The project budget should reflect all costs associated with the project and not include any costs not directly related. Your budget is based on your simulated team environment and should reflect all tasks associated with your project as derived from your WBS. Hourly rates for each team member based on role should be established and applied to the budget calculations. You can see how important the WBS is at this point.
A communications plan is essential to all projects. Some say that the success of any project rests more with managing the project information flow and stakeholder expectations than it does for any other single PM function or document. We won’t be doing a full communication plan due to time and effort constraints, but this assignment contains an important communications piece; the Planning Phase Review Presentation. This presentation concentrates on all the activities and results leading up to the start of actual project execution activities. It is a very important meeting. You need to communicate what has been accomplished, and this will provide an essential foundation to your stakeholders on exactly what to expect at a detailed level going forward with the project.
Project – Budget
In this Assignment, you will create a Project Budget
Create a Project Budget – Spreadsheet
Using information obtained from your research and from extending the scenario in an imaginative direction to add detail, you will develop your project budget. See below for some detail on the meaning and information contained within these documents.
You only need to concern yourself with the first tab of the budget template; you may ignore the other tabs.
The budget template may not be correct; you may need to modify the columns and formulas (in a minor way) in order to meet the assignment requirements. Multiply your hour’s estimate by your cost per hour for each resource or resource group to get the total cost for each task/task group. You may have to adjust the budget template in order to do this correctly. Check to make sure the formula in your template is correct, as there may be a good chance it is not (This is intentional.).
The project budget utilizes information relevant to all project costs. These costs include charges for any equipment used to complete the project, materials, and supplies, labor costs estimated in the labor cost estimation work sheet and WBS – Schedule, training costs, meeting costs, transportation costs, and any and all other costs that belong to the project.
Ongoing operational costs, such as new service charges and licensing, can also be highlighted but are generally outside the actual project costs section.
If your detailed budget estimates are different than the broader estimates in the WBS, you must go back and update the WBS / project Charter with the new (more accurate) estimates prior to your planning review meeting.
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