discussion question and peer reviews 81

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DISCUSSION POST MUST BE 10+ SENTENCES AND THE PEER REVIEWS MUST BE 7+ SENTENCES PLEASE USE YOUR OWN WORDS AND DO NOT COPY FROM OTHER SITES STAY ON TOPIC ,BE POSITIVE , AND DO NOT COMMENT ON GRAMMAR ERRORS. TALK DIRECTLY TO CLASSMATES IN PEER REVIEWS!!! YOU MUST COMPLETE BOTH PEER REVIEWS AND DISCUSSION QUESTION!! THANK YOU

1) DISCUSSION POST

Now, it is time to estimate your project’s budget. Your Project Sponsor has set a limit on the amount of money you can spend. You know your budget will exceed that limit. Using the information covered in the required readings, describe the importance of properly establishing a project budget and what controls you can implement to keep your budget in check.

2) PEER REVIEW #1 ( PRECIOUS)

Establishing a project budget is important for many reasons as stated in chapter five, such as, “to support good decisions, determine cash flow needs, determine project development, to schedule work, and to determine if the project is worth doing.” One way to implement control of your project budget is to identify the three views of cost which are the committed cost, the actual cost, and the scheduled budget. Identifying the amount of cost leverage held for this project with help with other deciding factors of its completion. “Inaccurate estimates lead to false expectations and consumer dissatisfaction.” “Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of actual and plan throughout the life of the project”. How many resources are required? The expected duration of the project, and of course its projected cost for completion. All these questions are answered when creating a project network after an ideal budget is created. A project network helps to create a visual of the project’s timeline at once. Identifying project requirements accurately, building in incidents for estimated cost, establishing accountability, keeping all parties involved actively informed, and continuing to revisit, review, and reforecast the project budget is essential for remaining on a reasonable budget for your project completion. As stated, identifying the three views of cost, creating a project network, consistent communication, and revisiting, reviewing, and reforecasting will help to ensure cost and time on your project completion.

3) PEER REVIEW #2 (ERIKA)

Hello Prof Steiber and classmates,

Since the undertaking support has just set the spending that is the expense of the venture without considering the parts such a technique is known as the top-down methodology of planning. Subsequently it is essential to do the undertaking planning in the base up approach because of the accompanying reasons:
1. Each procedure can be characterized in detail and individual expense can be processed.
2. Possibility reserve can be made where the undertaking supervisor dreams a potential issue.
3. No additional expense would be brought about because of time deficiency, that is no additional expense for extra time and so on since the base up spending plan is in accordance with the term of the venture.
4. Under the base up approach, no segment is forgotten about to fuse subsequently a minute ago changes in the general spending plan.
5. The base up method prompts less variety from the monetary allowance chose subsequently the likelihood of completing on time increments.

Erika

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