Project costs and budgetting

For Module 6 in 3320, the class learned about schedules and budgets in a project and completed the below activity

In module 6 of 3320, budgets are covered and integrate into the past refrenced WBS. The bottom up approch was covered where you sum all lowest level task costs and work you way up the WBS too the top where a reserves are calculated both for the budget and then also a reserve for upper managment. When planning out this budget, you should also make sure to make a "s-curve" as most likely you dont have all the money at the beginning of the project and money will be released slowly like an "s-curve". Another option for budgets includes estimating budgets either from estimation like RSMeans or from a porpotional technique like the index technique, unit technique, power sizing technique, and the statistical technique. in the above inclass activity, my team created a Network Diagram and then from that created a labor cost budget that list out the total cost of the budget from labor and what the labor cost is per week.

After the activity was graded, feedback was given that instead of reassigning the task that overschedule a person, we were to push the project due to their skills for the given task. Additionally, the time phased was suppose to be cumulative. 

Budegeting and scheduling people to work on such task is a hard feat and understanding how they work is benificial in almost any task form understanding what you might encouter to making decision for your company or you as an individual. Taking a step back to understand all of the variables in a project is benificial and should have happened more for understnad the over working of one of the people on the project shown above. 

Going on, this work allows me to understand more of what should be viewed in a project, what to catch and how to fix it. Being able to schedule not only yourself, but others in a team you might be working on, or that home rennovation and how much it will cost you is benificial to you to understand what you might encounter and understand the project before it is started.