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PROJ6002 PROJECT PLANNING AND BUDGETING ASSESSMENT ANSWER

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PROJ6002 Project Planning and Budgeting

PROJ6002 is a subject which is taught at the Australian Institute of Management and the completion of this course shall be allowing the students to understand the wide range of project scope, cost and time management, different types of planning techniques and practices which are required for the successful completion of complex projects. This subject shall be very much useful for students to understand the globally diverse stakeholders who actively plays their role in complex projects. The use of the quality management tools shall be provided to the students of this subject. In this subject, the written assignment needs to be written in a group where there will be group leader who will plan and execute the entire assignment with the help of the other group members and the supervisor. Project Management is the most preferred discipline for every student of this university and the increase in demand of the project managers are very much useful for the students to understand and address the challenges of complex projects.

Unit Details

Location: Australian Institute of Management

Study Level: Under graduate

Unit Code: PROJ6002

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Brief of Assessments

There are different categories of topics which are covered in this subject such as the different types of quality management tools, project scheduling tools, cost management plan, work breakdown structure, critical path analysis, risk management techniques, project scope management.

There are advantages and disadvantages associated to project budget, the advantages include prioritization of the processes, and better planning. Whereas, the disadvantages of project budget are difficulty in evaluating the budget due to the changing business conditions and overlapping of project activities during the conduction of the project. Project Time Management is defined as the type of management which is controlled by the project manager for the completion of each stage of a from starting from the initiation phase to the project closure. Challenges such as delay and minimisation of resources can be addressed in the first place using the concept of Project Time Management. Communication needs to be maintained with the stakeholders of a complex project in a regular manner in order to avoid any kinds of quality issues. There are numerous tools which can be used by the project manager of a complex project such as the social media platforms, skype, email and online video conferences to communicate with the internal and the external stakeholders of the projects.

Improving the different types of processes involved in complex projects is very much significant for improving the quality of the final product of the project. This subject helps in understanding some of the quality management tools such as the Fish Bone diagram, Pareto Chart, Control chart, Stratification, Histogram, Check sheet and Scatter Diagram. Most of the problems which are associated to the complex projects can be solved in the first place from these tools. These tools are very much useful to see the variations which might occur due to the quality issues of the project. The cause of these problems along with their issues can be identified in the first place from tools like Pareto Chart. The factors which might affect the quality of the solution can be identified in the first place using tools like stratification. At the same time, the frequency of an error in a complex project can be identified in the first place using quality management tool like Check Sheet. On the other hand, tools like Histogram can help in identifying the scope of improvement of any process which takes place in the project.

This subject is also helps in understanding the role of different categories of scheduling tools which are deployed in complex projects such as Gantt chart, Schedule network analysis, Critical Path Method, Program Evaluation and Review Technique (PERT), and Schedule Compression. Gantt chart is much useful for understanding the dependencies and the resources required for the conduction of each activity of a project. Schedule network analysis helps in understanding the interrelationships between the elements of work. The shortest time required for the completion of a project can be identified in the first place from a Critical Path Analysis method.  On the other hand, the inconsistencies of the project can be identified and addressed using PERT and the course of the project can be adjusted using the Schedule Compression. Cost Management Plan is an important topic of discussion of this subject, it is a document which is created by the project manager during the planning phase of a complex project. The components of cost management plan include cost variance plan, cost estimation, cost baseline, cost control, change control processes and project budget. Forecasting ability of the project manager in the project can be improved in the first place using cost estimation method. Cost reporting, and third-party integration, are the other positives of a cost management plan in a complex project. Work breakdown structure (WBS) is defined as the technique which can help in managing all the activities associated to each phase of a project. There are three levels of WBS which exists in a complex project such as work packages, project deliverables and control accounts. The risk management techniques which are deployed in complex projects can be broadly classified into categories such as risk avoidance, risk sharing, risk transfer. These risk management techniques are very much useful for identifying the exact areas from which risk can occur, at the same time the probability of occurrence and the impact of the risks can also be identified in the first place from these risk management techniques. Thus, most of the risk control measures can be learnt from this subject, hence this subject is very much useful for students to understand the way by which project needs to planned.

Weightage of PROJ6002 Course Code in Semester

In this subject, students are required to complete two activities such as Part A where each group member is supposed to write only 500 words and in Part B students needs to write 800 words. The weightage of Part A is 10% and Part B is 40%, hence the total weightage of this subject is 50%.

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Why Us
  • Best Quality Work

    When you opt for our services you are assured of a supreme quality assignment.

  • Best Price

    All our services are carefully curated to suit your requirements within a limited budget.

  • Timely Delivery

    We always emphasise on the aspect of timeliness so that you’re delivered with your tasks within the specified deadline.

  • 24/7 Support

    Our customer support team is always approachable and you can raise your concerns with them at any time of the day.

  • 100% Privacy

    When you delegate your tasks to us, your details are protected by a secured database system.

  • Unlimited Revisions

    You can always avail our free unlimited revisions with no extra charges according to your convenience.