WEEK 7 (1.JUNE.2010) - PROJECT LIFE CYCLE - BUDGETING

Next week is our mid-test week...everyone kinda stress.. :)

For this week, we are given a new task to complete tutorial 3, for submission on 29 June 2010. Even though it might sound still long way to go for submission, but the reason why we are given out this task at earlier date as we believe there will be lots of research need to be done for this tutorial.

What is project without $$$... :)..so for this week tutorial it will be a continuation work from our previous tutorial 2 which we have done on the work breakdown schedule and activities. We will be looking at the cost budgeting for each activity that we have listed down under our WBS. The cost will be allocated into 3 category, that are Fixed Cost, Variable Cost, and Other Cost.

WBS --> Resource planning --> cost estimation --> cost budgeting --> cost control

* proper budgeting to avoid shortage of budgeting in the period of project
* play with budget cost by set aside some buffer

Each of our team member is responsible for a different task and activity, so what we have plan to do is, each of us will work on individual responsibility taks and come out with a reasonable cost budget that are needed.

Next, we have to calculate our Return of Investment. This will be our gain/benefit that we will make from our Annual warehouse project. Our group leader, Mr Boo Wei Chong, will work on the financial report of our product selling.

We'll see what will be our ROI for this project...

A best wishes from our team members to all our fellow student for our Mid Semester Test next week..Good Luck All!!!