Vince was disappointed and, as he exited the conference room, one of the manufacturing personnel commented to Vince, “Don’t you know that the manufacturing people usually go to lunch around 11:00 a.m.?” Vince came up with a plan for the next team meeting.
Category: Budget
Articles related to budgets in project management.
Case: Payton Corporation
After the first weekly labor report was analyzed, it became evident that the development lab was spending $28.50 per hour. The project manager decided to discuss the problem with the manager of the development lab.
Case: Bungalow Life Ltd. – Part 2
Earned Value Management (EVM): In the second part of the Bungalow Life Ltd. case, we will explore the challenges associated with reducing expenses and the complexities involved in halting a project due to exceeding the budget.
Case: Bungalow Life Ltd. – Part 1
Earned Value Management (EVM): The company Bungalow Life Ltd. is contracted to construct 100 uniform bungalows in a bungalow area by the sea. The cost of construction is 100,000$ for each bungalow. The construction process is sequential, with each bungalow being constructed one after the other.
Case: Bull AS
In the company Bull AS, a product development project is being initiated. To account for the uncertainty associated with project costs, a simulation has been conducted to calculate the need for project reserves. The company’s management has decided to set aside a reserve of $1 million, which provides only a 15 percent probability of cost overrun.