BSBPMG514: Manage Project Cost - Highway Lights and Co. Case Study - Management Assignment Help

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1. Describe three techniques for estimating the cost of a project and the advantages and disadvantages of each
2. Fringe benefits and legal support are two possible project indirect costs. Give two different examples of direct and indirect costs and explain what information you would need to estimate these costs
3. How do you monitor, control and report costs for your project?
4. What do you do if there is a variation between the estimated costs and the actual costs?

1. Provide a project budget for the entire project scope/work breakdown structure. This budget must be in enough detail to show costs for:

• Resources: equipment, facilities, fees and charges, human resources, materials, services and statutory costs
• Contingencies and tolerances
• Overheads/ indirect costs
• Profit (if applicable)

2. Provide a cost management plan for your project, which includes:

• Units of measure
• Level of precision
• Level of accuracy
• Organisation cost management procedures to be followed including roles and responsibilities
• Control thresholds
• Rules of performance measurement
• Reporting formats
• Process descriptions (these could include any two of the following and must be step by step including who is involved and when as well as a description of how this will help you monitor actual vs. budgeted expenditure).

1. Use two cost-analysis methods and tools to demonstrate the cost variations that occurred in your project.
2. Provide a detailed budget performance report showing variances against baseline budget for the resource expenses. * (refer to actual figures if working from your own project information).

• Human Resources costs were 6% higher than expected
• You have managed to save 8% on material costs against budgeted allocated costs
• Indirect costs were lower than expected by 15% as you were able to share these with another department.

2. List all cost issues you may have experienced on the project (in the table below) including a recommendation for future projects.

• Upgrade the 59 sets traffic lights on the Nepean Highway within the next 12 months
• Upgraded traffic lights will meet stringent quality standards and not need to be upgraded for at least the next 10 years
• The traffic lights will have reduced failure rate compared to the existing lights
• Report (and if possible Improve) any other road safety concerns where possible.

• develop own brands and product range and sell direct to consumers
• leverage ecommerce opportunities to reduce distribution costs and increase profit margins.

• Value proposition: What will you offer consumers? What product? What price? What quality? How will it benefit your customer?
• Who your target market is: What are the characteristics of the people who will buy your product? What do they need or desire?
• How you will gather necessary information for setting up the venture?
• Who you will consult or network with to benefit from others’ expertise?
• What steps you will need to take to set up the E-commerce venture, from website design, to ensuring a system for payment, to establishing an online presence through web search engines, etc.
• How you will determine the benefit to Crafty Clothes: What is the benefit? Reduced costs? Increased productivity?
• How you will determine cost.

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