BSBPMG533 Assessment 3

docx

School

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

*We aren’t endorsed by this school

Course

507

Subject

Business

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by patchsupawit1

BSB50820 Diploma of Project Management BSBPMG533 Manage project cost Assessment 3 Student Name: Wilailuck JUGSRI Student ID: 180178 Appendix 2 – Monitor project costs 1 Occasion 1: When did you monitor the project costs? I monitored the project costs, employing a series of procedures. This included a review of the project budget and actual costs, identification of variances, investigation into the reasons behind these variances, and the implementation of corrective actions. The actual costs, documented in an MS Excel workbook, encompass staff salaries ($40,000), materials ($20,000), travel ($5,000), and other expenses ($10,000), resulting in a total of $75,000—$25,000 over the budget. The variances can be attributed to changes in project scope leading to additional costs, a delayed project schedule causing earlier-than-planned expenses, and unforeseen costs like hiring additional staff and attending a conference. To address these, I have negotiated lower material prices with the vendor, reduced the number of required staff members, and identified ways to cut travel expenses. Proof of these actions will be attached to the Cost Management Plan once finalized. Continued monitoring of project costs is planned to ensure adherence to the budget. Regular updates will be made, and adjustments will be implemented as needed. Identify any cost variations. Identify alternatives for adjusting resources and the While some real expenses may be lower than initially budgeted, I can explore various alternatives to further reduce costs. The primary

budget to address the variations (at least two): considerations involve seeking alternative catering services to secure affordable food delivery. Additionally, I can explore alternative options for the speaker's travel, such as different flight arrangements, and consider alternative accommodations for the hotel stay. This includes the possibility of opting for a different catering company, selecting a menu with lower costs, exploring alternative flight options, and choosing a different hotel accommodation. Evaluate the alternatives to choose the best action (to ensure financial objectives are met). Both alterative will accommodate the excess venue faces. If all costs are kept within the maximum allowable spending amounts the financial objective of a profit of $200,000 will be maintained The best option is to accept the venue cost increase and reduce maximum allowed equipment hire costs to $25000 Also, while preparing the budget I did not consider the whole amount. Sin has $35000 left to cross the threshold limit. Implement the chosen action by updating your budget. Using the Budget Template.xlsx that you made before, you will go into it again and update it, based on the summary you made above. You may either screenshot and place the budget here, or submit the excel file with your assessment at the end.

Review the cost management processes of the project so far. What have you done well? How can you improve? I've explored more cost-effective options among catering services that have received positive reviews online. Additionally, I've sought out alternative hotels and checked for any available discounts. To enhance our cost-saving efforts, it's crucial for the company to establish loyalty discounts with various service providers, which can be utilized in such scenarios. Draft an email to a relevant stakeholder to share the report with them. Assume the Financial Report (Appendix 3) will be attached to your email. Dear Stakeholder, I have finished my financial report about the budget so far the project. We are closer now to the conference and still having same issues with important variations in the budget. I have done some investment in marketing, including campaigns, phone calls and mall publicity to increase the attendance to the conference but still, I feel is not enough to get our goal. There are some other ideas for future conferences I would like to share with you and see if we still have enough time to implement some of those ideas for this year's event. Attached lo this mails you will find the document for your review and comments Please let me know when it would be a good time to have a conference call about this issue. Regard,

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Appendix 3 – Financial Report 1 Project: Financial Date: 01/12/23 Summary of finances to date: Summarise the financial situation for the project to date. The actual costs, documented in an MS Excel workbook, encompass staff salaries ($40,000), materials ($20,000), travel ($5,000), and other expenses ($10,000), resulting in a total of $75,000—$25,000 over the budget. The variances can be attributed to changes in project scope leading to additional costs, a delayed project schedule causing earlier-than-planned expenses, and unforeseen costs like hiring additional staff and attending a conference. To address these, I have negotiated lower material prices with the vendor, reduced the number of required staff members, and identified ways to cut travel expenses. Proof of these actions will be attached to the Cost Management Plan once finalized. Continued monitoring of project costs is planned to ensure adherence to the budget. Regular updates will be made, and adjustments will be implemented as needed. Current expenditure: Summarise the costs to date. Variations:

