Finance for Project Managers (ACC372) AE1

2012 London Olympics: Infrastructure legacy or Costly waste

*PHOTOGRAPH BY JASON HAWKES

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Table of Contents:

Executive Summary ....................................................................................................3

Introduction .................................................................................................................4
Funding .......................................................................................................................5
Budget & Cost Controls ...............................................................................................7
Investment Appraisal ...................................................................................................9
Provider Selection and Management .........................................................................11
Procurement ..............................................................................................................13
Sustainability .............................................................................................................15
Key Lessons Learned ................................................................................................17
Recommendations ....................................................................................................18
Conclusion ................................................................................................................19
References ................................................................................................................20
Appendices ...............................................................................................................23

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Executive Summary:

The Olympic Games have interested us for quite a long time. They can move crowds
like not many other games. They place top competitors from around the globe in
emotional and exhausting rivalry to be "faster, higher, and more grounded" than the
following competitor.

The 2012 Summer Olympics-Officially known as the Games of the XXX Olympiad
and regularly known as London 2012-was a global multi-sport occasion held from 27
July to 12 August 2012 in London, UK. The main occasion, the gathering stage in
women's football, started on 25 July at the Millennium Stadium in Cardiff, trailed by
the initial opening on 27 July. 10,768 competitors from 204 National Olympic
Committees (NOCs) took an interest. (Maurrasse, 2012)

With London 2012's vision of "making a Games for everybody," the availability of the
Games was prominent for the ODA, the public body liable for creating and building
the new locations and with a framework that will be utilized during and after the
Games. (Lisa, 2011)

This report gives a basic evaluation of 2012 London and concerning whether the
venture itself is an Infrastructure legacy or Costly waste, completed by considering
factors, such as,

• Budget & cost control

• Funding

• Investment appraisal

• Provider selection and management

• Procurement

• Sustainability

London 2012 was and -considering today's scenario- is a considerable concern to

talk about with the baseline aspects such as budgets, expenditures, and
sustainability.

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Introduction:

The point of this report is to give a basic evaluation of the Olympic London 2012.
This has been finished by investigating the key factors and assessing issues project
managers on the project have confronted. In this manner, enabling a clear analysis
of the lessons learned relating to the project delivery and how these lessons would
assist managers of future large-scale projects.

Following an offer headed by previous Olympic hero Sebastian Coe and afterward
Mayor of London Ken Livingstone, London was chosen as the host city on 6 July
2005 during the 117th IOC Session in Singapore, vanquishing offers from Moscow,
New York City, Madrid, and Paris. London turned into the first city to have the
cutting-edge Olympics multiple times, having recently facilitated the Summer Games
in 1908 and in 1948. The London 2012 Games were based on the Olympic Park in
east London, which is the site of various new game settings. Up to 180,000
eyewitnesses daily entered the Park to appreciate the Games, making it the pivot of
the Olympic movement. The primary scenes -the Olympic Stadium, Aquatics Centre,
Velodrome, and BMX Circuit, just as the hockey, handball, and b-ball fields -were
effectively open through an organization of footbridges and walkways inside the
Park.

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Funding:

The London 2012 Olympic Games stays on target not to surpass its 9.3 billion pounds
expending plan (UK Gov., 2007). Olympics Minister Tessa Jowell gave the update in
a written articulation to the House of Commons as a feature of the most point by point
monetary breakdown of the Games' expenses. It followed a solicitation in July by the
financial watchdog, the National Audit Office, to draw up standards for controlling the
money. An aggregate of 8.1 billion pounds will be made accessible to the Olympic
Delivery Authority, including 2 billion pounds of possibility. A complete 1.2 billion
pounds will be spent on non-ODA acts, for example, world-class and community
sports, the Paralympic Games, and security. (Reuters, 2007)

The data in Appendices sums up the underlying Memorandum of Understanding

between the Government and the Mayor of London which clarified how the
underlying concurred subsidizing package of £2.375bn would be financed. The first
£2.05bn of the concurred fund will be financed by the Lottery (£1.5bn) and the GLA
Olympic Precept on Council Tax (£0.55bn). The first £300m of the Lottery cash is
ring-fenced to meet the expenses of world-class sport and related games
speculation, leaving £1.2bn for other use. If the Olympic Lottery didn't raise its
normal £1.5bn or that expenses surpass £2.05bn, up to £75m extra would be
gathered through the Olympic Precept. (Berman, 2010)

