Sreeraj MenonProgram Manager| eMidsFranklin, Tn, United States
Can someone with experience in this area walk me through the basics of Cost Analysis? If I am to do a cost analysis of a project team, to determine the rational behind the investment of people and resources, what parameters should I consider? Saving Changes...
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Michael WoodProject Manager / Business Analyst / Business Process Improvement Guru| Independent ContractorGig Harbor, Wa, United States
The criteria starts with the portfolio of projects and the value to the organization once implemented. Once that is known, it can be compared to the cost of the team and resources supporting the project. If the delta is more than 7 to one then you have quite a justified team. Saving Changes...
Shannon CanningComputer Aided Drafter & Designer, Renderer and Illustrator.| SMC DesignNorth Charleston, Sc, United States
Need help with my Project Management Class Project papers The class is about Project Communication and Documentation. I am working my second paper, which is a Business Case paper (I have attached the paper). I already complete the Project Concept paper (Was not able to attach, which you might want to look at too). I still have to write a Project Charter, Communication Plan, Risk Management Plan, Quality Management Plan, Post-Project Report and then something called a Debriefing Report which mention the topic Lesson Learn. I am having issue making up the information I need to finish some of these papers. I am not having any luck finding help. Now, I got just 1 week of class left. Right now, my biggest issue is the Cost-Benefit Analysis part of the Business Case paper. And then of course the stuff related to cost for the Charter and so on. The topic for this course project is "Redesign the Employee Lunch Room (Or Break Room) of a company." This institute did not supply use with any helpful information to complete these paper. Now, I regret not have a construction background. I only have drafting education and I want to be to a draftswomen in the Architecture field. With the failure of ITT Technical Institute teaching Architecture drafting, I do not feel secure enough in my skills to work for an Architectural firm yet. So, I am working on the Project Management degree and with hope of getting a Master in Architecture too if I can get the money to continue on. Saving Changes...
Bernard GorePortfolio, Programme & Project Professional| NZ PoliceWellington, New Zealand
What parameters? Anything and everything. The question is completely open-ended.
Cost analysis is collecting all costs that relate to the project - nothing should be excluded except by explicit agreement by the appropriate level of executive governance.
People, equipment, anything you'll buy in or hire, any expenses, all should be considered. Lost "cost of opportunity" should be at least considered for inclusion - if people are working on the project it may not just be the cost of their wages, but the loss of whatever work and income they would have delivered otherwise.
The cost of building space, an allocation of the enterprise technology cost that the project will use may need to be included, the cost of risk - if the project is likely to cause disruption or have an impact during implementation that costs money to fix or loses trading income - all that should be considered.
The bad news? All that is only a sample of the things to be considered. Cost analysis is an exhaustive area and if you aren't experienced in this you need to get someone involved that is - it just isn't something that we can answer fully here as so much depends on the specifics of your organisation and the project itself. Saving Changes...
