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BUSM1278 Project Management Practice - Free Samples to Students

Blue italicized text enclosed in square brackets ([text]) provides instructions to the document author, or describes the intent, assumptions and context for content included in this document.
Blue italicized text enclosed in angle brackets (<text>) indicates a field that should be replaced with information specific to a particular project.
Text and tables in black are provided as boilerplate examples of wording and formats that may be used or modified as appropriate to a specific project.  These are offered only as suggestions to assist in developing project documents; they are not mandatory formats.
When using this template for your project document, it is recommended that you follow these steps:
1.Replace all text enclosed in angle brackets (e.g.,, <Project Name>) with the correct field values. These angle brackets appear in both the body of the document and in headers and footers.  To customise fields in Microsoft Word (which display a gray background when selected):
a.Summary and fill in the Title field with the Document Name and the Subject field with the Project Name.  
b.Custom and fill in the Last Modified, Status, and Version fields with the appropriate information for this document. 
c.After you click OK to close the dialog box, update the fields throughout the document with these values by selecting Edit>Select All (or Ctrl-A) and pressing F9.  Or you can update an individual field by clicking on it and pressing F9. This must be done separately for Headers and Footers.
2.Modify boilerplate text as appropriate to the specific project. 
3.To add any new sections to the document, ensure that the appropriate header and body text styles are maintained.  Styles used for the Section Headings are Heading 1, Heading 2 and Heading 3.  Style used for boilerplate text is Body Text.
4.To update the Table of Contents, right-click and select “Update field” and choose the option- “Update entire table”
5.Before submission of the first draft of this document, delete this “Notes to the Author” page and all instructions to the author, which appear throughout the document as blue italicized text enclosed in square brackets.]

Answer:

Cost /budget management

It is found that in order to construct the runway for the Sunshine Coast Airport, the council requests the Common wealth Government for investing $122 million.  It is analyzed that the construction of the runway for the Sunshine Coast Airport would be estimated to get completed within the budget that is around $ 121,582,480.00. The table that is provided below reflects on the cost that is needed for executing each of the activities of the project.

Task Name

Duration

Start

Finish

Predecessors

Resource Names

Cost

Construction of runway in Sunshine Coast Airport

572 days

Mon 22-10-18

Tue 29-12-20

 

 

$ 121,582,480.00

   Initiation phase

95 days

Mon 22-10-18
rong>

Fri 01-03-19

 

 

$ 73,800.00

      Business case development

20 days

Mon 22-10-18

Fri 16-11-18

 

Project manager

$ 9,600.00

      Undertaking feasibility study of the project

22 days

Mon 19-11-18

Tue 18-12-18

2

Financial manager, Project planner

$ 17,600.00

      Establishing project charter

26 days

Wed 19-12-18

Wed 23-01-19

3

Project manager, Project planner

$ 23,920.00

      Appointment of team members

27 days

Thu 24-01-19

Fri 01-03-19

4

Project manager, HR. manager

$ 22,680.00

      Milestone 1: Performing phase review

0 days

Fri 01-03-19

Fri 01-03-19

5

 

$ 0.00

   Planning phase

137 days

Mon 04-03-19

Tue 10-09-19

 

 

$ 82,000.00

      Development of project plan

25 days

Mon 04-03-19

Fri 05-04-19

5

Project manager, Project planner

$ 23,000.00

      Development of resource plan

22 days

Mon 08-04-19

Tue 07-05-19

8

Hr. manager

$ 7,920.00

      Development of financial plan

20 days

Wed 08-05-19

Tue 04-06-19

9

Financial manager

$ 7,200.00

       Development of quality plan

25 days

Wed 05-06-19

Tue 09-07-19

10

Quality analyst, Team members

$ 18,000.00

      Development of risk management plan

23 days

Wed 10-07-19

Fri 09-08-19

11

Risk manager

$ 8,280.00

      Development of communication plan

22 days

Mon 12-08-19

Tue 10-09-19

12

Hr. manager, Project planner

$ 17,600.00

      Milestone 2: Completion of planning phase

0 days

Tue 10-09-19

Tue 10-09-19

13

 

