Project cost control procedures Describe cost control management processes that will be followed. Complete the table below to show allowable variations in costs and approval requirements. Control methods Variance Strictly control venue rental time $45,000 – $50,000 Prepare and receive dietary requirements in advance $17,500 – 20,000 Estimate printing numbers $3,000 – $3,500 Advance rental agreement with transportation $4,300 – $4,520
4. Develop a conference finances report. Write a short report for the Senior Management Team about project costs from the completed conference. Use the Conference Finances Report Template to guide your work. Assume that the conference is now completed, and you have been provided with the final costs. Review the information provided to calculate and report on the success of the conference assuming that a 50% profit was required. Assume also that Senior Management has identified that, while the conference had a very positive outcome, they would like further recommendations on best practice project cost estimating. Provide at least four recommendations which you consider would improve project estimating for future projects. Manager Networks This document is Conference Finances Report Template. It is part of the supporting assessment resources for Assessment Task 3 of BSBPMG514. Conference Finances Report Introduction The following expenditure details show the overall financial outcomes from the conference. An analysis of this is as follows: Total profit/loss: $ 291,735 Income: $ 395,000 Expenses: $103,265 Total profit or loss is: $ 291,735 Evaluation: The overall performance of this project can be considered as a success, with profit gain more than 50% of the expenses and despite the incidents with pull out speakers and venue booking, the additional cost were relatively small compare to our income. Conference expenditure details Expenses Income Venue $50,000 Registration fees – individuals $100,000 Catering $20,000 Registration fees – companies $100,000 Speaker fees $10,000 Sponsorship: Gold $50,000 Speakers travel $4,520 Sponsorship: Silver $45,000 Publicity $7,250 Sponsorship: Bronze $100,000
Courier $1,595 Entertainers $6,400 Printing $3,500 TOTAL $103,265 TOTAL $395,000 Recommendations As requested by Senior Management, recommendations for more accurate project estimating are as follows:
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- senior management, Liyang Huang