Should costs surpass £2.125bn, up to £250m from the London Development Agency
(LDA) would be made accessible with regards to their corporate arrangement. LDA
financing would be made accessible no sooner than 2008/09. The Secretary of State
affirmed in her March 2007 articulation that an extra £975m would be financed by the
National Lottery (£675m) and the GLA Group (£300m). The GLA arrangement
includes no additional cost on Council Tax, tolls, and different charges as it 'will be
raised based on the normal receipts and benefits from future land deals by the
LDA'.21 An amended Memorandum of Understanding was distributed in June
2007. (Berman, 2010)

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the London Organizing Committee of the Olympic Games and Paralympic Games
Limited, a privately owned business with a centre spending plan of over £2 billion,
was accountable for the arranging, subsidizing, planning, and organizing of the
London 2012 Games. From the public area, the Olympic Delivery Authority—
financed by the Department for Culture, Media and Sport, the Greater London
Authority, and the Olympic Lottery Distributor—was accused of creating and building
the new frameworks and scenes, just as their post-Games use. (David, 2012)

Public Lottery reserves (£2.2 billion of them) additionally helped build offices
facilitating the Games. The UK government is spoken to through the Department for
Culture, Media and Sport, which oversees focal government financing of the Games
and more extensive recovery costs. The Greater London Authority contributes £925
million to the Olympic Delivery Authority for the recovery, foundation, and offices for
use by present and future Londoners. (David, 2012)

Above spoken of all the data can be found in the appendices explaining budget,
costs and funding information in detail.

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Budget and cost control:

How would you transform a semi-modern no man's land into the setting for the
world's biggest game event while likewise ensuring it had the makings of an
appreciated new London area? In return for a £9.3bn interest in the games, the seat
of the London 2012 Organizing Committee, Lord Coe, guaranteed "no white
elephants". (Arup, 2012)

In 2004 the expense of facilitating the London Olympics was assessed at £2.75
billion. The expense of the in this manner downscaled occasion has allegedly
heightened to between £11 billion and £13 billion. Even though the British
Government is endorsing interest in the Olympic framework, a large part of the
foreseen private area premium vanished in the wake of the monetary crisis.
(Tomlinson, 2020) Since the Olympics are productive for the International Olympics
Committee and not for the host city and nation -a view that is sometimes discussed-
the reasoning for looking to have the Olympics and for the responsibility of public
assets for the most part centres around the Olympics elusive "legacy". (Newman,
2014)

The expense of the London Olympics and Paralympics was £528m less than
predicted, as per the government. The consolidated spending plan for the two
occasions was £9.29bn, however, the expense has been amended to £8.77bn. It is
an expansion in reserve funds of £151m since the last update in October, with a drop
in policing and other security, transport, and development costs. Sports serve Hugh
Robertson stated: "It is a demonstration of the sound monetary management of all
included. "The figures were uncovered in an update to Parliament in a written
declaration from the Minister for Sports Robertson following getting sorted out
council Locog publicizing their last report and records in May. The first financial plan
was set in 2007 and was just about multiple times the assessed cost at the time
London offer in 2005. (BBC Sports, 2017)

A study from Oxford University found that the games related expenses of London
2012 were US$15 billion, differed from $4.6 billion for Rio 2016, $40–44 billion for

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Beijing 2008, and $51 billion for Sochi 2014, the costliest Olympics ever. London
2012 went over totalled by 76% in genuine terms contrasting with starting assessed
cost in 2004, estimated from offer to consummation. The cost per contestant was
$1.4 million. This does exclude more extensive expenses for metropolitan and
transport framework, which regularly cost so a lot or more than the games related
expenses.

The expenses of mounting the Games were independent of those for building the
event places and framework and redeveloping the land for the Olympic Park. While
the Games were secretly financed, the scenes and Park costs were met to a great
extent by open cash. The first spending plan for the Games was expanded to about
£9.3 billion (US$15.28 billion) in 2007, As per The Wall Street Journal. (Bryan-Low,
2012)

The reconsidered figures were reported to the House of Commons on 15 March

2007 by Tessa Jowell. Alongside East End recovery costs, the breakdown was,
(Reuters, 2007):

• Building the scenes and Infrastructure — £5.3 billion.

• Elite game and Paralympic funding — £400 million.

• Security and policing — £600 million.

• Regeneration of the Lower Lea Valley — £1.7 billion.

• Contingency fund — £2.7 billion.

