Proj6002 Project Planning And Budgeting Assessment Answers
Successful completion of this assessment will result in achievement of the following subject learning outcomes:
1.Evaluate and apply a range of project scope, cost and time management planning techniques and practices to address the needs of complex project briefs, including global, paying particular attention to issues impacting project outcomes.
2.Present and justify budgetary and planning outcomes to a globally diverse range of stakeholders who represent competing interests in order to obtain agreement an commitment to action.
3.Apply quality management planning tools and techniques to achieve expected project outcomes.
Answer:
Project Plan Components
Project planning is the first step taken by project manager before the execution of any project which takes in account the important aspects of the project. This emphasis on important aspects like milestone, tasks, communication, risk, schedule and quality and arrange a better plan that the project team can follow during the execution of the project (Vareilles 2012).
Components of project planning has various objectives some of them are listed as; Project Scope, Project Schedule, Project Requirement, Project Cost Estimation, Project Quality, Work Breakdown Structure and Project Risk Management.
Challenges Faced by Managers in Cost Estimation
Following are the challenges and issues faced by the manager during the cost estimation of the project can be listed as; Failure in Forecasting: During the preparation of tender documents, there is a possibility that the early design may change during delivering process of the project that lead waste of time. Failure to pinpoint improvement: Decisions taken during the early stage of the project planning considering the detailed issues in design may lead to suboptimal solutions, reworks and quality defects. Other challenges faced by the manager during the project are; Costs are estimated considering the action and not considering the consequences of those actions. Other challenge is the negligence in the consideration of value of the materials and the economic conditions including Cost Management and budgeting etc.
Tools and Techniques to Ensure Accuracy of Rates
According to Arestegui Carvajal (2014) applying following methods by a project manager can help in ensuring the exact estimation of rates in completing the project:
One-point Estimates
Uses historical information in order to develop one estimate per activity, which is simple and fast.
Three-Point Estimates
This approach uses most likely, pessimistic and optimistic cost for budget estimation.
Analogous Estimating
This approach uses historical information and expert judgments to estimate the cost of the project.
Parametric Estimating
This approach uses comparison between different variables using historical information in manner to estimate the cost.
Bottom-Up Estimating
This method is very accurate in estimating the cost of a project which requires significant time and effort related to greater cost.
References:
Arestegui Carvajal, M.A., 2014. Cost Estimation for Underwater Tunnel Projects based on Uncertainty and Risk Analysis (Master's thesis, Institutt for bygg, anlegg og transport).
Crawford, J.K., 2014. Project management maturity model. CRC Press.
Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.
Vareilles, E., Coudert, T., Aldanondo, M., Geneste, L. and Abeille, J., 2012. Coupling system design and project planning: discussion on a bijective link between system and project structures. IFAC Proceedings Volumes, 45(6), pp.1089-1094.
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