Project Schedule and Cost Management Plans

This report discusses the importance of project planning, budgeting, financing, funding, managing, and controlling in business. It covers the phases of project planning and estimation, and the significance of Gantt charts. The report also includes a project plan for WRCF, which involves the construction and designing of an apartment, and the total cost estimation of $9,275,000. The report emphasizes the importance of proper planning and allocation of resources for the success of a project plan.

Project Schedule and
cost management plans

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Project planning in an business ensures all the success and this can also be attained at time anf
this is considered as the important function of the business as this can impact in the technical
review of the business as this plan helps in increasing the productibility and profitability level of
business. These planning also allows profitability and this also gives them a job an customer
satisfaction to the business. This also builds the trust in the society for the further investment of
business and this can help in reducing the project or any plan failure. As there in an effective
process which is done by tools and this also gives opportunities to the business for the better
functioning of the business. This report involves the project plan of WRCF and this involves
various involves factors which involves planning to budgeting of the business in an effective
manner. The analysation of this report is described below.

TASK
Project planning basically has five phases which involves initiation where plan is being decided
then planning plan according to the initiation and then the plan gets executed in the business after
than it gets monitor effectively and then all the measures can control for the better management
of the business and lastly closure of the plan. This project plan basically server the roadmap and
this is made for the entire process of the project plan and this plan can also get repeated for the
next business plan. As project planning involves the main aim and objective of the plan and this
also involves the scope of the business plan as this involves the project tendency to solve the
issue related to the project plan(Galin, 2018). This also involves scheduling of task and this is
given in the timeline and further this also helps in generating he progress report of the business
plan which can be used for generating the progress report of the business and this also involves
the work which is related to the deliverables, outcome and performed. This also involves project
planning fundamentals as this determines the resource, scope and cost of the business which
further helps in estimating the skill set and human resource of the business. This also involves
the breakdown structure and this further helps in the segmenting the task into smaller parts for
the better assessment of the business and project plan. This helps in identifying the problem of
the project plan as this involves various meetings, surveys and various information related to
this. This also involves the identification of the stakeholders which helps in solving the problem
of business as in this report the project is about the construction of the apartment which also
involves the costing and budgeting as this project also evaluated the total cost of $9,275,000 and
this also involves the construction and designing of apartment from land to the designing of the
construction building appropriately. As the plan of project management further involves various
process that is described below.
Planning
As project planning is known as the management phase as this has the entire project planning
and this is done in various steps and this also ensures the viability of the cost and resources
according to the product and in this all the resources is assigned and allocated on time(Sætertrø,
Holmen, and de Boer, L). As planning acquires all the cost, time and scope which is required in the
process of planning and this can also helpful in identifying all the required risk effectively as this
is used monitor all the performance of the project plan and the team as Mark has created a
project plan and identified all the potential stakeholders involving all the customers and in this

team is also involved to complete the project as they has included the time table for recording all
the related activities for the better management. As this is also known as project scheduling and
this helps in working in an plan and in an appropriate manner for the better functioning of the
project. As they has decided the long run and short run strategy for the better results of the cost
in this project plan.
Estimating
As project estimation is known as the process which helps in forecasting all the cost, time ad
resources which be used in delivering the project as this can done after planning and this usually
contains all the potential risk, scope and deadlines of the project as this can be done in an project
plan by knowing all the responsibilities and the process and this also helps creating the better
data for making the better estimation of the project and this can also helps in the cost estimation
of the project(Chandrasekara, and Yapa, 2018). As the estimation of this project is analysed
$9.275,000 and this cost also involve the contingencies and after this $8,500,000 is involved for
the construction of the facility and for the operational work it is estimating costing $500,000 and
for the legal work it is estimated at $150,000 and for the marketing and promotion it can costed
around the $2,250.000 per year for the better results of the investment and this helps in analysing
the cost of the project plan for the effective use of cost and the available resources in the
business(de Quinteros, 2021).
Budgeting
As budgeting is the activity which is important in the project plan as this is important for the
implementation and the preparation of the budget effectively. As there are various method of
budgeting which can be used by Mark as they can use traditional budgeting method and this can
current year and budgeting can help and this also helps in adjusting all the expenses and this can
be in the form of market situation, inflation rate and consumer demand as this method and
technique is easy to prepare and this will also help in managing the cost of construction
effectively and this is also implemented for the rigid budgets(CODE, L.O).
Financing
Project financing is known as an long term limited resources and this is also known as the
financing solution which helps in the project plan and this also helps in fulfilling gap in between
the lenders and the sponsors for the better fund procurement as in project financing it is
important to estimate the capital and with an financing scheme and this can also solve various

