Proj586 Week 4
1. What is your total budget for this project? Was the project within the budget as set forth by the board of directors?
Based on the information given in the cost table, the total budget for this project is $2,633,148, and is within the budget of $2.75 million set forth by the board of directors.
2. What is your budget for the Planning Phase? What is the Planning Phase duration in weeks?
The budget for the planning phase is set at $285,370 and duration of the planning phase is 10 weeks.
3. What is your budget for the Preparation Phase? What is the Preparation Phase duration in weeks?
The budget for the preparation phase is $1,282,442 and the duration of the preparation phase would be 47 weeks.
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?
For a complex and large project like the Huntsville Plant Construction project, it is very necessary that there are very well established processes for project tracking, monitoring and control so that the project can be effectively managed and for the project goals to be realized in a value creating manner. Given that the planned budget of $2.63 million is very close to the budget of $2.75 million set forth by the board of directors, the project must be tracked and monitored very closely so that the project is managed within budget and there are no cost overruns. In addition, the projects is on a very tight schedule that has to be met as top priority due to its importance to company goals, the project should be monitored and controlled very effectively on all the project constraints and ensure that work is being completed as per plan without schedule slippage. For these reasons, it is critical to come up with key cost, schedule and quality performance indicators and effectively manage them throughout the project. Some of the key performance indicators that would be monitored
Based on the information given in the cost table, the total budget for this project is $2,633,148, and is within the budget of $2.75 million set forth by the board of directors.
2. What is your budget for the Planning Phase? What is the Planning Phase duration in weeks?
The budget for the planning phase is set at $285,370 and duration of the planning phase is 10 weeks.
3. What is your budget for the Preparation Phase? What is the Preparation Phase duration in weeks?
The budget for the preparation phase is $1,282,442 and the duration of the preparation phase would be 47 weeks.
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?
For a complex and large project like the Huntsville Plant Construction project, it is very necessary that there are very well established processes for project tracking, monitoring and control so that the project can be effectively managed and for the project goals to be realized in a value creating manner. Given that the planned budget of $2.63 million is very close to the budget of $2.75 million set forth by the board of directors, the project must be tracked and monitored very closely so that the project is managed within budget and there are no cost overruns. In addition, the projects is on a very tight schedule that has to be met as top priority due to its importance to company goals, the project should be monitored and controlled very effectively on all the project constraints and ensure that work is being completed as per plan without schedule slippage. For these reasons, it is critical to come up with key cost, schedule and quality performance indicators and effectively manage them throughout the project. Some of the key performance indicators that would be monitored