Risks can affect a project in many ways and must be planned for. Technology-oriented projects can suffer from many risks, including hardware failure (through either design or functional issues), technical challenges, legal or ethical issues, and security vulnerabilities. Risks have a direct impact on scope, schedule, and budget.
Part 1:
Using the scenario chosen for the Week 3 assignment (project schedule), create a budget strategy for your project that includes the following:
Estimated human resource costs, based on realistic hourly rates. A template that could be used for estimating human resources could be:
Position/Role
Project Period
FT/PT
Budget Item
Salary/ Compensation
Project- Team
Identify fixed cost resources, such as hardware, software licenses, and other materials needed for your project, where you include cost items according to work schedule.
Resource
Supplier
Price
Budget Item
Project
Justification
Part 2:
Create a budget table in a spreadsheet program like Microsoft Excel. Format your budget file with appropriate headings like the table shown above. As a project manager, your reports will be submitted and presented to executive management and stakeholders, therefore tables, charts, dashboards, or any illustrations must be easy to read and understand.
Part 3:
Write a paper in which you analyze and compare the two budgeting tools. Explain your approach for entering cost estimates into MS Project and Excel, respectively, plus any assumptions you made during the process. Compare-and-contrast analysis should consider the following criteria:
Ease of integrated project cost management in terms of use and maintenance when schedule or resources change.
Ease of cost estimation analysis that includes three methods: best-case, likely case, worst-case cost estimates.
Ease of customized budget and cost reporting to various stakeholders who may not all need to see the same information.
Roll-up reporting (or data export) to and synchronization with the organization’s cost management systems and software.
Comparison of actual costs versus budgeted costs.
Any additional criteria you deem relevant to your chosen project and organization.
Part 4:
Analyze several project-based risks in PM using technology. In this report, be sure to address the following:
Define three risks that could occur to a technology-oriented project, and how PM can plan, assess, and mitigate the risks.
Find examples of when this risk occurred in the real world.
Find at least three examples for each risk concerning how a technology or tool could be used to assist in alleviating this risk. Provide specific examples using tools from the real world. You should be careful to note which gaps these tools fulfill in the PM process.
End your paper by recommending which software you prefer for cost management activities and justify your choice by giving your comparison analysis. Add screenshot examples from MS Project and Excel where appropriate to support your analysis and conclusions.
Length: 5-7 pages, not including title and reference pages
References: Include a minimum of 5 resources.
The completed assignment should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect graduate-level writing and APA standards. Be sure to adhere to University’s Academic Integrity Policy.