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Investment appraisal:

The long-time legacy of lasting settings on the Olympic Park has been made sure
about, with numerous Olympic places – both all through the recreation centre
previously profiting neighbourhood networks. The park itself begun to resume this
late spring with significant games, music, and social occasions previously
occurring. The venture included ten railway lines and 30 new bridges, which will
keep on associating London people after the Games, while at least 60 Games-
related activities were started to advance greener travel, including a GBP 10 million
speculation to update walker and cycling courses across London. The Olympic
Village, in the interim, will likewise give a perpetual legacy to the entire of London,
making a shiny new private quarter of the city, to be known as "East
Village". (Olympic News, 2013)

National Lottery and citizen supported occasions organized in 2012 venues created
an economic effect of 134 million pounds ($176 million) following the London
Olympic and Paralympic Summer Games, as per UK Sport, Britain's superior
organization that puts resources into Olympic and Paralympic sports.
"We praise London and UK Sport on proceeding to convey a significant Games
legacy that is increasing the value of the city and its residents six years on from
facilitating the Games, This is an extraordinary illustration of how the Olympic
Games can change lives and give assorted long haul advantages to a city for quite a
long time to come," said Christophe Dubi, International Olympic Committee (IOC)
Olympic Games chief.

At the point when London won the offer to have the 2012 Games thirteen years prior,
there were cheerful scenes across the capital. In any case, three years into its
seven-year arrangement period, the worldwide economic disaster hit Britain hard.
With the nation wrestling with the greatest government spending cuts since World
War II, joblessness taking off from 4.8% in 2005 to 8.2% in 2012, and the economy
contracting, the London Olympics were before long named the "Downturn Games."

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In any case, the London Games, which cost 9.3 billion limits, prompted the recovery
of the eastern piece of the city, which turned a 500-section of land (200-hectare)
region of generally toxic wasteland into the Olympic Park, where most occasions
where held and which would see the development of 11,000 homes after the Games
finished. A year ago, IAAF World Athletics Championships, held in what's currently
known as the Queen Elizabeth Olympic Park in east London, made 79 million
pounds in economic impact, trailed by Para-athletes World Championships, also held
a year ago, which produced 28 million pounds. (Rossingh, 2018)

The 2013 Triathlon World Grand Final in Hyde Park made 8 million pounds, while the
2016 UCI Track Cycling World Championships facilitated at the Lee Valley VeloPark
delivered 3 million pounds and the 2016 European Aquatics Championships at the
London Aquatics Centre created 5 million pounds. (Rossingh, 2018) "So much has
changed at Queen Elizabeth Olympic Park over the most recent six years," said Lyn
Garner, CEO of the London Legacy Development Corporation. "Since London 2012,
homes have been assembled, a huge number of occupations have been made and a
great many individuals have visited the scenes and occasions at the Park.
Furthermore, there's significantly more to come; from a-list colleges and exhibition
halls to new schools and organizations." (Rossingh, 2018)

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Provider selection and management:

Customer esteems, goals, and objectives are portrayed regarding various topics
identified with the fabricated resource, just as subjects past the development yields.
Specifically, the necessities of a customer may stretch out past the arrangement of
an actual structure, as significant structure programs, for example, London 2012,
sway on nearby and even national economies, with social and political ramifications.
These subjects are portrayed in the 'adjusted scorecard', which records and
expresses the customer's needs and the basic variables expected to make and
gauge progress. These variables would then be able to be interpreted into the
necessities to be met by the associations wishing to react to the arising contract
openings. The prerequisites may appear as assembled structures, how they are
fabricated, and how they are to be utilized. Political needs and even in some cases
opposing points and aspirations should be connected to key objectives, which thusly
structure the premise of estimating achievement.

Effective development is regularly ascribed to at least one part of the conveyance

cycle from great arranging, plan, and shrewd designing to productive undertaking the
executives and quality development. Before any of these orders can start, they all
require some type of acquirement to choose the group or store network to meet a
customer's or a venture's particular necessities. The idea of PSE - Purchase and
Supplier Engineering - began in the obtainment of the development and foundation
needed to arrange the 30th Olympiad in London during 2012. At the hour of
composing PSE has effectively conveyed nearly £25bn of public acquisition meeting
customer and venture necessities and without a lawful test. (Mead & Gruneberg,
2013)

The development of the scenes and framework expected to arrange London 2012
was quite a resonating achievement that it helped not just the standing of the UK
development industry yet additionally the certainty of the UK populace in the nation's
capacity to coordinate, form, and run a significant global occasion. Its prosperity has
been praised as something from which customers and industry could learn. The
ODA has set up an extensive and educational collection of proof as a component of

