Homework: Project Management Foundations
Develop a Project Management Cost (Budget) and Project Management Schedule for Cosmos, Inc. or your selected business, using the Project Management Plan template.
Introduction
Estimating project budgets is far from an exact science. Many of us have heard of projects running over budget. Why is this? Why do we consistently forecast low? Reasons for this inconsistency include everything from improper funding at the beginning of the project to taking shortcuts that should never have been taken.
The project management schedule helps you and your project team evaluate progress and assess whether or not the project will be completed by the deadline. It is also a way to identify bottlenecks in the process so you can creatively reallocate resources and adjust timelines to ensure that the project remains on time and within budget.
Scenario
For this homework, choose either Option I or Option II. You do not need to do both. Your instructor will grade both options using the same scoring guide.
Option I: Use Cosmos, Inc. to develop a Project Cost Budget and Project Management Schedule as the next components of your Project Management Plan. Refer to the Cosmo, Inc. Business Case document for more information.
Option II: Use a project from your selected business to develop a Project Cost Budget and Project Management Schedule as the next components of your Project Management Plan.
Your Role
As the project manager, you are responsible for forecasting, completing, and managing the project's budget and schedule.
Requirements
For Options I and II, use the information from the prior homework and your Work Breakdown Schedule to complete the Project Management Cost (Budget) component of the template:
1. Develop a project cost (budget) section. Prepare a cost estimate for the project by identifying the costs of each task and create categories to prioritize project expenditures. Prepare a preliminary budget using the cost estimate for your selected project.
• Note: Copy and paste the Summary Table and Comments into the Project Management Cost (Budget) section of the template.
2. Develop project management schedule section. This should identify the time frames within which the costs will be incurred.
• Note: Link your Microsoft Project timeline that meets project duration requirements.
Using your Work Breakdown Schedule and Microsoft Project, identify the activities you must perform to produce the project deliverables and include the following as part of the Project Management Schedule component of the template:
1. Summarize the intent of using a project schedule for the selected project.
2. Develop a Microsoft Project plan for your project schedule. Include an introduction and link into this section of your plan. Create a Gantt chart showing:
• Resources assigned to each task. Note: Limit project tasks to 10 business days or less. Shorter task durations make it easier to assess project progress. Provide additional amplifying information about the schedule in your Project Plan, as applicable.
• Predecessors to tasks.
• Project tasks, milestones, and other measurable, tangible, and verifiable outcomes or results that must be produced to complete the project.
Evaluation
By successfully completing this homework, you will demonstrate your proficiency in the following course competencies through corresponding guide criteria:
1. Competency 1: Analyze project management methodologies and frameworks.
• Create categories to prioritize project expenditures.
• Create timeline that meets project duration requirements.
2. Competency 3: Analyze the application of various project management frameworks.
• Develop a project cost-budget section.
3. Competency 4: Analyze how leadership characteristics and behaviors affect project quality and success.
• Develop a project schedule section.
4. Competency 5: Communicate project management needs, opportunities, and strategies with multiple stakeholders.
• Communicate in a manner that is professional and consistent with expectations for members of the project management profession.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.