Overview and Rationale
For this assignment, you will be updating your previous Cost Document from Lesson 2. As part of this, you will be calculating contingency reserve using PERT.
Program and Course Outcomes
This assignment is directly linked to the following key learning outcomes from the course syllabus:
- Design a cost management plan outlining how the schedule and cost would be defined, estimated, validated and controlled throughout a project.
- Aggregate estimated costs and durations to establish a cost and schedule performance baseline with consideration given to the effects of project funding limits, constraints, procurement, and negotiations will have on project completion.
In addition to these key learning outcomes, you will also have the opportunity to evidence the following skills through completing this assignment:
- Critical thinking and analysis
- Technical Competency
- Problem solving
Essential Components & Instructions
For this assignment, your starting point is the draft cost management document from Lesson 2. You should integrate the components of the draft cost management document, along with my feedback, into this final document.
- Update any previous work based on the feedback that I gave you as part of Lesson 2_Draft Cost Management Document. Failure to do so can result in loss of credit.
- Create a cost baseline statement and insert into document. A cost baseline statement is simply a brief statement that summarizes the budget and states the specific amount of money and contingency that forms the cost baseline.
- Perform a reserve analysis, using PERT or Earned Monetary Value to determine how much to request for a reserve fund (show work in appendix of document). Please note that if you have already completed a PERT analysis in this course, you only need to update it based on any feedback.
- Create a statement of how much reserve you will be requesting, summarize how you determined the amount you requested, and provide a brief explanation for how these funds will be used and who can authorize the use of them
- Using the estimates from your MsProject file and your reserves analysis, create an updated funding request for your project. This should be a statement that identifies the total amount needed, but differentiates between the costs associated with the project and the reserves request
- Based on your project schedule in the MsProject file, create a funding schedule (time-scaled budget). You can do this by date or milestone. You could choose to use the following simple table headers:
- Be sure to update any previous sections of your document based on the information you developed this week. For instance, your summary budget will most likely need to be updated to account for the PM processes, if you did not account for that previously
- column 1 – date or milestone
- column 2 – WBS code
- column 3 – deliverable or budget entry
- column 4 – amount
- column 5 — aggregate amount
Below are some key guidelines you will want to ensure you follow in this assignment. Think of this short list as a quality control checklist, along with the attached grading rubric.
- Document should professionally formatted using titles, headers, and bullets where appropriate.
- Consider using a MsWord document template to format the report.
- A template may be used for the formatting, but all content must be original to you.
- You must include a title page and cite any outside sources using a works cited page according to APA 6th edition guidelines
- Submission is free of grammatical errors and misspellings
Please be sure to review the attached rubric. It along with these assignment instructions will ensure you have a solid understanding of the assignment requirements.