Project budget estimation as per the estimation of Dr.Link
Dr. Link estimated that the budget that is needed for finishing the project of “St. Dismas Assisted Living Facility Project” is around $11,000,000.
On the other hand, it is estimated by CFO, that the required budget for the project will be around $9,991,300. The figure below reflects the budget that is estimated by CFO
Project budget estimation as per the estimation of Dr.Link
Project budget baseline as per the estimation of CFO
The cost that is associated with the project “St. Dismas Assisted Living Facility Project” is calculated with the help of Microsoft Project. Project schedule is mainly utilized for organizing the project tasks into number of different manageable phases so that it can properly understood by the project team members and as result they can work effectively with the project (Heldman, 2018). Proper project tasks are assigned to each of the project team members according to their knowledge as well as experience in a specific field so that the entire work for St. Dismas Assisted Living Facility Project will be successfully finished with the probable time and budget. The project managers assign resources to the various project activities so that the work for the project can be finished effectively. After successfully assigning the project resources, the project cost is calculated by utilizing bottom-up approach. Bottom-up approach is one of the cost estimation method that generally starts estimating the project cost from the lower level of the work package and completes after reaching to the upper level (Klein, Biesenthal & Dehlin, 2015). It is found that bottom up approach is mainly utilized in the project “St. Dismas Assisted Living Facility Project” as with the help of this technique the cost associated with the budget can be estimated accurately.
In order to manage the cost of the project following tools and techniques must be utilized in the project:
Time management: Time management generally helps in playing a great role in handling the cost that is associated with the project. If the project of “St. Dismas Assisted Living Facility” is completed within the time that is assumed then the organization related with the project do not have to spend more budget on the project and therefore the project will be executed within the budget that is assumed (Marcelino-Sadaba et al, 2014)
Cost tracking: It is found that cost tracking is one of the significant technique that is generally used for tracking the project budget regularly for ensuring that the project will achieve its objectives and thus the entire project will be finished within the expected deadline (Pollack & Adler, 2015). If appropriate cost tracking procedure is utilized then it will be very much easy to finish the project within the cost that is assumed.
Earned value use: It is found that earned value management technique is mainly utilized in managing the project cost and in addition to this, it also assists the organization by providing proper opportunity to measure the progress as well as performance of the project (Mir & Pinnington, 2014).
Project change control: If the changes that is needed to be done in the project is controlled then it is found that the organization do not have to spend money and thus it is expected that the difficulty of finishing the project within the probable budget is reduced to some extent.
It was analyzed that the cost that was estimated by Dr.Link for the project is too high. The Medical director identified that Dr.Link wants to purchase too much expensive equipments for the site. It is found that the hospital has the major number of equipments that was needed for the project and therefore no need of same equipments for the project. On the other hand, the budget that was estimated by the CFO was around 9,990,300, which exclude expensive equipments for the site, and thus the budget that is created by CFO was considered proper for the project. Therefore, the entire project must be finished within the budget that is estimated by CFO.
Quality management planning
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Factor identification |
Purpose |
Measurement of project quality |
Analyzing project quality |
Quality control |
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Training |
Proper training facility must be provided to the project team members of St. Dismas Assisted Living Facility so that the entire work of the project can be finished successfully within the expected budget and time without compromising the quality of the project work. |
In the project “St. Dismas Assisted Living Facility” proper level of training opportunity is not given to the workers of the project. |
Due to presence of improper facility of training the project team members faces number of challenges as well as issues while progressing with the project work. They faces difficulty in finishing the activities of the project. |
In order to mitigate or resolve the issue that is associated with the training facility, it is quite essential to give appropriate facility of training so that the workers of the project can easily execute the project work successfully within the expected time and budget. |
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It is essential to use good quality of materials for the project so that no project quality related issue will occur within the organization and as a result the entire work of the project will be finished within the expected budget and time. |
The project “St. Dismas Assisted Living Facility” does not uses proper quality of materials and as a result the number of challenges that are associated with project quality arises within the project. |
The utilization of improper quality of materials within the project is mainly analyzed with the help of various types of quality related challenges as well as issues that is occurred within the project. |
It is quite essential to use good quality of materials within the project in order to avoid project related challenges within the project. |
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Poor project investigation |
Proper investigation is needed for knowing about the needs, objectives as well as requirements of the project so that the project manager can easily finish the work of the project effectively without facing any difficulty. |
The project manager does not investigate the needs as well as requirements of the project properly and as result they face difficulty in project progress. |
It is generally reflected by the issues and challenges that is occurring. It is found that due to unclear knowledge about the project objectives and goals the team members faces difficulty in executing the project. |
The project manager must investigates the requirements as well as needs of the project “St. Dismas Assisted Living Facility Project” effectively in order to finish the project effectively without facing any type of difficulty during the project progress phase. |
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Utilization of improper equipment |
It is necessary to use proper equipment in order to manage the project effectively so that the entire work of the team can be handled effectively. |
The equipment’s that are utilized in the project “St. Dismas Assisted Living Facility Project” is not proper as per the requirements of the organization. |
The problem can be reflected due to the delay that is generally occurred within the project during the project progress. |
It is essential to utilize proper project equipment within the project “St. Dismas Assisted Living Facility” so that the project managers can be able to handle the project work quite easily without facing any type of issues and challenges. In addition to this, the organization does not face to face project delays due to use of proper equipment’s. |
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.
Ika, L.A. (2015). Opening the black box of project management: Does World Bank project supervision influence project impact?. International Journal of Project Management, 33(5), pp.1111-1123.
Klein, L., Biesenthal, C. & Dehlin, E. (2015). Improvisation in project management: A praxeology. International journal of project management, 33(2), pp.267-277.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. & Villanueva, P. (2014). Project risk management methodology for small firms. International journal of project management, 32(2), pp.327-340.
Mir, F.A. & Pinnington, A.H. (2014). Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), pp.202-217.
Pollack, J. & Adler, D. (2015). Emergent trends and passing fads in project management research: A scientometric analysis of changes in the field. International Journal of Project Management, 33(1), pp.236-248.
Rowell, C.J., 2016. Book Review: Project Management for Information Professionals. Library Resources & Technical Services, 60(4), pp.280-281
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