Assignment 1:
Problem 1: Explain the following key steps of the project cost management process. For each, state at which stage of the project life cycle it is used.
• Cost Estimation.
• Budget Determination.
• Spending Control.
Problem 2: Discuss the key purpose and objectives of budgeting in project management.
Problem 3: Outline the main steps in the budgeting process for a project.
Problem 4: Discuss why key performance indicators are used in budgeting and provide three examples of financial key performance indicators that can be used to determine the effectiveness of a budget.
Problem 5: Explain the use of milestones in budgeting.
Problem 6: Explain how to apply each of the following project cost management tools. For each tool, also describe its cost effectiveness and its accuracy.
• Analogous Estimating.
• Parametric modelling.
• Bottom-up estimating.
Problem 7: Explain the key procedures that should be followed in the event of a cost change process during a project.
Assignment 2: Project budget development
Task summary:
In the role of Project Assistant at Manager Networks, you are required to determine project costs by researching and documenting costs included in a Work Breakdown Structure. You will then participate in a meeting with project stakeholders to seek input on costs. You will also be required to contribute to develop a project cost management plan.
Instructions: Carefully read the following:
You are the Administration Officer for Manager Networks, an organization that provides networking events for business people across Australia.
The company runs regular networking events but has now decided to start an annual conference event focusing on an area of business considered to be of key importance.
You have been appointed the Project Assistant, reporting to the General Manager, who will take on the role of Project Manager. You have been provided with an initial Conference Plan Brief to assist you in estimating the resource requirements. You will use this to develop a preliminary cost estimate, which you will discuss and confirm at a meeting with the project team.
Complete the following activities:
Activity 1: Determine project costs
Review the case study information and the Conference Plan Brief.
Review the Work Breakdown Structure (WBS) included in the conference plan brief anddo research in the internet to establish an estimate ofthe costs of the activities included in the WBS.
The organization's policy and procedures stipulate that you are to provide an estimate of costs using a bottom-up estimating technique.
Keep in mind that this will be a draft estimate. It will be reviewed by the Project Manager and then the Project Team.
Use the Project Cost Management Plan Template to guide your work.
Save this document as Draft Project Cost Management Plan
Activity 2: Send an email to the Project Manager (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachment and ask for their feedback.
The email text should also ask for the place, date and time of the meeting with the Project Team.
Activity 3: Participate in a meeting with the Project Team
You are required to meet with the Project Team to discuss and confirm the project scope management plan.
At the meeting, you will be required to go through your project cost management plan, carefully explaining each part of the project cost management plan, as well as your proposed project budget.
Be prepared to answer questions and to note feedback provided so as to inform the final project cost management plan.
Before concluding the meeting, ensure that the project team gives you confirmation that your estimates are reasonable.
During the meeting, you will need to demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
Activity 4: Finalize project cost management plan
Based on the discussion with the project team, you are now required to finalise your project cost management plan, establishing the project cost baseline. Use the feedback from the meeting and incorporate this into your project cost management plan, creating a baseline cost for the project.
Activity 5: Send an email to Senior Management (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachment, listing the changes that you have made to it.
Assignment 3: Cost monitoring project
Task summary:
In this Task, need to monitor and control project costs by managing a cost change request and reporting on cost management issues.
This assessment is to be completed in the simulated work environment in the RTO.
Required:
• Computer with Microsoft Office and internet access
• Conference Finances Information
• Conference Finances Report Template
Carefully review the following information:
Budgeted costs for the conference were finalized as:
|
Expenses
|
|
Venue
|
$45,000
|
|
Catering
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$15,000
|
|
Speaker fees
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$10,000
|
|
Speakers' travel and accommodation
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$4,520
|
|
Publicity
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$15,800
|
|
Courier
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$2,000
|
|
Printing
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$2,500
|
It was also determined that you would contact each Project Team member every month to review the project's progress.
The conference project commenced one month ago, and during your review, you received the following information:
• The first choice of venue is unavailable on the day you require. The second-choice venue, the convention rooms in the Elements Hotel (which is more centrally located and has better facilities), will require an additional $5,000 to rent the venue. There are no other suitable venue options available on that date.
