Project Plan: Budget, Schedule, and Resources for Oil Storage Facility

This document presents a comprehensive project plan for upgrading an oil storage facility. It includes a detailed budget, estimating the costs for various project stages such as initiation, planning, execution, and closing, along with assumptions made during budget preparation. The project schedule outlines key milestones and deliverables, utilizing a Gantt chart for visualization and Microsoft Project for efficient management. Resource allocation is also thoroughly addressed, identifying the types and quantities of resources required, including personnel, materials, and equipment. A critical path analysis is performed to identify potential bottlenecks and ensure timely project completion. The plan also justifies the selection of specific project management tools and techniques, comparing them with alternatives and explaining their suitability for the project's scope and complexity. This project plan provides a structured approach to managing the oil storage facility upgrade, ensuring cost-effectiveness, adherence to timelines, and efficient resource utilization.

Running Head: PROJECT MANAGEMENT
Project Budget, Schedule and Resources
Name of the Student
Name of the University

1PROJECT MANAGEMENT
1. Project Budget
The estimated project budget as per the deliverables is shown in the following table.
Task Name Cost
Upgradation of Oil Storage Facility $5,163,800.00 [TOTAL BUDGET]
Project Initiation Stage $266,400.00
Survey of the Site $51,000.00
Identification of the Issues and
Problems
$17,000.00
Call Team Meeting $4,000.00
Discuss the Issues $48,000.00
Find Possible Solutions $19,200.00
Discuss Project Feasibility $19,200.00
Prepare Initial Budget Estimate $38,400.00
Make Assumptions Regarding Project $38,400.00
Determine Project Constraints $19,200.00
Review Proposed Plan $4,000.00

2PROJECT MANAGEMENT
Approve Project $8,000.00
Project Planning Stage $144,600.00
Develop Business Case $48,000.00
Develop a Detailed Project Charter $14,000.00
Determine Project Scope $14,000.00
Develop Project Objectives $5,600.00
Prepare Project Work Breakdown
Structure
$2,800.00
Develop Gantt Chart $1,400.00
Estimate Project Schedule $1,400.00
Estimate Project Budget $1,400.00
Appoint Roles to Stakeholders $8,000.00
Release Tenders for Contract $10,000.00
Hire Contractors based on Lowest Bid $4,000.00
Contact Sponsor $9,600.00
Procure Project Budget $9,600.00
Provide Project Plan to the Contractor $2,800.00

3PROJECT MANAGEMENT
Initiate Project $12,000.00
Project Execution Stage $4,594,000.00
Works on Tank 1 $1,358,000.00
Relocation of Attached Structures
and Equipments
$120,000.00
Install Scaffolding $21,000.00
Install Cranes $46,000.00
Start Repair Work $21,000.00
Add Steel Patches $400,000.00
Add Steel Anchors $500,000.00
Cleaning of Tank $85,000.00
Repaint of the Tank $85,000.00
Remove Cranes $40,000.00
Remove Scaffolds $40,000.00
Works on Tank 2 $1,548,000.00
Relocation of Attached Structures $120,000.00

4PROJECT MANAGEMENT
and Equipments
Install Scaffolding $21,000.00
Install Cranes $46,000.00
Start Repair Work $21,000.00
Add Steel Patches $590,000.00
Add Steel Anchors $500,000.00
Cleaning of Tank $85,000.00
Repaint of the Tank $85,000.00
Remove Cranes $40,000.00
Remove Scaffolds $40,000.00
Works on Tank 3 $1,688,000.00
Relocation of Attached Structures
and Equipments
$120,000.00
Install Scaffolding $21,000.00
Install Cranes $46,000.00
Start Repair Work $21,000.00
Add Steel Patches $540,000.00

5PROJECT MANAGEMENT
Add Steel Anchors $540,000.00
Replace Main Supply Valve $150,000.00
Cleaning of Tank $85,000.00
Repaint of the Tank $85,000.00
Remove Cranes $40,000.00
Remove Scaffolds $40,000.00
Project Closing Stage $158,800.00
Project Handover $4,000.00
Review of the Entire Project $72,000.00
Project Documentation $14,000.00
Clearing of Payments and Dues $48,000.00
Stakeholder Signoff $16,800.00
Project Closing $4,000.00
While preparing this budget, the assumptions that have been made are as follows
(Kerzner and Kerzner 2017).

