Project Budgeting Factors In Namport
The implementation of projects in Namport can only exist or come into existence once a need for a specific goal, objective or end product has been identified, analyzed, evaluated and approved by the Board of Directors, Executive Committee, management committee or departmental manager depending on the magnitude of the project. And the project approved should serve the business of Namport as a whole and not just individual persons.
But before a project can be approved the department that saw the need or identified the project must first site down with all the stakeholders in Namport including the finance department, to plan the whole projects processes. According to the organizations project budgeting policy should be applied to most or all …show more content…
These activities and resources are developed through a WBS (work breakdown structure) and a RBS (resource work breakdown structure) which allows the teams to identify all the needs and requirements to be included in the cost estimation document for the project.
During the drawing up of these break down schedules, the project team will continuously make use of the project objectives, scope statement and statement of works as reference. After the WBS and RBS are complete a risk assessment is done to identify all the risks that affect the project cost, so that contingencies can also be included in the cost estimate. This than give all the stakeholders an idea of more or less what to look at in terms of cost estimation and budgeting …show more content…
2.2.1 Change in scope objectives or poor project scope
Project teams at Namport sometime provide poor projects scopes that end up costing the organization additional funds to complete the project. Namports management team and executive committees always opt for cost cutting procedures when it comes down to costs, but at the same time request optimum quality and value from the project. Project scopes are normally either expanded or creeped but project budgets remain the same. Thus causing the project management team and the project itself a lot of problems.
2.2.2 Unanticipated technical
But before a project can be approved the department that saw the need or identified the project must first site down with all the stakeholders in Namport including the finance department, to plan the whole projects processes. According to the organizations project budgeting policy should be applied to most or all …show more content…
These activities and resources are developed through a WBS (work breakdown structure) and a RBS (resource work breakdown structure) which allows the teams to identify all the needs and requirements to be included in the cost estimation document for the project.
During the drawing up of these break down schedules, the project team will continuously make use of the project objectives, scope statement and statement of works as reference. After the WBS and RBS are complete a risk assessment is done to identify all the risks that affect the project cost, so that contingencies can also be included in the cost estimate. This than give all the stakeholders an idea of more or less what to look at in terms of cost estimation and budgeting …show more content…
2.2.1 Change in scope objectives or poor project scope
Project teams at Namport sometime provide poor projects scopes that end up costing the organization additional funds to complete the project. Namports management team and executive committees always opt for cost cutting procedures when it comes down to costs, but at the same time request optimum quality and value from the project. Project scopes are normally either expanded or creeped but project budgets remain the same. Thus causing the project management team and the project itself a lot of problems.
2.2.2 Unanticipated technical