Complete the following activities:
Activity 1. Monitor income and expenditure against project budget baseline.
Review the case study information and calculate any cost variations against baseline.
Activity 2. Develop a project change request
As set out in the organisational procedures, you are required to write a short report to the Project Manager on project costs that addresses:
• Project baseline cost
• Additional cost(s) that will be incurred
• Variations to baseline and actions required
• Justification for the change
Your change request should be about half a page long.
Activity 3. Send an email to the Project Manager (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
The email text should ask for the project Manager's approval for the change to the project.
The email text should include your project change request.
Activity 4. Send an email to the replacement venue (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the relevant information from the Project Manager's email.
Activity 5. Send an email to the Marketing Manager (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the relevant information from the Project Manager's email.
The conference project commenced two months ago, and during your review, the Marketing Manager has told you that the last speaker of the day, Beverley Farah has just pulled out.
Unfortunately, the replacement speaker has advised you that his fees will be $3,500 rather than the allocated $2,000 per speaker.
Activity 6. Monitor income and expenditure against project budget baseline.
Review the case study information and calculate any cost variations against baseline.
Activity 7. Develop a project change request
As set out in the organisational procedures, you are required to write a short report to the Project Manager on project costs that addresses:
• Project baseline cost
• Additional cost(s) that will be incurred
• Variations to baseline and actions required
• Justification for the change
Your change request should be about half a page long.
Activity 8. Send an email to the Project Manager (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
The email text should ask for the project Manager's approval for the change to the project.
The email text should include your project change request.
Activity 9. Send an email to the Marketing Manager (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the relevant information from the Project Manager's email.
Assignment 4: Project cost finalization
Task summary:
In this Task, you are required to assist in the finalisation and payment of external parties involved in the conference. You are then required to assist in the writing of a project financial management report.
Instructions: Carefully read the following:
It is now two weeks since the Leadership Conference 2018: Leading in the twenty first century. It was a great success. All of the tickets were sold, many new contacts were made, and the Project Manager gave a reasonable talk on Managing Virtual Teams.
You have received the following email from the Accounts Officer:
Dear Project Assistant.
One of the project follow-up tasks is to review and confirm the assets and liabilities of the project to ensure that it has run to budget. In the case of the congress, this involves reviewing the costs incurred. The venue and catering costs were as budgeted, and the last task is to review the speakers' invoices.
The Accounts Department has received invoices from each of the speakers at the recent conference. They are summarized in Speakers' Invoices. Before I authorize the transfer the funds, however, please take a look at them to see that they are correct and get back to me with your confirmation or questions within 24 hours, so I can authorize the payments.
We are to submit a conference finance report for Senior Management within the next two weeks. I would appreciate it if you could insert these figures into the table in the Conference Report Template and write a first draft of the report. Send it to me when you are done, and I will edit it before sending it on.
Thank you for all your help on this project.
Yours sincerely,
Project Manager
Complete the following activities:
Activity 1. Assist in finalisation of payments to conference speakers.
Review the figures given in Speakers' Invoices.
Determine whether they are within expectations for the conference.
Activity 2. Send an email to the Project Manager (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should give your verdict on whether funds should be transferred into the speakers' accounts.
Activity 3. Assist in the development of a conference finances report.
Write the first draft of a report for the Project Manager about project costs from the completed conference.
Use the Conference Finances Report Template to guide your work.
Assume that the conference is now completed, and you have been provided with the final costs. Review the information provided to calculate and report on the success of the conference assuming that a 50% profit was required.
Assume also that Senior Management has identified that, while the conference had a very positive outcome, they would like further recommendations on best practice project cost estimating. Do some research on the internet into similar projects and their cost estimating practices. Provide at least four recommendations which you consider would improve project estimating for future projects.
Activity 4. Send an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachment and seek their feedback and approval to move forward with the project.
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Attachment:- Project Cost Management.rar