PROJ 6002 Project Planning and Budgeting

PROJ 6002: Project Planning and Budgeting Online Tutoring

Context: The backbone of a project manager’s work is the Project Management Plan. This plan is the document which describes how the project will be executed, monitored and controlled. It integrates and consolidates all of the subsidiary plans and baselines from the planning processes. In this subject PROJ 6002: Project Planning and Budgeting, you will be creating components of a Project Management Plan for your selected Case Study.

Project Scope Management includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully. Managing the project scope is primarily concerned with defining and controlling what is and is not included in the project.

Project Time Management includes the processes required to manage the timely completion of the project. Plan Time Management is the process of establishing the policies, procedures, and documentation for planning, developing, managing, executing, and controlling the project schedule.

Effective scope management is one of the key factors determining project success. Failure to accurately interpret a client’s needs or problems will produce a misleading definition (scope of work). If this causes rework and additional effort, there may be project cost and time implications. Therefore project success will be self-limiting if the scope of work is not adequately defined.

Instructions:

This assessment has two parts: Module 2 Discussion Activity (Part A) and Scope and Time Management documentation (Part B).

Part A – Module 2 Discussion Activity

Schedule Management.

How might changes to project scope affect the project’s schedule, and how would a project manager formally communicate such variances to project stakeholders? Illustrate some examples from the given case study to support your discussion.

Output

Provide an initial discussion of approximately 500 words by the first half of Module 2. Respond with approximately 250 words for each feedback/comment to at least one fellow student’s discussion by the end of Module 2 (Total 750 words for Assessment 1 Part A).

Part B – Scope and Time Management Plans

In this subject, you will be creating subsidiary management plans of a Project Management Plan using the information found in the case study provided by your learning facilitator at the commencement of the subject.

In modules 1, 2 and 3, you will work individually or in a group of 2-3 students on the given case study. For Assessment 1 Part B, you are responsible for submitting the project scope and time management plans for the case study. The plans must contain, but not limited to, the following plan components:

Project goals and objectives
Project scope statement
Work Breakdown Structure (WBS)
Project schedule

For the project scope statement and WBS, you can use the templates found in this module’s Learning Resources or a format of your own. For the project schedule, you are responsible for submitting a schedule and a network diagram using the critical path method (CPM). Your schedule can be created using scheduling software e.g. ProjectLibre or Microsoft Project. Your network diagram can be handdrawn and scanned or created using drawing tools e.g. in Microsoft Word or PowerPoint.

Your written project goals, project objectives and scope statement should consist of 1500 words/student.

Output:

Complete and submit your Scope and Time Management Plan individually or in a group of 2 to 3 students by the end of Module 3. If your submission is in group, only one group member to submit the assessment. Each group member is required to submit a contribution form.

The success of project management team and various projects is measured through attaining the targeted projects’ cost, time and scope estimated or set at the initiation of project. For that reason it is crucial to know basic techniques, knowledge and tools for developing a suitable project scope, budgeting and scheduling that scope and at last controlling these factors over time. Overall, it place emphasis on various techniques used to monitor variance over the period time and preparing financial budget in the process.

What is Work Breakdown Structure (WBS)?

It is a hierarchical tree structure which outlines the project and breaks it into manageable smaller portions. The objective is to lessen the activities that can get complicated in nature.

This course begins with details of project and several elements drawn in the Work Breakdown Structure. It offers walkthrough of the project plan development and milestone plan that clearly determine project budget. Further, the content delves into intricacies of creating the project budget utilizing the material system and time leading to the formulation of capital budget. Formerly, the budget is determined and then you concentrate on various methods that can be deployed in rising project financing which take in venture capital financing or other aspects of public private partnership.

Working on it, one gets familiar with underlying principles and practice of managing project budget and schedule. It intakes the body of knowledge required for effectual management of projects undertaking different techniques for project management plan, scheduling (includes variations, mitigation techniques and critical path method), budgeting (includes resource management, financial analysis, reporting on progress of the project and project control like Earned value management (EVM)). It covers numerous practical exercises to build and strengthen understanding of relevant concepts to permit application of acquired knowledge to real-life projects. The assessment is based on various assignments and proper exam to check students understanding on resources, schedule and budgeting management for recognizing and tracking critical path issue.

What major aspects does project planning and budgeting course covers?

It’s on overview of course outline that covers significant elements necessary to excel in this field.

Project management framework (Introduction, context ( project scope, cost, control and time management) , Critical path method (CPM), Earned value management (EVM))
Significant project management concepts
Scope management (Scope- initiation, definition, planning, verification and change control)
Time management (Activity- definition, estimation, sequencing, schedule development and control)
Critical path method (schedule network analysis, activity of node and arrow)
Resource management (resource optimization techniques, leveling, smoothing and schedule compression techniques (for example: crashing)
Cost management (financial analysis, cost estimation, cost benefit analysis, cost budgeting, cost baseline and control)
Project control (Earned value management (EVM), Earned schedule (ES))

Benefits students get from studying project planning and budgeting course:

Easy to review basics of project management.
Can distinguish between operational management and project.
Acquire insights into viability evaluation of projects.
Learn various techniques adopted to support capital investment decision.
Discover alternative ways to access and tap into project finance resources.
Build understanding on fundamental forms of public-private partnership in project finance proposal.
Gain knowledge on how to manage and account for risk in various projects.
Analyze project risk, understanding on monitoring financial performance and evaluating deviations from financial plans.

How do project management experts at Myassignmenthelp design your assignment?

On this subject you are assigned real-life case study, report analysis and research papers to work on project planning and budgeting. It requires incorporating each and every essential step from planning to cost control. Not being capable enough to analyze the scenario and intricacy of topic, students seek urgent Online Tutoring in this subject.

To cover students’ academic problems, myassignmenthelp has business graduates that have strong grip on such courses. For higher level Online Tutoring, we have PhD qualified experts that hold their specialization in management field.

They give an overview of organizational objectives and internal resources of project planning. The final end of project planning is project deliverable that features planning human resource, project scheduling, risk management and communication methods. They know that excellent project planning requires successful budget system and the review process. Moreover, depending on how detail it is, they focus on objective analysis of modern planning, back-to-back mechanics of budget processing and alternative approaches. They also cover quantitative methods like GANTT and AHP charts, which objectively assess the entire process and outcome of a project.