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INFT3100 Project Management
Question :
1.0 Budgetary Assumptions
(Write in point forms, what are the assumptions you could consider to include in the budget)
- Contingencies and tolerances shall be kept within 1%-10%
- Travel cost could be increased in the Initiation and closing phase.
- Professional service fess and HR shall be included in the phases where the need for external professional help (consultants, researchers and trainers) are expected in initiation, planning and closing phases.
- Assume $100000 is the overall budget
1.1 Project Budget for entire WBS
(This Budget must be in enough detail to show costs for:
- Resources: equipment, facilities, fees and charges, HR, materials, services and statutory
- Contingencies and tolerances
- Overheads/indirect costs
- Profit (if applicable)
Either you can provide these all in one table or in point forms
|
WBS TASKS |
Resources |
Resource cost |
Contingencies and Tolerances |
Overheads/Indirect cost ( whole phase) |
Profit |
|
Human resources |
$20,000.00 |
plus or minus 8% |
|||
|
Equipment |
$8,000.00 |
plus or minus2% |
|||
|
Travelling fees |
$2,200.00 |
Plus or minus 5% |
4000 (Whole initiation phase) |
||
|
1- Initiation |
Research fees |
$4,000.00 |
Plus or minus 2% |
||
|
Professional service fees |
$2,400.00 |
Plus or minus 3% |
|||
|
Facility and Utilities |
$3,400.00 |
Plus or minus 10% |
|||
|
Human resources |
$4,000.00 |
plus or minus 10% |
|||
|
Equipment |
$2,400.00 |
plus or minus 5% |
|||
|
2- Planning |
Travelling fees |
$3,400.00 |
6000 |
||
|
Research fees |
$25,000.00 |
||||
|
Professional service fees |
$9,000.00 |
||||
|
Facility and Utilities |
$2,000.00 |
||||
|
Human resources |
|||||
|
Equipment |
|||||
|
3 Execution |
Travelling fees |
||||
|
Research fees |
|||||
|
Professional service fees |
|||||
|
Facility and Utilities |
|||||
|
Human resources |
|||||
|
Equipment |
|||||
|
4- Monitor and Control |
Travelling fees |
||||
|
Research fees |
|||||
|
Professional service fees |
|||||
|
Facility and Utilities |
|||||
|
Human resources |
|||||
|
Equipment |
|||||
|
5 – Closing |
Travelling fees |
||||
|
Research fees |
|||||
|
Professional service fees |
|||||
|
Facility and Utilities |
|||||
2. Cost Management Plan
(You can discuss steps for the cost management plan)
3. Tools and Methods for the Cost Variation
(List any 2 from the below tools and Methods and explain them)
- Three-point estimating
- Cost breakdown structure
- Parametric
- Bottom up
- Reserve Analysis
3.1 Three-point estimating
(Discuss why are you choosing this to analyze the case study)
|
WBS Tasks |
Optimistic Cost |
Most Likely |
Pessimistic cost |
Expected Cost |
|
1.0 Initiation |
35100 |
40000 |
46000 |
40200 |
|
1.1 Establish Business case |
7000 |
|||
|
1.2 Assess Fe3asibility of Project |
15800 |
|||
|
1.3 Nominate Project Team |
3500 |
|||
|
1.4 Develop Project Charter |
8800 |
|||
|
2.0 Planning |
||||
|
2.1 Develop WBS |
||||
|
2.2 Create Project Timeline |
||||
|
2.3 Resource Plan |
||||
|
2.3.1 Determine Resource Requirements |
||||
|
2.4 Budget Plan |
E = (o + 4m + p ) / 6
where E is Estimate; o = optimistic estimate; p = pessimistic estimate; m = most likely estimate
3.2 Cost breakdown structure
(Discuss why are you choosing this to analyze the case study)
4 Budget Performance Report
(In this mainly we are looking at the difference of Planned and Actual value)
*Use + and – both values to show the variance
|
WBS Tasks |
Planned |
Actual |
Variance |
|
1.0 Initiation |
40000 |
40600 |
-600 |
|
1.1 Establish Business case |
|||
|
1.2 Assess Fe3asibility of Project |
|||
|
1.3 Nominate Project Team |
|||
|
1.4 Develop Project Charter |
|||
|
2.0 Planning |
60000 |
59000 |
+1000 |
|
2.1 Develop WBS |
|||
|
2.2 Create Project Timeline |
|||
|
2.3 Resource Plan |
|||
|
2.3.1 Determine Resource Requirements |
|||
|
2.4 Budget Plan |
|||
5. Re-planning the Project
(You need to bring back the project to the Original Budget in the whole WBS)
|
WBS Tasks |
Planned |
Actual |
Variance |
Replanned |
|
1.0 Initiation |
40000 |
40600 |
-600 |
41600 |
|
1.1 Establish Business case |
||||
|
1.2 Assess Fe3asibility of Project |
||||
|
1.3 Nominate Project Team |
||||
|
1.4 Develop Project Charter |
||||
|
2.0 Planning |
60000 |
59600 |
400 |
61500 |
|
2.1 Develop WBS |
||||
|
2.2 Create Project Timeline |
||||
|
2.3 Resource Plan |
45000 |
40000 |
5000 |
|
|
2.3.1 Determine Resource Requirements |
||||
|
2.4 Budget Plan |
||||
|
2.4.1 Categorize resources |
||||
|
2.4.2 Establish a cost estimate |
||||
|
2.4.3 Develop Cost Breakdown |
||||
|
2.5 Quality Management Plan |
||||
|
2.6 Risk Plan |
INFT3100 Project Management
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