Project Planning and Budgeting
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PartAPartB.docxSuccessful completion of this assessment will result in achievement of the following subject learning outcomes:
1. Evaluate and apply a range of project scope, cost and time management planning techniques and practices to address the needs of complex project briefs, including global, paying particular attention to issues impacting project outcomes.
2. Present and justify budgetary and planning outcomes to a globally diverse range of stakeholders who represent competing interests in order to obtain agreement and commitment to action.
3. Apply quality management planning tools and techniques to achieve expected project outcomes.
Context: Project Cost Management includes the processes of planning, estimating, budgeting, financing, funding, managing and controlling costs so that the project can be completed within the approved budget.
Project Cost Management planning begins with the process of developing cost estimates. In this process, a project manager is tasked with considering all types of costs likely to be incurred in the different phases of a project. In addition, the project manager will consider the risks likely to affect costs and any variations these risks may cause. This helps the project manager to make more reliable and usable cost estimates and ensure that any project budget variation due to unforeseen circumstances is mitigated as much as possible. Once the cost-estimation process has been fully carried out for each project activity, the project manager then combines the costs to determine the project budget. Finally, the project manager will consider the steps he or she will take throughout the project to ensure that the actual expenditure is kept within the budget specified.
Project Quality Management (PQM) includes the processes and activities of the performing organisation that determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which is was undertaken. PQM uses policies and procedures to implement, within the project’s context, the organisation’s quality management system and, as appropriate, it supports continuous process improvement activities as undertaken on behalf of the performing organisation. PQM works to ensure that the project requirements, including the product requirements, are met and validated.
Project Quality Management planning is the process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project will demonstrate compliance with relevant quality requirements. The key benefit of this process is that it provides guidance and direction on how quality will be managed and validated throughout the project.
Part A (500 words)
For Part A, student will construct an initial discussion in approximately 500 words to respond to
the following questions.
Part A: Module Discussion Activity
Defining project quality and its association to project cost management
How do you define quality in a project? Describe tools/techniques you think are a necessity for planning a project’s quality management and how to implement them. Explain how the project cost can be affected by poor quality and give some examples from the given case study.
Output: Part A - provide an initial discussion of 500 words.
Part B (1500 words)
Part B: Cost and Quality Management Plans
You will use the given case study to complete this part. You will begin developing the cost management planning components of your Cost Management Plan. For this plan, you are responsible for developing the project cost estimate and a project budget baseline. In addition to your cost estimates and budget, include a 750 words to describe the processes, and tools and techniques you are using in your cost management plan, as well as justification of your budgetary plan. You can use the templates found in this module’s Learning Resources or a format of your own.
You will develop the quality management planning components of your Quality Management Plan. Refer to the learning resources and the template provided for guidance. The written portion of your quality management plan should consist of 750 words. You can use the templates found in this module’s Learning Resources or a format of your own.
Output: Complete and submit your Cost and Quality Management Plans assessment.
Learning Resources:
Aaltonen, K., & Kujala, J. (2010). A project lifecycle perspective on stakeholder influence strategies in global projects. Scandinavian Journal of Management, 26(4), 381–397. AIMS (2015). What is Project Cost Management? Tools, Techniques and Processes for PMP & PMBOK | AIMS Lecture. Retrieved from https://www.youtube.com/watch?v=PflAkMayixM
Ainamo, A., Artto, K., Levitt, R. E., Orr, R. J., Scott, W. R., & Tainio, R. (2010). Global projects: Strategic perspectives. Scandinavian Journal of Management, 26(4), 343–351.
http://torrens.eblib.com.ezp.tua.edu.au/patron/FullRecord.aspx?p=1215813
Chapter 5: Developing the Project Budget and Communicating the Plan
Chapter 6: (up to ‘Analyzing Risks Using Qualitative Techniques’)
Pensar, S. (2010, August 17). Five challenges in global projects. Retrieved from
https://www.itforbusiness.org/article/five-challenges-in-global-projects/
Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK Guide®) (6th ed.). Newtown Square, Pennsylvania: Project Management Institute.
Section 7.1: Plan Cost Management
Section 7.2: Estimate Costs
Section 7.3: Determine Budget
Section 8.1: Plan Quality Management Rodrigues, I., & Sbragia, R. (2013). The cultural challenges of managing global project teams: A study of Brazilian multinationals. Journal of Technology Management and Innovation, 8. Retrieved from
http://www.jotmi.org/index.php/GT/article/view/1237
Sahi, R. (2009). Managing Projects Across the Global Enterprise. Retrieved from
http://www.pmi.org/learning/managing-projects-global-six-challenges-6823
http://tua.worldcat.org/oclc/826712195
Document: Cost Estimating Worksheet Template
Document: Cost Management Plan Template
Document: Quality Management Plan Template
http://torrens.eblib.com.ezp.tua.edu.au/patron/FullRecord.aspx?p=1575628
Chapter 5, section ‘Estimating Cost’
