Final Project Proposal and Project Presentation

Running Head: PROJECT MANAGEMENT 0

PROJECT MANAGEMENT

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Introduction

In this paper, there will be an evaluation of the project formulation of the conference within which there is the evaluation of various conference tasks. The initial area covered will be the budget plan which will assess the presence of likely critical paths that ought to exist plus the reliance or the interlinks between the projects. From there, the paper will also evaluate the project resource schedule that will be considered for the project in the conference.

Further there will be the review of the resources management plus the evaluation of the computations that are meant to evaluate the actual costs of the project. More to that the paper will provide an analysis of the three main areas within which costs reduction and efficiency can be undertaken in the given project.

Cost Reduction Methodology

In these areas, there will be the provision of the personal understanding of the given project and consequently the explanation of the potential deviation in plans meant to mitigate the costs of the project. Further during the recommendations for the cost reduction methods, there will be the consideration of the manner in which the costs reductions ought to be undertaken in the best interests of the corporate in order to maintain the optimal quality.

Some of the methods that can be considered is first the price bidding for the kind of providers present for the outsourcing of the providers of food. This should not however compromise the quality of the work done with the outsourcing process. More to that, the number of workers who could be engaged in the project can be reduced to 5. In my opinion this would halve the cost of meals estimation as follows:

The other area that can be looked into is the accommodation plan. The accommodation cost can be minimized by ensuring that the clients are accommodated within the hotel premises of the conference facilities. This means that the prices for housing the employees as the organization already is making revenues for the hotel in terms of conference facilities.

The other issue that can be considered in the reduction of costs is the choice of the speaker selection. As a result, the choice of the speaker in the conference. The selection of the speaker out to be from the past reconnaissance of the experience of the events that the speakers attended. This prevents the likelihood of landing the wrong speaker for the conference. This is because the speakers have already made a name for them. It prevents the need of the delegation of many employees for the selection process. This frees up the employees who can be used to start other project subtasks. (Learn About Quality , 2013)

Estimation of the Cost Procedure

The estimation of the cost in this case is the approximation of the sub-processes that are meant to accompany the entire project. The process of determining the costs in the subtasks is based primarily on the laborers allocation in every exercise. Basically, the more the employees required and the more the time span the more the cost to be covered in the project.

For this area, the subtask cost measurements are computed as follows:

As seen in the formula above the computation of the subtask cost is reliant on the on the length of time spent on the particular activity and/ or the number of laborers present.

The budget that was allocated to the entire project was $1000000. However, there are various areas that could have been reviewed downwards. This is because for example the registration process of the individuals was apportioned to have taken 5 months but only lasted for the 4 months in the project allocation of tasks. More to that the reduction of costs methods that have been outlined in the recommendation above could have further participated in the proper budgeting process (Swarr, 2011).

Recommendations for Further Improvements on Project Management

The use of the Gantt chart would be quite influential in the determination of tracking the pace of tasks done. This is in the determination of how long and how far the project subtasks are to take to completion. More to that the use of critical path method would have been efficient in determining the likely critical activities and the other non-critical ones which can be delayed to reduce cost consumption. The critical activities that can be used in the determination of the activities that cannot be delayed.

Conclusion

The paper looked into the evaluation of a project that was scheduled on the Clinical meeting scheduled in Chicago. The subtasks were identified and their corresponding time schedules and costs were apportioned accordingly. Finally the paper considered the methods that could be used in the cost reduction of the entire project.

Learn About Quality . (2013). Cost of Quality . Retrieved from Learn About Quality : http://asq.org/learn-about-quality/cost-of-quality/overview/overview.html

Swarr, T. E. (2011). Environmental life-cycle costing. A code of practice.