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MNG00785 Project Management-Developing the Budget

Answer:

WBS

Task Name

0

Website development project for Social Media Research Centre

1

   Project Startup

2

   Initiation Phase

2.1

      Development of project charter

2.2

      Held meetings for project initiation

2.3

      Request approval of project charter

M1

   Approval of project charter

4


   Requirements Analysis Phase

4.1

      Gathering of requirements and analysis

4.2

      Development of document for requirements specification

M2

   Completion of requirements document development

6

   Review Phase

6.1

      Review project charter

6.2

      Review of identified requirements

6.3

      Prepare documentation of technical review

M3

   Completion of technical review

8

   Planning Phase

8.1

      Creation of WBS

8.2

      Development of schedule for project

8.3

      Allocation of resources

8.4

      Estimation of costs

8.5

      Analysis of stakeholders

8.6

      Development of test plan

8.7

      Prepare plan for risk management

8.8

      Prepare plan for change control

M4

   Completion of WBS, Schedule development and Cost estimation

10

   Design Phase

10.1

      Identification of requirements

10.2

      Draft layout of design overview

10.3

      Determining features of the website

10.4

      Identify coloring schema for design

10.5

      Determine the contents for website

10.6

      Prepare documentation for overall layout of the website

M5

   Completion of design layout

12

   Development Phase

12.1

      Analysis of functional requirements

12.2

      Designing of wireframes

12.3

      Development of modules

12.4

      Coding for modules

12.5

Development of database

M6

   Completion of development

14

   Testing Phase

14.1

      Unit testing

14.2

      Integration testing

14.3

      System testing

14.4

      Usability testing

M7

   Completion of testing

16

   Go-live phase

16.1

      Hosting the website

16.2

      Launch of website

17

   Project Closeout

3.2 Assumptions and constraints for developing the budget

The assumptions that have been considered in context to this project for website development of Social Media Research Centre are listed as below:

  • The resources being allocated works for 5 days per week that is 40 hours per week on the day shift.
  • The materials required for execution of project is readily available without incurring procurement cost overhead.
  • Estimating the margin of error.
  • Resources are distributed evenly in between the various activities.
  • The overall cost associated daily activities will not increase.
  • The economic conditions as an overall will remain the same.

The constraints being identified for budgeting of the project are presented as below:

  • The allocated budget for this project is 50,000.00 AUD.
  • The budget being allocated is for completion of the project within 07 months.
  • 20% fringe has been added to the budget.
  • The allocated resources will be available for entire duration of project.

3.5 Examples of known knowns and known unknowns on the project 

The examples of known knowns on the project that have been identified are as below:

  • Requirement of additional members in project team thus increasing direct labor costs.
  • Extension of the project due to changes in scope resulting into increase in project cost.
  • Sudden inflation in the price of hardware and software materials required for development of website.

The examples of known unknowns on the project that have been identified are as below:

  • Allocation of additional resources during progress of the project will incur additional budget.
  • Request for changes in project scope may increase the budget.
  • The resource costs may increase with time during the project.

3.6 Budgeting for both and unknown unknowns

The budgeting for known knowns and known unknowns on the project to develop the website for Social Media Research Centre have been done with the help of bottom up estimation technique. This budget estimation technique is time consuming however it is also most accurate. It is also appropriate for high level estimates as per requirement described in project charter or project initiation phase. In this type of budget estimation technique, there is involvement of the entire project team as well as it offers with opportunity to participate in preparing the estimates for measuring the work and associated cost.

The budgeting for the unknown unknowns have been done by adding 20% for fringe that is 10,000.00 AUD have been kept reserved in terms of resolving the issues or risks that may occur in the project.

Risk Register

Risk ID

Description and Cause

Proximity

Likelihood

Consequence

Level

Treatment Response

Treatment

R01

Delay in approval of project charter

Medium

4.Likely

4.Major

High

Reduce

The project charter have to be distributed among the officials evenly and discussed with priority.

R02

Over budgeting of the project

High

3.Possible

4.Major

High

Avoid

Budget should be estimated with appropriate techniques.

R03

Changes in requirements and project scope

Low

2.Unlikely

2.Minor

Low

Transfer

Change requests have to be incorporated only after approval

R04

Changes in blueprint design of website

Medium

2.Unlikely

4.Major

Medium

Avoid

Final design have to reviewed by the development team

Quality Management Plan

5.1 Statement of team’s philosophy or objective

The project team focuses on developing the website according to the requirements of the users so that it fulfills the determined objectives. The quality of the website to be developed must have the functionalities as per request of the client. The objective of the project team is to deliver a standard quality website with achievement of the requirements of client. The project team will ensure a stable website is developed and enhancement in user experience.

5.2 Development and description of three quality issues

The three quality issues that have been identified in context to this project for development of the Social Media Research Centre project are as below:

  • Not setting up the project with realistic budget – This is one of the major quality issues associated with this project as the inappropriate estimation of budget may lead to low quality of work.
  • Improper design of the website – The website being developed is not user friendly as the design is complex also the look and feel is not aesthetic as it is not pleasing in context to view of users.
  • Integration with database – The database connection fails in between the transaction by clients. The database developers will design the database with functionalities to reinstate it to previous state in case of failure or connection is lost.

Closure checklist and project evaluation

6.1 Development of Closure checklist

The closure checklist being developed for this project to develop the Social Media Research Centre website are as below:

ü The outstanding tasks outlined in the WBS have been completed

ü The outstanding issues are documented and resolved

ü The goals of project charter have been met

ü Feedback has been achieved from stakeholders and documented

ü Measures for success of project have been evaluated

ü Evaluation have been done for project team and relieved from project

ü Costs for project have been paid by client with settlement of outstanding dues

ü Evaluation of post project have been completed

6.2 Development of project evaluation

The evaluation of project’s MOV will be conducted with the help of following:

Areas

Project’s MOV

Client

The website is user friendly and easy to use.

Economical

The traffic visiting the website increases to generate more revenue.

Social

The website offers users with social awareness.

Connectivity

The website allows various users to connect and share their views and opinions as well as reviewing others.

Bibliography

Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA.

Heagney, J. (2016). Fundamentals of project management. AMACOM Div American Mgmt Assn.

Konstantinou, E., & Müller, R. (2016). The role of philosophy in project management. Project Management Journal, 47(3), 3-11.

Leach, L. P. (2014). Critical chain project management. Artech House.

Martinelli, R. J., & Milosevic, D. Z. (2016). Project management toolbox: tools and techniques for the practicing project manager. John Wiley & Sons.

Mir, F. A., & Pinnington, A. H. (2014). Exploring the value of project management: linking project management performance and project success. International Journal of Project Management, 32(2), 202-217.

Turner, J. R. (2014). The handbook of project-based management (Vol. 92). New York, NY: McGraw-hill.

Turner, R. (2016). Gower handbook of project management. Routledge.

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