Budget and Resource Management Plan - Project Assignment - Semester 1

This project assignment focuses on budget and resource management within a leadership context. It begins with a discussion of cost estimation methods used to create an initial budget and an updated budget, including explanations for any differences. The assignment requires the creation of a budget, including estimated labor, materials, contractors, equipment, and travel costs, along with a contingency plan. It also covers resource management, specifically the assignment of resources to tasks using MS Project, and includes a screenshot of the WBS/Gantt chart. Finally, the assignment addresses team management, outlining strategies for team motivation and conflict management. The project provides practical insights into managing resources and leading teams effectively.

Budget and Resource Management Plan
Project Budget
1. Estimation Methods
(About ½ page. Write a short paragraph to explain which methods you are
using to come up you’re your cost estimates. E.G. top-down, bottom-up,
three point, one point, analogous, etc. You don’t have to use more than
one method.)
2. Budget
(Use the table below to enter the original budget from you Charter, and an
updated budget based the additional information about the project you
might have uncovered since you did the Charter. Also give a brief
explanation of numbers that have changed. NOTE: The cost categories in
the first column can be different than the ones shown below.)
Category Original
budget
(Charter)
Updated
budget
Explanation of the
difference between the two
budgets
Estimated Labor
Estimated Materials
Estimated Contractors
Estimated Equipment and
Facilities
Estimated Travel
Total Estimated Cost
3. Budget Contingency Plan
 Contingency amount
(Specify how much money you will put away for contingencies
(unforeseen events).)
 Justification

(Write a short paragraph that explains why you are selecting this
amount. Hint: The simplest approach is to make the contingency
amount a certain percentage of the total budget. 5% or 10% is
common.)

Resource Management
1. Resource Assignments
(Using MS Project, assign resources to individual task to WBS/Gantt chart
that you created in a previous assignment. The only resources that need
to be assigned are people. Don’t worry about equipment and materials.
Submit the MS Project file to the Dropbox. Here, place a screen capture of
the worksheet showing WBS tasks, durations, dates, predecessors, and
resources.)
2. Team Management Plan
 Motivation
(About ½ page. Summarize/list strategies you will use to motivate your
team.)
 Conflict Management
(About ½ page. Summarize/list techniques you will use to handle team
conflict.)
3. Project Structure
(This section is optional.)