Due Week 5: Resource Allocation and Preliminary Budget (100 points)
Deliverables for Week 5:
- MS Project file with schedule and allocated resources with associated costs (50 points)
- MS Word file with report of project budget and resource management (50 points)
Follow these steps to set up your Course Project with Microsoft Project 2016.
Step 1: Allocate Resources
Once you have the WBS created in MS Projects, assign resources to each activity. Remember, only assign resources to activities, not summary tasks. Before you can do this, you need to create a resources sheet in MS Projects.
To Create a Resource Sheet, do the Following.
- Click on view, resource sheet.
- Enter the resource name, whether it is a human resource, a cost, or a material.
- Include hourly rate or other costing method.
- For materials, designate the resource as work and identify cost for use (i.e., cost per yard).
To assign your resources to the aligned tasks in MS Project, follow the steps below.
To assign Resources
- Choose viewâ€”Gantt chart.
- Select resource tab
- Highlight the first task.
- Click on the double headed icon on the upper tool bar (assign resources), or click Alt-F10.
- In the resource assignment window, select the appropriate resource for each activity.
Repeat for all resources and activities according to the resource list above.
Step 2: Review Costs
- Right click above last column.
- Select insert column.
- Select costs.
The costs will appear and roll up to summary tasks. You have now created your preliminary budget.
Step 3: Analyze Your Resource Allocation and Assignments
There are several methods to check for overallocated resources.
- Click on view, resource sheetâ€”Resource(s) in red color are overallocated.
- Click on view, resource usageâ€”Resource(s) in red color are overallocated resource(s) by date.
- Click on project, reports. A dialog box appears, click on assignments then select. Then click the report for overallocated resources, and then select to print or view.
- Remember with resources you need to assign how much time (by a percentage) each resource will be allocated to each activity. Simply lowering a given percentage may clear an overallocation, but this is not possible. Overallocations usually mean that the project requires an additional resource or the timing of the tasks has to be made concurrent.
Step 4: Project Budget (Cost Management)
- Explain your approach to estimating the project cost (e.g., top down, bottom up, etc.) and why that method was chosen.
- Create a table that shows the original budgeted cost (from the charter) and the actual budgeted cost (side by side). Include line items for labor, materials, contract, equipment, travel cost, and so on. Use the costs you now have in your schedule to compare to your charter costs.
- Compare the budget from the charter to the final budget, and explain any variances that occurred from your original budgeted cost in the project charter and the current project cost (include your original estimated cost for the project).
- Explain your budget contingency plan and how much is budgeted for contingency.
Step 5: Resource Management
- Explain the results of your resource assignments. Did you assign enough people to the project? Were there any resources overallocated? What approach will you take to fix any allocation problems?
- Develop a plan to manage your project team, and define how you will motivate your team and how you will handle team conflicts.
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