Summarise the variations to estimated costs, and explain how you addressed the variation. Cost management processes review: Review the cost management processes followed to date. What have you done well? How can you improve? I've explored more cost-effective options among catering services that have received positive reviews online. Additionally, I've sought out alternative hotels and checked for any available discounts. To enhance our cost- saving efforts, it's crucial for the company to establish loyalty discounts with various service providers, which can be utilized in such scenarios.

Appendix 4 – Monitor project costs 2 Occasion 2: When did you monitor the project costs? A thorough monitoring of project costs was conducted with the following processes:  Review: Examined the project budget and actual costs.  Identification: Identified variances between the budget and actual costs.  Investigation: Explored the reasons behind the identified variances.  Correction: Implemented corrective actions to address the variances. Recorded actual costs in the MS Excel workbook are as follows:  Staff salaries: $45,000  Materials: $22,000  Travel: $6,000  Other expenses: $11,000 The total actual costs amount to $84,000, surpassing the budget by $19,000. Variances stem from changes in project scope, leading to additional costs, and a project schedule delay, causing some costs to be incurred earlier than planned. Unanticipated costs, like hiring additional staff and attending a conference, also contributed. To address these variances, corrective actions have been taken:  Negotiated a lower price with the vendor for materials.  Reduced the number of required staff members.  Implemented measures to cut down on travel expenses. To substantiate the actions taken, I plan to attach evidence to my Cost Management Plan once all adjustments are finalized. Consistent monitoring of project costs will be maintained to ensure ongoing adherence to the budget. Enclosed is a screenshot from the relevant MS Excel workbook, indicating:  Budget Details: The total budget allocated for the project is $65,000.  Actual Costs: The total actual costs incurred stand at  $84,000, reflecting a variance of $19,000.  Variances' Reasons: The primary cause of the variance is attributed to a change in the project scope. Additional features were incorporated, leading to incremental costs.  Corrective Actions: The spreadsheet outlines the corrective measures implemented. The project manager successfully negotiated a reduced price with the vendor for materials and curtailed the number of staff members required to be hired.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

This documentation provides transparency and accountability in managing the project's financial aspects, supporting effective decision-making and project control. Identify any cost variations. Identify alternatives for adjusting resources and the budget to address the variations (at least two):  To leverage the augmented entertainment and marketing budget, it's crucial to craft a compelling campaign aimed at boosting registrations for attendance and attracting subscribers. Additionally, continually exploring discounts for the venue is advisable, especially considering the rise in the number of people staying in the installations. This dual strategy aims to maximize the impact of the budget increase by not only attracting more participants but also optimizing the cost-effectiveness of the event through venue discounts. Evaluate the alternatives to choose the best action (to ensure financial objectives are met). Use phone calls and emails to encourage attendees from previous years to return for this year's conference. Execute a marketing campaign to broaden awareness and attract a wider audience. Actively seek new investors to support the conference's growth. The strategy involves reconnecting with past participants, expanding reach through marketing, and securing additional financial support from new investors. Implement the chosen action by updating your budget. Using the Budget Template.xlsx that you made before, you will go into it again and update it, based on the summary you made above. You may either screenshot and place the budget here, or submit the excel file with your assessment at the end.

Review the cost management processes of the project so far. What have you done well? How can you improve? I have explored alternatives to boost attendance and, consequently, increase registration fees to address budget variances. Additionally, I plan to assess additional logistical costs for next year's conference and incorporate them into the initial budget. This proactive approach aims to enhance revenue streams while accounting for potential additional expenses in the planning phase. Draft an email to a relevant stakeholder to share the report with them. Assume the Financial Report (Appendix 5) will be attached to your email. Dear Stakeholder, I have finished our updated financial report about the budget so far the project. We are closer now to the conference and still having same issues with important variations in the budget. But all expenses have been paid for, as quoted. The following additional amounts were paid:  $4000 for printing  $2000 for courier costs Both alterative will accommodate the excess venue faces. If all costs are kept within the maximum allowable spending amounts the financial objective of a profit of $200,000 will be maintained.

