actual costs and expenses

107 | P a g eNote: Given this is not a live project, actual costs and expenses are to be simulated.Your task is to: work closely with others to determine resources against budgetary frameworksprepare a budget and cost-management plan for a projectmonitor costs across a projects life cycle including solving cost variations and analysingpossible alternativesrecord expenditure, create accurate financial reports and review cost-managementprocesses. In order to do so, you must complete each of the following components (attach documents asrequired and answer all questions):Part 11. Provide a project budget for the entire project scope/work breakdown structure. This budgetmust be in enough detail to show costs for: Resources: equipment, facilities, fees and charges, human resources, materials, servicesand statutory costsContingencies and tolerancesOverheads/ indirect costsProfit (if applicable) What were your budgetary assumptions?108 | P a g e2. Provide a cost management plan for your project, which includes: Units of measureLevel of precisionLevel of accuracyOrganisation cost management procedures to be followed including roles andresponsibilitiesControlthresholdsRules of performance measurementReporting formatsProcess descriptions (these could include any two of the following and must be step bystep including who is involved and when as well as a description of how this will help youmonitor actual vs. budgeted expenditure). o Approval processes o Financial authorisations and delegated authorityo Communication and reporting processeso Invoice procedures Organisational chart of account links (if applicable)109 | P a g ePart 21. Use two cost-analysis methods and tools to demonstrate the cost variations that occurred inyour project.110 | P a g e2. Provide a detailed budget performance report showing variances against baseline budget.111 | P a g e3. Provide evidence of replanning to bring project back to original budget including the reasonreplanning is needed and the options available to bring the project back on budget as well as theoption selected.112 | P a g ePart 31. Describe in detail a financial completion activity you would need to undertake at the end of theproject.113 | P a g e2. Review your project performance in terms of cost management. Would your cost managementprocesses and procedures be considered effective? Why/why not?114 | P a g e3. List all cost issues you may have experienced on the project (in the table below) including arecommendation for future projects. Date Description ofproblem/opportunityRecommended Action for nexttime/projectLesson LearntRaised By 115 | P a g e Date Description ofproblem/opportunityRecommended Action for nexttime/projectLesson LearntRaised By

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