Assignment on Resource Planning
30 Pages6761 Words267 Views
Added on 2020-05-28
Assignment on Resource Planning
Added on 2020-05-28
ShareRelated Documents
Running Head: Resource Planning
Resource Planning1ACTIVITY 1What are resources? Describe the resources that should be considered when determining resource requirement?While undertaking a project, different resources are required to be utilised to carry each task necessary to complete the project. There can be a wide range of required resources such as labour, infrastructures, hardware etc. to reach at the finish point of the project venture. The absence of any of the important resource can hamper the project’s work flow. Anything which a firm requires to ensure the viability of its operations and for the successful accomplishment of its goals and objectives, can be termed as resource. Both storable as well as non-storable resources can be utilised in the project. There are certain resources that are generally utilised for every project such as money, stock, vehicles etc. however some resources are used in the particular projects depending upon their nature and use.To determine the resource requirement for a project, following points must be taken into account:The business type for which the resources are required (service unit or manufacturing unit or sales unit)The intended users of the resources (i.e. their level of education, competencies, cultural background etc.)The business size (small, medium or large) and the scope of its operations (local or international).The geographical location of the business (i.e. regional, rural or urban area).The ultimate requirement of resource requirement is dictated by the firm itself which is intended to undertake the project depending upon its goals and objectives.ACTIVITY 2
Resource Planning2Calculate which of the following suppliers is the most cost-effective:a)Safe Hands Insurance Company has received a number of quotations for their new AIS. Calculate how much each system will cost per year and determine which of the quotes is most cost-effective.Access IT Company has provided a quote of $84,000. The system will last for seven years. They provide free services and maintenance. They offer technical support for an additional cost of $6,000 a year. All the required hardware has been included in the cost of the quote.The details of the services provided by the AIS and the quotations offered by the software provided are given below:Cost of AIS is $ 84000 and the useful life will be 7 years.Therefore, the cost can be evenly distributed to these 7 years.Cost per year would be $12000.No additional charges for after sale services and maintenance.The provider will charge a fees of $6000 per year to provide the technical support.Thus, the yearly cost per system will be $ 18000 ($12000+$6000).b)Vision IT Technical Consultants has provided a quote of $105,000. The system will last for 10 years. Their quote includes technical support. The quote includes all the required hardware; however, the hardware must be checked and serviced by them, twice a year at a cost of $500 per service.Quote offered by Vision IT consultants is detailed below:Total quote= $ 105000
Resource Planning3Useful life= 10 yearsCost distribution per year= $ 10500Technical support fees= NilHardware cost= Already included.Maintenance and Service Charges= $ 1000 per year.Total cost per year= $ 11500.c) Total IT Solutions has provided a quote of $65,000. The system will last for five years. The cost of technical support, services and maintenance are includedin the price. The hardware required will cost an additional $22,500.Total quote= $ 65000Useful life= 5 yearsCost distribution per year= $ 13000Technical support fees= NilHardware cost= Already included.Maintenance and Service Charges= NilTotal Hardware cost (extra) = $22500Per year allocation of Hardware cost = $4500Total cost per year= $ 17500
Resource Planning4From the above calculations it is quite clear that Total IT Solutions is quoting highest and therefore purchasing of AIS from it will prove to be expensive in comparison to other providers.Hence, purchasing of AIS Vision IT Technical Consultants will be cost effective as its quote is lowest and also its software will serve the company for a longer term i.e. 10 years.ACTIVITY 3:a.Why is it necessary to determine and confirm scope and nature of budgetary planning activity with relevant colleagues?It is quite necessary to confirm the scope and the nature, as well, of the budgetary planning activities of the project with all the significant partners working on that particular venture project so as to identify all the necessary areas where funds and other resources will be required. While preparing the financial plans, it is necessary to involve the colleagues as thereare various factors that can affect the spending arrangements. Such as:The changes in the monetary framework.Development of new directions.Movement of market patterns.Extent of project venture.Human resource necessity.The above mentioned factors can directly or indirectly influence the firm’s representatives. Any change in the budgetary plans or the projections may require to train and monitor the executives working on the project. The proper communication of all the budgetary activities and plans will not only help them to be aware of the desired performance and objectives but
Resource Planning5also it will practically enable them to perform effectively and efficiently. Moreover, such involvement of all the colleagues will generate the confidence among them when their ideas and thoughts will be entertained in the overall project development. This will ultimately contribute positively to the project growth.b)What is the importance of cash flow budget or report?Cash flow budget is an important tool that can is used in project planning. It allows the firm to manage it cash flows in the most efficient manner. Both cash budgets and reports allows the firm to make sound and informed economic decisions with the use of relevant and necessary information provided in these budgetary plans and reports. It also helps the managers in evaluating its overall performance of the business. The report can offer the review of the functioning of the entity. These reports and budgets helps the business managers in formulating the necessary strategies and policies for the successful conduct of the business. These budgets enables the managers to assess the availability of resources with the business and the key areas whether they must be distributed to generate the desired results. Therefore, these reports provides the strategic direction and platform to the business.c)Describe the process through which you would go to determine whether financial support is available to allow the requirements of an organization to be achieved?An approximation of cost of a project or unit is called its cost estimation. The person who prepares the cost estimates is referred to as the cost estimators. The costestimation process decides the value of the assets that are used in the project. There can be various cost estimators such as building cost estimator, electric cost estimator. The process of estimation of cost involves making judgements and guesses. This estimated cost is used to conclude the extended exercises. The processemphasises on determining the ideal cost of the projects by aggregating the
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Manage Project Costslg...
|33
|6357
|424
MANAGEMENT PROJECT Cost TABLE OF CONTENTS FORMATIVE ASSESSMENTlg...
|36
|8215
|330
The Business Consultancy Projectlg...
|9
|672
|47
Designing a Mobile Application for Wastage of Food: Pre-Production Prototype, Market Validation, and Business Start-Uplg...
|14
|802
|441
Operational and Project Managementlg...
|10
|795
|91
Foundation of Business Managementlg...
|13
|2673
|68