BSBPMG533 Assessment 2

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M.I.T. & M.S. College, Mardan *

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Nov 24, 2024

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BSB50820 Diploma of Project Management BSBPMG533 Manage project cost Assessment 2 Student Name: Ticha Naksomyat Student ID: 180040 Appendix 2 – Determining project costs Financial objectives of the project:  Revenue growth.  Earnings growth.  Increased profitability.  More money in the bank.  Capital investment yields a higher rate of return.  Excellent performance in terms of economic value added (EVA).  The market value added improvements are attractive and long-lasting (MVA)  A broader range of income streams. Role and responsibilities assumed in the project: The role and responsibilities are:  Project manager.  Project sponsor.  Software developer.  Design engineer.  Training coordinator.  Project assistant. Relevant budget information: Where would you find relevant budget information from? The budget is a total of 15,000$

Cost management policies and procedures summary:  Cost management plan  Cost Accounting Policy  Accounting procedures Governance policy  Financial Policy Tasks and activities (WBS)

Internet research on resource and activity costs What are the estimated costs of the required resources, based on internet research? Include links showing your information sources Find out costs on at least 2 resources.

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Appendix 3 – Project Cost Management Plan Introduction Outline the purpose of the cost management plan in relation to the project. It enables project managers to estimate their costs, allocate resources to the right areas, and control overall spending. Cost management plans keep all project costs in one place, including direct and indirect costs. Financial objectives Include the financial objectives of the project and any actions required to maintain the financial objectives.  Determination of amount of finance needed by an enterprise to carry out its operations smoothly.  Determination of sources of funds, i.e., the pattern of securities to be issued.  Determination of suitable policies for proper utilisation and administration of funds”.

Resource requirements and cost Summarise the major resources requirements, including the estimated and maximum allowable costs. Processes and procedures for monitoring actual expenditure against the budget Describe the processes for monitoring the actual expenditure (include recording of expenses) The process of controlling budgets can be broken down into several steps:  Establishing actual position.  Comparing actual with budget.  Calculating variances.  Establishing reasons for variances.  Taking action to exert control Potential causes of increases in costs Describe at least three factors that need to be considered that would Reduce manpower during the low customer and more concentrate about labour hours. Pay less that can be able to increase profitability.

increase costs Decreases the decoration. Maintain the service quality over the standard will increase the profit via repeat customer cause of the service. Project cost control procedures Describe cost control management processes that will be followed. Complete the table below to show allowable variations in costs and approval requirements. Project cost control includes determining the cause and degree of variance relative to the cost baseline and deciding whether corrective or preventive action is required. The percentage range of acceptable variances will tend to decrease as more work is accomplished. Trend Analysis. Trend analysis examines project performance over time to determine if performance is improving or deteriorating. Graphical analysis techniques are valuable for understanding performance to date and for comparison to future performance goals in the form of BAC versus EAC and completion dates. Earned Value Performance. Earned value performance compares the performance measurement baseline to actual schedule and cost performance. If EVM is not being used, then the analysis of the cost baseline against actual costs for the work performed is used for cost performance comparisons. Variation rate Action 0 – 5% Reserved need to be requested 5 – 20% Work performance information 20 – 45% Cost forecast 45% plus Reduce the cost of distribution and plan update

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Budget Use Microsoft Excel to make a budget with the above information. A template is provided to you by your trainer.

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