In: Finance
Please do in excell
1. Your family (you, your spouse, and five-year-old child) are planning a trip to Walt Disney World in Orlando, Florida. Representatives from upper management (your spouse and child) have specified that the trip will entail travel to Orlando, a four-night stay, and three days spent in Disney World itself. You and your spouse have allocated about $5,000 from your annual budget for this project.
a. Develop a WBS for this project and submit your work in mind map and outline form. You should have at least 30 work packages as the lowest level. Student answers will vary but should include 5-6 deliverables and at least 30 work packages as per the following example: THE FURTHER DOWN YOU GO IN WBS THE BETTER!
b. Select three of the deliverables included in your WBS and, for each, list three key performance indicators
12. For two of the major deliverables or project elements you identified for the Disney World project, develop a detailed cost estimate in a spreadsheet format similar to the one shown in Exhibit 5.20. Your goal is to make the cost estimate as accurate as possible. Explain the approach you adopted in developing the estimate and the strategies you used to increase the accuracy of the estimate. Also list any assumptions on which your estimates are based. How confident are you in the accuracy of these cost estimates? Why?
Answer | |||||||||||
a) | |||||||||||
Work Breakdown Structire | Level 1 | ||||||||||
Vacation in Walt Disney World, Orlando, Florida | |||||||||||
Level 2 | |||||||||||
Plan Project | Execute Plan | Action process | Return Journey | ||||||||
Initiate Vacation Plan | Apply leave at office | Fly to Orlando | Departing Time | ||||||||
Feasibility Study | Apply leave at school | Ground transport to hotel | Ground transport to Airport | ||||||||
Check Hotel options | Book hotel | Dinner at Hotel café | Arriving time at home | ||||||||
Check travel options | Book air travel | End Project | |||||||||
Air transport options | Buy Disney World tickets | Day 1 | |||||||||
Ground Transport options | Book ground transport | Early breakfast at hotel | |||||||||
Dining options | Dining reservations | Receive Disney World tickets | |||||||||
Budget costs | Purchase photopass | Enter Park | |||||||||
End Planning | Make paymnents | Enjoy game rides | |||||||||
Take Pictures | |||||||||||
Lunch at Disney World | |||||||||||
Enjoy Games | |||||||||||
Retire to hotel | |||||||||||
Dinner at hotel | |||||||||||
Day 2 | |||||||||||
Early breakfast at hotel | |||||||||||
Enter Park | |||||||||||
Enjoy game rides | |||||||||||
Take Pictures | |||||||||||
Lunch at Disney World | |||||||||||
Laze around the park | |||||||||||
Retire to hotel | |||||||||||
Dinner at hotel | |||||||||||
Day 3 | |||||||||||
Early breakfast at hotel | |||||||||||
Enter Park | |||||||||||
Enjoy game rides | |||||||||||
Take Pictures | |||||||||||
Lunch at Disney World | |||||||||||
Order picturess, paintings | |||||||||||
Retire to hotel | |||||||||||
Dinner at hotel | |||||||||||
b) Performance indicators | |||||||||||
1) Check Hotel Options - Key performance indicator - 4 nights stay, 3 days in Walt Disney World | |||||||||||
2) Budget Options - Key performance indicator - ensure total cost of project is less than or equals $ 5000 | |||||||||||
3) Apply leave at office/ school - key performance indicator - to make sure all the family members get leave on the same | |||||||||||
dates of the project | |||||||||||
c) Cost of Budget Options | $ | ||||||||||
Hotel Costs stay with breakfast | 2200 | ||||||||||
Air costs (to & fro from home to Orlando) | 1800 | ||||||||||
Ground Transport during all days of project | 300 | ||||||||||
Lunch. Dinner at Disney World | 600 | ||||||||||
Miscellaneous | 100 | ||||||||||
Total | 5000 | ||||||||||
Note: | |||||||||||
The question mentions cost estimate as per exhibit 5.20. As the said exhibit is not placed with the question, a simple | |||||||||||
cost budget as above has been made |