Project Management: Development Of Project Budget And Schedule

Development of project budget

1.1 Project budget

The project that repairs the tanks of the Western Australian site requires budget of around $91,360.00 in order to finish the project effectively. The budget that is needed for executing each of the tasks of the project are provided in detail in the table that is given below:

WBS	Task Name	Duration Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	Cost
0	Repairing the tanks of Western Australian Site	82 days	$91,360.00
1	Project kick off phase	13 days	$5,480.00
1.1	Identifying issues and problems	3 days	$720.00
1.2	Testing the feasibility	4 days	$1,600.00
1.3	Making project charter	3 days	$1,200.00
1.4	Hiring staffs	4 days	$1,120.00
1.5	Reviewing the starting phase of the project	3 days	$840.00
1.6	Milestone 1: Completion of kick off phase	0 days	$0.00
2	Planning phase	21 days	$16,160.00
2.1	Making plan for the project	5 days	$2,000.00
2.2	Making plan for the utilization of resources	6 days	$1,440.00
2.3	Developing the financial plan for the project	8 days	$2,560.00
2.4	Analyzing the quality	7 days	$5,040.00
2.5	Developing risk management plan	8 days	$5,120.00
2.6	Milestone 2: Completion of planning phase	0 days	$0.00
3	execution phase	41 days	$66,760.00
3.1	Creating agreement	14 days	$5,040.00
3.2	Resolving external problems and challenges	12 days	$4,320.00
3.3	Development of project contract	13 days	$4,680.00
3.4	Completion of predatory work	10 days	$2,800.00
3.5	Developing strategies for resolving leakage	14 days	$5,040.00
3.6	Development of strategies for resolving issues	12 days	$3,360.00
3.7	Undertaking the project work	11 days	$3,960.00
3.8	Completion of project prepare	13 days	$3,640.00
3.9	Adjustment of various project activities	12 days	$2,880.00
3.10	Repairing tank	13 days	$9,360.00
3.11	Analysis of work which is completed	15 days	$10,800.00
3.12	Closing issues of the project	17 days	$10,880.00
3.13	Milestone 3: Completion of execution phase	0 days	$0.00
4	Closure phase of the project	7 days	$2,960.00
4.1	Reviewing the project	4 days	$960.00
4.2	Completion of final reporting	3 days	$1,200.00
4.3	Documentation	2 days	$800.00
4.4	Milestone 4: Completion of the project closure phase	0 days	$0.00

1.2 Assumptions made

It is identified that number of assumptions are generally made in order to estimate the budget of the project effectively. The assumptions that are made are listed below:

No extension in time: It is assumed that the time of the project will not exceed and thus the project will be completed within the provided deadline and therefore the budget of the project will not extend.

No scope: The project manager makes assumption that there will be no scope creep within the project and thus the project will be effectively completed within the time that is expected and thus the project budget will not increase.

No need of additional resources: It is assumed that the extra resources for the project will not be required and the project will be completed within the resources that is provided before the initiation phase.

2.1 Preparation of project schedule with project deliverables and milestones

The project schedule with the milestones as well as deliverables are provided in the table below:

