Budget Preparation And Assumptions For Repairing Australian Storage Facility

Schedule

Task Name Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	Duration	Start	Finish	Predecessors Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper
Repairing Australian storage facility	21 days	Sat 16-09-17	Mon 16-10-17
Initiation phase	10 days	Sat 16-09-17	Fri 29-09-17
Developing business case	2 days	Thu 21-09-17	Fri 22-09-17
Undertaking feasibility study	3 days	Mon 25-09-17	Wed 27-09-17	2
Establishing project charter	1 day	Mon 25-09-17	Mon 25-09-17	2
Appointing team members	3 days	Mon 25-09-17	Wed 27-09-17	2
Performing phase review of the project	2 days	Thu 28-09-17	Fri 29-09-17	3
Completion of initiation phase	0 days	Sat 16-09-17	Sat 16-09-17
Planning phase	11 days	Sat 16-09-17	Mon 02-10-17
Creating project plan	1 day	Thu 28-09-17	Thu 28-09-17	4,3
Creating resource plan	3 days	Tue 26-09-17	Thu 28-09-17	4
Creating financial plan	2 days	Thu 28-09-17	Fri 29-09-17	5
Creating quality plan	1 day	Thu 28-09-17	Thu 28-09-17	5
Creating acceptance plan	1 day	Mon 02-10-17	Mon 02-10-17	6
Completion of project planning phase	0 days	Sat 16-09-17	Sat 16-09-17
Execution phase	21 days	Sat 16-09-17	Mon 16-10-17
Achievement of agreement from participants	8 days	Mon 02-10-17	Wed 11-10-17	6
Settlement of external issues	6 days	Mon 18-09-17	Mon 25-09-17	7
Agreement and financing of the project	7 days	Mon 18-09-17	Tue 26-09-17	7
Preparatory work completion	9 days	Tue 03-10-17	Fri 13-10-17	8
Completion of work that prevent leakage	10 days	Tue 03-10-17	Mon 16-10-17	8
Creating proper condition that minimizes risk	12 days	Fri 29-09-17	Mon 16-10-17	9
Adjustment of activities	10 days	Fri 29-09-17	Thu 12-10-17	9
Completion of whole repair risk	8 days	Fri 29-09-17	Tue 10-10-17	9
Activities adjustment	7 days	Fri 29-09-17	Mon 09-10-17	9
Completion of repair risk	6 days	Fri 29-09-17	Fri 06-10-17	10
Analysis of work completed	10 days	Fri 29-09-17	Thu 12-10-17	10
Closure of issues that reduces environmental fines	9 days	Fri 29-09-17	Wed 11-10-17	10
Completion of execution phase of the project	0 days	Sat 16-09-17	Sat 16-09-17
Closure phase	11 days	Sat 16-09-17	Mon 02-10-17
Completion of construction work	1 day	Fri 29-09-17	Fri 29-09-17	10
Reporting by financial experts	1 day	Mon 02-10-17	Mon 02-10-17	11
Analysis of completed project	1 day	Mon 02-10-17	Mon 02-10-17	11
Completion of closure phase	0 days	Sat 16-09-17	Sat 16-09-17

Figure 1: Budget Sheet

(Source: Created by Author)

Figure 2: Critical Path

(Source: Created by Author)

It is identified that in order to implement the Australian storage facility properly, it is quite important to follow some conditions that are elaborated below:

Management structure: The structure of management plays an important role in managing as well as implementing the project. It is quite important in decision making and as a result project related decisions must be taken accurately as well as appropriately (Kerzner 2013). It is identified that the management structure is very much significant in achieving various objectives as well as goals of the project. It generally helps in managing changes within the project.

Style and culture of management:  According to Chang (2016), the style as well as culture of management is related with the project success rate in number of areas including time management, processes as well as training. It is identified that in order to repair the Australian storage facility tank, the management uses number of techniques including proper work ethics, environmental factors as well as views on risks tolerance. It is found that the vision, mission as well as expectations are also shared in order to make the implementation of the project successful.

Autonomy: Autonomy is considered as the major driver of motivation in the project. It helps in allowing the management to make choices in the workplace (Eadie et al. 2013). The project manager generally outlines the goals of the project for repairing the Australian Storage Facility and assists in allowing the employees to decide in a proper way so that the project goal can be achieved.

