Project Management: Schedule, Budget, Risk Management

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

PROJECT MANAGEMENT
1
Table of Contents
1. Preparation of schedule.......................................................................................................2
1.1 Project schedule...........................................................................................................2
1.2 Relative merits of the methods, tools and techniques.................................................5
1.3 Comparison with the tools that are not used...............................................................6
1.4 Stress point on the critical path...................................................................................7
1.5 Tools and techniques used for the critical path...........................................................8
2. Budget....................................................................................................................................8
2.1 Budget for the project.......................................................................................................8
2.2 Assumptions that are made in preparing the budget........................................................9
2.3 Actions required for controlling the cost.........................................................................9
3. Project risk management......................................................................................................10
3.1 Identification of tools and techniques that are used or risk management......................10
3.2 Qualitative and quantitative risk analysis with risk response strategies for mitigating
the risk..................................................................................................................................10
Bibliography.............................................................................................................................14
Bibliography.............................................................................................................................15

PROJECT MANAGEMENT
2
1. Preparation of schedule
1.1 Project schedule
The schedule which is prepared below for the renovation of the shop includes key
milestones as well as resources that are needed for the project.
WB
S
ID
Activity
description
Preceden
ce
Durati
on
estima
te
Resources Cost
Estimat
e
0 Renovation of
Royale Pizza
shop
6 mons AU$
40,000.00
1 Design stage 1 mon AU$
5,000.00
1.1 Conducting
meeting with the
designer
1 day Project management
consultant
AU$
200.00
1.2 Undertaking
sketch studies
2 4 days Designer, Project
management
consultant
AU$
300.00
1.3 Undertaking
preliminary
design for shop
renovation
3 5 days Designer AU$
1,500.00

PROJECT MANAGEMENT
3
1.4 Creating
detailed design
4 10 days Contractor,
Designer
AU$
3,000.00
1.5 Milestone 1:
Getting approval
for the project
design that is
developed
5 0 days AU$ 0.00
2 Procurement
and delivery
phase
2 mons AU$
18,000.00
2.1 Determining
suppliers and
other
construction
contractors
5 8 days Procurement
manager, Project
management
consultant, Project
manager
AU$
200.00
2.2
Recommending
vendors
8 5 days Procurement
manager, Project
management
consultant
AU$
300.00
2.3 Purchasing
orders and
executing
contracts
9 8 days Equipment suppliers AU$
7,000.00
2.4 Purchasing of
deep fryers,
10 9 days Equipment suppliers AU$
4,000.00