WBS	Task Name	Duration	Start	Finish
0	Repairing the tanks of Western Australian Site	82 days	Thu 06-09-18	Fri 28-12-18
1	Project kick off phase	13 days	Thu 06-09-18	Mon 24-09-18
1.1	Identifying issues and problems	3 days	Thu 06-09-18	Mon 10-09-18
1.2	Testing the feasibility	4 days	Tue 11-09-18	Fri 14-09-18
1.3	Making project charter	3 days	Mon 17-09-18	Wed 19-09-18
1.4	Hiring staffs	4 days	Mon 17-09-18	Thu 20-09-18
1.5	Reviewing the starting phase of the project	3 days	Thu 20-09-18	Mon 24-09-18
1.6	Milestone 1: Completion of kick off phase	0 days	Thu 20-09-18	Thu 20-09-18
2	Planning phase	21 days	Tue 25-09-18	Tue 23-10-18
2.1	Making plan for the project	5 days	Tue 25-09-18	Mon 01-10-18
2.2	Making plan for the utilization of resources	6 days	Tue 02-10-18	Tue 09-10-18
2.3	Developing the financial plan for the project	8 days	Tue 02-10-18	Thu 11-10-18
2.4	Analyzing the quality	7 days	Wed 10-10-18	Thu 18-10-18
2.5	Developing risk management plan	8 days	Fri 12-10-18	Tue 23-10-18
2.6	Milestone 2: Completion of planning phase	0 days	Thu 11-10-18	Thu 11-10-18
3	execution phase	41 days	Wed 24-10-18	Wed 19-12-18
3.1	Creating agreement	14 days	Wed 24-10-18	Mon 12-11-18
3.2	Resolving external problems and challenges	12 days	Wed 24-10-18	Thu 08-11-18
3.3	Development of project contract	13 days	Tue 13-11-18	Thu 29-11-18
3.4	Completion of preparatory work	10 days	Tue 13-11-18	Mon 26-11-18
3.5	Developing strategies for resolving leakage	14 days	Fri 09-11-18	Wed 28-11-18
3.6	Development of strategies for resolving issues	12 days	Fri 09-11-18	Mon 26-11-18
3.7	Undertaking the project work	11 days	Fri 30-11-18	Fri 14-12-18
3.8	Completion of project prepare	13 days	Fri 30-11-18	Tue 18-12-18
3.9	Adjustment of various project activities	12 days	Tue 27-11-18	Wed 12-12-18
3.10	Repairing tank	13 days	Thu 29-11-18	Mon 17-12-18
3.11	Analysis of work which is completed	15 days	Tue 27-11-18	Mon 17-12-18
3.12	Closing issues of the project	17 days	Tue 27-11-18	Wed 19-12-18
3.13	Milestone 3: Completion of execution phase	0 days	Fri 14-12-18	Fri 14-12-18
4	Closure phase of the project	7 days	Thu 20-12-18	Fri 28-12-18
4.1	Reviewing the project	4 days	Thu 20-12-18	Tue 25-12-18
4.2	Completion of final reporting	3 days	Wed 26-12-18	Fri 28-12-18
4.3	Documentation	2 days	Wed 26-12-18	Thu 27-12-18
4.4	Milestone 4: Completion of the project closure phase	0 days	Tue 25-12-18	Tue 25-12-18

2.2 Discussion about project merits of the tools, techniques and methods

Used methodology

The project uses agile project methodology in the project in order to repair all the tank of Western Australian site. This methodology is generally used as with the help of this project methodology, all the activities of the project are broken for managing the activities as well as tasks of the entire project. In addition to this, this methodology assists in minimizing the project time.

Merits of tools and techniques

Scheduling technique is mainly used within the project and the advantages of the using this technique is provided below:

Tracking: The time that is required for the project will be reflected with the project schedule.

Cost: The cost that is required for the project is mainly reflected with the help of the schedule of the project.

Provides proper idea: The schedule of the project provides proper details about the activities of the project that needs to be executed effectively for accomplishing the project activities.

Comparison between agile and waterfall methodology is given in the table below:

Agile methodology	Waterfall methodology
It is found that agile project methodology is used for management of time for finishing the project on time.	Waterfall methodology does not assist in time management but assists in mitigating the challenges and risks of the project.
The agile project helps in making changes within the project that is necessary.	This methodology helps in distributing the tasks effectively for maintaining quality of the project.

Proper comparison between WBS and schedule of the project is provided below:

Schedule	Work breakdown structure
The schedule of the helps in tracking the activities of the project.	WBS assists in breaking the entire project into number of activities for managing the project.
The project schedule helps in reflecting the budget that is needed for the project.	It is found as proper groundwork for budget development.

3.1 Resources which are needed

The needed resources are listed below:

Human resources: The project stakeholders are listed below:

Contractor
Supervisor
Site planner
Project manager
Project planner

Material resources: The material resources that are required include:

Steel anchors
Steel coatings
Cranes
Mobile resources scaffolding
Stainless steel flow valve

Financial resources: The required budget for finishing the project of tank repair will be around $91,360.

