Explain your budget contingency plan and how much is budgeted for contingency.

A project plan cannot be considered complete until the resources have been assigned (including budget and cost estimate). This week, you will assign the resources required to work on your project to your scheduled tasks. In addition, you will add the cost of the resources per hour and any direct or indirect cost required for project contracts, materials, or supplies.

You will submit a two-part summary report (business professional format) of your project budget and resources, which includes the following:

Part 1: Project Budget (Cost Management)

  1. Explain your approach to estimating the project cost (e.g., top down, bottom up, etc.) and why that method was chosen.
  2. Create a table that shows the original budgeted cost (from the charter) and the actual budgeted cost (side by side). Include line items for labor, materials, contract, equipment, travel cost, and so on.
  3. Compare the budget from the charter to the final budget and explain any variances that occurred from your original budgeted cost in the project charter and the current project cost (include your original estimated cost for the project).
  4. Explain your budget contingency plan and how much is budgeted for contingency.

Part 2: Resource Management

  1. Explain the results of your resource assignments. Did you assign enough people to the project? Were there any resources over-allocated? What approach will you take to fix any allocation problems?
  2. Develop a plan to manage your project team and define how you will motivate your team and how you will handle team conflicts.
  3. What structure would you select for your project: functional, weak matrix, balanced matrix, strong matrix, or pure project? Why?

Deliverables for Week 6:

  1. MS project file (.mpp) updated with resource assignments and cost
  2. MS Word file with report of project budget and resource management

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