2 discussions for two classes week 7
BUS 419: Project Estimating and Budgeting:
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“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).