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Project Overview

Discuss about theProject Of Developing An Effective Budget.

The purpose of the project is developing an effective budget, schedule and resource overview for mitigating the issues faced by the site tank in Australia. The problems faced by the organization are oil leakage where the tanks have to be renovated to increase their capacity and prevent leakage which is having an adverse effect on the corresponding environment. The organization is paying $20,000 fine per month because of these leakage and mitigation action is required to resolve this problem.

The project budget defines the cost of all the resources that has been used in each of the tasks. This is a forecasted budget where the cost of each of the resources is an estimated cost and there may be variance when compared to the exact cost in the market (Fleming and Koppelman 2016).  The budget of the project can be diminished by managing the critical and non critical tasks in an effective way. The project schedule consist of tasks that have been over allocated but the over allocation in the critical task cannot be removed as it will result in change of in timeline of the project. However, the over allocation in the non critical tasks have to be taken care of by removing the over allocation as these tasks does not have any effect on the time schedule. The Geologist Engineer and the Environmental Engineer are over allocated as they have a many responsibilities and increase in number of the resources is required to reduce the over allocation.

Task Name

Resource Names

Cost

Total Slack

Oil tankers handling plan

 

$134,091.00

0 days

1.0 Issue Identification

 

$1,816.00

0 days

1.1 Identifying the issues in the tanks

Project Manager

$480.00

0 days

1.2 Discuss with the stakeholders

Environmental Engineer ,Geologist engineer ,Project Manager, Project owner ,Project Sponsor

$920.00

0 days

1.3 Document requirement

Accountant ,Project Manager

$256.00

0 days

1.4 Deploy requirements

Project Manager

$160.00

0 days

1.5 Milestone 1: Issues identified

 

$0.00

0 days

2.0 Patching of tank 1

 

$39,170.00

0 days

2.1 Increasing the storing capacity to 1 million litres

Environmental Engineer ,Geologist engineer ,Scaffolding[1]

$17,200.00

0 days

2.2 Patching the tank 1 with 2 metre wide steel strips at four places

Crane large[1],Crane small[1],Project Manager ,Steel anchors1[1],Steel patches1[1]

$17,170.00

0 days

2.3 Balancing the renovation of the tank at height with the inclusion of four anchors

Geologist engineer

$1,200.00

151 days

2.4 Implement the Tank Cleanliness program

Environmental Engineer

$1,200.00

0 days

2.5 Exterior painting of the tank

Project Manager

$2,400.00

151 days

2.6 Milestone 2: patching of tank 1 completed

 

$0.00

0 days

3.0 Patching of tank 2

 

$41,685.00

0 days

3.1 Increasing the storing capacity to 3 million litres

Environmental Engineer ,Geologist engineer ,Project Manager

$12,000.00

74 days

3.2 Patching the tank 2 with 3 metre wide steel strips at seven places

Steel anchors2[1],Steel patches2[1]

$1,085.00

74 days

3.3 Balancing the renovation of the tank at height with the inclusion of four anchors

Crane large[1],Crane small[1],Scaffolding[1]

$25,000.00

0 days

3.4 Implement the Tank Cleanliness program

Environmental Engineer

$1,800.00

74 days

3.5 Exterior painting of the tank

Geologist engineer

$1,800.00

0 days

3.6 Milestone 3: patching of tank 2 completed

 

$0.00

0 days

4.0 Patching of tank 3

 

$36,620.00

0 days

4.1 Increasing the storing capacity to 7 million litres

Environmental Engineer

$3,600.00

0 days

4.2 Patching the tank 3 with 1.5 metre wide steel strips at six places

Steel anchors3[1],Steel patches3[1]

$1,060.00

0 days

4.3 Balancing the renovation of the tank at height with the inclusion of four anchors

Crane large[1],Crane small[1],Scaffolding[1]

$25,000.00

85 days

4.4 Installation program for supply valve

Environmental Engineer ,Project Manager

$3,360.00

0 days

4.5 Implement the Tank Cleanliness program

Geologist engineer

$1,800.00

85 days

4.6 Exterior painting of the tank

Geologist engineer

$1,800.00

0 days

4.7 Milestone 4: patching of tank 3 completed

 

$0.00

0 days

5.0 Monitor and Control

 

$14,800.00

0 days

5.1 Setting up quality standards

Project Manager

$800.00

0 days

5.2 Reviewing performance

Environmental Engineer ,Geologist engineer ,Project Manager

$6,000.00

0 days

5.3 Identify deviation and take measures

Environmental Engineer ,Geologist engineer ,Project Manager

$8,000.00

0 days

5.4 Milestone 5: Control phase completed

 

