Question:-(Approx. 6000 words)
Prepare the project proposal for a project of sufficient complexity and value that you are familiar with to highlight the costing approach and appraisal of the project. Your proposal should include:
1. A clear description of the project including the project charter with the project objectives
2. A clear presentation of the scope of the project including the work breakdown structure (WBS) of sufficient detail
3. A clear schedule for the project of sufficient detail to highlight the main milestones, the critical path, schedule constraints etc of the project.
4. A clear costing for the project highlighting the approaches used in estimating the cost of the various components of the project.
5. A clear budget for the project highlighting the contingencies applied and their reasons
6. A clear appraisal of the project highlighting the justification for the project. The appraisal should include some numeric models and should clearly highlight why the project should be accepted. The acceptance criteria chosen should also be demonstrated to be realistic and reasonable for the project and organization concerned.
7. In the above appraisal, the student should show that the risk to the costing estimates as well as any income stream (if any) have been taken into account and the project remains viable based on the probability of the risk assessed.
Assessed on the demonstration of their understanding of:
1. The overall project management processes
2. The concepts and tools of cost estimating and budgeting
3. The concepts and tools of cost analysis and appraisal of projects
4. The uncertainty and risk involved in projects