Navigating Budget Challenges: 'Ultra Safe' Project Essay

You are a new project manager who joined the company ‘Ultra Safe’ recently. The company is currently reviewing the different methods used for estimating schedule, cost and resource since the company is concern with the quality and accuracy of estimation. You have been provided the following information to create a budget for designing and producing ‘Ultra Safe’ brochure using Excel spreadsheet. The following are some assumptions about the project and the budget that you made.You estimated that as the project manager you will spend 200 person-hours on the project and a teammate (Maryam) will spend 100 person hours. Rate for project manager is $45/hour and Maryam is $25/hour Stationery to copy the brochures estimated cost is $1000 Travel cost to visit vendors and suppliers is $300 Graphic designer fees to create the artwork for the brochure is $5000‘Ultra Safe’ has developed a combined indirect cost rate of 60% of direct salary..Explain how you will determine the direct cost, indirect cost and total cost.II.Assuming that you received information that the cost of stationery increased by 10% and the graphic designer’s fee increased by 25%. Include the variances and total variance in the report. III.According to Maryam the best budgets are timed-phased, however, she suggested that in budgeting, the project manager must focus on the different phases of the project such as Scope documentation Project Planning Design Development (Buying Materials) Prototype (drafts) Prototype (Review)Production Based on Maryam’s views about creating a budget that focuses on the different phases of project or timed-phased budget; what advice do you have for the project manager and project team? Interpret the following Project Status Reports from company ‘Ultra Safe’ and provide guidance to project sponsors on: a.how to proceed with each project, and b.justify which of the projects should be given the highest priority for use of shared resources as you can only afford to spend an additional $100,000 on one of the projects. You must choose only one project to support. You may not split the $100,000 between the projects