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BSBPMG514 Manage Project Cost

Question

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Questions:

Section A: Skills Activity

Scenario

Australian Hardware store has multiple store within Australia, They are experiencing problem in managing their sales, customer service and marketing as there is no integration among these departments, so the Steering committee of Australian Hardware Store has decided to buy a new CRM (Customer Relationship Management) System which can increase integration among the above 3 departments. You have been assigned as a Project manager for this project of installing this New CRM System, you Instructor will act as a project Sponsor for this project.

Your Instructor (project sponsor) have given you following budget and timeline for each phase

Phase

Suggested Budget ($)

Suggested Timeline (Days)

Initiation

50,000

60

Planning

100,000

60

Execution and Monitoring/control

300,000

120

Closure

20,000

20

CRM software

200,000

-

Resources of CRM Project

Roles

Responsibilities

Project Manager

· Activity and resource planning.

· Organizing and motivating a project team.

· Controlling time management.

· Cost estimating and developing the budget.

· Ensuring customer satisfaction.

· Analysing and managing project risk.

· Monitoring progress.

Business Analyst

· Creating a detailed business analysis, outlining problems, opportunities and solutions for a business.

· Budgeting and forecasting.

· Planning and monitoring.

· Financial modelling.

· Variance Analysis.

· Pricing.

· Reporting.

Solution Architect

The solution architect's job focuses on solution-level decisions and analysis of their impact on the overall business goals and outcomes. The person's responsibilities directly derive from processes in practice: Analysing the technology environment

Developers (2)

· Producing clean, efficient code based on specifications.

· Testing and deploying programs and systems.

· Fixing and improving existing software.

Testers (2)

Software Testers are responsible for the quality of software development and deployment. They are involved in performing automated and manual tests to ensure the software created by developers is fit for purpose. Some of the duties include analysis of software, and systems, mitigate risk and prevent software issues.

Programmers

· Write programs in a variety of computer languages, such as C++ and Java.

· Update and expand existing programs.

· Debug programs by testing for and fixing errors.

· Build and use computer-assisted software engineering (CASE) tools to automate the writing of some code.

Project Analyst  

· Creating, managing and disbursing reports related to the project.

· Maintaining project assets, communications and related database(s)

· Evaluating and monitoring the overall project.

· Reviewing and reporting the project's budget and finances.

Quality Specialist

· Identify and Resolve Production Issues. ...

· Conduct Product Testing and Audits. ...

· Document Product Tests and Corrections. ...

· Evaluate Production Operations. ...

· Create Training Materials.

Trainers (2)

Analyse and evaluate information-based system training needs and objectives, and develop, schedule and conduct ICT -based system training programs.

 

Answer the activity in as much detail as possible, considering your organisational requirements.

  1. Working in a small group (2-5 people), you will need to complete the following tasks:

You will be provided with case study by your assessor. You will need to communicate with your team and interpret, analyse, review and compare the information in the case study.

You must provide your answers to the following questions:

  • Who was the decision maker in the project?
  • What resources were required for the project?
  • What was the budget for each resource?
  • What was the budget tolerance?
  • How the project was monitored?
  • Were any adjustments made throughout the project
  • Was all expenditure was recorded correctly?

Once you have answered the above questions, you and your group will need to analyse and compare results with each other. Produce a report in no more than 500 words detailing the following:

  • Identify differences in each of the projects
  • Identify similarities in each of the projects
  • Provide an evaluation of the effectiveness of each of the projects.  
  1. From the information you have recorded in question 1, prepare a financial report on the case study using the appropriate format and language. You should draw upon a wide range of existing records but must ensure the following elements are considered in your report:
  • Terms of reference
  • Summary of project systems
  • Investigation reports
  • Presentation of alternatives
  • Suggested remedy
  • Cost/benefit analysis
  • Conclusions
  • Results
  • Recommendations
  1. Your assessor will divide your group into two groups of (2-3 people), Using the analysis of the you prepared in question A1, choose one alternative action you identified that could have been taken to enable a more effective project completion.

