Description
BUS 419: Project Estimating and Budgeting:
"Collecting Cost and Schedule Performance Metrics" Please respond to the following:
- From the first and second e-Activities, develop one (1) innovative way to track key project costs (e.g., labor hours) for a complex project that lasts for two (2) years and involves more than fifty (50) resources. Be as creative as you like, and provide one (1) example which shows the significant ways in which your innovation would work in a real-world situation.
- Using the hotel project from Week 6 discussion, determine the best practice for conducting an earned value analysis for the project in question. Provide a rationale for your determination and one (1) specific example which illustrates the significant ways in which the best practice in question would work in real life. Here is my week 6 discussion to give you a better understanding: Budget proposalA budget proposal is a financial tool that predicts the costs, resources, and revenue for the future in a given company over a specific period of time. There are different elements of a budget proposal, which makes it objective hence making it meet its goals. A goal is one of the elements, which makes up a budget proposal. According to Cooper, in order to meet the goals of the budget, you should be able to have a mission statement, which should be two to three sentences and give a description on how the goals will be achieved (Cooper, 2006). The mission statement should be able to answer the questions of where, what, when, how and why the goals are important to the budget proposal. The goals once set they enable the firm or company to work towards achieving them. Direct cost is another element that is associated with the budget proposal. It explains the funds that will be required to give the output of a particular service or product. Direct costs also expound on the costs that will be incurred in distributing and marketing the service or product. The reason as to why they are called direct costs is because they have a relationship with the benefit that is created. The importance of direct costs in the budget proposal is that it makes the firm to realize the funds it will spend before making interest or starting to make benefits.BUDGET PROPOSAL OF WASHINGTON HOTELWashington hotelBudget proposal 2018-2019 Projected start-up costsProjected costsBuilding of the hotel---------------------------$1.2 millionHotel equipment------------------------------$7000Furniture---------------------------------------------$4000Operation cost-------------------------------------$3000Others-------------------------------------------------$5000 Total--------------------------------------------$ 3.1 millionSTART-UP EXPENSESAdvertisement--------------------------$ 8000Professional cost------------------------- $ 9500Licenses& permits-------------------- $2000Insurance- property & Business liability------------------$ 1 million Total--------------------------------- $ 2.95 millionTotal expenses= $ 3.1 million + 2.95 million $ 6.05 millionBenefit= $ 250* $ 250 = $ 62500 per dayMonthly=$ 62500* 30 =$ 1875000 monthlyIn a year = $ 1875000*12= $22500000 yearlyBenefit in a year= $ 22500000 -$ 6050000 =$16450000Performance measurement baseline helps the hotel to know whether the project manager did a good job or he messed. From the scenario above, we can say that the manager did a nice job since the hotel met its target and the set goals can be realized by the close of the year. Scope, cost and time are entities used to measure the performance measurement baseline (Cooper 2006). From the above scenario, time is the best way to measure the performance measurement baseline since it will take some period before gaining more customers and hence realizing the benefits.ReferencesCooper, D. R., Schindler, P. S., & Sun, J. (2006). Business research methods (Vol. 9). New York: McGraw-Hill Irwin.Pan, J., & Chen, Y. (2010). Carbon budget proposal. Dealing with Climate Change. Sitting a global agenda for mitigation and adaptation, 13-48.
Here are the eActivity videos for the first question:
Interviewing is stressful, but practice can help you prepare to do your best! In this week’s discussion, respond to a common interview question and provide feedback to fellow classmates. (120 words).
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Explanation & Answer
Review
Review
Anonymous
Nice! Really impressed with the quality.
Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4
Similar Content
FIN 101 SEU The Best Funding Options for SMEs in Saudi Arabia Discussion
Finance 101:
Discuss the best funding options for Small and Medium
Business Enterprises (SMEs) in Saudi Arabia to keep co...
Process planning
What does process planning entail? How would process planning differ for batch and continuous processes? Provide example...
Case Study 11
Read the Chapter 11 Case Study "Darden's Global Supply Chain" (p. 468) and watch the video, then write a summary of at lea...
DeVry University Week 2 Chinas Culture and the Cost of Doing Business Discussion
Discuss why the culture of a country might influence the costs of doing business in that country. Illustrate your answer w...
Answer the discussion questions
Discussion Questions:1. What is (are) the main organizational challenge(s) of the company?2. What should Mr. Paul Bareka ...
MU Property App MyUnicorn PLC Project
Please see the attached rubric for our group, you only need to write the part in Red, which is the part of Key partners an...
Makespan
Operations management faces scheduling problems where changes in the positioning of the scheduling experience or real chan...
Autozone Motor Shop
▪ The Autozone motor shop application aims to create a ▪ Users can place orders using just a couple of steps ▪ These...
Case Study Analysis.
Case Study on Adults with Disability’s Experiences in the Hospitality and Transportation Case Study on Adults with Disab...
