Assessment 1 You must accurately reference all of your external sources of information

Subject:BusinessPrice: Bought3

Share With

Assessment 1 You must accurately reference all of your external sources of information.

The written activity is a stand-alone activity that is assessed separately to the activities that form the evidence portfolio. The written activity will allow the learner to display required knowledge and skills that are essential when contextualising overall competency. 

Task 1

 

You are a Project Manager at manufacturing business. A number of your vital manufacturing pieces of machinery have been experiencing break downs and your maintenance manager has indicated that he believes it's time for these pieces of equipment to be replaced. This is particularly important as some of the items of equipment come from foreign countries

Explain in 50 words for each element how you would develop each of the four elements of a project budget;

• work closely with others to determine resources against budgetary frameworks
• prepare a budget and cost-management plan for a project
• monitor costs across a project's life cycle including solving cost variations and analysing possible alternatives
• record expenditure, create accurate financial reports and review cost-management processes.

Task 2

Develop a budget for this project so that you are able to complete within the constraints

a. Your budget needs to have a completion cost

b. Each stage of the project needs to be budgeted for

c. Detail the contingency element you have built into each stage and why

 

Task 3

Create a project schedule utilising the benefits of the following:

• explain appropriate budgeting processes, tools and techniques
• describe methods and tools for costing and cost analysis
• explain strategies for managing costs and their application in different situations
• outline processes for reviewing costs against outcomes
• summarise key organisational policies and procedures applicable to this role.

Task 4

 

Refer to the scenario in Task 1 and provide an explanation on how you would:

• Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others
• Estimate project costs to enable project budget to be prepared within agreed tolerances
• Develop a project budget
• Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances