Assumptions for the Assignment regarding Client, Market, Project and Firm
0A) General summary of relationships between Fees, and a) the Project/Process, b) the Firm/Business, c) the Societal/Legal Standard of Care, and d) higher client-specific levels of service. [include all of these]
Ans: The amount of fees required for conducting any project depends on the activities and expertise required for achieving the aims and objectives of a project, along with the planning, estimation, financing, budgeting, funding and management activities to be conducted during the same.
On the other hand, the nature of the business to be conducted and the domain of the project work are also determine the fees to be paid to the project team. Besides this, fees of the project team varies significantly with the purpose I or objective with which any organization project or program is being conducted.
In order to meet the client-specific levels of service and provide high-end service to the client, alignment of the project fees structure with that of the expertise required to perform the project activities is also essential.
0B) Your assumptions for the Assignment regarding Client, Market, Project and Firm [brief sentence]
Ans.The following assumptions have been made for answering the questions included in the following section of the report:
- An ongoing project at a marketing firm is being considered
- For the task of fees consideration, both proportional fees to be paid by the firm and referred fees would be considered.
- The total fee for the project would be estimated based on the following factors:
- The total project that is being conducted.
- The activities to be conducted during the course of the project.
1) Step 1: Consulting with the Client about Needs, Priorities & Approaches for BOTH Parties [0.5 pg. min.]
1A) “Project-variables”impacts on the Proposal(Focus on: Fee ←→Project Tasks←→S of C)
- a) List-of-questions “A” for Client about ProjectTasks variables, if Client/Market requires a “threshold” fee:
Ans. Following are the questions to be asked to the client:
- What amount of capital is required for the conducting the total project?
- How can the project activities be subdivided or sub-grouped so as to achieve the project objectives?
Iii. How many resources is the client end willing to employ for the project?
- How can the project activities possibly affect the environment?
- b) List-of-questions “B” for Client about ProjectTasks variables, if Client/Market allows a “preferred” fee:
Ans. Following are the questions to be asked to the client:
- What is the exact number of buildings/ structures that the client wishes to construct?
- What strategies does the client intend to use for the management of the cost constraints of the project?
1B) “Firm-variables” impacts on the Proposal(Focus on: Fee ←→Firm OH←→S-of-C support)
- a) List-of-information “A” for Client about FirmOH variables, if Client/Market requires a “threshold” fee:
Ans.List-of-information:
- The type of materials to be required for completing the project
- The total number of labor required for completing the project
- The requirements of the project, along with the designs and plans to be utilized for developing the buildings.
b) List-of-information “B” for Client about FirmOH variables, if Client/Market allows a “preferred” fee Ans.
- Services required by the client end
- The maximum number of workers who should be present at the work site on a daily basis
2) Step 2: Identify Services Strategy, Work-Scope, and Team [0.5 pg. min.]
2A) “Project-variables” impacts on the Proposal(Focus on: Fee ←→ Project Tasks←→ S of C)
- a) Services-Strategy “A” for ProjectTasks variables, if Client/Market requires a “threshold” fee: Ans.
- Services would be provided so as to ensure that the objectives and target of the project is met with
- Services would be provided with the aim of meeting all the requirements included in the project proposal and the service level agreement made with the client.
- b) Services-Strategy “B” for Project Tasks variables, if Client/Market allows a “preferred” fee:Ans.
- Services would be provided so as to ensure the full utilization of the preferred fee
- Services would be provided so as to ensure that the project activities are completed within the estimated time.
2B) “Firm-variables” impacts on the Proposal(Focus on: Fee ←→ Firm OH←→ S-of-C support)
- a) Services-Strategy “A” for FirmOH variables, if Client/Market requires a “threshold” fee: Ans.
- Services would be provided to the client in a manner such that there is a minimal impact of the project on the environment.
- b) Services-Strategy “B” for Firm OH variables, if Client/Market allows a “preferred” fee: Ans.
