The project budgeting process involves two steps. The first step is to determine the totalbudgeted cost (TBC), which is the aggregate amount of the estimated costs of all the specificactivities to perform and complete a work package or the project.Review the below Budgeted Cost table for the five (5) working days per activity and calculate thecumulative total cost (CTC) per each of the five (5) days.ACTIVITYA100B100C100D100E100F100G100H100DAY 1R1R1DAY 2R2R1R1DAY 3R1R3R2DAY 4R4Costs are in thousands of randsR4R1R2R2DAY 5R1R1R6

This table lists all the summarized funds that are expected to be spent in the near future. This is…

Answered: The project budgeting process involves…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Assume the network and data that follow. Compute the total direct cost for each project duration. If the indirect costs for each project duration are $400 (19-time units), $350 (18), $300 (17), and $250 (16), compute the total project cost for each duration. Plot the total direct, indirect, and project costs for each of these durations on a cost-time graph. What is the optimum cost-time schedule for the project? What does this cost?
Project Scope Management Khan, (2006) (see below) states that, "Managing the scope of a project is the most important function of a project manager ... Effective scope management of a project also ensures the success of key completion areas, including time, cost, and quality. Project scope management can be further subdivided into its components which include: project initiation, scope planning, scope definition, scope verification, and scope change control." Based on your Integrated Project: Select two of the subdivisions above and discuss the primary issues that could arise from the process. Your response should begin with a definition of the selected subdivision before detailing the selected process
The project manager must make trade-offs between project progress and process. Conceptually, this involves trade-offs between the __________ functions. a. schedule and cost b. technical and managerial c. cost and performance d. performance and schedule
Project Scope Management includes the processes required to ensure that the project includes all the work required, andonly the work required, to complete the project successfully (Project Management Institute, 2017:129).By referring to the project scope management process, discuss how the case study project scope could have been definedmore efficiently by specifically referring to plan scope management.
Discuss the use of earned value management (EVM) in project analysis. How does it integrate cost, schedule, and scope performance for project assessment?
To create a project schedule, one must understand the Project Schedule Management processes; in particular, one needs to know the project work or tasks to be performed (i.e., the project scope) and their duration, as well as their dependencies and required resources. How is the knowledge of Develop Schedule process, as well as the inputs, tools & techniques, and outputs can help you in creating a project schedule for (Deliverables -These incorporate the outcomes the venture supervisory crew needs to create to meet the business goals. Project expectations can be simply the item or administration that the task will convey, guidelines and establishment manuals, promoting materials, publicizing efforts, official statements, and so on)?
analyse numeric and non-numeric model and summarize the pros and cons of using each model and suggest how you will evaluate the projects during project selection
Use the project performance metrics, Expected Time to complete (ETC) and Estimate at Completion (EAC) typical and atypical variances, to compute the final cost of a project based on the following data: Cumulative Actual Cost = RM9000 Budget at Completion (BAC) = RM50000 Cumulative Earned Value = RM12500
In the space provided below create the network diagram that shows the relationship (logic) of project activities shown below and then number each event. 1. In a given project activities "A, B and C are initial activities that may begin at the same time 2. -----"D" cannot begin until "A" is complete. 3. ----- "B" must be complete before E can begin. 4. ----- "F" cannot start until "C" is finished. 5. ----- "G" cannot begin until "B" is finished. 6. ----- "G" and "D" must be done before "H" can begin. 7. ----- "I" cannot begin until "B" is finished. 8. ----- "J" can begin only after "F" and "I" are complete. 9. ----- Once "E" is complete, "K" can begin. 10. ---- The project will be finished when "H" "J" and "K" are complete.
When using a project triangle to illustrate conflicting priorities, Microsoft suggests that if the problem is in the fixed leg, work on the other two legs. For example, if the project must not exceed the budget and is starting to run over, adjust the schedule, the scope or both. However, if the problem is not related to a fixed leg, the adjustment might have to be in the remaining leg. So, when faced with an inflexible budget (fixed leg) and the schedule is slipping (problem leg), the project scope (remaining leg) might have to be adjusted. Why is explaining this situation to management sometimes a very difficult task for the systems analyst?
You have collected the data for a Time-Cost CPM Scheduling model analysis. The time is in days and the project "direct costs" are given below. Immediate Normal Crash Normal Crash Activity Predecessor Time Time Cost (Direct) Cost (Direct) A None 3 2 $300 $408 B A 3 3 $100 $100 C A 1 1 $200 $200 D B and C 3 2 $400 $550 E D 2 1 $500 $900 F E 3 3 $200 $200 G F 2 2 $200 $200 The indirect costs for the project are determined on a daily duration basis. If the project lasts 16 days the total indirect costs are $408, 15 days they will be $350, 14 days they will be $200, and 13 days they will be $100. If you crash this project by one day what is the total (i.e., direct and indirect) project cost?
Why is EVM not used more often? Explain how it may be used to control costs and evaluate project performance. What are some general criteria for assessing cost variation, schedule variance, cost performance index, and schedule performance index figures?

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