Estimating project budgets is far from an exact science. Many of us have heard of projects running over budget. Why is this? Why do we consistently forecast low? There are many reasons for this inconsistency, including everything from improper funding at the beginning of the project to taking shortcuts that should never have been taken. Whatever the reason, there is a need for project managers and their teams to become better at forecasting technology costs.
For this assessment, you will complete the Cost Budget Template (linked in the Resources under the Required Resources heading), update your project schedule in Microsoft Project, and update the Cost Estimate / Schedule Update section of the Project Management Plan Template.
Based on the information from Assessment 3, the Project Management Plan Template, and your WBS, provide a complete budget using the Cost Budget Template. Also update the project schedule in Microsoft Project.
For the budget estimate:
- Identify the following:
- The costs of each task.
- The time frames within which the costs will be incurred.
- Prepare a cost estimate for the project using the Cost Budget Template.
- Prepare a budget for the project using the cost estimate.
- Copy and paste the Summary Table (on Summary Tab) and Comments into the Budget Summary Information – Cost Estimate /Schedule Update section of the Project Management Plan Template.
- Enter your budget into Microsoft Project.
- Use the Microsoft Project function to establish a baseline budget.
- Copy the Microsoft Project file link into the MS Project Schedule Update – Cost Estimate /Schedule Update section of the Project Management Plan Template.
Review the Cost Estimate / Schedule Update Scoring Guide to ensure you meet all evaluation criteria.
Note: Microsoft Project is provided free of charge for your use in this assessment. See the instructions in the Resources.
- Written communication: Ensure written communication is free of errors that detract from the overall message. Complete assessments in a detailed, comprehensive, and error-free manner.
- Completed Cost Budget Template.
- Updated project schedule in Microsoft Project.
- Updated Project Management Plan – Cost Estimate / Schedule Update section.
- References: Include a list of references, including books, Web sites, articles, and other resources.
- Font and font size: Times New Roman, 12 point.