Reference no: EM132238666 , Length: word count:2000

Manage Project Cost Assignment Task -

Given this is not a live project, actual costs and expenses are to be simulated.

Your task is to:

• work closely with others to determine resources against budgetary frameworks
• prepare a budget and cost-management plan for a project
• monitor costs across a project's life cycle including solving cost variations and analysing possible alternatives
• record expenditure, create accurate financial reports and review cost-management processes.

In order to do so, you must complete each of the following components (attach documents as required and answer all questions):

Part 1 -

1. Provide a project budget for the entire project scope/work breakdown structure. This budget must be in enough detail to show costs for:

• Resources: equipment, facilities, fees and charges, human resources, materials, services and statutory costs
• Contingencies and tolerances
• Overheads/ indirect costs
• Profit (if applicable)

What were your budgetary assumptions?

2. Provide a cost management plan for your project, which includes:

Units of measure

Level of precision

Level of accuracy

Organisation cost management procedures to be followed including roles and responsibilities

Control thresholds

Rules of performance measurement

Reporting formats

Process descriptions (these could include any two of the following and must be step by step including who is involved and when as well as a description of how this will help you monitor actual vs. budgeted expenditure).

• Approval processes
• Financial authorisations and delegated authority
• Communication and reporting processes
• Invoice procedures

Organisational chart of account links (if applicable).

Part 2 -

1. Use two cost-analysis methods and tools to demonstrate the cost variations that occurred in your project.

2. Provide a detailed budget performance report showing variances against baseline budget.

3. Provide evidence of replanning to bring project back to original budget including the reason replanning is needed and the options available to bring the project back on budget as well as the option selected.

Part 3 -

1. Describe in detail a financial completion activity you would need to undertake at the end of the project.

2. Review your project performance in terms of cost management. Would your cost management processes and procedures be considered effective? Why/why not?

3. List all cost issues you may have experienced on the project (in the table below) including a recommendation for future projects.

Attachment:- Manage Project Cost Assignment File.rar