3.2 Integration of resource with project schedule

The schedule that is provided is generally integrated with project resources.

WBS	Task Name	Duration	Start	Finish	Resource Names
0	Repairing the tanks of Western Australian Site	82 days	Thu 06-09-18	Fri 28-12-18
1	Project kick off phase	13 days	Thu 06-09-18	Mon 24-09-18
1.1	identifying issues and problems	3 days	Thu 06-09-18	Mon 10-09-18	Project planner
1.2	Testing the feasibility	4 days	Tue 11-09-18	Fri 14-09-18	Project manager
1.3	Making project charter	3 days	Mon 17-09-18	Wed 19-09-18	Project manager
1.4	Hiring staffs	4 days	Mon 17-09-18	Thu 20-09-18	Site planner
1.5	Reviewing the starting phase of the project	3 days	Thu 20-09-18	Mon 24-09-18	Site planner
1.6	Milestone 1: Completion of kick off phase	0 days	Thu 20-09-18	Thu 20-09-18
2	Planning phase	21 days	Tue 25-09-18	Tue 23-10-18
2.1	Making plan for the project	5 days	Tue 25-09-18	Mon 01-10-18	Project manager
2.2	Making plan for the utilization of resources	6 days	Tue 02-10-18	Tue 09-10-18	Project planner
2.3	Developing the financial plan for the project	8 days	Tue 02-10-18	Thu 11-10-18	Business analyst
2.4	Analyzing the quality	7 days	Wed 10-10-18	Thu 18-10-18	Project manager, Business analyst
2.5	Developing risk management plan	8 days	Fri 12-10-18	Tue 23-10-18	Project manager, Project planner
2.6	Milestone 2: Completion of planning phase	0 days	Thu 11-10-18	Thu 11-10-18	Project manager, Project planner
3	execution phase	41 days	Wed 24-10-18	Wed 19-12-18
3.1	Creating agreement	14 days	Wed 24-10-18	Mon 12-11-18	Contractor
3.2	Resolving external problems and challenges	12 days	Wed 24-10-18	Thu 08-11-18	Supervisor
3.3	Development of project contract	13 days	Tue 13-11-18	Thu 29-11-18	Contractor
3.4	Completion of preparatory work	10 days	Tue 13-11-18	Mon 26-11-18	Site planner
3.5	Developing strategies for resolving leakage	14 days	Fri 09-11-18	Wed 28-11-18	Supervisor
3.6	Development of strategies for resolving issues	12 days	Fri 09-11-18	Mon 26-11-18	Site planner
3.7	Undertaking the project work	11 days	Fri 30-11-18	Fri 14-12-18	Contractor
3.8	Completion of project prepare	13 days	Fri 30-11-18	Tue 18-12-18	Site planner
3.9	Adjustment of various project activities	12 days	Tue 27-11-18	Wed 12-12-18	Project planner
3.10	Repairing tank	13 days	Thu 29-11-18	Mon 17-12-18	Contractor, Supervisor
3.11	Analysis of work which is completed	15 days	Tue 27-11-18	Mon 17-12-18	Contractor, Supervisor
3.12	Closing issues of the project	17 days	Tue 27-11-18	Wed 19-12-18	Contractor, Site planner
3.13	Milestone 3: Completion of execution phase	0 days	Fri 14-12-18	Fri 14-12-18
4	Closure phase of the project	7 days	Thu 20-12-18	Fri 28-12-18
4.1	Reviewing the project	4 days	Thu 20-12-18	Tue 25-12-18	Project planner
4.2	Completion of final reporting	3 days	Wed 26-12-18	Fri 28-12-18	Project manager
4.3	Documentation	2 days	Wed 26-12-18	Thu 27-12-18	Project manager
4.4	Milestone 4: Completion of the project closure phase	0 days	Tue 25-12-18	Tue 25-12-18	Project planner

Analogous estimation tool is mainly used for estimation of project resources that are generally required for repairing the tank. This method is used for estimating the resources of the project and this method of resource estimation is helpful in minimizing the cost of the resources. In spite of the benefits that this technique provides, it is found that this technique does not provides accurate results of the project.

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