HR Business Outsourcing

$9.00

You will submit a two-part summary report (business professional format) of your project budget and resources, which includes the following:

Part 1: Project Budget (Cost Management)

Explain your approach to estimating the project cost (e.g., top down, bottom up, etc.) and why that method was chosen.
Create a table that shows the original budgeted cost (from the charter) and the actual budgeted cost (side by side). Include line items for labor, materials, contract, equipment, travel cost, and so on.
Compare the budget from the charter to the final budget and explain any variances that occurred from your original budgeted cost in the project charter and the current project cost (include your original estimated cost for the project).
Explain your budget contingency plan and how much is budgeted for contingency.

Part 2: Resource Management

Explain the results of your resource assignments. Did you assign enough people to the project? Were there any resources over-allocated? What approach will you take to fix any allocation problems?
Develop a plan to manage your project team and define how you will motivate your team and how you will handle team conflicts.
What structure would you select for your project: functional, weak matrix, balanced matrix, strong matrix, or pure project? Why?

MS Word file with report of project budget and resource management

Description

Project cost estimation can be done through a top down, bottom up or any other approach.  Each of these methods has its strengths and weaknesses and the choice of the method to use depends on the nature of the project, most probably the in-depth knowledge or experience in implementing the project. For this project, a top-down approach was used to estimate the budget. Because of the lack of in-depth knowledge in implementation of such project, two techniques were used – previous history and expert opinion.  Previous projects were reviewed for an estimation of their budget and adjustment made in tandem with the size of this project. The decision to use this method was because it was easier to evaluate the success or failure in budgeting from these projects and make necessary arrangements. In addition, expert opinion was sought from project manager who has implemented such projects before. The expert is well versed with the project budgeting hence the decision to seek opinion.  The estimation from both techniques was therefore used as the bases for estimating the budget of this project.