Project Planning and Budgeting: The Bunglow Project

Running head: PROJECT PLANNING AND BUDGETING
Project Planning and Budgeting: The Bunglow Project
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1PROJECT PLANNING AND BUDGETING
Table of Contents
Part A...................................................................................................................................2
Initial discussion..............................................................................................................2
Respond to a fellow discussion........................................................................................3
Part B: Cost and Quality Management plan........................................................................4
1. Project cost management plan.........................................................................................4
1.1 Processes of cost management...................................................................................4
1.2 Tools and techniques of cost management................................................................5
1.3 Justification for the taken budgetary plan..................................................................5
2. Quality management plan for the Bunglow project.........................................................7
2.1 Quality management processes..................................................................................7
2.2 Quality management tools and techniques................................................................8
2.3 Quality assurance plan...............................................................................................8
2.4 Importance of quality monitoring for the project......................................................9
References..........................................................................................................................10

2PROJECT PLANNING AND BUDGETING
Part A
Initial discussion
Project quality can be defined as one of the most essential professional project knowledge
areas that help the project owners to deliver a satisfactory project outcome to the clients. Quality
is the very last consideration for project owners. Regardless of size and type, the project owner is
needed to prepare a best quality management plan. The project manager is always responsible to
define and codify standards for developing a quality management plan. Quality of any project
must be measured much frequently (weekly, daily and monthly) based on the importance.
For managing quality of a project different tools and techniques are available.
Considering various aspects the most suitable quality management tools and techniques such as
cause and effect diagram, scatter diagram, histogram, control chart, statistical sampling, control
charts, flow chart and Pareto chart with Pareto analysis are needed to be selected and applied by
the project manager while implementing the project. The quality of any project can be assured
through quality assurance program. Based on the SMART benchmark the project quality
management plan should be prepared by the project managers. Quality project can control the
project cost and avoid challenges of overrunning time and over allocation of resources.
According to Ahern, Leavy and Byrne (2014), project cost can also impact the quality of a
project.
For instance, Corwin Corporation a much known rubber based product manufacturing
company took a project of PETER Company with a fixed price of $250,000. However due to
lack of quality management plan the project failed to meet the owner’s expectation.

3PROJECT PLANNING AND BUDGETING
Respond to a fellow discussion
I feel that, the post is compact, brief and nicely presented but could have been better than
this if the importances of the identified knowledge factors (cost and quality) are discussed little
deeply with real life examples. I think that the role of quality management and cost management
in project success plays active role. However, the relationship between the quality management
plan and cost management plan are not properly elaborated. Apart from that, it is also not
mentioned that how quality project helps a project manager or entire organization to gain
measureable global competitive advantages and commercial revenue as well. However, in order
to gain exponential commercial growth only quality management plan is not enough rather both
the knowledge areas are equally important.
I also feel that, individually the benefits of quality management plan and cost
management plan should have been discussed considering an example of cost baseline setting. I
have realized that, nothing has been mentioned regarding the quality assurance and quality
monitoring needs. These could have been discussed but these are missing. I would like to add on
the importance of Total Quality Management activities also. I feel that quality monitoring plan
must be used by any project manager frequently to avoid any sort of project development and
implementation risks. These details are also not demonstrated in the discussions. Overall the
discussion is good but more specifications would have helped the readers to understand more
about the crucial importance of cost and quality management planning.