logo

PROJ586 Project Management Systems

8 Pages2058 Words93 Views
   

Project Management Systems (PROJ586)

   

Added on  2020-04-13

PROJ586 Project Management Systems

   

Project Management Systems (PROJ586)

   Added on 2020-04-13

ShareRelated Documents
PROJECT BUDGET ANALYSIS[Project Name]Week 4: Project Budget Analysis[Student Name]DeVry University / Keller Graduate School of ManagementPROJ586 - Project Management Systems[Date]
PROJ586 Project Management Systems_1
Budget AnalysisEssay 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 financialcrisis or problems.Task NameDurationCostDevelopment of Cloud Based Softwarefor Accounting Professionals270 days$74,808.00 Project Initiation35 days$8,800.00 Analysis of Project Requirement9 days$4,032.00 Analysis of Existing Issues in the Organization8 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 System6 days$816.00 Preparation of a Draft Project Plan5 days$680.00 Project Planning66 days$24,736.00 Appointment of Stakeholders for the Project9 days$2,664.00 Analysis of the Initial Project Plan10 days$2,720.00 Discussion between Stakeholders8 days$8,064.00 Cost Estimation 10 days$4,400.00 Time Estimation8 days$1,088.00 Preparation of Final Project Plan10 days$4,480.00 Selection of Development Team11 days$1,320.00 Project Development102 days$25,736.00 Allocation of Resources13 days$2,080.00 Procurement of Necessary Hardware12 days$3,360.00 Procurement of Necessary Software18 days$2,592.00 Initiation of Development22 days$6,160.00 Subscription to Cloud Services16 days$2,304.00 Development of the Online Accounting System15 days$4,200.00
PROJ586 Project Management Systems_2
PROJECT BUDGET ANALYSIS Development of Online Intelligent Portal18 days$5,040.00 Project Testing22 days$2,992.00 Testing of the Developed AccountingSystem10 days$1,360.00 Testing of the Portal12 days$1,632.00 Project Execution40 days$8,896.00 Execution of the Developed Software13 days$1,872.00 Identification of Bugs and Glitches11 days$1,584.00 Risk Analysis13 days$3,536.00 Risk Management14 days$1,904.00 Project Closure5 days$3,648.00 Project Completion2 days$2,224.00 Project Documentation1 day$136.00 Stakeholder Sign Off1 day$1,112.00 Project Manager Sign Off1 day$176.00Yes, 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 isnot 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.
PROJ586 Project Management Systems_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Online Stud Farm Management System - Project Scope, Work Breakdown Structure, Assumptions and Constraints
|8
|672
|407

The Project Costing System
|14
|1374
|60

Project Management of Customer Relationship Program
|12
|1962
|32

Project Management for Cloud-Based Software Development
|11
|1695
|410

WBS and Cost Budget Estimation for Construction of a New Building
|8
|1428
|176

Case Study- Medigood: Information System Development for Healthcare Insurance Company
|14
|2453
|178