kind of financial risk of the project plan of construction as this involves various stages and in this
there is a pre financing stage which helps in identifying all the strategic plan and this can also
helps in fulfilling all the requirement of the project as in financing stage it involves all the
payment and loan methods and lastly in the post financing stage it involves the loan repayment
and the project closure(Ntai, 2020).
Funding
In an project it is important to known about the funding requirements of the business and this can
help in better commencing of the project and in an effective manner as there are basically two
kind of methods of funding and this involves the total method of funding and this also involves
the funding method according to the requirements of the project as in an project commencing an
cost baseline is considered as the important part of the business and this helps in the better
determination of the project and this also helps in fulfilling all the funding requirements of the
business effectively(Lance, 2020).
Managing
As it is important to manage a project plan effectively with the proper planning and allocating all
the required resources and cost of the business plan as this helps in the better functioning of the
project plan and this can also benefit the business in future as Mark has allocated all the
resources according as they are facing shortage in the suppliers of the raw material so it is
suggested to switch the suppliers of the business and there supply chain for the better and
continuous fulfilments of the project in financial basis(Butler, Vijayasarathy, and Roberts, 2020).
Controlling
As after all the planning and procedure which is estimated for the project plan is commenced
after that it is important to control all the measures and all the strategies accordingly for the
better assessment of the business and there planning methods as without controlling the factors
of the business can result in maximizing the cost of the project plan and this can decrease the
level of profitability of the business plan. This is making the project plan more effective and this
also makes the overall project effective by the proper controlling and the team management in
the business and this can also help in increasing the rate of productivity and revenue growth after
the expansion of the project plan effectively(Bryson, 2021).
Gantt chart

CONCLUSION
This report has that in an business any project plan requires proper planning of the business plan
as this can help in boosting all performance of the project and this can also help in increasing the
success rate of the business and there plan as this also help in reducing the cost of business and
this saves the money of the organisation and this also lead in building the team communication
of the project plan effectively.

REFERENCES
Books and Journals
Galin, D., 2018. SQA Plan and Project Plan.
Sætertrø, H., Holmen, E. and de Boer, L., PhD Project Plan.
Chandrasekara, C. and Yapa, S., 2018. Roadmap/Project Plan and Resources. In Effective Team Management with
VSTS and TFS (pp. 117-142). Apress, Berkeley, CA.
CODE, L.O., Project plan.
Lance, B., 2020. Multi-Fidelity Toolkit (MFTK) Credibility Project Plan (No. SAND2020-11604PE). Sandia
National Lab.(SNL-NM), Albuquerque, NM (United States).
Bryson, J., 2021. RE: Annual Quality Assurance Project Plan Updates for Butte Reduction Works Smelter Area
Mine Waste Remediation and Contaminated Groundwater Hydraulic Control Site.
Butler, C.W., Vijayasarathy, L.R. and Roberts, N., 2020. Managing software development projects for success:
Aligning plan-and agility-based approaches to project complexity and project dynamism. Project Management
Journal, 51(3), pp.262-277.
Ntai, M., 2020. Lesotho-AFRICA EAST-P173939-Lesotho COVID-19 Emergency Preparedness and Response
Project-Procurement Plan.
de Quinteros, B.P.F., 2021. El Salvador-LATIN AMERICA AND CARIBBEAN-P173872-El Salvador COVID-19
Emergency Response Project-Procurement Plan.