Question

what is achievement of MSN Program Specialty in Infection control and prevntion Track Learning Outcome #1. What should be included when determining cost for implementing a project? When do costs begin and end? What is included in the salary? Who should be responsible for the salary of personnel involved with new project development and implementation?

Answer 1

The process of determining budget for a project is an activity of aggregating the cost estimates of individual activities, or a work package, to develop the total cost estimate that allows setting a formal cost baseline. This baseline is used to state the budget.

The factors that should be considered while determining the cost for implementing a project are;

The following budget determining inputs can be considered:

• Activity Cost Estimates provide a cost estimate for each work package (a set of individual activities) within the WBS.
• Estimates Basis shows all details on cost estimates and specifies the basic decisions regarding the inclusion or exclusion of indirect project costs.
• Scope Baseline includes the scope statement, the WBS and WBS dictionary allowing determining the project budget in accordance with the cost estimates per work package.
• Project Schedule is a component of the project management plan and it reflects planned start and finish dates for the project activities, milestones, time-frames for individual activities and work packages, and auditing calendars. The information in Project Schedule is used to develop a cost schedule that indicates when the costs are planned to be incurred.
• Procurement Contracts are used to determine the project budget considering all costs incurred and associated with products and services purchased from vendors and suppliers.
• Resource Calendars are used to investigate information on resource assignments and allocation of working time assigned .

Beginning of project cause with estimating, a vital tool in PCM, actual historical data is used to accurately plan all aspects of the project. As the project continues, job control uses data from the estimate with the information reported from the field to measure the cost and production in the project.From project initiation to completion, project cost management has an objective to simplify and cheapen the project .

Project sponsor is responsible for the salary of personnel involved with new project development and implementation.This person should be a senior manager head of the Steering Committee. They will be the source who authorizes the project, ultimately ‘owns’ the project, and sources the funding for the project. They would not and should not be a member of the project team.