Pmp Critique Outline

It is basically a network diagram with multiple boxes with labels that represent events, and then directional lines which represent tasks. A number can be written underneath the directional lines to indicate the amount of time needed. For a group project that would last 2-3 months, I would use the Gantt chart. A Gantt chart can accomplish what a complicated PERT chart would do, it would be more pleasing towards the eye as there wouldn’t be so many moving parts in the assignment (I’m assuming this group project isn’t terribly complicated). Things that would be needed to be done simultaneously can easily be expressed and understood with a Gantt chart (overlap of bars and weeks). For example, on the y-axis of the Gantt chart, my group would list our activities: 1) Conduct research, 2) Analyze data and then 3) Prepare for presentation then present. On the x-axis, we would list the number of weeks needed (12 weeks in this case). The bar for 1) will span week 1 –

budget. As the project evolves, additional information is discovered and further estimates are produced. This is an extremely important process and we cannot emphasize enough the need for this re‐estimation or re‐budgeting process at each phase of the project. In any case, for the purpose of this article, we will call the revised budget the "actual budget." Another standard activity is to provide management with an expected cash flow. From a financial perspective this is an important activity, but it also can be used as your cost expectation.

What is a project? Project is a temporary endeavor undertaken to create a unique product, service or result)

The budgeting process starts with a total price (fee) that is not necessarily related to the cost of actually performing the work. The price has been

to convey the most important aspects and options relating to the project in a concise and readable form. The summary should be easy to reproduce and distribute on request to interested parties.

At first should the terminology be defined. A project is "a unique set of coordinated activities, with a definite start and finishing point, undertaken by an individual or organisation to meet specific objectives within

The budget will serve as a control mechanism to enable the project manager and his team members to compare actual costs with the budgeted costs. The project manager will ensure that the team does not spend beyond the budget, and will seek management approval before spending more than the budgeted amount. The budget will also be used as an appraisal parameter in evaluating the performance of the team. To ensure that the team delivers within the budget, the project manager will closely monitor other constraints including scope and time. When a particular phase begins to slip past the defined scope and time, budget may be affected as cost is affected proportionally. When actual costs begin to escalate beyond the estimated amount, the project manager will guide his

“Like it or not, budgets are often one of the most important parts of any proposal or grant” (Johnson-Sheehan, 2008, p. 141). A project budget is an estimated financial plan for any project that may require funding. The budget is a financial snapshot of a project. An effective budget will outline specific costs that will be incurred in the performance of a project during a specific time period. Budgets that are thoughtfully constructed and well presented can be crucial to the funder’s proper understanding of your project.

Primarily cost and management accounting is meant for providing information to the management to enable them making planning and control. Budgeting and budgetary control are tools which can be used by the management to efficiently discharge both the management functions. Budgeting is formal management plan of actions incorporating estimated qualitative and/quantitative facts and figures. Cost analysis, on the other hand, is a process of evaluating, and analysing cost data according to their nature and behaviour to changing circumstances. Effective cost analysis is a prerequisite for preparing different meaningful flexible budgets and also for making effective comparison between budgeted and actual results. The rest of the paper consists of

A special project called “BUNKERS” has an estimated cost of $3,000,000. There are three major divisions to this project: Definition of Project, Design, and Implementation.

Planning a cost budget for a project is necessary. It requires some process to count the estimate projects costs accurately. It is also depending on the types of costs which must be understood by the project manager. Cost estimating also can be challenging for the project manager because some activities might have many variation, and they are available to assist in it. There are 4 types of costs, 3 methods of estimating costs, and 7 project cost estimating issues. To create a budget project, we should know the basics of budgeting. Because as a project manager, the basics of budgeting used to determined whether the project is well managed or not. Furthermore, interpretation also becomes the biggest issues in creating a budget project. People should understand the concepts of the budgeting itself. Moreover, a project costs and project budget is different. Most of the project manager usually start to identify from the project costs. To create a budget project, people also have to know what they really want to the project. But once they know what they really want, determining the budget will be much easier for the future of the project. Project Budget has many problems and they are vary based on the category.

Budgeting in project planning is parallel with development of schedule. Budgeting can be determined as costs of defined activities, at the initial stages of project planning. The process of budgeting is highly dependent on length of the tasks, number of associates assigned for that and resources assigned to the project. Initially budget estimation will be on the organization available funds. Later, with the internal and external parameters, budget size may increase or decrease depending on the project activities. Till actual costs are measured and compared with the actions, budgeting serves as control mechanism for the planning. For executive parameters, budget fairly set parameters. When project starts and all objectives are put into action, the scope, budget or schedule needs adjusting.

NETWORK DIAGRAMS ARE SCHEMATIC DISPLAYS OF PROJECT SCHEDULE ACTIVITIES AND THE INTERDEPENDENCIES BETWEEN THESE ACTIVITIES. WHEN DEVELOPED PROPERLY, THIS GRAPHICAL VIEW OF A PROJECT’S ACTIVITIES CONVEYS CRITICAL SCHEDULE CHARACTERISTICS REQUIRED TO EFFECTIVELY ANALYZE AND ADJUST SCHEDULES – THUS RESULTING IN ACCURATE AND FEASIBLE SCHEDULES. THIS DOCUMENT ADDRESSES WHAT SHOULD BE CONSIDERED IN THE DEVELOPMENT OF A NETWORK DIAGRAM, HOW NETWORK DIAGRAMS ARE CREATED, AND HOW THEY MAY BE ANALYZED TO IDENTIFY NECESSARY CORRECTIVE ACTIONS AND ENSURE OPTIMAL SCHEDULE DEFINITION.

Application of appropriate cost performance strategy is a vital tool for the organizational objective. Budgeting procedure & its implementation is an important element of the cost accounting practice. The organization that has a substantial history of efficient budgeting methods can easily read the market. The total costing system is a basic of all small and independent cost measurement technique. An organization must have an accounting fit to the infrastructure and management development team. Any kind of variance in the performance must be dealt with due diligence. Cost has a relationship with the whole production process. Whenever this kind of fit is well suited to the performance of the company, there is a strong possibility that the company will improve.

Time also act as factor that drives the cost estimation. The project timelines should be defined in advance so that the cost can be driven on basis of resource alignment. The timeline should be ascertained in form of milestone tracking and there should be regular update to be shared on basis of it.