Final Project Package

Resource Allocation and Preliminary Budget

Lijy Abraham

MGMT404

Professor : Ihab Darwish

October 2, 2019

Project Budget (Cost Management)

For the purposes of ensuring that the cost of the project was effectively estimated, I used the top down approach hence ensuring that the highest costs are placed at the top of the budget list. This helped in ensuring that extra incurred costs are reduced hence ensuring that the project comes to an effective completion. My ability to choose this approach was facilitated by the fact that I needed to ensure that the major activities were effectively funded therefore ensuring that the available resources where effectively managed. (Dingsøyr, 2019)

Moreover, the top down approach of budgeting brings about positive impacts to different organizations as it ensures that the available time is utilized in the best way possible. When the time used in carrying out a project is saved, it becomes easy for the project to be operated successfully. For the errors to be reduced in a project, the top down approach should be used as it will ensure that the most critical activities as well as departments are funded.

On the other hand, the top down approach of budgeting is advantageous due to the fact that it ensures that the errors experienced are small hence facilitating the success of the project. Moreover, it is through the top down approach of budgeting whereby the right activities are carried out in an effective manner therefore facilitating the growth and development of different organizations.

Again, this budgeting approach enables the managers in an organization to put more focus on the most important activities of the project. As a result, this facilitates the success of the project as the important activities are carried out in the best way possible.

Comparing the budget from the charter to the final budget, it is true that the final budget was a little bit high. This is due to the unnecessary errors which were experienced in the project. For the purposes of ensuring that the project was carried out in an effective manner, the costs were evaluated accordingly and hence an allowance given to ensure that all the activities were funded. The variance which occurred from my original budgeted cost in the project was as a result of minor activities which occurred during the project.

On the other hand, my contingency plan would cost me about $10,000. However, this will enable me to facilitate an effective completion of the project therefore ensuring that the set goals and objectives were achieved in the stipulated time. Again, I will encourage the workers to ensure that the available resources are utilized accordingly for the cost of the contingency plan to be reduced. (Rendon, 2019)

This will therefore play important roles in the reduction of the losses which might make it hard for the set goals to be achieved. Future events should be funded as a way of ensuring that the project is carried out successfully.

Resource Management

As far as my resource assignment is concerned, I ended up assigning enough people to the project. However, this played important roles in ensuring that the success of the project was achieved. The assigning of enough people to the project enabled me to ensure that all the activities in the project were carried out in a short period of time. Again, there were resources which were allocated. These resources were therefore used in ensuring that the resources which were under allocated were funded in the best way possible. This helped in the reduction of the shortage of resources in the project. for the purposes of ensuring that the allocation problems were addressed, I ended up ensuring that extra cost is set aside to fund the under allocated resources.

The management of my project team was carried out through a series of motivation. This was carried out through the provision of incentives which helped in motivating the team to facilitate the success of the project. The motivation of the team was therefore carried out based on their performances. The best performing team was therefore highly motivated as a way of increasing their morale to work. Again, I will handle the team conflict by encouraging them to remain united for the success of the project to be achieved.

For my project to be successful, I will select a functional structure. This will play important roles in ensuring that the team members remain functioning therefore ensuring that the activities in the project are carried out effectively. This structure will again help in the reduction of unnecessary risks which might affect the normal operations of the project. Again, I will make use of this structure as a way of ensuring that the operations in the project are effective hence ensuring that the set goals are achieved. (Walton, 2019)

References

Dingsøyr, T. (2019). Knowledge management in medium-sized software consulting companies: An investigation of intranet-based knowledge management tools for knowledge cartography and knowledge repositories for learning software organizations. arXiv preprint arXiv:1903.11854.

Rendon, R. G., & Snider, K. F. (2019). Management of defense acquisition projects. American Institute of Aeronautics and Astronautics, Inc..

Walton, P., & Maiden, N. (Eds.). (2019). Integrated software reuse: management and techniques. Routledge.