The document discusses project budget estimation and project crashing. It provides an introduction to project budgeting, noting that senior management must approve the budget to obtain resources. It then discusses top-down and bottom-up budgeting approaches. Project crashing is defined as shortening a project's timeline, typically by adding more resources, and key stages in project crashing management are outlined, including establishing crash objectives, identifying critical paths, finding crash limits, and selecting economic options to present for approval. The importance of being able to crash projects in response to changing needs is also highlighted.
How to set realistic priorities for it budget planning it-toolkitsIT-Toolkits.org
Once you are aware of your budgeting “realities”, you can begin the process of identifying related priorities, which will shape and refine actual budget results.
Will it be possible to maintain the budget and still provide the necessary services and projects?
If not, what items in the budget can be reduced to compensate?
If budget cuts are in order, how will essential services and projects still be provided?
How will difficult budget decisions be made and communicated?
How will you deal with staff disappointments and end-user complaints?
How to set realistic priorities for it budget planning it-toolkitsIT-Toolkits.org
Once you are aware of your budgeting “realities”, you can begin the process of identifying related priorities, which will shape and refine actual budget results.
Will it be possible to maintain the budget and still provide the necessary services and projects?
If not, what items in the budget can be reduced to compensate?
If budget cuts are in order, how will essential services and projects still be provided?
How will difficult budget decisions be made and communicated?
How will you deal with staff disappointments and end-user complaints?
Running Head PROJECT PLAN OUTLINE1Project Plan Outline2.docxcharisellington63520
Running Head: PROJECT PLAN OUTLINE 1
Project Plan Outline
2
Project Plan Outline
FIN 575 / Budgetary Finance
Project Plan Outline
Like any professional team, project management requires a game plan for executing the plan. This paper will create an outline for a special project for the case study of Pontrelli Recycling, Inc. A description of the seven primary planning activities will be introduced. An evaluation of the project execution and alignment to the corporate strategy will be discussed. Finally, an illustration of how project control may mitigate risks for the organization will be given.
Project Charter
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Project Deliverables
“Deliverables serve as a general term that encompasses the requirements of a project” (Investopedia Staff, 2013, p. 1). In other words, these are the goals and objectives of the organization brought to life. In the case of Pontrelli Recycling, these would be the realization of cost cutting initiatives, the realization of new revenue streams, and enhanced stakeholder value.
Tasks
Tasks are a description of the work that the project team members need to accomplish in order to deliver on the project. These could include a industry survey on the types of equipment used to handle different material streams for recycling or a business process analysis to identify opportunities to enhance process efficiency.
Resources
It would be impossible to deliver a project without identifying the resources needed to complete the deliverables. These would include “personnel (, equipment) and other resources” (Callahan, Stetz, & Brooks, 2007, p. 157). Identifying the resources needed is a key component to accomplishing the project deliverables in an efficient manner.
Estimate of Effort
An estimate of effort is needed to understand the amount and scope of the need from the resources. For example, how many person hours would be needed to accomplish the task of researching the process flows to identify efficiencies in production. This would help to realize the amount of each resource needed to accomplish each task.
Risks and Constraints
Listing the risks and constraints to the project and its resources is important to be identified earlier in the process. This would allow the project team to plan to overcome these if they arise. For example, if personnel assigned to the project become unavailable a contingency plan completed ahead of time may be activated to overcome this risk.
Project Schedule
Creating a project schedule begins with the end in mind. By scheduling the project milestones helps the project manager to assure that the process is on course to meet the project completion date. Additionally, by schedulin.
How Project Management Leads to Better OutcomesAllison Reznick
Implementing project management practices can have
widespread benefits for an association. Here's a primer on
what effective project management looks like and how
associations might use it.
How To Develop A Project Management PlanOrangescrum
For project managers, a successful outcome is always preceded by a well-prepared project management plan. A lot of effort is put into planning which helps you prepare a better Project Management Plan.
1. Continually forecast the budget. A project run without frequent budget management and reforecasting will likely be headed for failure. Why? Because frequent budget oversight prevents the budget from getting too far out of hand. A 10 percent budget overrun is far easier to correct than a 50 percent overrun. Your chances of keeping the project on track with frequent review of the budget plan is far greater than if you forecast it once and forget about it.
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Project Plan Outline
Like any professional team, project management requires a game plan for executing the plan. This paper will create an outline for a special project for the case study of Pontrelli Recycling, Inc. A description of the seven primary planning activities will be introduced. An evaluation of the project execution and alignment to the corporate strategy will be discussed. Finally, an illustration of how project control may mitigate risks for the organization will be given.
