Pm 586 Week 4 Essay
1. What is your total budget for this project? Was the project within the budget as set forth by the board of directors?
The total budget for the project is $2,634,172. This amount is about $100,000 less than the current allotted amount of $2,750,000, showing that the project is currently within budget.
To continue on this projected path of being within budget. We need to stay on task and maintain the current budget allocations and ensure the various activities such as training and recruiting of staff members’ budgets are kept. We need to ensure that the personnel that we recruit are well trained or can be easily trained so that no extra monies are spent. 2. What is your budget for the Planning Phase? What is the Planning Phase duration in weeks?
The current budget for the Planning Phase of the Huntsville Project is $251,200 with duration of roughly10 weeks. This Phase of the project is scheduled to last from April 18th 2011 to June 24th 2011. 3. What is your budget for the Preparation Phase? What is the Preparation Phase duration in weeks?
The current budget for the Preparation Phase of the Huntsville Project is $1,226,000 with duration of roughly 47 weeks. This Phase of the project is scheduled to last from June 27th 2011 to June 27th 2011 to May 18th 2012. 4. As your project launches, what are some of the key performance indicators that you will monitor and control? Why are these performance indicators critical to manage during the project?
Some of the key performance indicators or factors that define how well a project is achieving its objectives are:
- Communication:- Maintaining open lines of communication with all project leads is important to stay on schedule and on budget with the project.
-The performance of the budget- Monitoring the budget or cost performance is important because we need to be mindful of the actual costs. We want to avoid going over budget.
- The schedule- knowing where we are at on the timeline of the project.
The total budget for the project is $2,634,172. This amount is about $100,000 less than the current allotted amount of $2,750,000, showing that the project is currently within budget.
To continue on this projected path of being within budget. We need to stay on task and maintain the current budget allocations and ensure the various activities such as training and recruiting of staff members’ budgets are kept. We need to ensure that the personnel that we recruit are well trained or can be easily trained so that no extra monies are spent. 2. What is your budget for the Planning Phase? What is the Planning Phase duration in weeks?
The current budget for the Planning Phase of the Huntsville Project is $251,200 with duration of roughly10 weeks. This Phase of the project is scheduled to last from April 18th 2011 to June 24th 2011. 3. What is your budget for the Preparation Phase? What is the Preparation Phase duration in weeks?
The current budget for the Preparation Phase of the Huntsville Project is $1,226,000 with duration of roughly 47 weeks. This Phase of the project is scheduled to last from June 27th 2011 to June 27th 2011 to May 18th 2012. 4. As your project launches, what are some of the key performance indicators that you will monitor and control? Why are these performance indicators critical to manage during the project?
Some of the key performance indicators or factors that define how well a project is achieving its objectives are:
- Communication:- Maintaining open lines of communication with all project leads is important to stay on schedule and on budget with the project.
-The performance of the budget- Monitoring the budget or cost performance is important because we need to be mindful of the actual costs. We want to avoid going over budget.
- The schedule- knowing where we are at on the timeline of the project.
References: Retrieved from http://pdf.usaid.gov/pdf_docs/PNABY214.pdf Gido, Clements (02/2011). Successful Project Management, 5th ed.