$0.00

0 days

(Table 1: Harrison and Lock 2017)

The project schedule determines the overall timeline of the project which depicts the time span of the each of the tasks (Heagney 2016). The overall time period for conducting this project is 182 and the project start date is 7th may, 2018 and it will end at 15th January, 2019.  The schedule for the current project has been described below:

Task Name

Duration

Start

Finish

Oil tankers handling plan

182 days

Mon 5/7/18

Tue 1/15/19

1.0 Issue Identification

6 days

Mon 5/7/18

Mon 5/14/18

1.1 Identifying the issues in the tanks

3 days

Mon 5/7/18

Wed 5/9/18

1.2 Discuss with the stakeholders

1 day

Thu 5/10/18

Thu 5/10/18

1.3 Document requirement

1 day

Fri 5/11/18

Fri 5/11/18

1.4 Deploy requirements

1 day

Mon 5/14/18

Mon 5/14/18

1.5 Milestone 1: Issues identified

0 days

Mon 5/14/18

Mon 5/14/18

2.0 Patching of tank 1

47 days

Tue 5/15/18

Wed 7/18/18

2.1 Increasing the storing capacity to 1 million litres

30 days

Tue 5/15/18

Mon 6/25/18

2.2 Patching the tank 1 with 2 metre wide steel strips at four places

7 days

Tue 6/26/18

Wed 7/4/18

2.3 Balancing the renovation of the tank at height with the inclusion of four anchors

10 days

Tue 5/15/18

Mon 5/28/18

2.4 Implement the Tank Cleanliness program

10 days

Thu 7/5/18

Wed 7/18/18

2.5 Exterior painting of the tank

15 days

Tue 5/29/18

Mon 6/18/18

2.6 Milestone 2: patching of tank 1 completed

0 days

Wed 7/18/18

Wed 7/18/18

3.0 Patching of tank 2

55 days

Thu 7/19/18

Wed 10/3/18

3.1 Increasing the storing capacity to 3 million litres

30 days

Thu 7/19/18

Wed 8/29/18

3.2 Patching the tank 2 with 3 metre wide steel strips at seven places

10 days

Thu 8/30/18

Wed 9/12/18

3.3 Balancing the renovation of the tank at height with the inclusion of four anchors

7 days

Thu 7/19/18

Fri 7/27/18

3.4 Implement the Tank Cleanliness program

15 days

Thu 9/13/18

Wed 10/3/18

3.5 Exterior painting of the tank

15 days

Mon 7/30/18

Fri 8/17/18

3.6 Milestone 3: patching of tank 2 completed

0 days

Fri 8/17/18

Fri 8/17/18

4.0 Patching of tank 3

67 days

Mon 8/20/18

Tue 11/20/18

4.1 Increasing the storing capacity to 7 million litres

30 days

Mon 8/20/18

Fri 9/28/18

4.2 Patching the tank 3 with 1.5 metre wide steel strips at six places

10 days

Mon 10/1/18

Fri 10/12/18

4.3 Balancing the renovation of the tank at height with the inclusion of four anchors

7 days

Mon 8/20/18

Tue 8/28/18

4.4 Installation program for supply valve

12 days

Mon 10/15/18

Tue 10/30/18

4.5 Implement the Tank Cleanliness program

15 days

Wed 8/29/18

Tue 9/18/18

4.6 Exterior painting of the tank

15 days

Wed 10/31/18

Tue 11/20/18

4.7 Milestone 4: patching of tank 3 completed

0 days

Tue 11/20/18

Tue 11/20/18

5.0 Monitor and Control

40 days

Wed 11/21/18

Tue 1/15/19

5.1 Setting up quality standards

5 days

Wed 11/21/18

Tue 11/27/18

5.2 Reviewing performance

15 days

Wed 11/28/18

Tue 12/18/18

5.3 Identify deviation and take measures

20 days

Wed 12/19/18

Tue 1/15/19

5.4 Milestone 5: Control phase completed

0 days

Tue 1/15/19

Tue 1/15/19

(Table 2: Eskerod and Jepsen 2016)

The key milestones will consist of the tasks having zero time duration but they represent completion of important phases in the project. The milestone for the project has been described below:

Task Name

Duration

Start

Finish

1.5 Milestone 1: Issues identified

0 days

Mon 5/14/18

Mon 5/14/18

2.6 Milestone 2: patching of tank 1 completed

0 days

Wed 7/18/18

Wed 7/18/18

3.6 Milestone 3: patching of tank 2 completed

0 days

Fri 8/17/18

Fri 8/17/18

4.7 Milestone 4: patching of tank 3 completed

0 days

Tue 11/20/18

Tue 11/20/18

5.4 Milestone 5: Control phase completed

0 days

Tue 1/15/19

Tue 1/15/19

(Table 3: Kerzner and Kerzner 2017)

