Hospital's project budgeting approach
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PROBLEM:
Since the hospital's project budgeting approach is under the microscope due to several large, public budget overruns, Walter is asking you for very concrete three-point/range estimates and budget numbers. You are able to get good "most-likely" estimates from your team for the work they are doing, but the largest numbers (and most unknown right now) are the vendor estimates. You could develop some estimates based on your vendor experiences from the private hospital, but you know those numbers are on the high end of the cost range. You and Walter discussed this during your last face-to-face status meeting. He was not comfortable using just those numbers (although that would make the project appear to come in under budget) and wanted to have numbers that are more likely. He asked you to follow up with him via e-mail detailing the approach you will take. You suspect that he will enhance the e-mail and send it to the CFO in response to the CFO's concerns.
Using your knowledge of the case study, prepare the e-mail you will send Walter that describes your approach to defining the project budget. Be sure to clearly define your approach for obtaining estimates for the 10 vendors that may be used on the project. Remember that you have not selected the vendors yet, but you do have a list of 50 possibilities.
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Project Budgeting Approach
Since there are large public budget overruns, we have to adopt a systematic approach for preparing our budget. Our project budgeting approach should be such that it is logical and provides an accurate estimate of the expenses and revenues that are expected in the near future. It should reflect the most probable figures and not the ones that are wild guesses. Though the good and most-likely estimates have been taken from our team, yet the largest numbers that are the vendor estimates are not known right now.
In order to control the schedules of cost and time, the following steps can be followed. These steps include the integration ...
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