Question

Question 2 a) What is your view on importance of project budgeting? AP b) Provide a case study example of the content of your project charter. AN c) Examine the major components of project closure with significance on project delivery.

Answer 1

Solution 2a: One of the most important aspects of project management that have to be taken care of very seriously while developing a project is project budgeting. Budgeting basically refers to estimation and the evaluation of the money that has to be spent by the organization over the development of the project over the course of the project development lifecycle. This includes the cost that has to be spent by the organization over the information systems, hardware, software, personnel, third-party software, etc. It is important because this helps the organization to manage its finances while making sure that the vendor organization also fulfills its duties and delivers the product or service on time.

Solution 2b: A project charter is nothing but a formal document that helps the project manager to understand how, when, where, and on whom the project budget has to be spent in order to make sure that the project budget is spent on the right things and inadequate amount. Again an example of a software development project can be taken in which the vendor organization has been allotted the money to develop the project in accordance with the requirements that have been documented already. So this project charter actually allows the organization to spend the budget in an efficient manner to develop the project.

Solution 2c: Project closure is important as it is the final step in a project development lifecycle and the organization needs to make sure that they deliver their project within the project deadline that is specified by the client organization. Some of the important aspects of the project closure that have to be taken into consideration are:

• Officially confirm the completion of the project.
• The organization should formally transfer all the deliverables to the client organization.
• The resources that have been used in the project should be formally released by the vendor organization.
• Finally archive all the documentation associated with the project that has been delivered by the vendor organization.

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