The resource overview time span allocated to each of the project resources along with the total cost behind each resource. The resource overview shows that there is over allocation of resources for the Geologist engineer and the environmental engineer. The over allocation will have t reduced by including other resources which can be achieved by appointing more geologist and environmental engineer. The cost of the materials in the project has also been described.  There has been over allocation of resources in both critical and non critical tasks. The over allocation of resources on the non critical task has to be decreased (Todorovi? et al. 2015). This can be executed by increase the availability of resources where the number of geologist engineers and environmental engineers as the majority of the responsibility is on them.  The engineers can supervise the work in a better way if there are more number of engineers and the overall time span for conducting the project will be reduced while making the changes. The increase in the storing capacity of the tanks is a non critical task so allocating too much resource will be wastage. This is because the cost of the project will increase substantially but there will be no impact on the time span of the project (Binder 2016).  The organization can use different techniques such agile methodology which will enable the organization to make changes to the requirements at every phase of the project. The use of agile methodology will reduce the cost of the project and may increase the efficiency of the project if executed in an effective way.      

Name

Start

Finish

Cost

Remaining Work

Project Manager

Mon 5/7/18

Tue 1/15/19

$17,600.00

880 hrs

Project Sponsor

Thu 5/10/18

Thu 5/10/18

$240.00

8 hrs

Project owner

Thu 5/10/18

Thu 5/10/18

$280.00

8 hrs

Accountant

Fri 5/11/18

Fri 5/11/18

$96.00

8 hrs

Geologist engineer

Thu 5/10/18

Tue 1/15/19

$18,120.00

1,208 hrs

Environmental Engineer

Thu 5/10/18

Tue 1/15/19

$19,560.00

1,304 hrs

(Table 4: Binder 2016)

Resource Name

Type

Material Label

Initials

Group

Max. Units

Std. Rate

Steel patches1

Material

 

S

   

$50.00

Steel anchors1

Material

 

S

   

$1,000.00

Steel patches2

Material

 

S

   

$85.00

Steel anchors2

Material

 

S

   

$1,000.00

Steel patches3

Material

 

S

   

$60.00

Steel anchors3

Material

 

S

   

$1,000.00

Crane large

Material

 

C

   

$10,000.00

Crane small

Material

 

C

   

$5,000.00

Scaffolding

Material

 

S

   

$10,000.00

Total

$28,195.00

(Table 5: de Carvalho, Patah and de Souza Bido 2015)

Conclusion

The conclusion that can be drawn from the report is that the project schedule, budget and resource plan has been developed. The project schedule, budget and resources have been able to effective address all the issues faced by the organization. However, further improvements can be made to the project by adding more resources which will result in decrease in the time span. The cost benefit analysis of the project will show that increase in the resource will have a long term benefit for the organization and provide the organization with sustainability.

References

Binder, J., 2016. Global project management: communication, collaboration and management across borders. Routledge.

de Carvalho, M.M., Patah, L.A. and de Souza Bido, D., 2015. Project management and its effects on project success: Cross-country and cross-industry comparisons. International Journal of Project Management, 33(7), pp.1509-1522.

Eskerod, P. and Jepsen, A.L., 2016. Project stakeholder management. Routledge.

Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute.

Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach. Routledge.

Heagney, J., 2016. Fundamentals of project management. AMACOM Div American Mgmt Assn.

Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Todorovi?, M.L., Petrovi?, D.?., Mihi?, M.M., Obradovi?, V.L. and Bushuyev, S.D., 2015. Project success analysis framework: A knowledge-based approach in project management. International Journal of Project Management, 33(4), pp.772-783.

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My Assignment Help. (2019). Effective Budget, Schedule, And Resource Overview For Oil Tank Renovation In Australia. Retrieved from https://myassignmenthelp.com/free-samples/project-of-developing-an-effective-budget.

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My Assignment Help (2019) Effective Budget, Schedule, And Resource Overview For Oil Tank Renovation In Australia [Online]. Available from: https://myassignmenthelp.com/free-samples/project-of-developing-an-effective-budget
[Accessed 18 July 2024].

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My Assignment Help. Effective Budget, Schedule, And Resource Overview For Oil Tank Renovation In Australia [Internet]. My Assignment Help. 2019 [cited 18 July 2024]. Available from: https://myassignmenthelp.com/free-samples/project-of-developing-an-effective-budget.

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