To understand and apply the processes ofcost estimating and budgeting

QUESTION

.gif” alt=”Text box: prjm6001 project cost management
assignment no 1(value 40%)- 2015

topic: cost estimating and budgeting
“>

Aim
of Assignment:
To understand and apply the processes ofcost
estimating and budgeting

SCOPE
A 23 year old daughter is engaged to be
married and has set a tentative wedding date of 18 October 2015. The couple
have chosen Bali as their preferred wedding destination and the parents have offered
to cover the travel and accommodation expenses of 40 friends and family who
will be invited to the wedding as well as the wedding day celebrations.
The parents have set the happy couple the
following parameters:
·
Wedding celebration to be fully
catered including entertainment at a 5 Star resort
·
8 guests are from the UK, 6
from USA, 16 from Perth and 10 from Sydney
·
Travel to be economy class
return including transfers
·
Accommodation at 4 Star resorts
for 7 days bed and breakfast
BUDGET
You
have been engaged by the brides parents (sponsors) to produce a fully costed budget as a formal professional
document
Your submission must contain the following
sections:
1.
introductionexecutive summary, scope, assumptions,
exclusions, etc
2.
Detailed
budget showing all costs. For each cost you need to fully explain:
a.
How
the costs were calculated (including any necessary
calculations required to arrive at the cost)NOTE:
do not directly contact any organisation in doing this assignment
b.
Sources
of information for
each cost element including a
clear and full explanation
of the scope of each item (ie quantity, type, cost etc) (All
sources of cost information must be referenced both in-text and in a reference
list at the end of the report.
3.
Detailed
cashflow, based on the costs in, 2 when each cost will be incurred, with explanations for
the timing of each cashflow
4.
Accuracy.The sponsor is concerned that
the final actual cost may exceedthe budget. Highlight one of cost items that
you feel has the greatestuncertainty/inaccuracy. Explain why the cost is
uncertain andwhat might be done to ensure this cost can be contained.

Presentation (10 marks)
10
Marks will also be awarded for the quality of presentation comprising
appropriate layout, neatness of work and appropriate referencing for sources of
data.

Format
The
assignment
mustbe typed on
A4paper(using
one side only of each A4 sheet of paper)in
double space typing and presented
witha cover sheetsetting
out yourname,lecturer’s
name,unittitle
and the topic of the assignment. The cash flow can be in the
form of an spreadsheet embedded in the assignment.All
pages should be numbered. All assignments
must be thoroughlychecked
fortyping,spelling
and grammatical errors beforebeing
submitted.

Dates
Date
given & due “ see unit outline

Studentsmust
submit their assignments electronically
(using Turnitin in Blackboard) before 5:00pm (perth time) submission
date shown in unit outline. Please combine your work into one computer file
(i.e. embedding all spreadsheets, attachments into the document) and make
sureit is correctly labelled showing your Last Name-ID-Assessment Title(ie.
PCM642-Smith-12345678-assignment1)

PRJM6001
PROJECT COST MANAGEMENT
ASSIGNMENT
No. 1 – MARKING SHEET

NAME: ___________________________

TOPIC: PROJECT ESTIMATING AND BUDGETING

MARKS

COMPONENT

Maximum
mark

Quality of
submission

Poor

Reasonable

Good

Excellent

1.
Introduction:appropriate content,

10

0 – 3

4- 6

7 – 8

9 – 10

2. Detailed budget
Scope: “all
costs included and correctly calculated
data
:detail
and clarity of source of cost information

25

25

0 “ 8

0 “ 8

9 “ 15

9 – 15

16 “ 20

16 “ 20

22-25

22-25

3.
cashflow“ logic and explanation of
cashflow timings

15

0 – 5

6-9

10 – 12

13-15

4.
Accuracy -clarity and logic of uncertainty of one cost and its
management

15

0 – 5

6-9

10 – 12

13-15

4.
Presentation:completeness, profession
style

10

0 – 3

4 – 6

7 – 8

9 – 10

TOTAL MARK

%

ANSWER

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