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Operationalize project cost

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1. While the organizational goal is to operationalize project cost effectively, there are always trade-offs. The first thing to understand is how the project budget is calculated. So, how do organizations determine a project budget? How does the project manager deal with a budget that is insufficient to implement all of the users' requirements in the initial install? (Operationalizing costs means that you take into consideration all direct and indirect costs of a project. For example, you have a certain overhead for any project; the cost of the facility, utilities, supplies, equipment, networks, etc. Even project management is an operational cost. Most organizations establish a percent to apply to the cost of the project as an overhead (operational) cost.)

2. Give seven reasons scheduling resources is an important task.

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Operationalize project cost

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How do organizations determine project budget?

The best and successful way to determine a project budget is to start with the identification of all the project activities and the resources required/necessary to carry out each activitiy.After determining the necessary the activities and necessary resources for completing those activities, organizations used tools such as a spreadsheet to list down all the associated costs in relation to fund those resources and carry out the activities. This will include all kinds of personnel as well as non personnel expenses and will list new costs that will be incurred if the project is funded (i.e. temporary employees or consultants), as well as any ongoing expenses for items that will be allocated to the project.

Then the list of all the items alongwith the calculations of their costs is summarized in the form of a spreadsheet or doument showing the complete cost for each activity.

source:
http://fdncenter.org/learn/classroom/prop_budgt/pbb_element.html

Stages in planning a project budget:

1. IDENTIFY ORGANISATIONAL OR PROJECT
OBJECTIVES
Involve a range of staff in this process.
2. DECIDE WHAT IS THE 'LIMITING FACTOR'
The 'limiting factor' is what restricts the budget. It
could be a lack of money, human or other ...

Solution provided by:
Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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