Project Management Strategies for Success

This assignment delves into the critical strategies employed in successful project management. It emphasizes the importance of understanding individual strengths and weaknesses within a team to distribute responsibilities effectively. The document highlights the value of fostering diverse work environments and conducting regular meetings to address challenges faced by team members. Furthermore, it underscores the significance of clear communication, risk assessment, and earned value management for ensuring projects are completed on time and within budget.

PROJECT BUDGET ANALYSIS
[Project Name]
Week 4: Project Budget Analysis
[Student Name]
DeVry University / Keller Graduate School of Management
PROJ586 - Project Management Systems
[Date]

0
PROJECT BUDGET ANALYSIS
Budget Analysis
Essay Question #1: What is your total budget for this project? Does this budget make sense?
The total budget that is estimated for this project is around $74,808. The budget that is
needed for completing each of the activities of the project is shown in the table below. The
budget that is required for completing the initiation phase of the project is around $8,800
whereas the budget that is needed for the planning phase is $24,736. Similarly the budget that is
needed for the execution phase is around 25,736. It is identified that it is quite important to
complete the entire activities of the project within the budget that is estimated. If the project will
be completed within the assumed budget then the organizarion will not face any type of financial
crisis or problems.
Task Name Duration Cost
Development of Cloud Based Software
for Accounting Professionals 270 days $74,808.00
Project Initiation 35 days $8,800.00
Analysis of Project Requirement 9 days $4,032.00
Analysis of Existing Issues in the
Organization 8 days $1,088.00
Analysis of the Benefit from the
Proposed New Cloud Based Software
System
7 days $2,184.00
Analysis of the Need for New
Accounting System 6 days $816.00
Preparation of a Draft Project Plan 5 days $680.00
Project Planning 66 days $24,736.00
Appointment of Stakeholders for the
Project 9 days $2,664.00
Analysis of the Initial Project Plan 10 days $2,720.00
Discussion between Stakeholders 8 days $8,064.00
Cost Estimation 10 days $4,400.00
Time Estimation 8 days $1,088.00
Preparation of Final Project Plan 10 days $4,480.00
Selection of Development Team 11 days $1,320.00
Project Development 102 days $25,736.00
Allocation of Resources 13 days $2,080.00
Procurement of Necessary Hardware 12 days $3,360.00
Procurement of Necessary Software 18 days $2,592.00
Initiation of Development 22 days $6,160.00
Subscription to Cloud Services 16 days $2,304.00
Development of the Online
Accounting System 15 days $4,200.00

PROJECT BUDGET ANALYSIS
Development of Online Intelligent
Portal 18 days $5,040.00
Project Testing 22 days $2,992.00
Testing of the Developed Accounting
System 10 days $1,360.00
Testing of the Portal 12 days $1,632.00
Project Execution 40 days $8,896.00
Execution of the Developed Software 13 days $1,872.00
Identification of Bugs and Glitches 11 days $1,584.00
Risk Analysis 13 days $3,536.00
Risk Management 14 days $1,904.00
Project Closure 5 days $3,648.00
Project Completion 2 days $2,224.00
Project Documentation 1 day $136.00
Stakeholder Sign Off 1 day $1,112.00
Project Manager Sign Off 1 day $176.00
Yes, the budget of the project that is estimated makes sense. It is identified that the
estimated budget of the project is around $75,000.00 and the budget that is required for
completing each of the activities of the project is around $74,808. Thus, it can be analyzed that
the entire project will be completed within the budget that is estimated which further achieves
one of the activities of the project. The project manager will be able to complete the project
within the budget that is estimated because they manage the activities of the project properly and
maintains proper tracking in order to monitor whether the project is completed on time or not.
This helps in ensuring that the project is progressing by utilizing the correct time. If the project is
not managed on time, the budget of the project will increase (Khamooshi & Abdi, 2016). In
addition this, the project manager analyzes the cost of the equipments as well as other
requirements of the project properly so that the budget of the project does not exceed the
estimated budget of the project. Moreover they found cheaper contracts, resources in order to
complete the project without compromising the project quality. The number of days that is
needed for the project is also shortens as per the needs so that the project can be completed
within the budget that is estimated without creating any financial risk for the organization.

