RESOURCE ALLOCATION AND PRELIMINARY BUDGET

Upon my initial projections of the estimated cost I used the top-down method. “This approach uses a combination of historical information and expert opinion and is considered a “top-down” method for cost estimation, in which a senior manager takes responsibility for assigning the costs.” (Pinto, 2016). I am the project manager and I was responsible for the initial cost estimation of this project.

Although I did research regarding similar projects within the city limits over the past year the initial estimate was way off. I believe one reason for this is shopping with local retailers and our timeline for completion is far less than other projects. The initial budgeted cost was $270,000 and the new budgeted cost after budgeting for a contingency plan will be $55,250. After further review I found that this project could be completed at a much lower cost than originally estimated.

After getting fully approved to move ahead with the project I crunched the numbers and our budget is $45,250. We will be putting another $10,000 aside for a contingency plan, which we have raised through stakeholders and donors. We are well beyond the budget and could potentially spend it on rebuilding another playground in the future.

Our funds for the contingency plan will be used accordingly. We are aiming to complete this project by October 2020. However, if there are any unexpected issues these funds will be available. We have to take potential whether threats into account as well which could extend the project slightly costing more in labor. If anymore materials or resources are needed this fund is for that as well.

Estimated Cost of Project (From Charter)

1. Explain the results of your resource assignments. Did you assign enough people to the project? Were there any resources overallocated? What approach will you take to fix any allocation problems?

2. Develop a plan to manage your project team, and define how you will motivate your team and how you will handle team conflicts.

3. What structure would you select for your project: functional, weak matrix, balanced matrix, strong matrix, or pure project? Why?

I believe I assigned enough people to the project and have enough resources. I decided to have the contractor bring on his own team to do the construction work under his super vison. No resources were overallocated after I made slight adjustments to the dates of work. Cutting back on working during a few weekends is how I was able to do that successfully.

To successfully manage my team, I have assigned specific tasks to each team member with a deadline I would like to achieve. I plan to use interpersonal skills and communicate effectively with each and every member. I also plan to be on sight as much as possible and help wherever I am needed. I have used all local retailers to help with the materials and structures needed to complete the playground. The contractor that was hired is also a local who has kids that go to this park. That could be motivation in itself. To motivate the rest of my team I have foster collaboration and worked with them on what they believe they should be being paid.

If any conflict were to arise, I would like both parties to keep an open mind and focus on implementing communication properly. If a confrontation were to take place that needed my assistance I plan to listen carefully, focus on the events rather than the people, stay focused on the plan and remind the team of the overall goal at hand.

I would select a functional or balanced matrix for this project because there are dual managerial positions with the contractor and myself. It is functional because there are team members allocated from different functional units. For example, the construction crew works under the management of the contractor but can also respond to myself (the project manager).

References

Pinto, J. K. 2016 Project Management: Achieving Competitive Advantage. [VitalSource Bookshelf]. Retrieved from https://online.vitalsource.com/#/books/9780135700655/