$ 0.00

   Designing phase

72 days

Wed 11-09-19

Thu 19-12-19

 

 

$ 75,160.00

      Developing design for the development of runway

27 days

Wed 11-09-19

Thu 17-10-19

13

Contractor, Team members

$ 20,520.00

       Completion of the design

20 days

Fri 18-10-19

Thu 14-11-19

16

Contractor, Supervisor, Sub-contractor, Team members

$ 30,400.00

      Cross-checking of the design

18 days

Fri 15-11-19

Tue 10-12-19

17

Supervisor, Quality analyst, Risk manager

$ 20,880.00

       Approval of the design

7 days

Wed 11-12-19

Thu 19-12-19

18

Project manager

$ 3,360.00

       Milestone 4: Completion of the design

0 days

Thu 19-12-19

Thu 19-12-19

19

 

$ 0.00

   Execution phase

238 days

Fri 20-12-19

Tue 17-11-20

 

 

$ 121,333,200.00

      Development of east-west runway

45 days

Fri 20-12-19

Thu 20-02-20

19

Contractor, Supervisor, Project requirements [1], Sub-contractor

$ 91,054,000.00

      Development of runway infrastructure

40 days

Fri 21-02-20

Thu 16-04-20

22

Contractor, Additional cost [1], Supervisor, Sub-contractor

$ 30,048,000.00

      Accessing traditional airside land

35 days

Fri 17-04-20

Thu 04-06-20

23

Contractor, Supervisor, Sub-contractor, Team members

$ 53,200.00

      Terminal development

34 days

Fri 05-06-20

Wed 22-07-20

24

Contractor, Hr. manager, Sub-contractor, Team members

$ 50,320.00

      Enhancement to the existing taxiway and apron system

32 days

Thu 23-07-20

Fri 04-09-20

25

Contractor, Supervisor, Sub-contractor, Team members

$ 48,640.00

      Long term protection of airspace

30 days

Mon 07-09-20

Fri 16-10-20

26

Contractor, Supervisor, Sub-contractor, Team members

$ 45,600.00

      Reservation of land

22 days

Mon 19-10-20

Tue 17-11-20

27

Contractor, Supervisor, Sub-contractor, Team members

$ 33,440.00

      Milestone 5: Completion of execution phase

0 days

Tue 17-11-20

Tue 17-11-20

28

 

$ 0.00

   Closure phase

30 days

Wed 18-11-20

Tue 29-12-20

 

 

$ 18,320.00

      Post project review

12 days

Wed 18-11-20

Thu 03-12-20

28

Project planner

$ 5,280.00

      Stakeholder sign off

8 days

Fri 04-12-20

Tue 15-12-20

31

Project manager

$ 3,840.00

      Documentation

10 days

Wed 16-12-20

Tue 29-12-20

32

Project manager, Project planner

$ 9,200.00

      Milestone 6: Completion of closure phase

0 days

Tue 29-12-20

Tue 29-12-20

33

 

$ 0.00

Cost baseline

 Project cash flow is considered as one of the parts of financial planning in order to understand the cost that is utilized on a monthly basis in order to complete the progress of the entire project.  The cash flow is helpful in projecting the earnings, schedule planning as well as for making the operation of the project quite efficiently.  Moreover, it is found that the cash flow assists in organizing the plan as well as helps in improving the incoming cash flow. The cash flow for the project “Construction of runway in Sunshine Coast Airport” is provided below:

Contingency and specific exclusion

  The specific exclusion contingency as well as exclusion are generally elaborated below:

  • The cost that is needed for the project is assumed but however if the time that is needed for finishing the project extends then there will be rise in the need of the total budget of the project.
  • It is found that the budget that is needed for the requirement of the project is estimated but the rise in the prices of the project requirements is unpredictable.
  • The cost that is associated with the human resources can enhance with the enhancing need of the human resources in order to finish the work of the project quite efficiently.

Reporting is very much necessary within the project in order to track the status of the budget that is generally utilized within the project in order to achieve progress. The information related with the utilization of project budget should be informed to the higher management of the project with the help of tracking so that they keep track on the status as well as utilization of budget. It is found that reporting plays an important role in managing the budget successfully so that entire project can be successfully completed within the budget that is approved by the Common wealth Government.