PROJECT BUDGET ANALYSIS
Essay Question #2: What can be done to lower the budget and reduce the project’s
duration?
Cost is considered as one of the important factor for measuring the success of the
project. The project manager who is able to deliver the project on time and within the estimated
budget is in high demand. It is identified that there are number of ways in which the project
manager can be able to lower the budget of the project. The set of cost cutting measures that are
elaborated below helps in making changes that further assists in keeping the project on target for
its original schedule, cost as well as scope objectives.
Finding cheaper contracts: It is identified that one of the best way of lowering the cost
of the project is to solicit proposal from different bidders. The contractors are quite quick in
discovering that whether they have competition and can be able to adjust the project cost
accordingly. It is very much important to open the contract to different sub contractors and the
best one must be selected (Fleming, & Koppelman, 2016). As time is considered as money, it is
quite important to research the past performance of the companies and they must go with the
organization that has on-time delivery reputation. It is analyzed that the specialized companies
can be able to work quite faster and they are cheaper even at high rate.
Finding cheaper resources: The companies generally hire recent college graduates
though they require training because they are quite cheaper as compared to experienced workers.
In order to assign cheaper resources for the project, it is quite beneficial to break up log sequence
of tasks into smaller tasks and then cheaper resources must be assigned to the tasks that are small
(Verweij, 2015). It is found that short tasks are quite helpful in providing flexibility in context to
resource assignments.
Shorten the duration of the project: It is quite important to optimize the schedule of the
project by reducing the, longest path. If the project manager is able to shorten the duration of the
project then the labor expense of the project can be reduced (Huet et al., 2014). In addition to
this, cost associated with other facility as well as other administrative operation needs to be
minimized.
Preventing overtime work: If the overtime work of the project are considered the in
this situation, it is quite important to determine the higher priority time, cost as well as limit
overtime must work accordingly (Kendrick, 2015).
Smoothing workloads: If the workload of the resources is smoothen then the hidden cost
of the resources can be reduced. A smooth workload is also helpful in reducing unproductive
effort that is generally produced from an erratic schedule.
Re-examining effort estimates: The needed duration of the project must be reexamined
for shortening the schedule of the project that further helps in reducing the cost (Ghaffari,

PROJECT BUDGET ANALYSIS
Sheikhahmadi, & Safakish, 2014). This generally needs some type of renegotiation with the team
members as well as resource managers.
The duration of the project can be reduced by following some of the methods that are
elaborated below:
Keeping track on utilized time for eliminating time wasters: When working on the
next project, it is quite important to set a timer in order to complete a given project (Sahu &
Sahu, 2014). Tracking should not only be performed on the steps of project completion but also
on the activities that are not associated with the project.
Creating agenda or proper system to follow: It is quite important to make weekly or
daily lists including details of each item in order to cross off each task after accomplishing
(Bryde, Broquetas & Volm, 2013). This not only helps in allowing an individual to feel good but
also helps in ensuring that one is preceding with the project activities in correct time.
Collaborating as well as delegation: The work of the project must be split up so that the
individuals who are weak in specific area does not have spend their time on completing that part
of the project when someone who strong in that particular areas is present in the project team
(Yan, Zhang & Zou, 2016). In addition to this, strength as well as weaknesses must be discussed
with the project teams so that the responsibilities of the project can be distributed as per the
strengths of the individuals so that it can be completed on time.
Understanding the procedure of work: It is quite important for the project team
members to work in different environment (Beklemishev, 2013). It is identified that after
working in different environment they will get knowledge about which environment is suitable
for them.
Proper meetings with the team members: The project manager must arranges meetings
with the team members on a weekly or monthly bass in order to understand their problem. This
meeting is arranged so that the team members can share their views about the complexity they
face in the project (Khamooshi & Abdi, 2016). If their problems are reduced then it will be quite
easier for them to complete the entire project on time.

PROJECT BUDGET ANALYSIS

PROJECT BUDGET ANALYSIS
References
Beklemishev, A. (2013). Novosibirsk project of gas-dynamic multiple-mirror trap. Fusion
Science and Technology, 63(1T), 46-51.
Bryde, D., Broquetas, M., & Volm, J. M. (2013). The project benefits of building information
modelling (BIM). International journal of project management, 31(7), 971-980.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Ghaffari, M., Sheikhahmadi, F., & Safakish, G. (2014). Modeling and risk analysis of virtual
project team through project life cycle with fuzzy approach. Computers & Industrial
Engineering, 72, 98-105.
Huet, K., Toqué-Tresonne, I., Mazzamuto, F., Emeraud, T., & Besaucèle, H. (2014, May). Laser
thermal annealing: A low thermal budget solution for advanced structures and new
materials. In Junction Technology (IWJT), 2014 International Workshop on (pp. 1-6).
IEEE.
Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing
your project. AMACOM Div American Mgmt Assn.
Khamooshi, H., & Abdi, A. (2016). Project duration forecasting using earned duration
management with exponential smoothing techniques. Journal of Management in
Engineering, 33(1), 04016032.
Sahu, K., & Sahu, M. (2014). Cost & time and also minimum project duration using alternative
method. International Review of Applied Engineering Research, 4, 403-412.

PROJECT BUDGET ANALYSIS
Verweij, S. (2015). Achieving satisfaction when implementing PPP transportation infrastructure
projects: A qualitative comparative analysis of the A15 highway DBFM
project. International Journal of Project Management, 33(1), 189-200.
Yan, Q., Zhang, Q., & Zou, X. (2016). A Cost Optimization Model for Multiresource Leveling
Problem without Project Duration Constraint. Discrete Dynamics in Nature and
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