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a Learning Legacy. While the ODA is very much aware of the numerous components
of the acquirement and store network the board, the total start to finish idea of how
the Olympic inventory network obtainments were overseen has up to this point not
been captured. (Mead & Gruneberg, 2013)

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Procurement:

"The area is its winning point," Crockford enthuses, (Hill, 2015)

The upsides and downsides of sinking such generous public assets into one of
Europe's biggest retrieval activities can be said something numerous ways in any
case, for Ian Crockford of property developer Lend Lease, it has accomplished the
legacy objective of drawing speculation eastwards. He was project manager of the
arena under the Olympic Delivery Authority, the now-defunct body that gathered and
cleared the recreation centre land and was responsible for the development of its
locations, offices, and foundation. Presently he is accountable for the formation of a
4,000,000 square ft office territory, the International Quarter, next to the Westfield
Stratford City shopping mall on the recreation centre’s south-eastern periphery.

Yet, as consistently with significant recovery plans, questions are raised about who
truly gains. Making a zone more alluring will in general have the publicized impact,
attracting new individuals to it with an assortment of results. Before it knows it, a
down-at-heel area is deemed up-and-coming, property costs and leases rise in like
manner and the blended endowments of improvement follow. Thus, strategically and
in a nutshell set perhaps it is difficult to fulfil every single person alive in the city. The
advancement occurred and conservative costs go high hushes up the general
principle. But when all is said in an accomplished setting the game helps in
metropolitan advancement as examined before.

To build up a "green" and practical occasion, the ODA understood these

rules: (Francica, 2017) (Department for Environment, 2013)

• 75 pence of each £1 would be spent on long haul recovery of the region

• 50% of the development materials conveyed to Olympic Park were conveyed by

rail or water

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• 90% of the destruction materials from the site were recovered for re-use or
reusing

• 100% of the wood came from maintainable sources (rundown of affirmed

hotspots for lumber was given to temporary workers before development)

• 40% consumable water decrease

Could fourteen days of games, even the Olympics, legitimize every one of these
expenses? These ventures are proposed to have the Olympics effectively, yet renew
areas of host city London. Super occasions like the Olympics have had a drawn-out
effect on host urban areas. Past the distinction related with facilitating the Olympics,
constructing the essential framework to in a real sense invite the world during the
weeks of the Games offers the host city an authentic guise and impetus for the
change of parts the city, by the city's more extensive metropolitan recharging vision.

To guarantee that East London profits by the tradition of the Olympics, indeed, the
East London Business Alliance set up the London Legacy 2020. Through different
activities zeroing in on youth and sports, expertise preparing, and culture, the
London Legacy 2020 program expects to guarantee that the 2012 Games follows
through on London's guarantee during its appointment—to utilize the occasion to
help create zones encompassing the Olympics scenes. (Department for
Environment, 2013)

We changed the Olympic and Paralympic Village into more than 2,800 new homes
following the finish of the London 2012 Games. We were answerable for the
development of sports settings and framework and arranging and financing transport
for the Games. We directed publicizing and exchanging and finished the closing out
of more than £6 billion of business contracts. Contact the Department for Culture,
Media and Sport with any enquiries. (Government of UK)

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Sustainability:

Recycled RAINWATER AND "ZERO WASTE"

London 2012 was additionally the main Olympic Games to quantify its carbon
footprint over the whole venture term and was the first Games to focus on –
and accomplish – a 'zero waste' to landfill focus through the essential Zero
Waste Games Vision.

Altogether, Games coordinators saved what might be compared to 400,000

tons of carbon dioxide because of their sustainable practices, while 100% of
Games activities squander was redirected from landfill, with 62% of that waste
being reused, recycled, or composted. Furthermore, 99% of the loss from
introducing and decommissioning the Games scenes was reused or recycled.
(Olympic news, 2013)

"Eager SUSTAINABILITY COMMITMENTS Honoured"

"The London 2012 Olympic Games were a colossal accomplishment on

various fronts and that is a declaration to the difficult work and greatness of
endless individuals engaged with the event, I am additionally enormously
pleased that we regarded our eager maintainability responsibilities and
prevailing with regards to increasing present expectations and setting new
principles in countless regions. This wasn't a bonus; it was a basic piece of
what we did and assisted us with conveying incredible Games." clarified Paul
Deighton, London 2012 Chief Executive in December 2012.

