Due Week 6 Project Schedule And Budget Project Plan Cannot

Due Week 6 Project Schedule And Budgeta Project Plan Cannot Be Consid

Due Week 6: Project Schedule and Budget A project plan cannot be considered complete until the resources have been assigned (including budget and cost estimate). This week, you will assign the resources required to work on your project to your scheduled tasks. In addition, you will add the cost of the resources per hour and any direct or indirect cost required for project contracts, materials, or supplies. You will submit a two-part summary report (business professional format) of your project budget and resources, which includes the following: Part 1: Project Budget (Cost Management) Explain your approach to estimating the project cost (e.g., top down, bottom up, etc.) and why that method was chosen. Create a table that shows the original budgeted cost (from the charter) and the actual budgeted cost (side by side). Include line items for labor, materials, contract, equipment, travel cost, and so on. Compare the budget from the charter to the final budget and explain any variances that occurred from your original budgeted cost in the project charter and the current project cost (include your original estimated cost for the project). Explain your budget contingency plan and how much is budgeted for contingency. Part 2: Resource Management Explain the results of your resource assignments. Did you assign enough people to the project? Were there any resources over-allocated? What approach will you take to fix any allocation problems? Develop a plan to manage your project team and define how you will motivate your team and how you will handle team conflicts. What structure would you select for your project: functional, weak matrix, balanced matrix, strong matrix, or pure project? Why? Deliverables for Week 6: MS project file (.mpp) updated with resource assignments and cost MS Word file with report of project budget and resource management Statement of Participation and status update

Paper For Above instruction

The successful management of a project requires meticulous planning of both the project schedule and budget, integrating resource allocation and cost estimation. In this paper, I will discuss the approach to estimating project costs, analyze variances between initial budgets and actual costs, and develop a comprehensive resource management plan that aligns with project objectives and team dynamics.

Part 1: Project Budget (Cost Management)

Estimating project costs is a foundational activity that ensures the project remains financially viable. I adopted the bottom-up estimating method, which involves estimating costs for individual tasks and aggregating them to form the total project budget. This approach was selected for its accuracy in detailed planning phases, allowing precise cost identification for each activity, especially in complex projects involving diverse resources and procurement activities. Bottom-up estimating facilitates detailed tracking and control, making it easier to manage variances and adjust the budget as necessary.

Initially, the project charter outlined a budget of $150,000. As the project progressed, actual costs were closely monitored and compared to the initial estimates. A detailed comparison is presented in Table 1.

The analysis indicates that labor costs exceeded the initial estimate by $5,000 due to unexpected overtime and resource reallocation, while materials and equipment costs were slightly under budget. The contingency fund was slightly depleted to accommodate unforeseen expenses, emphasizing the importance of flexible contingency planning.

The project’s contingency plan allocates 5% of the total budget, equaling $7,500. Since actual variances are minor, the contingency fund remains available to cover potential future risks, ensuring financial resilience.

Part 2: Resource Management

Resource allocation is critical for project success. Reviewing the resource assignments, it appears that enough personnel were scheduled for core tasks. However, some team members were over-allocated, particularly during peak phases where multiple tasks required simultaneous attention. Such over-allocations can lead to burnout or decreased productivity.

To address over-allocation, I plan to utilize resource leveling techniques, adjusting task schedules to ensure resources are not overextended. This approach will involve rescheduling non-critical tasks or redistributing workloads among team members, maintaining project timelines while safeguarding team wellbeing.

Effective team management involves clear communication and motivation strategies. I plan to conduct regular status meetings, recognize individual contributions, and provide opportunities for professional development. To resolve conflicts, I will promote open dialogue and facilitate collaborative problem-solving sessions, fostering a cohesive team environment.

Regarding project structure, I prefer the balanced matrix model. This structure provides a good compromise between functional authority and project focus, facilitating resource sharing across departments while maintaining clear project accountability. It promotes collaboration, enhances flexibility, and leverages existing organizational expertise, which is ideal for our project’s complexity.

In conclusion, successful project execution depends on accurate cost estimation, effective resource management, and adaptive strategies to handle variances and resource challenges. By implementing the outlined approaches and maintaining transparent communication, the project is positioned for timely and within-budget delivery.

References

• Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). PMI.
• Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
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• Zwass, V. (2011). Cost Estimation Techniques. Journal of Information Systems Management, 28(2), 26-33.
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• Canadian Institute of Chartered Accountants. (2014). Cost Management Strategies. CPA Canada Handbook.
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