting spending and adjustment of operational strategy.   3. Project Stakeholders Analysis Project Management Institute (2013) provided an updated definition about project stakeholders and identified them as any organisations or individuals who can affect the outcomes of the project’s objectives or can be affected by the achievement of the objectives. Based on this theory, customers, employees, local communities and unions, and suppliers should be seen as the main legitimate stakeholders within a project (Aaltonen & Kujala 2016). Many case studies of failed projects have proved that the interests and demands of stakeholders must be considered during the project implementation phase, including decision-making (Diallo & Thuillier 2005). For our project of Hong Kong Disneyland, stakeholders need to be analysed in detail in order to build a ‘correct’ picture for project implementation. Their requirements and expectations will directly contributes to the project success (Jepsen & Eskerod 2009). This report divides the stakeholders of HKDL recovery project into two different types to analyse – internal and external stakeholders. Internal stakeholders, also can be seen as the primary stakeholders (Pinto 1998), are the formally members of the project coalition and normally have the contractual relationship with the organisation (Aaltonen 2011). As the main investors and owner of Hong Kong Disneyland, Hong Kong International Theme Parks and Hong Kong government are the major and internal stakeholders of this project. Moreover, as one of the largest shareholders and the designer of original theme park, The Walt Disney Company can also be included to the internal stakeholders. Their expectation is to increase the profit by implementing this recovery project (which directly link to the project objectives) and minimize the budgets (both costs and times). For local government, the success of the recovery project will not just helping Disneyland to recovery the losses, but also increasing tourists in Hong Kong and promoting economic development for other industries (hospitality and retail store for example). Therefore, their demands should be our main consideration during the project implementation phase and it is important to make a consistent and effective communication with them. Any changes they made will affect our whole process and project outcomes. On the other hand, diversified companies that may cooperate with including international travel agencies should also be considered as the internal stakeholders of the project. Their interests are to establish a long-term cooperation with Hong Kong Disneyland to achieve a win-win situation. For instance, the tour package that travel agencies designed will increase customers for both agencies and Disneyland. External project stakeholders are not the formally members of the project coalition but still have an impact on the project (or be affected). Cova and Salle (2005) identified the external stakeholders as non-business stakeholders. However, it is still important to understand those various interest groups and their potential influence to the project. For the HKDL recovery project, the external stakeholders may include customers, Hong Kong Federation of Trade Unions, other local communities, distributors, and suppliers. In this part, the main competitor of Hong Kong Disneyland will be focused on. It is obvious that competitors can affect both organisation and the project since they are one of the main pressure that HKDL are facing with currently. However, it is not our obligation to attend to their well-being. Customer loss is one of the reason that we should pay attention to competitors and on the other hand, it is worth to consider the cooperation between HKDL and them (such as Ocean Park Hong Kong).   4. Project Risk Analysis Risks can refer to the events or conditions, which can have either a positive or negative impact on the performance or objectives of the project (Pinto 2016). In order to ensure that the project can achieve its objectives or mission, project managers should make every effort to identify, analyse and manage the different types of risks (Pinto 2016). A comprehensive and effective risk management strategy should be developed for the project of Hong Kong Disneyland. In this section, the risks, which can occur in the project, will be identified into varied categories. In addition, the qualitative method of risk analysis will be adopted, to measure the likelihood and consequences of the events (Muriana & Vizzini 2017). Table 1: Risk table for the project of Hong Kong Disneyland Category of risks Possible event Risk ID Schedule The project cannot be completed in accord with the scheduled time plan. 1 Budget The total expenses of the project exceed the budget of the project. 2 Deliverables The project fails to clearly identify the deliverables. 3 Resource The staff, who are involved in the project, are not equipped with the desired skill or attributes set. 4 Communication Lack of sufficient information flow or information share among the project staff 5 Stakeholder management The project of Hong Kong Disneyland fails to engage the potential partners. However 6 In project management, there are several common categories of risks, including requirements, benefits, schedule, budget, deliverable, scope, issues, supplier, acceptance, as well as communication and resources (Muriana & Vizzini 2017). In the project of Hong Kong Disneyland, the risks of schedule, budget, deliverable, communication, resources and stakeholder management are identified and emphasized (Muriana & Vizzini 2017). It is assumed that all these types of risks will have a significant impact on the output of the Hong Kong Disneyland project (Muriana & Vizzini 2017). Table 2: Evaluation of risks Consequences High Medium Low Likelihood High A B C Medium B C D Low C D E Risk ID and type Likelihood Consequences Rating 1. Schedule Low Medium D 2. Budget Low High C 3. Deliverables High High A 4. Resources Medium Medium C 5. Communication High Medium B 6. Stakeholder relationship management High High A After identifying the different categories of risks, it is of vital importance for the staff in the management of the project of Hong Kong Disneyland to evaluate both dimensions of the risks, including the likelihood and consequences of the risks (Teller et al. 2014). It should be noted that the consequences can be either positive or negative. If the event is properly managed, the consequent can turn out to be positive and vice versa (Teller et al. 2014). Among all the six categories of risks, the risks of deliverables and stakeholder relationship management are rated as high in terms of priority, while risks of communication, budget and resources are rated with medium priority (Teller et al. 2014). The priority of the risk of schedule is rated as low in the project of Hong Kong Disneyland. Based on the risk identification, evaluating and priority rating of all the several types of risks in the project, it is recommended that the project managers of Hong Kong Disneyland should develop the risk management strategies accordingly, to mitigate the negative consequences and to promote the positive output (Teller et al. 2014). The following table will present the risks according to their priority rating, based on the two dimensions of likelihood and consequences, together with the possible solutions or risk management plans. Table 3: Risk plan for the project of Hong Kong Disneyland Identification of risk Priority rating Risk management plan Expected outcome 1. Deliverables A  The project of the Hong Kong Disneyland should clearly identify and stress the expected deliverables.  During the project, the manager should control the process and evaluate whether the deliverables can be achieved on a regular base.  The project will succeed in achieving the deliverables, and the Hong Kong Disneyland will achieve better financial performance in the following financial year. 2. Stakeholder relationship management A  All the potential partners are clearly identified.  Hong Kong Disneyland should make a plan to approach and negotiate with the potential partners.  Hong Kong Disneyland should plan and implement the customer relationship management strategy, to acquire, retain and develop the customers.  Hong Kong Disneyland can build up the strategic alliance with the partners.  Hong Kong Disneyland can achieve improved brand equity and customer loyalty. 3. Communication B  Teamwork and interpersonal cooperation should be promoted.  The project should cultivate the mutual trust and support among the project staff.  There is effective information flow within the project management team. 4. Resources C  Talented employees should be recruited for the project.  Training and development programs should be provided.  The human capital can contribute to the success of the project. 5. Budget C  The budget should be clearly identified.  There should be cost controlling during the project.  The expenses will not exceed the budget. 6. Schedule D  Detailed action plan should be developed  The project will be completed on time.   5. WBS   References Aaltonen, K 2011, ‘Project stakeholder analysis as an environmental interpretation process’, International Journal of Project Management, vol. 29, no. 2, pp. 165-183. Aaltonen, K & Jujala, J 2016, ‘Towards an improved understanding of project stakeholder landscapes’, International Journal of Project Management, vol. 34, no. 8, pp. 1537-1552. Cova, B & Salle, R 2005, ‘Six key points to merge project marketing into project management’, International Journal of Project Management, vol. 23, no. 5, pp. 354-259. Diallo, A & Thuillier, D 2005, ‘The success of international development projects, trust and communication: An African perspective’, International Journal of Project Management, vol. 23, no. 3, pp. 237-252. 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