Unit IV - Assignment Essays

see attachment

Unit IV Essay

Instructions

For this assignment, you will
write an essay explaining the various elements of the Lucky Me Animal Rescue adoption event project budget and how the scope and schedule are used to create the budget. Note: You may assume any reasonable total budget for this project. Your goal in this assignment is not to justify the cost but, rather, to demonstrate an understanding of project management budget concepts.

To prepare the budget, the project manager, along with the project stakeholders, use three different elements. They include inputs, tools and techniques, and outputs. Begin your essay with an introduction that summarizes the planning phase and budget management (within the scope of planning).

Next, discuss what will be included in each of the three elements and what documentation/information would be used from the project sponsors and the Lucky Me Animal Rescue organization. Be sure to include how the scope and schedule are used in preparing the budget.

For the second part of the assignment, discuss how the tasks that take place within project scope management and project schedule management would be essential to keeping the project within the budget guidelines. Use specific information on what takes place during project scope management and project schedule management in order to manage the costs of the project.

Your essay must be a minimum of two pages in length, not counting the title and reference pages. You must
use at least three sources that are either peer-reviewed or academic in nature to support your essay. One of the sources may be our textbook, and one of these must come from the CSU Online Library.

Adhere to APA Style when constructing this assignment, including the title page and in-text citations and references for all sources that are used. Please note that an abstract is NOT needed.

MGT 6302, Project Management Strategy and Tactics 1

Course Learning Outcomes for Unit IV

Upon completion of this unit, students should be able to:

3. Summarize the project management process groups.
3.1 Summarize the planning phase of a project.

4. Explore the knowledge areas of project management.

4.1 Explain key tasks that take place in project scope management, project schedule management,
and project cost management.

7. Explore key concepts in budget preparation and management.

7.1 Determine the steps involved in creating a project’s budget.

Course/Unit
Learning Outcomes

Learning Activity

3.1

Unit Lesson

Part 1: Chapter 5
Part 1: Chapter 6
Part 1: Chapter 7
Unit IV Essay

4.1

Unit Lesson
Part 1: Chapter 5
Part 1: Chapter 6
Part 1: Chapter 7
Unit IV Essay

7.1

Unit Lesson
Part 1: Chapter 5
Part 1: Chapter 6
Part 1: Chapter 7
Unit IV Essay

Required Unit Resources

Part 1: Chapter 5: Project Scope Management

Part 1: Chapter 6: Project Schedule Management

Part 1: Chapter 7: Project Cost Management

Unit Lesson

Introduction

Welcome to Unit IV. In this unit, our focus is on the planning phase of project management. In Unit III, we
learned how to define the project, and now that the scope and the project requirements have been
determined, the project manager and the project team can begin to plan the project. The planning phase is an
essential part of any project, regardless of its size. The more upfront planning that is completed, the smoother
the execution phase of the project will be. The project team is also more likely to meet the critical success
factors that have been approved by the project sponsors. For most projects, the schedule and the budget are
two of the areas that must be met for the project to be deemed a success. For project planning and control,

UNIT IV STUDY GUIDE
Planning

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the budget and the schedule are two tools that will be used throughout the planning and execution phases of
the project. To keep focus on the project’s scope, the project team will focus on three knowledge areas during
the planning phase; they include project scope management, project schedule management, and project cost
management.

Project Schedules and the Work Breakdown Structure

All projects, whether personal or professional, must have a schedule. The project schedule is a plan for how
all of the project’s tasks will be completed during a defined amount of time. The project schedule lists each
task, the deadline for each one, and the tasks that must be performed for the project’s scope to be met in the
final project deliverable. Project managers will prepare the schedule based on the work breakdown structure
(WBS). The purpose of creating the WBS is to deconstruct the project into plannable tasks that are controlled
by the project manager and the team (Project Management Institute [PMI], 2017). The WBS contains the
tasks, sub-tasks, and individual work packages for the project. The visual representation of the WBS allows
the project team to identify all of the different elements that the project has and the necessary tasks to
complete each element. The WBS is one of the tools that is used in project scope management. By creating
the WBS, the project team can ensure that the project contains all work necessary to achieve the project’s
scope and objectives.

Below is an example of a simple WBS. As you can see, the project is broken down by tasks (the top row),
sub-tasks (the second row), and the individual work packages (stems of the sub-tasks).

Wedding WBS (Watt, 2014)

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Preparing the Schedule

Once the WBS is created, the project team can create the project schedule. There are four steps that the
team should take when creating the schedule.

Step one: Define the project activities. From the WBS, the project activities are
the tasks that need to be completed. Based on each task, the project manager will
divide out the sub-tasks or activities that need to be completed to complete the task.

Step two: Estimate the resources needed. To successfully complete a task, the
project team must have the necessary resources available. If the resources are not
present when the activity should begin, the team will not be able to stay on-
schedule.

Step three: Determine the work for each task. Taking the time to understand
each task is important to assigning ample time to the task. If the project team
member is not able to complete the task within an assigned time, the schedule will
not be met.

Step four: Organize the tasks by sequence. In many projects, there are tasks that
are dependent upon another task being completed. By sequencing the tasks, the
project team can identify which tasks are dependent upon another task and ensure
that the parent task is completed before the child task would begin (PMI, 2017).

