Essay about Project Costing wk4TeamB

project data from work breakdown structures and schedules" and comparing it to "topdown project goals." After this, the teams are to estimate investment risks

This is to ensure that the necessary raw materials and physical resources are available at each stage, and that the workforce on site has the right skills for the scheduled work. The project management team will need to produce a series of planning documents that can be accessed throughout the project. Each member of the project management team must know their role and responsibilities, including which sections of the workforce they will be directly managing.

592 Week 1 DQ 1 WBS Construction PROJ 592 Week 1 DQ 2 Project Cost Estimates and Assumptions PROJ 592 Week 2 DQ 1 Cost Components PROJ 592 Week 2 DQ 2 Estimating Processes PROJ 592 Week 3 DQ 1 Project Schedules PROJ 592 Week 3 DQ 2 Sensitivity Analysis PROJ 592 Week 4 DQ 1 Resource Allocation and Leveling PROJ 592 Week 4 DQ 2 Advanced Schedule Techniques PROJ 592 Week 5 DQ 1 Earned Value Calculation PROJ 592 Week 5 DQ 2 Project Monitoring and Control & EV PROJ 592 Week 6 DQ 1 Forecasting Project Completion Cost PROJ 592 Week 6 DQ 2 Project Control PROJ 592

Staying on budget is one of the key factors that will play a significant role in ensuring the success and the completion of the project in a timely manner. In addition, budgeting will allow this project to develop a spending plan which will ensure that we do not exceed the $3,000 dollars allotted for the project. Furthermore, by having a budget plan in place, we are on the path to setting and meeting our financial goals.

By creating a budget this facility will be better prepared in knowing how much money they spend and

internally to establish costs and budgets for the project. The goal is to act according to the curve.

* Place paper towel over clear glass bowl with rubber band holding it in place.

Ensure that you note any requirements that are out of scope to achieve absolute clarity about what is and is not covered by this project, and to avoid the potential for problems later on.

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.

The stakeholders have also have also decided on a $200,000 budget. This is a realistic goal; however there are some risks involved in the process. One risk that may be incurred is that one or more personnel may leave the project for one reason or another. There shall be a “pool” of qualified contract project professionals, on stand-by, just in case this happens. Another risk that may possibly happen is the lack of resources. There will be a process put in place to contact appropriate personnel should resources, such as, equipment, monies, personnel, etc. run short.

Actual training will take place over two days so that we can house a large number of employees while working very quickly at training them efficiently. Duration estimated were decided by looking at average training times used by similar businesses and the type of training we are trying to achieve. The overall project budget will be split into 4 quarters to highlight the expenses needed at each time frame. This will help to breakdown the overall budget into smaller more manageable expenses to get more detail into what is being spent and what it is being spent on. These quarterly expenditures will do a lot to keep costs as efficient as possible and provide a closer look at how these resources are being divided.

This project’s initial outlay includes the necessary capital needed to purchase fixed assets and ensure they are in operating order to start the project.

Thanks for sharing details in regards to the baseline budget. In any business, a budget is a very important part of planning. The baseline budget can be determined by many factors. According to the article, "Basing Budget Baselines", the author stated, "A baseline can aid policymakers in determining what should be on the legislative agenda by helping to define and prioritize policy problems that need to be addressed" (Kamin, 2015). The amount of spending also plays a role in the success of the project. In some cases, the project manager have to reevaluate the project plan if the budget is at stack. In some cases, people believe that the process of setting the budget baseline seems a little complicated, but goals

ABI is using a top-down process in this project, meaning that determination of the final budget comes almost strictly from a compilation of experiences and judgments of the top and mid-level managers in the company. The higher-level managers break down costs into major categories, pass down their cost estimates to the next lowest level, lower-level managers break the major categories down into subcategories and so on until the estimation process reaches the lowest level of the company. By the end, each level knows the specific amount of money that it is allotted to complete the project tasks required at that level. Because the project is so extensive in price and risk, it would have been smarter for them use a bottom-up process which would have involved the employees who would actually be part of the work team so that management could get a more accurate estimate of the time and money that would be required to complete the project.

7.0 Budget Estimate and Financial AnalysisA preliminary estimate of the cost for the entire project is $200,000. This includes the hire of a temporary project manager, and the hours used by current employees to work on the project. Project savings comes in the form of reduced health insurance cost due to a healthier workforce that makes fewer claims.