DB - Week 5

Running head: WEEK 5 DISCUSSION 1 Week 5 Discussion Lohith Sree Ram Kodali BADM-623-B02 Project Management Processes University of the Cumberlands
WEEK 5 DISCUSSION 2 Allocation and scheduling in a project Learning this course, I have been provided with the skills and the knowledge while handling the project management. According to Majeed, M. (2019), a PM is tasked with multiple responsibilities but the most crucial is the ability to allocate the resources needed and the budget for the entire project. Without proper planning the project may come to a standstill due to lack of important resources which would in return her m the company reputation and have the inability to attract new investors. IT is there for important to have an all-inclusive budget while preparing the budget. Allocation of resources and scheduling has the following significances. Benefits of allocating Resources When it comes to preparing the resources, A PM must include all the resources that would be needed in the entire project. In this case the proper utilization of the human resource and other resources which requiring planning of the essence and the time the resource will come in handy during the course of the project? When the resource allocation is successfully completed it means that half the project is completed since it quite difficult for some managers to work with a tight budget considering not everyone is capable of handling a tight budget. It is important not to make any errors in the resource allocation in order to avoid delays based on the scheduled time. Other impotence's of timely allocation of resources include determine the availability of each resource, identify the constraints either be the deadline the skills required among others.it also improves better organization throughout the project or clearly define all the project needs. Importance of Scheduling
WEEK 5 DISCUSSION 3 Based on Halima. (2021), scheduling is also as import project budgeting, it allows the PM to determine the timeline for the project, the time of completion and the resources need. It also provides the PM the chance to plan and organize the team of their takes based on their effectiveness. In return scheduling would mitigate the financial constraints throughout the project, create a comprehensive documentation which might become of essence in future, all effective and organized management based on the given schedule, and lastly, deliver a project that has been completed in quality time and manager since it measures the expectation in every step. Preparing a bottom-up budget If I am given the chance to manage and develop the transportation budget in my department, I would give the following instructions: the first thing is to prepare a list of expenses from the fuel, taxes, the salaries of the drivers and the servicing. The second step would be to instruct the to sum up the total amount of the expenses to get the total budgeted, the third step would be to submit it for approval to the movement since the management would be interested in knowing the objectives and the goals it has the ext. fiscal year.it the company leadership is satisfied with the budget it approves it (Corporate Finance Institute, 2020). References
WEEK 5 DISCUSSION 4 Corporate Finance Institute. (2020, January 20). Bottom-up budgeting - Overview, budget creation process, advantages. Retrieved from https://corporatefinanceinstitute.com/resources/knowledge/finance/bottom-up-budgeting/ Halima. (2021, February 16). Five benefits of resource scheduling. Retrieved from https://www.visual-planning.com/en/blog/five-benefits-resource-scheduling Majeed, M. (2019). 403. Retrieved from https://project-management.com/importance-of- resource-allocation-and-time-management-in-project-management/
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