 Project reporting assists in tracking, identifying risks, managing the cost of the project as well as helps in increasing the visibility of the entire organization.  Regression Moreover, the reporting assists in controlling the project in order to allow the progress, stagnation as well as regress of certain elements. In addition to this, it assists in checking how the team members of the project are performing.

Cost monitoring and control

The steps for monitoring as well as controlling the cost of the project are listed below:

Monitoring project planning: It is necessary to monitor as well as control the various parameters of the project including schedule costing, timeline. It is quite necessary for the project managers to successfully track the different project metrics so that cost of the project can be controlled as well as monitored effectively.

Monitoring commitments: It is also necessary to track the commitment of the stakeholders within the project including completion of post project reviews and for ensuring that the entire project gets completed within the budget that is approved.

Monitoring risks: The risks as well as challenges which are associated with the project must be tracked such that the entire project gets completed within the expected budget.

Conducting progress review: Progress review is quite important for the project as it helps in tracking the budget utilized in completing each phase of the project successfully.

Cost control is defined as one of the procedures that is mainly utilized in order to influence the factors that are generally helpful in developing the variances as well as controlling changes within the budget of the project. The controlling process of project control helps in handling influencing factors, managing the changes within the actual cost as well as comparing the reported real values with the approved baseline of the cost. It is very much necessary to keep some budget as buffer for the project so that any changes within the cost of the project can be managed successfully without facing any type of financial issues and challenges.

 The changes within the project generally comes either with the cost or with the project baseline. In order to support the additional needs, it is quite necessary for the organization as well as its stakeholders to follow the change control procedure quite effectively. Changes within the requirement of the project will generally be helpful in changing the cost of the project. It is quite necessary to follow proper change control procedure for getting information from the project manager in order to finish the change request form which will be helpful in reviewing the changes within the team for assessing the effect on the project. Both the change request as well as the estimated impact on the cost of the project will be presented to the project sponsor for getting their consideration. The project sponsor will generally determine that whether the changes is significant enough for making medications as per the required changes within the cost of the project.

Cost Closing 

It is found that the project “Construction of runway in Sunshine Coast Airport” will be completed successfully within the budget that is approved. It is found that the entire activities of the project successfully get completed within the budget that is around $121,580,482.00 which is under budget. The table reflects that as the entire project gets completed within the budget that is estimated for each of the project activities is mainly reflected with the help of the table that is generally provided below:

Task Name

Duration

Start

Finish

Cost

 Signature of the stakeholders

Construction of runway in Sunshine Coast Airport

572 days

Mon 22-10-18

Tue 29-12-20

$ 121,582,480.00

 

   Initiation phase

95 days

Mon 22-10-18

Fri 01-03-19

$ 73,800.00

 

      Business case development

20 days

Mon 22-10-18

Fri 16-11-18

$ 9,600.00

 

      Undertaking feasibility study of the project

22 days

Mon 19-11-18

Tue 18-12-18

$ 17,600.00

 

      Establishing project charter

26 days

Wed 19-12-18

Wed 23-01-19

$ 23,920.00

 

      Appointment of team members

27 days

Thu 24-01-19

Fri 01-03-19

$ 22,680.00

 

      Milestone 1: Performing phase review

0 days

Fri 01-03-19

Fri 01-03-19

$ 0.00

 

   Planning phase

137 days

Mon 04-03-19

Tue 10-09-19

$ 82,000.00

 

      Development of project plan

25 days

Mon 04-03-19

Fri 05-04-19

$ 23,000.00

 

      Development of resource plan

22 days

Mon 08-04-19

Tue 07-05-19

$ 7,920.00

 

      Development of financial plan

20 days

Wed 08-05-19

Tue 04-06-19

$ 7,200.00

 

       Development of quality plan

25 days

Wed 05-06-19

Tue 09-07-19

$ 18,000.00

 

      Development of risk management plan

23 days

Wed 10-07-19

Fri 09-08-19

$ 8,280.00

 