Project Charter
The start of any project should include the project charter. The project charter identifies the project scope. These would include “client goals and objectives, specific project goals, and information about the various stakeholders” (Callahan, Stetz, & Brooks, 2007, p. 157).
Project Deliverables
“Deliverables serve as a general term that encompasses the requirements of a project” (Investopedia Staff, 2013, p. 1). In other words, these are the goals and objectives of the organization brought to life. In the case of Pontrelli Recycling, these would be the realization of cost cutting initiatives, the realization of new revenue streams, and enhanced stakeholder value.
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Tasks are a description of the work that the project team members need to accomplish in order to deliver on the project. These could include a industry survey on the types of equipment used to handle different material streams for recycling or a business process analysis to identify opportunities to enhance process efficiency.
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It would be impossible to deliver a project without identifying the resources needed to complete the deliverables. These would include “personnel (, equipment) and other resources” (Callahan, Stetz, & Brooks, 2007, p. 157). Identifying the resources needed is a key component to accomplishing the project deliverables in an efficient manner.
Estimate of Effort
An estimate of effort is needed to understand the amount and scope of the need from the resources. For example, how many person hours would be needed to accomplish the task of researching the process flows to identify efficiencies in production. This would help to realize the amount of each resource needed to accomplish each task.
Risks and Constraints
Listing the risks and constraints to the project and its resources is important to be identified earlier in the process. This would allow the project team to plan to overcome these if they arise. For example, if personnel assigned to the project become unavailable a contingency plan completed ahead of time may be activated to overcome this risk.
Project Schedule
Creating a project schedule begins with the end in mind. By scheduling the project milestones helps the project manager to assure that the process is on course to meet the project completion date. Additionally, by schedulin.
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Implementing project management practices can have
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1. Topic:
Estimating Budget
& Project Crashing
First of all, we will go through the
introduction of the project budget
estimation .
View Slides
Presented
By
26 Malik Usman
19
34
Abdul-Ahad
M Bilal
2. Introduction:
Senior management approval of the project budget allows the obtainment of resources to begin the
project.
A budget is a plan for allocating resources.
A budget is an expression of organizational policy, and control mechanism.
Budgets must be tied to achievement. Data must be collected and reported in a timely manner.
3. Introduction:
The required quantity of each, when they will be needed, and how much they will c
ost. Of course, there will be uncertainty.•In many fields, cost estimating methods
are well codified.
Sometimes, established relationships can be used as a first approximation, e.g.:Co
st of Building = ($/square feet) * (no. of square feet).
Developing project budgets is typically much more difficult than developing budget
s for more permanent organizational activities, since:.. The project budgeter canno
t depend on tradition... For multiyear projects, the plans and schedules must be set
at the beginning of the project life. (example: International Space Station)
The PM must understand the organizational accounting system...
The PM must be aware of both the resource requirements and the specific time
pattern of resources
Usuage.
Every expenditure must be identified with a specific project task.
There are two fundamentally different strategies for data gathering:.
4. Top-Down Budgeting:
Top and middle managers estimate overall project cost as well as costs of major su
bprojects that comprise it, via their judgments and past experiences.
These cost estimates are given to lower-
level managers who continue the breakdown for specific tasks and work packages.
Competition among junior managers can be quite intense (considered a zero-
sum game).
5. Advantages:
Quick, simple
Fair accuracy overall, though individual
elements may be in error.
Small tasks need not be individually ide
ntified.
Disadvantages:
Limited buy-in by junior managers.
Senior managers views may be biased.
Using data from dissimilar projects, or
old projects, can mislead.
6. Bottom-Down Budgeting:
Bottom-up budgeting is when all the departments or sections of a company create
a list of all their anticipated expenses and then each department’s list is totaled up
to create an overall budget. Bottom-up budgeting is often referred to as
participative budgeting since managers from each department need to help create
the budget.
Companies use bottom-up budgeting to ensure each individual department is
getting enough funding for their wants and needs. This kind of budgeting
encourages employees to think about their department’s goals. It also gets
departments to plan ahead for things like new hires, scheduling and projects.
Here is how to do bottom-up budgeting:
Identify all of the company’s departments
Instruct each department to create a list of expenses
Total every department’s expenses
Review each department’s budget
Decide on a final budget
7. Advantages & Disadvantages:
Greater buy in by low level managers
More likely to catch unusual
expenses
Need a good WBS
Can lead to game playing when
individuals pad
their estimates in anticipation of
management
cuts.
Management has a tendency to trim
the budget as
they have not originated.