Personal skills: The personal skills of the members of the project are very much necessary in order to successfully implement the project. The various significant skills include team building, decision making, motivation, communication, leadership as well as negotiation. It is stated by Cassidy (2016) that communication is one of the vital ingredients for implementing the project successfully as proper communication strategy needs to be followed during meetings while updating the team and during sharing of project status as well as progress report. In addition to this, it is analyzed that the project manager utilizes their intellect for making proper decisions in context to quality, schedule constraint as well as acceptance criteria.

Attributes: There are number of attributes that should be followed in order to make the project successful. The attributes mainly include proper way of communication, maintaining balance, learning to trust the instinct, enthusiasm, as well as way of knowing the procedure of change for adapting. According to Fleming and Koppelman (2016), it is identified that maintaining balance within the project can be achieved by motivating the team, paying attention to details as well as by using the technique of perseverance.

Characteristics of project team members: The project team members generally posses some characteristics of the project which are quite effective in making the project implementation successful. The project team members must have a clear understanding of the project objectives, clear expectation of each person role, and high degree of co-operation as well as high level of trust (Migilinskas et al. 2013). All this characteristics are very much important for achieving the project scope by properly organizing, planning as well as controlling project.

Budget Sheet

Adequate cost estimation and budget:  It is identified that proper, well-developed as well as implemented cost estimation procedure including trend identification, forecasting as well s risk analysis must be utilized for successfully repairing the Australian Storage Facility. In addition to this, adequate contingency must be provided by considering all the level of project completion as well as project related risks.

Adequate schedule: It is very much necessary to have well planned as well as documented schedule logic as well as assumption so that the project can be successfully implemented. It is identified that flexible contractor generally interfaces in order to accommodate various mitigation of delays. Proper as well as adequate planning of contingency are also required.

Proper project management plan and supporting documents: Proper well developed change order processes as well as documents must be created properly in order to repair the Australian Storage Facility (Fleming and Koppelman 2016). In addition to this, well developed project management principles of the project must be taken undertaken properly.

In order to manage the project successfully, it is quite important to identify proper tools, techniques as well as methods for successfully managing the project. The various methods, tools as well as technique for managing the time, cost, resources as well as quality of the  project are elaborated below:

Time: In order to be an effective project manager, it is quite important to set proper tools and techniques for time management. Time management is quite necessary for making the project successful (Kelley et al. 2016). It is identified that effective time management is considered as proactively planning the amount of time that is generally spent on project planning. The time can be managed properly by doing the list of tasks, weekly reviewing the tasks as well as by utilizing the method of time blocking. According to Crawford (2014), for being an effective project manager, the actions related with the project must be done and in order to complete all the activities of the project it is quite important to list the activities of the project successfully. This helps in ensuring that the project successfully helps in managing the activities of the project. In addition to this, it is analyzed that structuring as well as organizing project activities as per the priority of the tasks are considered useful (Portny 2017). Moreover, weekly review is considered as one of the powerful tool for managing the time of the project. It generally helps in allowing reviewing all the significant actions that are prioritized. It is identified that time blocking is another significant tools and technique that helps in blocking off the leave opening for handling interruption within the project.

Cost: The project must be estimated properly which includes the cost of resources, equipments, materials and more. It is analyzed that in this project bottom up estimation tool is generally utilized in order to estimate the cost of the entire project. It is stated by Martinelli and Milosevic 2016) that the bottom-up estimation technique is considered as definitive technique that is found to be accurate, time consuming as well as costly technique. It is identified that in this technique, the cost of each of the activity is generally determined with greatest detail and then the entire activities of the project are rolled up in order to calculate the entire cost of the project (Lodge et al. 2014). It is identified that by using this technique the entire work is broken down into various small components of work and each of the component are generally measured in order to measure the entire budget of the project. Proper management of the project cost is necessary in order to make the implementation of the project successful.

Critical Path

Resources:  It is quite important to manage the resources of the project properly in order to make the project successful. It is identified that resource plan is one of the tool that helps in specifying the resources that is required within the project. The resources of the project must be planned by creating the resource plan with the project plan (Sumner 2014). It is considered as one of the significant tool that is quite helpful in managing various resources of the project. In addition to this, it is identified that resource breakdown structure can be utilized in order to manage the various project resources. It is identified that RBS is one of the visual representation that generally includes department in which the resources belongs to, resource itself as well as the reporting manager (Sears et al. 2015). Proper levels are provided which is quite helpful in determining the resources of the project properly. When it is utilized tangentially, the WBS as well as the allocation of resources becomes simpler and as a result the entire activities of the project can be completed easily which assists in making the project successful.

