4 - Web Tutorials Review & Questions? Introductions...

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Web Tutorials Review & Questions? Introductions completed Project 1 – In progress – Early start – PM & Project Plan – Questions? – Use email rather than posts – Using the correct thread
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Lectopia Does the student link from Blackboard work? Has anyone tried accessing the Recordings Power Point Presentations? Blackboard https://lms-blackboard.telt.unsw.edu.au/webapps/portal/frameset.jsp Lectopia http://lectopia.telt.unsw.edu.au/lectopia/staff/unitedit.lasso?UnitID=2319
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REVISION TIME. .
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This project plan element should include profit and competitive goals as well as technical goals. a) Overview b) Objectives or scope c) General approach d) Contractual aspects
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This project plan element should include profit and competitive goals as well as technical goals. a) Overview b) Objectives or scope c) General approach d) Contractual aspects
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A ________ must be submitted for any changes requested after the project plan has been approved.
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A change order must be submitted for any changes requested after the project plan has been approved.
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Project Management: A Managerial pproach Chapter 5 – Budgeting and Cost Estimation
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Overview Estimating Project Budgets – Top-down – Bottom-up Work Element Costing Budget Iteration Activity Budgets Continuous Budget Improvement
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Your budget must be realistic! Reviewers and program officers know what things cost; if your budget is not realistic they will think you are either dishonest or stupid A budget that is too low may make it impossible to complete the project, which will jeopardise your chances for future funding Estimate costs as accurately as possible; get written price quotations for equipment and binding agreements for subcontracts
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Budgeting & Cost Estimation The budget serves as a standard for comparison It is a baseline from which to measure the difference between the actual and planned use of resources Budgeting procedures must associate resource use with the achievement of organisational goals or the planning/control process becomes useless The budget is simply the project plan in another form Chapter 7-1
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Estimating Project Budgets In order to develop a budget, we must: – Forecast what resources are needed – Determine the required quantity of each – Decide when they will be needed – Understand how much they will cost - including the effects of potential price inflation There are two fundamentally different strategies for data gathering: – Top-down – Bottom-up Chapter 7-2
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Factors Influencing the Quality of Estimates Quality of Estimates Project Duration People Project Structure and Organisation Padding Estimates Organisation Culture Other (Non project) Factors Planning Horison
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Top-Down Budgeting This strategy is based on collecting the judgment and experiences of top and middle managers These cost estimates are then given to lower level managers , who are expected to continue the breakdown into budget estimates This process continues to the lowest level BBS – Budget Breakdown Structure Chapter 7-3
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4 - Web Tutorials Review & Questions? Introductions...

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