8. Negotiating:
•Typically the budgeting process requires some
negotiation between the PM and senior management.
•This is because the PM will be better informed on
the technical details while management will know
more about the financial realities of the
business.
•Together they need to discuss the project
requirements and life cycle.
•If the project is heavily dependent on testing
and integration at the end, then its important
to not short change the budget for the completion
process
9. What is Budgeting ?
A plan for allocating scarce resources to the
various endeavors of an organization
A budget implies constraints
Thus, it implies that managers will not get
everything they want or need.
The budget for an activity also implies
management support for that activity
The higher the budget, relative to cost, the
higher the managerial support.
The budget is also a control mechanism
Many organizations have controls in place that
prohibit exceeding the budget.
Comparisons are against the budge.
10. Estimating Project Budgets:
On most projects,
Material Labor Equipment Capital Overhead
Profits Bid
In other words
Resources Profits Bid
So budgeting is in effect, the task of
forecasting resources
11. Estimating Project Budgets:
Like any forecast, this includes some uncertainty
There is uncertainty regarding usage and price
Especially true for material and labor
The more standardized the project and components,
the lower the uncertainty
The more experienced the cost estimator, the
lower the uncertainty (and therefore the RISK).
12. Project Crashing
It is a technique to complete the
project in a short period. We will
discusss about it in further slides.
View Slides
13. Project Crashing:
Project crashing involves shortening the expected time
taken for a project. This is primarily done by adding more
resources to it. You may find diverse ways to add resources
to a project depending on what is causing the delay or
taking a lot of time. This needs to be done within the
constraints of budget and quality, and must be approved
and supported by important stakeholders.
14. Project Crashing:
“Crashing in a project is an activity that will shorten the
completion time of a project within the optimum cost
increase.”
You could allocate individuals from a different team to an
activity that needs to be sped up.
Crashing can also be done for individual activities within
the project. If shortening the length of that activity brings
down the time needed for project completion, then the cost
incurred is easier to justify
15. Project Crashing:
Crashing does not always involve adding resources. In
some cases, it can also involve reducing the scope of a
project. For example, the plan for a four-lane
highway may reduce its scope to build a two-lane
highway instead to reduce the
time required for completion and to meet immediate
needs.
16. Example:
There are projects happening all around
us. Projects frequently run into problems
or might need to be reprioritized or sped
up due to a range of reasons. One of the
prominent examples we saw in this was
with developing vaccines. As the COVID
pandemic was spreading around the
world, several companies and countries
were working on projects to develop a
vaccine. A process that would normally
take years was brought down to under a
year by doing things differently.
17. Project Crashing Management
Stages:
When the circumstances where a project
crashing becomes evident, then you
would need to do a crash analysis to
identify what changes need to be made,
which activities should be sped up, how
they could be sped up, what would be the
cost and more such details.
18. Project Crashing Management
Stages:
Crash Objective
The first stage of the project crashing is to understand the need for it
and the objective in terms of what is to be accomplished. If the scope
of the project has reduced, then there may not be a need to add
more resources to speed up the project. How to use the workforce or
what amount of work can be outsourced etc. can be estimated at this
stage.
Critical Path
Each project will have a critical path identified at the beginning. This
chain of activities is what needs to be crashed to speed up the
project. Crashing an activity outside the critical path does not help in
reducing the project time
19. Project Crashing Management
Stages:
•Find Crash Limits
Each activity will have a crash limit. This is the point beyond which an
activity cannot be crashed. Understanding this information will give you an
idea of how much the project can potentially be crashed.
•Choose the Economic Option
Once you have an idea of how much each activity can be crashed and the
cost associated with it, it becomes easy to identify how many activities to
target and to what extent they need to be crashed to meet the objective at
the most reasonable cost.
•Get Approval from Sponsors
Once you have identified the most reasonable or most viable crashing plan,
then you can convince the key stakeholders of the project and get their
approval to implement it.
20. Why Crashing Matters?
When well-planned and executed, project crashing can
achieve impressive feats.
Projects routinely don’t go according to plan or change
scope while they are in progress. You should be able to alter
your project to meet changing conditions and evolving
requirements.
With rapid technological changes and changing customer
needs a medium- or long-term project that does not need to
be altered would become a rarity. The capability to alter
projects according to changing requirements will give the
organization a definite advantage over its competitors.
21. Larger projects involve a lot of teams and processes
working and depending on each other. Changing
anything in such an environment can have a
cascading effect on other aspects of the project. This
is what makes project crashing a key skill to have as
a project manager.
Why Crashing Matters?