The current projection deals with the planning of a new project on the charity event where the main objective of the project planning is to determine the time and cost consumptions for the current projection options. Moreover, another aim of this project planning is to understand the scenario of the project and essential requirements for the same to successfully execute the same. Initially the planning reports has entailed the overview on the projections with introductory specifications and assumptions followed by the cost and time planning of the same to acquire the critical resources. Latter phase delivers the number of risks, associated to the project with the possible trigger of the same.
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1. Project overview:
The project is all about organizing a charity event to raise fund for a social contribution. The event has been planned from the London School of Business and Management. The institute may donate the fund, raised from the event to a charity organization working for the old age home or orphanage homes. In this context, Kerzner (2013) cited that fundraising activity would face severe obstacles as the people in the region might not participate in such activities. Therefore, London School of Business and Management need to focus on the optimization of resources to avoid unnecessary debts for planning costs.
The current project consists of the planning for a new charity program through a fund raising activity. As mentioned above that the institute has aimed to conduct the activity for a social and environmental sustainability and further improvement of the economy through proper investment planning. In this context, Schwalbe (2015) stated that charity program also create a fair and ethical framework in the association that in turn would deliver the positive image of the institution among its stakeholders. Therefore, planning report of this fund raising activity would deliver a detailed understanding on the required resources for the projection and time schedule of the projection. Therefore, the current report will improve the understanding on the cost and time management among the students and other staffs, associated to the current projection.
The project involves scheduling of its action plan to start and finish the same within required time constraints. Moreover, the project report will also deliver a detailed cost breakdown structure to produce an in depth information on the cost constraints. Apart from the same, Wheeler et al. (2017) stated that scope management plan is the prime constraints to understand the opportunity and limitations of the projections for construction of the project framework. Thus, the current report has incorporated all these three components to produce a reliable and valid project planning to execute the same towards meeting the project objectives.
Following are the assumptions for the current projections on which the latter time and cost estimation will be conducted.
- The cost factors for the project planning and projection will remain same over the time
- The expenditure movement will be minimal and negligible
- The resources for the projection will be eased to acquire
- The funds for the project planning and execution will be easily acquired
- All activities in the project planning will be started and finished within time
- Budgeting outcomes will be produced on the current requirements and demand
Donors: The people investing money in the charity would be a stakeholder for the projection.
2. Project cost management:
Resource involves funds, workforce, plants, machineries and other equipments, used in the project planning and execution of the plan. In this regards, Mansor et al. (2016) cited that resources are crucial factors to plan and implement the planning to generate the project deliverables. The resources for the current projection of fund raising activity involves sufficient fund for cost compliance, adequate number of staffs to execute the charity program and the equipments required to collect fund. In case of the workforce, some students of the school and other staffs of the institute would be the key participants to collect the donations and pre-project planning. On the other hand, the funds for the event would be collected from the sponsors where the same would require a promotional conveyance to its key audiences on behalf of the sponsors.
Budgeting refers to development of the cost structure based on the requirements and current market scenario in terms of the value of equipments and price of resource acquisition. In the opinion of Smith (2016), budgeting involves a detailed breakdown structure of the required expenses in the planning and implementation process. Based on the current project of fund raising event, following is the cost breakdown structure incorporating all expenses, required for the projection planning and execution.
|Communication with school authority||105|
|Documentation of the event||260|
|Approval from the government||153|
|Meeting with the sponsors||590|
|Costs of funding from sponsors||205|
|Purchase of raw materials and equipments||150|
|Planning for activities||89|
|Selection of participants||125|
|Preparation of slogans and festoons||77|
|Final action on charity||108|
According to the above cost breakdown structure, the projection has met the target budget for the current projection. Therefore, the responsible finance manager and project managers are liable to use the costs effectively without misuse of the same. In this context, Potts & Ankrah (2014) stated that cost control in the project management is a necessary activity to optimize the cost factors and minimize wastage of resources. In that case, the workforce for the project planning and execution would be from the institute to reduce or minimize the staffing cost. Moreover, before the expenses are taken place, the project manager is responsible to project the costs and activities based on the exact requirements to minimize the wastage of funds and other resources.
3. Project time management:
Gantt chart reveals the schedule of the entire projection with the indication of its completion within time. Moreover, Gantt chart also breaks down the activities under the projection to indicate the time consumption for individual tasks and activities. On the other side, Fang et al. (2015) mentioned that being a potential scheduling tool, Gantt chart discloses the information on the start and end of individual tasks and the entire projection to reveal the probable changes in the schedule of the project. Following is the list of activities for the current projection along with the probable time consumptions and sequence of performing