Project Management Project Management Name of the University Author
Added on 2019-10-30
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Running head: PROJECT MANAGEMENTProject ManagementName of the StudentName of the UniversityAuthor’s Note
PROJECT MANAGEMENT1Table of Contents1. Develop appropriate budget and illustrate all the details that are needed for budget preparation.........................................................................................................................................................21.1 Project budget........................................................................................................................21.2 Illustration of the assumptions that are made for preparing the budget................................32. Preparation of project schedule and discussion of relative merits of various methods, tools aswell as techniques............................................................................................................................42.1 Project schedule.....................................................................................................................42.2 Discussion of merits of the methods, tools and techniques used...........................................52.3 Compare with different methodology, tools as well as techniques.......................................63. Estimation of the resources required for project completion and identification of tools as wellas techniques that might be used.....................................................................................................73.1 Estimation of resources for successful project completion...................................................73.2 Critical path...........................................................................................................................93.1 Tools and techniques used.....................................................................................................9Bibliography..................................................................................................................................10
PROJECT MANAGEMENT21. Develop appropriate budget and illustrate all the details that are needed forbudget preparation1.1 Project budget The budget that is estimated for repairing the Australian storage facility is around$80,000.00. The budget that is required for completing the various activities of the project isaround 57,840.00. Moreover, the remaining budget will be utilized for additional requirementsthat are needed for completing the project within the time and budget that is estimated (Ahern,Leavy and Byrne 2014).
PROJECT MANAGEMENT3Figure 1: Budget Sheet(Source: Created by Author)1.2 Illustration of the assumptions that are made for preparing the budget The assumptions that are made for preparing the budget of the project are as follows:Cost of the requirement does not vary much: The project manager analyzes the marketand then after identifying the cost of various requirements of the project they estimate the costthat is spent on the project requirements (Fleming and Koppelman 2016). It is identified thatduring preparation of project budget they assumed that the market cost of the requirements doesnot very much in comparison to the cost that is assumed by them.Scope creep will not occur: The project manager assumed that the budget that the scopecreeps would not occur within the project. If it occur then the assumed budget will vary withthen budget that is utilized for completing the project.Budget for completing the activities: The budget that is assumed for completing thedifferent activities of the project is around 60,000.00Budget for planning phase: The project manager assumed that the entire phase ofproject planning would be completed within the budget that is around $11,750.Budget for risk minimization: The project manager assumed that the budget that isneeded for minimizing the risks of Western Australian storage facility is around $5,750.Additional budget: The project manager assumed that $30,000 would be kept foradditional requirement that are needed for completing the project successfully.
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