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Reflection and Discussion Forum Week 5 (BADM-623-A01)
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Reflection and Discussion Forum Week 5
In the reading exercise, I discovered several vital lessons that worth consideration. One of
the lessons learned is budget, an effective managerial communication link, providing managers
with a tool for attaining the organization's goals and allocating resources to respective divisions.
A thorough budget establishes the framework of limits within which each management is
expected to function by defining predicted expenses and expenditures (Shtub & Rosenwein,
2019). A budget serves as a standard for evaluating the performance of organizational units and
their managers. Project managers who take part in the budgeting process commit their
department's resources to the budget's goals and the limits imposed by the established funding
levels. As a project manager, it will help to achieve the desired goals on time and within budget.
It may also use a properly structured budget to identify deviations from plans and the extent and
cause of these deviations. It forms part of the foundation for cost and schedule management
systems.
Graduate response
Question 1
The length of time it takes to complete a project is critical since it shows the quality and
cost-effectiveness of the project. Scheduling activity times enables the management to finish the
assignment on time and prevent wasting resources (Shtub & Rosenwein, 2019). Any project's
effectiveness may be influenced in part by the staff available. Nonetheless, activity scheduling is
critical for the successful completion of any job. An activity timetable is a plan that specifies
how quickly to complete any action. When handling any task, this will provide the worker with a
routine and a sense of discipline. A manager using an activity schedule would be able to see
where and when extra attention and staff requirements. Lastly, since they have a habit, a manager
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with an activity plan cannot immediately add more hours to staff. They may have less freedom in
terms of assessing, scheduling, and organizing. This method frequently aids in avoiding wasted
energy, such as using social media (Shtub & Rosenwein, 2019). Furthermore, managers have
ample time to complete their tasks since they are more efficient with their resources.
Question 2
One idea concerning multi-project companies is that they have a certain amount of time
to complete many projects. They also make money by using better resource management and
being more time-sensitive. The higher their profit yield, the more projects they can finish in a
given period. A less concerned corporation with scheduling and resource allocation incurs more
expenditure than revenue, affecting its profit turn-over in the long term. The capacity to maintain
resource allocation improves a company's reputation as well. When there is a considerable
variation in demand, a firm managed correctly in terms of work schedule and resource allocation
can adapt. Because they track their project handling abilities, most multi-project businesses can
adapt their programs and handle many more projects (Wang & Psounis, 2020). When demand is
low, they can extend their resources to avoid losses.
Question 3
As the state is responsible for transport budget management, I believe it should manage
the project within the following budgetary parameters. The overall cost of the packaging supplies
should not exceed $230. Furthermore, the overall cost of the truck should not exceed $450. The
projected overall cost of the surgery to be under $650. The completion of the project should be in
no more than five months.
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References
Shtub, A., Rosenwein, M. (2019). Project Management: Processes, Methodologies, and
Economics (3th ed). Pearson.
Wang, K., & Psounis, K. (2020). Efficient scheduling and resource allocation in 802.11ax multi-
user transmissions. Computer Communications, 152, 171-186. Doi:
10.1016/j.comcom.2020.01.010

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