Do an internet search to locate the following article: K. McLaughlin, "What's Not Cooking: As Some Luxury Restaurants Close, Others Cut Prices," The Wall Street Journal, January 23, 2009, p. W1.
Imagine that you have been hired by Stephen Hanson of B.R. Guest Restaurants, who has decided to close several of his upscale eateries in New York and Chicago, including Level V in Manhattan, Fiamma in the Soho District, Ruby Foo's Uptown on the Upper West Side, and Blue Water Grill in Chicago.
He wants to be certain that these restaurants are closed in the most effective manner and is conscious of how the closures might affect his other very popular restaurants. He has asked you to develop a comprehensive set of KPIs you would measure during the project and after the project is complete. Prepare a report for him in which you do the following:
1. Explain the importance of performance measurement during project execution.
2. List at least 10 KPIs and explain your rationale for choosing each one. For each KPI, also describe how, when, and the frequency with which you would monitor it.
3. Write a paragraph offering advice to Mr. Hanson about at least three principles he should keep in mind when developing the monitoring system for this set of closure projects. Apply your advice directly to this situation.