Once you have chosen the alternative action that could have been taken you will need to research and prepare a debate as to why this action should or should not have been used. Your assessor will establish whether you and your group will be arguing for or against the action. 

  1. You will need to carry out research using a range of sources available within your organisation. The resources you use will depend on your organisation, however, may include: company documentation, the internet or company software.

You will need to identify the following:

  • Identify one policy and one procedure within your organisation which may affect your role
  • Provide one example of an internal and one example of an external stakeholder relevant to  your organisation
  • Identify one policy or procedure which would affect your communication with the internal or external stakeholders when confirming your project requirements, seeking advice or sharing information. For example, you may need to forward a client’s budgetary requirements to a potential company you wish to hire equipment from, however, the information you wish to send contains your client’s personal information. This would be an example of where client confidentiality procedures would affect your communication.
  1. Your final task will require you and your team to plan a project. You must ensure the following information is recorded and attached to your workbook.
  • Carry out and provide evidence of a work breakdown structure
  • Demonstrate and provide evidence of when and how you would monitor potential adjustments to your budget/resources
  • Demonstrate how you would communicate with your team members on adjustments/changes using your organisation’s project management software
  • Use a previous project to analyse where alternative actions can be taken on your current project
  • Provide evidence of mathematical formulae used to estimate project costs.

Section B: Knowledge Activity (Q & A)

Answer each question in as much detail as possible, considering your organisational requirements for each one.

  1. Identify one example for each of the following:
  • Budgeting processes
  • Budgeting tool
  • Budgeting techniques.
  1. Outline how you would apply each of the examples you have provided in question 1 to a project.
  1. Outline one method and one tool used for costing and cost analysis.
  1. Outline how you would apply the method and tool identified in question 3 to a project.
  1. Explain how you would develop a budget for a project
  1. Suggest one way you could evaluate the cost management of a project.
  1. Research and identify three organisationalpolices and or procedures applicable to your role in a project.

Section C: Performance Activity

Answer the activity in as much detail as possible, considering your organisational requirements.

  1. Your assessor will assign you a project. The budget will be regulated and a reasonable period of time set to complete the project will be set by your assessor.  In small groups (2-5 people), you must complete the following tasks:
  • Working within your set budget, discuss and identify the resources you will require for the project with your group
  • Design and complete a resource requirement sheet for each of the following major resources relevant to your project:  
  • equipment
  • facilities
  • fees and charges
  • human resources
  • materials
  • services
  • statutory costs
  • Prepare a project budget with your group, using either the top-down approach or the bottom-up approach. You must answer the following question:  
  • What approach did you use?  
  • How did you identify the project costs?  
  • What are the direct and indirect costs?
  • Are there any possible risks that may occur throughout the project?
  • What is your budget tolerance?

Attach the evidence to your workbook.

  • Prepare a cost management plan for your project. You must answer and complete the following questions:
  • What tasks produce costs?
  • What materials are required?
  • Create a timeline for the completion of the project
  • Identify one cost control tool you may use to manage the project costs
  • Identify who will manage the project costs
  • Provide details of any mathematical formulae you have used to  measure the costs of the project
  • Provide details of any contingencies
  • Have you identified any key performance indicators you will use? How will these KPI’s be measured?

Attach the evidence to your workbook.

  1. The timescale to complete the following tasks will vary depending on your assigned project. Your assessor will notify you after a reasonable period of time to complete the following:
  • In order to monitor the estimated costs against your actual expenditure within the project, design and complete a critical path schedule with your group.  You must ensure the following are recorded:
  • Estimated costs vs. actual costs
  • Possible alternative actions you may take.
  • Who would approve the alternative actions you have suggested?

Lastly, you must demonstrate your ability to identify all areas of expenditure. Create a financial report that is laid out clearly and is easily understandable. The report must review the cost management processes you took.

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