Project Management > Research Paper > Capella UniversityFPX 5333PMFPX5333__Assessment1-2 (All)

Capella UniversityFPX 5333PMFPX5333__Assessment1-2

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Budget Analysis Report Budget Analysis: A budget analysis report is used to determine the relationship between money and how a project is being managed. This report will also provided whether the budget is sufficient and practical to complete the project. Throughout a budget analysis report, the budget will be evaluated to determine the financial state of a project. The budget analysis report will also pull information from previous projects and their outcomes. The most important step of completing a budget analysis report is determining failure points of the project and propose turnaround project budgets. Project Summary: Nearly Free is an IT Governance company that is looking to build an employee orientation learning module. This module will include at least one quiz and a sign off document. All new employees must complete their orientation and understand the information. This project has a budget of $25,000 and a timeline of about three months. This project will include various steps such as planning, designing, development, testing, changes, retest, and closeout. However, this project seems to be failing and going over budget. This budget analysis report will help determine where the issue is and how to turnaround this project. Financial State: After reviewing Nearly Free cost estimate techniques, it seems that the project will go over budget. The budget for the employee training/orientation project is about $30,000. In addition, with developing, integration, testing, training, controlling and project closure still needing to be complete the project baseline is already at $22,000. With the duties that still need to be completed and less than $10,000 left it the budget, it seems that this project is going to go over budget and possibly miss important roles. By being over budget this project may not succeed. This failure could be because of using analogous cost data estimating or parametric estimating with poor data. These costs estimates should be completed early in the project and provide a total cost. The analogous estimates require little data, which can be inaccurate. The parametric estimates compare the relationship between two or more variables to determine cost. These estimates are quick and easy but may not be accurate. Lastly, the top down estimate is used to estimate where each task is allocated then determine where it falls within the project estimate. This would be the most beneficial technique to use for Nearly Free. Cost of Individual Schedule Activities/WBS

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