6PROJECT MANAGEMENT
The material costs are one time payments and the values of the prices will not
change within a very short time.
The budget costs for the human resources have been calculated as per hours of
work per day.
The budget has been prepared without contingency budget that will be added
additionally to the budget.
2. Project Schedule
An estimated schedule for the case study project is shown in the following table.
Task Name Duration Start Finish
Upgradation of Oil Storage Facility 283 days Mon 07-05-18 Wed 05-06-19
Project Initiation Stage 47 days Mon 07-05-18 Tue 10-07-18
Survey of the Site 15 days Mon 07-05-18 Fri 25-05-18
Identification of the Issues and
Problems
5 days Mon 28-05-18 Fri 01-06-18
Call Team Meeting 2 days Mon 04-06-18 Tue 05-06-18
Discuss the Issues 5 days Wed 06-06-18 Tue 12-06-18
Find Possible Solutions 2 days Wed 13-06-18 Thu 14-06-18
Discuss Project Feasibility 2 days Fri 15-06-18 Mon 18-06-18

7PROJECT MANAGEMENT
Prepare Initial Budget Estimate 4 days Tue 19-06-18 Fri 22-06-18
Make Assumptions Regarding
Project
4 days Mon 25-06-18 Thu 28-06-18
Determine Project Constraints 2 days Fri 29-06-18 Mon 02-07-18
Review Proposed Plan 2 days Tue 03-07-18 Wed 04-07-18
Approve Project 4 days Thu 05-07-18 Tue 10-07-18
Project Planning Stage 66 days Wed 11-07-18 Wed 10-10-18
Develop Business Case 10 days Wed 11-07-18 Tue 24-07-18
Develop a Detailed Project Charter 10 days Wed 25-07-18 Tue 07-08-18
Determine Project Scope 5 days Wed 08-08-18 Tue 14-08-18
Develop Project Objectives 4 days Wed 15-08-18 Mon 20-08-18
Prepare Project Work Breakdown
Structure
2 days Tue 21-08-18 Wed 22-08-18
Develop Gantt Chart 1 day Thu 23-08-18 Thu 23-08-18
Estimate Project Schedule 1 day Fri 24-08-18 Fri 24-08-18
Estimate Project Budget 1 day Mon 27-08-18 Mon 27-08-18
Appoint Roles to Stakeholders 4 days Tue 28-08-18 Fri 31-08-18

8PROJECT MANAGEMENT
Release Tenders for Contract 5 days Mon 03-09-18 Fri 07-09-18
Hire Contractors based on Lowest
Bid
2 days Mon 10-09-18 Tue 11-09-18
Contact Sponsor 2 days Wed 12-09-18 Thu 13-09-18
Procure Project Budget 2 days Fri 14-09-18 Mon 17-09-18
Provide Project Plan to the
Contractor
2 days Tue 18-09-18 Wed 19-09-18
Initiate Project 15 days Thu 20-09-18 Wed 10-10-18
Project Execution Stage 126 days Thu 11-10-18 Thu 04-04-19
Works on Tank 1 101 days Thu 11-10-18 Thu 28-02-19
Relocation of Attached
Structures and Equipments
15 days Thu 11-10-18 Wed 31-10-18
Install Scaffolding 2 days Thu 01-11-18 Fri 02-11-18
Install Cranes 2 days Mon 05-11-18 Tue 06-11-18
Start Repair Work 2 days Wed 07-11-18 Thu 08-11-18
Add Steel Patches 25 days Fri 09-11-18 Thu 13-12-18