A few natural undertakings in East London likewise profited by subsidizing as a

component of the supportability tradition of London 2012, with government awards
granted to common society and nearby local gatherings to give functional data, help,
and exhortation about feasible living. The entirety of the tasks urged individuals to
receive more economical ways of life, from developing food to diminishing energy to
getting more dynamic by strolling and cycling more.

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"The Inspiring Sustainable Living tasks will assist with guaranteeing the tradition of
the Olympic Games reaches out past 2012, They have upheld individuals in
becoming familiar with the climate, and given neighbourhood networks in East
London the data to assist them with decreasing their energy, reuse more, develop
food in a metropolitan climate and advance cycling and strolling." clarifies Lord de
Mauley, the UK's Resource Management Minister.

To help propagate this inheritance, the Department for Environment, Food and Rural
Affairs (Defra) has encouraged the advancement of this Guide by working with BRE1
to unite Government Departments and key individuals engaged with London 2012.
The development of structures and foundations is indispensable to the development
of the country's economy. This Guide plans to assist specialists with conveying
development in a maintainable manner considering the significance of securing our
natural capital for people in the future just as our social and financial capital as a
competent and talented workforce and private company and business venture. The
London 2012 offer group started by working with Bioregional and WWF to make a
shared vision called "Towards a One Planet Olympics". The mission of the Olympic
Delivery Authority (ODA) was by this: to "convey scenes, offices and framework and
transport on schedule and in a manner that boosts the conveyance of a reasonable
heritage inside the accessible Budget". This was embodied in the London 2012
Sustainability Policy and the Sustainability Plan, which gave the general
manageability structure to London 2012.

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Key Lessons Learned:

The long-term legacy of all permeant Venues already profiting local societies and
boosting the economic development of the country. London and Britain as a whole
succeeded in empowering the city in some aspects, which are Environmental,
economic, cultural, transport and the interest people started taking into sports
listening to country's inspiring stories created a lasting impression in British sports.
Tourism is also improved in vast areas of London.

From this large scale infrastructure project, we can learn more about the
management aspect such as set objectives as early as possible so you can analyse
and have a decent amount of time for the development; being clear with the supply
chain, for a sustainable procurement strategy earlier communication is mandatory,
and the earlier the better; managing relationship, measure, and report constantly is
helpful to keep eye on cost control and expenses. (Campelli, 2018)

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Recommendation:

The public authority and the city hall leader state London 2012 has created almost
£10bn for the economy and prompted 70,000 positions for Londoners.

In any case, the investigation, by consultants SQW, uncovers failings in lead

ventures set up to create long haul occupations. Sometimes plans were ended early
so it is 'Difficult to-arrive at Londoners', for the further improvement government
should focus in on long haul benefits for the nearby citizens and community

"You can't make 'legacy' anything else than you can choose to become 'cool,' " says
Stephen Bayley, a London design critic.

At the point when the word is hitched as a descriptor to the Olympics, he sees it as
something to deal with defensive gloves and tongs at far remove. "Legacy," he
composes by email, "is controlled by history and public praise. Not by the eager
transient desire of politicians and bureaucrats. The Olympic Park is a messy dessert,
elegiacally getting back to the state it was found in. yet, with the expansion of costly,
despairing wrecks of brandishing structures."

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Conclusion:

With the expense of £8-9 bn and Hosting the London 2012 Olympic and Paralympic
Games could create up to a £41 billion gross worth added (GVA) bonus to the
economy by 2020, Culture Secretary Maria Miller reported today. (Gov of UK)

With the monetary crisis, it is undoubtedly hard to mastermind such an enormous

costing large-scale infrastructure with long-haul arranging. The criticism is there and
should be consistently to consider an alternate methodology than what's going on.
Yet, London 2012 is a major accomplishment for the nation and with a long time
arranging of buildings, bridges, and park that giving best result to individuals and the
economy.

Designing, Management, and conveyance should be solid and efficient for such
enormous scale events. Also, this report shows and analyses all the parts of cost,
financial plan, financing and administrations, and the board of occasions and
infrastructure they have developed. For such nations, it can give the best legacy to
the advancement of the nation itself with tight administration and controlling expense
and spending it very well may be effective and historical programs

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https://sportsustainabilityjournal.com/analysis/sustainable-procurement-for-
sports-events-lessons-from-london-2012/

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Appendices:

Financing the preparations for London 2012

Breakdown of the funding package

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Detailed Olympic Games budget (LOCOG)

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ODA anticipated final costs, Total available ODA budget - £8,072m

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