Project Budget Planning And Management Techniques

Stages of the Project

The OKC is the Oklahoma City in the City in Oklahoma and FL is the Florida. The distance between these two cities is approximately over 2000 kilometers or 1220 miles. Therefore for moving from Orlando to the Oklahoma City by road the person has to cover 2000 kilometers. If it is covered by vehicle then approx thousand dollars is requires to shift the entire belongings for buying a house approx five hundred thousand dollars is required and the transportation cost to move to Oklahoma is above twelve thousand dollars. The time invested in transferring the entire household items will take over 3 days. Thus the scope of the entire project is possible if a proper planning is done for the entire operation. The budget for the entire operation can be around six hundred thousand dollars including the house cost, transportation cost and various other overheads like labor cost, petrol cost taxes and other modes of co sty (Dennis, Minas & Bhagwatwar, 2013). The entire project will take over 4 to 5 days which includes the transportation and packing and moving the items. If the project is properly planned for each step and the budget plan which is made for the project does not overshoot the target then the quality of the project is better and possible to be performed.

1. For the management of the project. The project should be divided into three to four phases which should be considered for the efficient management of the project. These phases are:

The project goal here is to make budget plan for the various stages of the project which is shift from one city to another city (Walker, 2015). Therefore the project can be intimated is to first look for the house in the Orlando city which is under the budget of the user. The next stage is to look for the best transportation company and their budget for moving the goods from Oklahoma City to the Orlando city. Thus the project is initiated.

The goal of the project is to shift from one city to another city. To perform this task various task is too performed in between to complete this project that what is done in the second stage of the project management. Firstly the goal of the project is identified. After the goal is identified the various stage of the project is planned. In this project after the decision of t moving the various stages is to look for the house which is under budget in the destination city. Then a transportation company is to be browsed which is under the budget of the user (Shi, 2015). Lastly the packing of the household goods we planned so that it can be packed in the required time. After looking for the house and transportation a proper budget plan is designed for each activity and it to be insured the expenditure should not cross the budget. Thus a proper budget plan is made in his stage.

Monitoring and Controlling the Budget

After the budget is planned on the paper the next crucial step is to monitor and control the project so that the project follows according to designed plan. There are various events when the management of the project requires extra cost like labor charge or toll tax or petrol charge. These are the event where the budget can exceed  (Kohn, Arditti & Korde ,2013). It is to be ensured that the project budget plan should include extra cost to bear these charges.

The closure of the project is as important as initiation of the project. After the entire project activities are performed it is necessary to review the entire project and to analyze at which part of the project the demand is fulfilled and at which the target of the project was not achieved. It will help in better understanding of the project and also to gain experience where the user lack in meeting the demands and to perfume better in the future.   

Brainstorm is one of the method which helps in the risk assessment. The brainstorm is the process in which a group of individuals gather together to generate ideas to tackle a certain problem (Gallagher, 2013). The brainstorm does not involve any analysis but only generating the ideas. The eight risks resulted to the projects are:

1. The project may face the budget issue which means that the project do not have enough money
2. The project may face the time management issue which means that the project may not completed on time.
3. It may happen that at day the user may face the environmental problem like bad weather like which is not is not good enough for the journey.
4. It may happen that the user may face the economic problem like rise in the petrol price or which may increases the transportation cost (Goodman, 2012).
5. The other risk may involve the personal risks which may including the family problems
6. The other risk may include the adaptability issue which include unable to adapt to the new place

1. First positive risk can be the budget risk. If the user finds the house which is way smaller than his budget then the quality issue may arise.
2. The second positive risk is that the time management it is better that the time management should follow with the budget but the positive risk cab be if the certain activity is performed before time the entire activity will mismanage.

Project Phase	Risk	Impact	Likelihood	Composite Risk Score	Response Type	Response Description
Project Initiation	Lack of the Information	Very high	High possibility	5	quick	The project goal here is to make budget plan for the various stages of the project which is shift from one city to another city. Therefore the project can be intimated is to first look for the house in the Orlando city which is under the budget of the user. The next stage is to look for the best transportation company and their budget for moving the goods from Oklahoma City to the Orlando city. Thus the project is initiated.
Project Planning	Lack of Innovative Ideas	High	Not Likely	4	Not necessary	The innovative ideas is crucial for the reducing the budget but if the budget is properly planned the innovative ideas will not have much impact
Project Charter	Unavailability of resources	High	Likely	3	Moderate	The unavailability of the project arises if there is not a proper planning of the project.
Execution Phase	Unavailability of Funds	High	Likely	4	Quick	The lack of the funds is one of the major issues of the project management thus a beforehand planning of the budget is required for the project (Burke, 2013)..
Performance and Control	Identification of loop and gaps Factors	Low	Not Likely (Deans, 2017)	2	Moderate	During the planning of the project a proper planning needs to be done to avoid loopholes to avoid any risks
Project Closeout	Failure while testing	Low	Likely	3	Moderate	The closure of the project is as important as initiation of the project. After the entire project activities are performed it is necessary to review the entire project and to analyze at which part of the project (Saunders, M. N., & Lewis, 2012).  the demand is fulfilled and at which the target of the project was not achieved Keeney, 2012). It will help in better understanding of the project and also to gain experience where the user lack in meeting the demands and to perfume better in the future.

According to the user the important part of the project is its planning and closing as it depends on the two factors

With the composite score of 5 the planning of the project includes to make budget plan for the various stages of the project.

With the composite score of the 3 the project closure is also an important phase of the project. It includes to review the entire project and find where the project lacked its target and to gain lesson from it.

References

Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA.

Dennis, A. R., Minas, R. K., & Bhagwatwar, A. P. (2013). Sparking creativity: improving electronic brainstorming with individual cognitive priming. Journal of Management Information Systems, 29(4), 195-216.

Gallagher, S. (2013). Brainstorming: Views and interviews on the mind. Andrews UK Limited.

Goodman, L. J. (2012). Project planning and management: An integrated system for improving productivity. Springer Science & Business Media.

Keeney, R. L. (2012). Value-focused brainstorming. Decision Analysis, 9(4), 303-313.

Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Paulus, P. B., Kohn, N. W., Arditti, L. E., & Korde, R. M. (2013). Understanding the group size effect in electronic brainstorming. Small Group Research, 44(3), 332-352.

Saunders, M. N., & Lewis, P. (2012). Doing research in business & management: An essential guide to planning your project. Pearson.

Shi, Y. (2015). An optimization algorithm based on brainstorming process. Emerging Research on Swarm Intelligence and Algorithm Optimization, 1-35.

Walker, A. (2015). Project management in construction. John Wiley & Sons.