- Services would be provided so as to ensure that the resources allocated to the project are well aware of their roles and responsibilities and are capable of completing the project successfully.
3) Step 3: Estimate the Cost of Providing the Services [0.5 pg. min.]
3A) “Project-variables” impacts on the Proposal(Focus on: Fee ←→ Project Tasks←→ S of C)
- a) Estimate of Services-Cost “A” due to ProjectTasks variables, if Client/Market requires a “threshold” fee: Ans.
An amount of 10000 dollars (approximately) would be required for completing the project in accordance to the details included in the project proposal.
- b) Estimate of Services-Cost “B” due to ProjectTasks variables, if Client/Market allows a “preferred” fee: Ans.
The preferred fee required for completing the project would be much lower than that of the threshold fees: it is being estimated that the preferred fee would be approximately 800 dollars.
3B) “Firm-variables” impacts on the Proposal(Focus on: Fee ←→ Firm OH←→ S-of-C support)
- a) Estimate of Services-Cost “A” due to FirmOH variables, if Client/Market requires a “threshold” fee: Ans.
The estimation of the service cost would be made keeping in mind the fact that neither should the project be over-priced nor should the quality of the services be compromised with.
- b) Estimate of Services-Cost “B” due to FirmOH variables, if Client/Market allows a “preferred” fee: Ans.
The preferred fee of the project would be significantly lower than that of threshold fee of the project
4) Step 4: Evaluate Risk Factors & Apply Appropriate Contingencies [0.5 pg. min.]
4A) “Project-variables” impacts on the Proposal(Focus on: Fee ←→ Project Tasks←→ S of C)
- a) Risk Factors/Contingencies “A” due to ProjectTasks variables, if Client/Market requires a “threshold” fee: Ans.
In case the threshold of the projects is not met with, the quality of products or services, being provided would be deteriorated or degraded.
- b) Risk Factors/Contingencies “B” due to ProjectTasks variables, if Client/Market allows a “preferred” fee: Ans.
Some of the contingency or risk factors associated with the project are :
- Some of the most important members of the project team might leave the organization during the project cycle.
- The estimated budget might not be sufficient for completing the project.
4B) “Firm-variables” impacts on the Proposal(Focus on: Fee ←→ Firm OH←→ S-of-C support)
- a) Risk Factors/Contingencies “A” due to FirmOH variables, if Client/Market requires a “threshold” fee: Ans.
- The higher management of the marketing firm might not be supportive towards the project team.
- The working environment of the project might not be suitable for completing the project in a successful manner.
- b) Risk Factors/Contingencies “B” due to FirmOH variables, if Client/Market allows a “preferred” fee: Ans.
The outcomes of the project might not meet the quality levels of included in the project proposal.
5) Step 5: Assess the Firm’s Client/Market Strength & Add Appropriate Profit Margins [0.5 pg. min.]
5A) “Project-variables” impacts on the Proposal(Focus on: Fee ←→ Project Tasks←→ S of C)
- a) Strengths/Profit Margins “A” due to ProjectTasks variables, if Client/Market requires a “threshold” fee: Ans.
- Project should be completed within the scheduled time
- Appropriate change management techniques should be utilized
- b) Strengths/Profit Margins “B” due to ProjectTasks variables, if Client/Market allows a “preferred” fee Ans.
- Ability to meet the specific requirements of the project
5B) “Firm-variables” impacts on the Proposal(Focus on: Fee ←→ Firm OH←→ S-of-C support)
- a) Strengths/Profit Margins “A” due to FirmOH variables, if Client/Market requires a “threshold” fee: Ans.
- When the general requirements of the project are successfully met with, the realization of profit would be possible.
- b) Strengths/Profit Margins “B” due to FirmOH variables, if Client/Market allows a “preferred” fee: Ans.
- Large number of customers utilizes the services of the project.
- The target of the firm is met with.
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