Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
How many work weeks are in the project timeline, where work will actually occur?The project timeline runs from 1 January 2017 to 31 March 2018. This implies that there are 65 weeks in total within this period. However, taking into consideration that there are three weeks for vacation, the number of weeks in the project timeline where work will actually occur is 62 weeks.
How much money does the team cost per hour?
There are 10 managers. The manager salary for an hour is $100. Therefore, the cost for managers per hour is $100 x 10 = $1,000.
There are 100 programmers and staff. Their rate per hour is $35 per hour. Therefore, the cost for programmers and staff is $35 x 100 = $3,500.
This implies that the team costs $4,500 per hour.
How much money does the team cost per week?
Every week contains forty working hours. Taking into account that the cost per hour is $4,500, the total cost per week is $4,500 x40 = $180,000.
How much money does the team cost for the duration of the IT project?
The total cost incurred for the team for a week is $180,000. The total number of weeks for the IT period is 62 weeks. Therefore, the total team cost for the duration of the IT project is $180,000 x 62 = $11,160,000.
Remembering that maintenance is amortized, that payments begin during the first month of the project, and that all other system costs are assigned to the project, what is the total systems cost through the timeline completion on 31 March 2018?
Amortization takes into account the disseminating payments over a particular time in multiple periods. These payments that are spread out are equally paid out in the various payment periods (Deegan, 2013; Riahi-Belkaoui, 2004). The system maintenance is amortized through a five-year period and the total cost is $5.0 million. This implies that for every year, the amortization cost is $1.0 million. The total timeline period is 62 weeks and this is equivalent to 1 year and 2.5 months.
Taking into consideration that 1 year = 12 months, 2.5 months will have an amortization...
Therefore, the total amortization cost for the IT project timeline will be 1.2083 million.
The other system costs include systems planning cost of $100,000, systems development cost of $1,400,000 and system fielding cost of $300,000.
Therefore, the total system cost is calculated as follows:
Cost
$ million
System maintenance
1.2083
Systems planning cost
0.1
Systems development cost
1.4
System fielding cost
0.3
Total system cost
3.0083
The total system cost is 3.0083 million. Rounded up, the total cost is $3 million.
What is the total project cost through completion on 31 March 2018?
The total system cost as obtained above is $3.0083 million. The total team cost is $11.16 million. The total project cost includes both the system cost and the team cost. Therefore, the total project cost
Cost
$ million
Team Cost
11.16
System maintenance
1.2083
Systems planning cost
0.1
Systems development cost
1.4
System fielding cost
0.3
Total project cost
14.1683
The total project cost is 14.1683 million. Rounded up, the total cost is $14 million.
After project completion on 31 March 2018, what will be the remainder cost for maintenance that will still need to be budgeted and managed?
Subsequent to the completion of the project on 31 March 2018, the total amortization cost for the IT project timeline will be 1.2083 million. The total amortization over the course of the five-year period is $5.0 million. Therefore, the remainder cost for maintenance that will still need to be budgeted and managed is
$5.0 million - $1.2083 = $3.7917
Therefore, the total remaining cost will be $397,170.
Forecasting a budget with no strategic reserve, what should the project cost per month be for the budget during the project timeline?
In delineation, strategic reserve is reserving of an item…
Their insights can help to determine the longer term impact on them. Students were included because they can show how these cuts will affect them and offer ideas about ways to possibly offset them. Teachers can discuss how certain decreases will affect the quality of education and their ability to educate students. (Lunnenburg, 2011) (Olden, 2012) The people who are excluded from the budgetary process were selected because they can
Budgeting and Financial Planning Distinctions between budgeting & financial planning. The difference between budgeting and financial planning The difference between budgeting and financial planning Budgeting and financial planning are often used interchangeably in the speech of laypersons, when they are talking about the economic outlook of organizations. They are, however, very different processes, although the two are interrelated. One analogy is that of someone trying to maneuver the organization like a rowboat over a
Budget Airlines: The Destruction of Australia's Domestic Tourism Industry or Convenient Way to Travel Internationally? With such a beautiful and exotic national landscape, one can immediately garner why Australia is a travel destination for many tourists. However, it is easy to overlook the fact that many of these tourists, whose travel is crucial to the Australian economy, are in fact native Australians looking to explore their vast and varied national landscape. One
Budget Variance Managing budgets and keeping within those boundaries is a difficult task and requires a steadfast approach with practical strategy. Budget forecasts often are used as important guidelines that are used to keep organizations in line with their corporate strategy. Although this seems rather simple, it is not. The purpose of this essay is to discuss and highlight specific strategies that can be applied to assist in managing a budget
Budget plan is a quantitative expression of planned income and expenses for a given financial year. A budget contains an estimated projected expenses and revenue for a financial year. A budget also reveals the estimated costs, expenses, liabilities and assets and the cash flows for a fiscal year. Syracuse is an historic city based in Sicily, and the city budget for 2011-2012 fiscal years is to achieve a balanced between
Budgeting as an Adequate Tool for Planning and Control in Organizations: A budget apart from being a coordinated and comprehensive financial plan for the resources and operations of a given future period is also intended to promote the managerial functions of control and planning. Over the years a budget has been perceived as a tool for forced planning as it constitutes the most important and basic management functions since other managerial