Quality: Quality management is quite important steps for making the project successful. Checklist can be considered as one of the basic tool for managing the quality of the project. It is identified that it is mainly utilized in order to manage as well as organize data quite effectively.  (Portny 2017). This tool is considered one of the beneficial tools for backing up as well as storing information. It is identified that with the help of this technique the quality of the project can be maintained that further helps in signifying that the project is successful.

It is identified that there are number of tools, techniques as well as methods which are helpful in determining the goals of the project successfully. The tools, techniques as well as methods are elaborated below:

Scope: The project scope helps in providing proper idea about the completion of the project. For measuring the performance of the project, it is very much important to determine that the objectives of the project have been achieved and with the help of project scope, it can be easily identified (Arends 2014). If the scope of the project evaluates that the project objectives have been achieved which is helpful in signifying that the performance of the project is positive as the project is completed successfully.

Schedule: If the schedule of the project is completed within the time limit that is estimated then it can be easily analyzed that the objectives as well as goals of the project is completed successfully.  If the project time exceeds in comparison to the time that is estimated then the project is considered unsuccessful as it will create number of issues as well as challenges for the project (Govindan et al. 2015). It is identified that measurement of project schedule is considered as one of the technique or method that is quite helpful in analyzing that the performance of the project meet the objectives of the project.

Implementation Plan

Budget: The entire project can be delivered within the budget, under the budget or over the budget. It is identified that the ability of delivering the project within the budget that is estimated within the project considered as one of the greatest indicators of project success.  (Schmidt 2016). Therefore if the project is completed successfully then it can be analyzed that the performance of the project is quite good for meeting the goals and objectives of the project.

Team satisfaction: Team satisfaction is considered subjective in nature as it is generally overlooked while evaluating the success of the project (Shields et al. 2015) However, it is identified that the satisfaction of the team is at the top level of the project success criteria. The project team members have proper as well as deeper insights that even the top authority does not have.  (Preiser, White and Rabinowitz 2015). Therefore if the team members of the project are satisfied then it can be assumed that the project is performed well for meeting the goals as well as objectives of the project.

Quality: It is very much necessary to track the quality of the project properly in order to analyze the adjustments that are required to be completed for repairing the Australian Storage facility properly. Even if the entire project is properly delivered then also quality assurance of the project is undertaken (Snyder 2014). If the entire project is delivered with appropriate quality then it is identified that the performance of the project is quite appropriate for achieving the different objectives as well as goals of the project.

Lessons learned: Proper lessons must be achieved from every project. It is identified that there are significant factors that helps in evaluating the success of the project properly. If the project is instrumental and assists in enhancing the knowledge of the stakeholders then it can be analyzed that the performance of the project helps in achieving the objectives as well as goals of the project (Taylan et al. 2014) It is identified that it is quite better for the company for different future endeavors then it can be analyzed that the project is successful.

The steps that are undertaken to close off the project “repairing Australian storage facility” are provided below:

Development of closing procedures: All the procedures related with closing must be developed properly so that the project “repairing of Australian storage facility” must be done properly.

Gain formal acceptance from the stakeholders of the project: Proper as well as formal acceptance from the project stakeholders must be gained properly so that the project close off can be done properly (Larson and Gray 2013).

Conducting lesson learnt session with the team: A session must be undertaken in which proper discussion with team members must be taken in order to ensure that proper lesson from the project is achieved and the project successfully meets the objectives.

Getting a final sign off on implementation: Proper sign off on implementation of the project can must be achieved in order to close out the entire project successfully (Lutter 2015).

Submission of final performance reporting: The final performance of the tank must be submitted before the entire project is close out properly in order to provide information about the performance of the repaired Australian Storage facility.

The activities that must be undertaken in the closure phase of the project are elaborated below:

Report to financial experts: During the closure phase of the project, the financial experts are reported in order to provide information about the budget that is spent on the project for completing it. Information on budget to the financial experts must be provided in order to ensure that the project successfully completed within the budget that is estimated (Marcelino-Sadaba et al. 2014).  The financial experts manage the remaining budget properly and invest them in accurate place in order to achieve proper outcome from the remaining money.

Analysis of completed project: The entire project must be analyzed properly in the closure phase in order to ensure that the entire project is completed successfully. It is very much necessary to analyze the project properly in order to review that all the phases of the project including all the activities are completed properly for repairing the Australian Storage Facility.

Stakeholder signs off: The stakeholders of the project must sign off the entire project properly for ensuring that all the activities of the project are executed successfully and all the stakeholders of the project agree to close off the project successfully (Smith et al. 2016). 

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