Attached to this mail you will find the document for your review and comments. Regard,

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Appendix 5 – Financial Report 2 Project: Financial Date: 15/12/23 Summary of finances to date: Summarise the financial situation for the project to date. Recorded actual costs in the MS Excel workbook are as follows:  Staff salaries: $45,000  Materials: $22,000  Travel: $6,000  Other expenses: $11,000 The total actual costs amount to $84,000, surpassing the budget by $19,000. Variances stem from changes in project scope, leading to additional costs, and a project schedule delay, causing some costs to be incurred earlier than planned. Unanticipated costs, like hiring additional staff and attending a conference, also contributed. To address these variances, corrective actions have been taken:  Negotiated a lower price with the vendor for materials.  Reduced the number of required staff members.  Implemented measures to cut down on travel expenses. To substantiate the actions taken, I plan to attach evidence to my Cost Management Plan once all adjustments are finalized. Consistent monitoring of project costs will be maintained to ensure ongoing adherence to the budget. Enclosed is a screenshot from the relevant MS Excel workbook, indicating:  Budget Details: The total budget allocated for the project is $65,000.  Actual Costs: The total actual costs incurred stand at  $84,000, reflecting a variance of $19,000.  Variances' Reasons: The primary cause of the variance is attributed to a change in the project scope. Additional features were incorporated, leading to incremental costs.  Corrective Actions: The spreadsheet outlines the corrective measures implemented. The project manager successfully negotiated a reduced price with the vendor for materials and curtailed the number of staff members required to be hired.

Current expenditure: Summarise the costs to date. Variations: Summarise the variations to estimated costs, and explain how you addressed the variation. Cost management processes review:

Review the cost management processes followed to date. What have you done well? How can you improve? I have explored alternatives to boost attendance and, consequently, increase registration fees to address budget variances. Additionally, I plan to assess additional logistical costs for next year's conference and incorporate them into the initial budget. This proactive approach aims to enhance revenue streams while accounting for potential additional expenses in the planning phase.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Appendix 6 – Completing cost management processes Record any final income/expenses to your budget. Using the Budget Template.xlsx that you made before, you will go into it again and finalise it, based on the specific information provided for Appendix 6. You may either screenshot and place the budget here, or submit the excel file with your assessment at the end. Summarise project outcomes. Despite encountering numerous challenges throughout the project's lifespan, it was feasible to steer it in the right direction. Several supplementary logistical expenses, which were omitted from previous budgets, are essential for the successful organization of such events. Emphasizing the importance of securing loyalty benefits with providers, as well as exploring alternative avenues to generate additional revenue beyond registration fees, becomes crucial during the conference

planning. Identify any cost management issues over the project’s life cycle (at least one). Expenses like equipment rental were not factored into the initial budget, posing a significant unforeseen cost. Stressing the significance of a robust year-long marketing campaign is crucial to ensure an ample turnout. Make recommendations for future improvements (at least three). How can you improve on the processes followed to determine project costs (back in Assessment 2)? How can you improve on processes followed to monitor project costs (Appendices 2, 3, 4 and 5 in Assessment 3)  Incorporate previously unaccounted logistic costs into the initial budget for better financial planning.  Anticipate and project the potential rise in costs for the upcoming year's event.  Consider adjusting fees for attendance and subscriptions to accommodate increased costs.  Explore opportunities to attract new investors for additional financial support.  Establish rental spaces for marketing with provider companies to generate supplementary income for the event.

BSBPMG533 Assessment 3

Related Documents