      Development of communication plan

22 days

Mon 12-08-19

Tue 10-09-19

$ 17,600.00

 

      Milestone 2: Completion of planning phase

0 days

Tue 10-09-19

Tue 10-09-19

$ 0.00

 

   Designing phase

72 days

Wed 11-09-19

Thu 19-12-19

$ 75,160.00

 

      Developing design for the development of runway

27 days

Wed 11-09-19

Thu 17-10-19

$ 20,520.00

 

       Completion of the design

20 days

Fri 18-10-19

Thu 14-11-19

$ 30,400.00

 

      Cross-checking of the design

18 days

Fri 15-11-19

Tue 10-12-19

$ 20,880.00

 

       Approval of the design

7 days

Wed 11-12-19

Thu 19-12-19

$ 3,360.00

 

       Milestone 4: Completion of the design

0 days

Thu 19-12-19

Thu 19-12-19

$ 0.00

 

   Execution phase

238 days

Fri 20-12-19

Tue 17-11-20

$ 121,333,200.00

 

      Development of east-west runway

45 days

Fri 20-12-19

Thu 20-02-20

$ 91,054,000.00

 

      Development of runway infrastructure

40 days

Fri 21-02-20

Thu 16-04-20

$ 30,048,000.00

 

      Accessing traditional airside land

35 days

Fri 17-04-20

Thu 04-06-20

$ 53,200.00

 

      Terminal development

34 days

Fri 05-06-20

Wed 22-07-20

$ 50,320.00

 

      Enhancement to the existing taxiway and apron system

32 days

Thu 23-07-20

Fri 04-09-20

$ 48,640.00

 

      Long term protection of airspace

30 days

Mon 07-09-20

Fri 16-10-20

$ 45,600.00

 

      Reservation of land

22 days

Mon 19-10-20

Tue 17-11-20

$ 33,440.00

 

      Milestone 5: Completion of execution phase

0 days

Tue 17-11-20

Tue 17-11-20

$ 0.00

 

   Closure phase

30 days

Wed 18-11-20

Tue 29-12-20

$ 18,320.00

 

      Post project review

12 days

Wed 18-11-20

Thu 03-12-20

$ 5,280.00

 

      Stakeholder sign off

8 days

Fri 04-12-20

Tue 15-12-20

$ 3,840.00

 

      Documentation

10 days

Wed 16-12-20

Tue 29-12-20

$ 9,200.00

 

      Milestone 6: Completion of closure phase

0 days

Tue 29-12-20

Tue 29-12-20

$ 0.00

 

Bibliography

Braglia, M. and Frosolini, M., 2014. An integrated approach to implement project management information systems within the extended enterprise. International Journal of Project Management, 32(1), pp.18-29.

Chih, Y.Y. and Zwikael, O., 2015. Project benefit management: A conceptual framework of target benefit formulation. International Journal of Project Management, 33(2), pp.352-362.

De Carvalho, M.M., Patah, L.A. and de Souza Bido, D., 2015. Project management and its effects on project success: Cross-country and cross-industry comparisons. International Journal of Project Management, 33(7), pp.1509-1522.

Fayard, D., Lee, L.S., Leitch, R.A. and Kettinger, W.J., 2014. Interorganizational cost management in supply chains: Practices and payoffs. Management accounting quarterly, 15(3), pp.1-9.

Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and project success in different project governance contexts. International Journal of Project Management, 33(6), pp.1377-1392.

Kerzner, H., 2017. Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.

Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014. Project risk management methodology for small firms. International journal of project management, 32(2), pp.327-340.

Martinsuo, M. and Hoverfält, P., 2018. Change program management: Toward a capability for managing value-oriented, integrated multi-project change in its context. International Journal of Project Management, 36(1), pp.134-146.

Todorovi?, M.L., Petrovi?, D.?., Mihi?, M.M., Obradovi?, V.L. and Bushuyev, S.D., 2015. Project success analysis framework: A knowledge-based approach in project management. International Journal of Project Management, 33(4), pp.772-783.

Too, E.G. and Weaver, P., 2014. The management of project management: A conceptual framework for project governance. International Journal of Project Management, 32(8), pp.1382-1394.

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