9PROJECT MANAGEMENT
Add Steel Anchors 25 days Fri 14-12-18 Thu 17-01-19
Cleaning of Tank 10 days Fri 18-01-19 Thu 31-01-19
Repaint of the Tank 10 days Fri 01-02-19 Thu 14-02-19
Remove Cranes 5 days Fri 15-02-19 Thu 21-02-19
Remove Scaffolds 5 days Fri 22-02-19 Thu 28-02-19
Works on Tank 2 106 days Thu 11-10-18 Thu 07-03-19
Relocation of Attached
Structures and Equipments
15 days Thu 11-10-18 Wed 31-10-18
Install Scaffolding 2 days Thu 01-11-18 Fri 02-11-18
Install Cranes 2 days Mon 05-11-18 Tue 06-11-18
Start Repair Work 2 days Wed 07-11-18 Thu 08-11-18
Add Steel Patches 30 days Fri 09-11-18 Thu 20-12-18
Add Steel Anchors 25 days Fri 21-12-18 Thu 24-01-19
Cleaning of Tank 10 days Fri 25-01-19 Thu 07-02-19
Repaint of the Tank 10 days Fri 08-02-19 Thu 21-02-19
Remove Cranes 5 days Fri 22-02-19 Thu 28-02-19
Remove Scaffolds 5 days Fri 01-03-19 Thu 07-03-19

10PROJECT MANAGEMENT
Works on Tank 3 126 days Thu 11-10-18 Thu 04-04-19
Relocation of Attached
Structures and Equipments
15 days Thu 11-10-18 Wed 31-10-18
Install Scaffolding 2 days Thu 01-11-18 Fri 02-11-18
Install Cranes 2 days Mon 05-11-18 Tue 06-11-18
Start Repair Work 2 days Wed 07-11-18 Thu 08-11-18
Add Steel Patches 30 days Fri 09-11-18 Thu 20-12-18
Add Steel Anchors 30 days Fri 21-12-18 Thu 31-01-19
Replace Main Supply Valve 15 days Fri 01-02-19 Thu 21-02-19
Cleaning of Tank 10 days Fri 22-02-19 Thu 07-03-19
Repaint of the Tank 10 days Fri 08-03-19 Thu 21-03-19
Remove Cranes 5 days Fri 22-03-19 Thu 28-03-19
Remove Scaffolds 5 days Fri 29-03-19 Thu 04-04-19
Project Closing Stage 44 days Fri 05-04-19 Wed 05-06-19
Project Handover 5 days Fri 05-04-19 Thu 11-04-19
Review of the Entire Project 15 days Fri 12-04-19 Thu 02-05-19

11PROJECT MANAGEMENT
Project Documentation 10 days Fri 03-05-19 Thu 16-05-19
Clearing of Payments and Dues 10 days Fri 17-05-19 Thu 30-05-19
Stakeholder Signoff 2 days Fri 31-05-19 Mon 03-06-19
Project Closing 2 days Tue 04-06-19 Wed 05-06-19
The tool used for preparation of this schedule is the Microsoft Project software and its
Gantt chart feature that automatically calculates estimated time period of project once relevant
parameters are entered in the same. This can also be done other project management tools like
Microsoft Excel but it needs to be done manually and hence, it is much more inaccurate and not
suitable for high scale projects like this (Schwalbe 2015). Again, other tools like Jira are also
available but they are expensive and licensing is required to use such tools. On the other hand,
Microsoft Project does not require such complications.
For the cost estimation in the previous part, bottom up estimation method is applied
which is also aided by Microsoft Project and it is provides much accurate results.
3. Project Resources and Critical Path
The project resources used are shown in the following table.
Resource Name Type Max. Units Std. Rate Ovt. Rate
Project Manager Work 100% $250.00/hr $0.00/hr
Revenue Division Work 100% $600.00/hr $0.00/hr