Description
The corporate chief financial officer (CFO) is requesting a budget
to go along with the resource estimates you will acquire from the work
breakdown structure. Formulate the resource estimates and budget for the
project in a project management spreadsheet. Your spreadsheet should include
integrating scope with costs and schedules, management reserves, project
baseline, methods used to plan earned value and control account plans. Justify your budgetary needs based on identified resources necessary for
project success.
Explanation & Answer
your paper is ready my good friend
Running Head: PROJECT MANAGEMENT
Project Management
Institutional Affiliation
Name
1
PROJECT MANAGEMENT
2
INTRODUCTION:
According to Project Management Institute (2008); the ability to create and manage
accurate budget has been cited as one of main elements of project management. It has been
revealed that budgeting plays a pivotal role in nay project in many ways. For example; a good
and accurate budget sets performance standards which can be used to measure the success or
failure of a project. Secondly; it enables in measuring organizational results as well as allows the
management to oversee any coming and therefore; they can ensure that they have the cash
needed for a certain project (Project Management Institute, 2008).
It has been established that work breakdown structure is the foundation of any successful
project because it provides project schedules, basis planning, costs resources and other things
(Haugan, 2012). Normally; there are more than a few strategies a manager can use to develop a
work breakdown structure such as use of guidelines, top-down approach, mind mapping among
others. Mostly; many organizations demand contractors to prepare proposal that are normally
based on the American Government for work breakdown structure with detailed summary of
their proposal and what they would deliver (Kendrick, 2009). By doing this and noting down
any upcoming expenditures that may be or result into debt; they are abl...
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