Case Study: Project Schedule And Budget

Week 6 Project Schedule and Budget
Bongbong Alfaro
MGMT 404
Professor Andre Franklin
DeVry University

Project Schedule and Budget
Part 1: Project Budget (Cost Management)
1. Explain your approach to estimating the project cost (e.g. top down, bottom up, etc.) and why that method was chosen.
In estimating the project cost, I need to determine which method is preferred to use either top down or bottom up approach. As an owner, I will choose that will fit my project which is the top down strategy because I should know how much the project should cost. In addition, this amount is divided between the work packages. Also, according to the text, the advantage of the top-down budgeting approach is that it focuses on achieving the project within the budget allocated and leads to efficiencies and reduction in wasteful practices. In other words, project will equally distribute evenly to all the workers who are part of the project.
2. Create a table that shows the original budgeted costs (from the charter) and the actual budgeted cost (side by side). Include line items for labor, materials, contract, equipment, travel cost, and so on.
The Filipino’s Best Cuisine Restaurant
Estimated Budget $200,000
Labor cost $20,000
Materials/Equipment Cost $80,000
Travel Cost $10,000
Number of Contractors 5
Total Project Costs $125,000
Extra Savings $75,000

3.

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