Implementation Plan for Friar Tucker Galleria
Friar Tucker International (FTI) is a hospitality chain that employs 1,200 employees and has annual revenues in excess of $300 million. While the company currently manages 35 entertainment and cuisine establishments that entail cuisine, sports entertainment and family entertainment establishments it has recently entered into an agreement to manage several hotel chains and has been presented with five projects to consider in an effort to reach a different client base and increase its current revenues. The focus areas for FTI are in the hospitality and entertainment business, and from the strategic management perspective the focus is on controlling investments, building new competencies, attract new customers and investors (FTI simulation).
FTI formed a Project Selection Committee (PSC) that is expected to assist the company in choosing projects that best aligns with its strategic goals. "Every project should contribute to the organization's strategic plan, which is designed to meet the future needs of its customers (Gary & Larson, 2005 p. 21)." The Chief Executive Officer, Ricardo Bellini wants to change the seemingly random nature if the project that was accepted to a process to identify the type of projects that the company should consider and choose projects that align with FTI strategic objectives, which resulted in selecting the Galleria Project to be the turning point for FTI towards a better and more prosper future.
FTI has decided to use Atoll Solutions as the builder for its Galleria project. Galleria will be an entertainment hub with a multi-screen theater, sports facilities (bowling alley, pool tables, and fitness center), shopping mall, ...