Adding A Budget Watch Videos 22 Through 30 Of Microsoft Proj

Adding A Budget1 Watch Videos 22 Thru 30 Ofmicrosoft Project Tutorial

Adding a Budget 1. Watch videos 22 thru 30 of Microsoft Project Tutorial. Using Microsoft Project software amend your WBS to include your project budget Make sure that you use your resource sheet in Microsoft project to list all materials, work classification units and resource units Make sure you show totals for all major headings and the project total itself Include a title page and references you used. 2. Update and submit your Lessons Learned Document. I have attached what I have done thus far. Here are some comments made by professor: You did not prepare a timeline. Click on view, then select timeline to your right then click on the timeline notice that this changes the format to timeline tools. Select existing tasks, This will allow you to enter major tasks so that they can be tracked on the timeline. What happened to all of the administrative work, like prepare a WBS, do a budget, do a schedule select and brief a team? Follow-up meetings to track the project. You do not need to have everything as days to complete. You can substitute hours followed by hrs in the duration column. You need to include a risk analysis at the beginning of the program and a close-out at the end of the program. Your book has these requirements. No manpower is listed on your resource sheet. You did not list any holidays or changes in work time. Use the project tab and change working time. Some things that you need to do when you do your budget: Make sure that you assign each subtask a resource, material, and/or manpower or both. The purchase equipment task is made up of several smaller tasks: Prepare the specs, Prepare a vendor list, Send requests for quotes, Evaluate vendor submittals, Award contracts, and Incoming inspection. Some things to keep in mind when you prepare your budget. When you have completed this set, set a baseline; this is necessary so that you can track actual vs. planned times and costs. Make sure that you show the completed tasks. They can be partial or 100% complete.

Paper For Above instruction

Adding A Budget1 Watch Videos 22 Thru 30 Ofmicrosoft Project Tutorial

The process of integrating a comprehensive project budget within Microsoft Project is essential for ensuring effective project management, tracking, and successful completion. This paper details the steps necessary to amend the Work Breakdown Structure (WBS) to include budgeting, utilizing the resource sheet for detailed allocation, and establishing a baseline for tracking project progress and costs. Additionally, it emphasizes the importance of preparing a timeline, risk analysis, and a project close-out plan, aligning with standard project management practices.

Developing and Updating the Work Breakdown Structure with Budget Components

The initial step involves revising the existing Work Breakdown Structure (WBS) to incorporate budgetary components for each task. Using Microsoft Project, project managers should identify all major tasks and subtasks, ensuring each is linked to specific resources such as materials, labor, and equipment. This process entails detailed planning, including subdividing large tasks—such as purchase equipment—into smaller, manageable activities like preparing specifications, vendor list development, soliciting quotes, evaluating bids, awarding contracts, and conducting incoming inspections. These detailed activities allow for precise cost estimates and resource allocation.

Resource assignment must differentiate between materials, manpower, and equipment, with careful consideration of each resource's cost and availability. The resource sheet serves as a central repository for listing all resources, including labor classifications, material types, and their respective units and costs. Proper classification and thorough documentation are critical for accurate tracking. Totals for each major heading—including materials, manpower, equipment, and overall project cost—should be automatically calculated by Microsoft Project, providing clear visibility into financial status.

Incorporating Resource Allocation and Cost Management

Effective budget management demands detailed resource allocation. Assigning specific resources to each subtask ensures clarity on who or what is responsible for the work. Resources should include manpower, materials, and equipment, with their associated costs entered into the resource sheet. Changes such as holidays, non-working days, and work time adjustments must be configured via the Project tab and the change working time feature, affecting resource availability and project timelines.

Accurate resource assignment helps in consolidating costs and developing a dynamic budget forecast. It is essential to include holidays and work time adjustments to reflect realistic scenarios and avoid cost overruns. Additionally, managing resource units ensures that allocations do not exceed available capacity, maintaining project feasibility.

Task Breakdown and Phased Budgeting

The purchase equipment task illustrates the importance of breaking down large activities into smaller subtasks, facilitating more accurate estimations and resource assignments. Each subtask—such as preparing specifications, vendor negotiations, and quality inspections—should be assigned resources, and their costs tracked individually. This modular approach enhances clarity, allowing precise tracking of expenses and progress at each phase.

Creating a schedule with durations expressed in hours or days ensures flexibility and precise control over project phases. The timeline can be viewed by selecting the Timeline view option, enabling project managers to overview key milestones and the sequence of activities visually. Regular updates to task status, including partial or complete completion, provide insight into project health.

Risk Analysis and Project Close-Out Planning

Incorporating a risk analysis at the beginning of the project is vital for identifying potential issues that could impact budget and schedule. Risks such as resource availability, vendor delays, or unforeseen technical problems should be documented with mitigation strategies. Microsoft Project allows for explicit risk management planning by embedding contingency plans within task descriptions or as separate documentation.

The project close-out phase involves verifying that all tasks are completed as planned, including inspections and documentation. Finalizing the budget entails comparing recorded costs against the baseline to identify variances. This process highlights lessons learned and areas for future improvement, contributing to project management best practices.

Baseline Setting and Progress Tracking

After defining all tasks, resources, and budgets, setting a project baseline is crucial. Microsoft Project facilitates baseline setting, allowing actual progress and costs to be monitored against initial estimates. Tracking partial and full task completion enables project managers to assess performance and make necessary adjustments promptly.

Regular status updates and trivial adjustments, such as changing resource allocations or working times, should be documented in Microsoft Project, ensuring that tracking remains accurate and reflective of actual project conditions.

Conclusion

Developing a detailed project budget within Microsoft Project involves meticulous planning, resource allocation, and task breakdown. Incorporating risk analysis and proper scheduling ensures project risks are managed proactively. Setting a baseline enables effective tracking of project progress and costs, providing a comprehensive view of project health. By following structured steps and best practices, project managers can ensure that their projects stay within budget, on schedule, and meet quality standards.

References

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