During the project, the project team will continue to monitor the schedule, which is known as project schedule
management. This is an essential knowledge area of project management since the project schedule will
impact the budget and the critical success factors that the project sponsors are expecting. Controlling the
schedule is not only the responsibility of the project manager, but it is also the responsibility of the project
team. They should report any areas of the schedule that could cause problems before the project even
begins. When the project’s tasks/activities and time to complete each have been identified on the project
schedule, the project manager can focus on the budget. However, the project manager should not start the
budget until the project schedule and all resources needed have been identified. The resources and the time
to complete the project will be factors in the final budget numbers.

The Project’s Budget

Importance of the Budget

As much as people do not like to talk about money, in a project setting, the budget is everything. The project
sponsors only have so much money that they believe they can invest in the project and still have a return on
their investment. So, the project manager needs to stay within the budget guidelines that have been set by
the sponsors. The budget will provide the sponsors with a detailed report of how much the entire project will
cost and where the money will be spent during the project. The budget is the tool used in the project cost
management knowledge area of project management. The budget will also be used by the sponsors as a
metric for the project’s success. The budget will be evaluated before, during, and after the project to
determine the budgeted costs versus the actual costs incurred during the project. By monitoring the budget
during the project, the project manager can avoid surprises at the end and ensure that the budget restrictions
are being met. If the budget is exceeded, the project sponsors would need to sign off on the increase or
corrective action to bring the project back within the budgeted amount. We will discuss these tactics later in
the course.

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Preparing the Budget

When preparing the budget, the project manager should determine the budgeting method that is preferred by
the project sponsors or the organization. Once the project manager knows the budgeting process, the budget
can be prepared using the scope statement, the WBS, and the project schedule. The budget will be based on
estimates for how much money each task will cost. The estimates should be itemized for each task with
consideration for the time, labor (project member), and resources necessary to complete each task. In
addition, the technology/tools, supplies, and other resources should all be factored into the cost of each task.
Most budgets are broken down into three categories of costs. They include the production costs,
management costs, and operation costs (PMI, 2017).

Production costs and resource costs are the same thing. These costs would be the amount of money spent to
acquire the resources necessary to complete the project’s tasks. Without these production costs, the project
team would not be able to produce the outputs necessary to meet the scope. Production costs can include
raw materials, labor, and supplies. Management costs include the money spent on planning, managing, and
conducting the project. Examples of management costs include the project manager’s salary, travel
expenses, and resources needed to keep records of the project. The final cost category is operation costs.
These costs are directly tied to the project and are essential to keep the project’s operations moving forward.
Examples of operation costs include tools, technology, and other operational needs to complete the project’s
tasks.

Project Control With the Project Management Knowledge Areas

As noted above, project scope management, project schedule management, and project budget management
are three of the project management knowledge areas (PMI, 2017). These areas also serve as control
mechanisms for the project. The WBS, the schedule, and the budget are all used to help control the project
even before it begins. Within a project setting, controlling the project means measuring the progress of the
project in relation to the goals and objectives determined during the planning phase. If the project does not
stay within these defined terms, corrective action is necessary. For the project to have useful schedules and
budgets, the estimations need to be accurate. The schedule and budget are derived from estimates based on
information from different places. Most project managers will look to the lessons learned from past projects for
data to base the estimations on. Project managers will analyze completed projects for the time spent, the
actual costs of the project, and the resources used. After every project, the team will report lessons learned,
and these lessons are stored in databases that document information on the project and the time, costs, and
resources used. This information is valuable to the project manager when planning a new project.

Conclusion

Project planning is an essential project process group that ensures the project is completed on time and on
budget. If the project costs more than was budgeted for or exceeds the time allowed, the project’s
deliverables may not be as valuable to the organization and may not reach the expected return on investment
(ROI). Project managers use project scope management, project schedule management, and project cost
management techniques to ensure that the project is planned from start to finish. Tools, such as the WBS,
project schedule, and budget, are used by the project manager and the project team to set the agenda for the
project and to serve as a guide once the execution phase begins. Project sponsors base their acceptance or
rejection of the project based on the scope, time, and budget, so the planning phase becomes a critical phase
of the project. Preparing accurate schedules, resources needed, and budgets will help the project team to
meet the project sponsor’s critical success factors.

References

Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK®

guide) (6th ed.). https://online.vitalsource.com/#/books/9781628253900

Watt, A. (2014). Project management. BCcampus. https://opentextbc.ca/projectmanagement/

MGT 6302, Project Management Strategy and Tactics 5

UNIT x STUDY GUIDE
Title

Suggested Unit Resources

You are highly encouraged to continue reading the standards for the Planning Process Group in the textbook
for added insight into this unit’s concepts.

Part 2: Chapter 3: Planning Process Group

Learning Activities (Nongraded)

Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit
them. If you have questions, contact your instructor for further guidance and information.

Visit the website YouTube, and perform a search for each of the following keyword search terms to view a
wide variety of resources that offer additional insight into this unit’s topics. Note the channels or authors
whose videos you find most helpful, and consider bookmarking or subscribing to them for continued
professional development. It is suggested when looking for online resources, you choose those that are most
recent, as they will offer the most up-to-date information.

Keyword search terms for this unit are listed below.

• Project management planning
• Project budget

https://www.youtube.com/

Learning Activity

Required Unit Resources

Unit Lesson

Introduction

Project Schedules and the Work Breakdown Structure

Preparing the Schedule

The Project’s Budget

Importance of the Budget

Preparing the Budget

Project Control With the Project Management Knowledge Areas

Conclusion

References

Suggested Unit Resources

Learning Activities (Nongraded)

Printed by: bendersr@hotmail.com. Printing is for personal, private use only. No part of this book may be reproduced or
transmitted without publisher’s prior permission. Violators will be prosecuted.

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