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Review Of A Project Gone Over Budget Review

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Risk Management Project Management Team Member Project Plan
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Review of the Project

Summary

This elaborate construction project was certainly impressive from the onset. With a budget of $1 million and a timeline of 12 months, the completion of this custom-designed hillside home with patio and retaining wall made for an ambitious effort. Meant to provide a family with the perfect destination for retreat, this dwelling stands as an impressive structure. It features 3000 square feet, 4 bedrooms, 3 bathrooms, a living room, family room, dining room and kitchen in addition to a two car garage and paved driveway. The exterior is made up of brick and stone while the landscaping presented beautiful native plants that are drought-tolerant. Though it ultimately went 20% over its anticipated cost and completion date, the investment was ultimately worth it for the clients due to its grandeur. This report provides a review of the project.

Process for Closing out the Project

To close out the project, the following process should be used:

1. Finalize the project budget: Analyze the actual project expenses to ensure that all costs have been accounted for and the budget is accurate. To finalize the project budget means to complete the process of analyzing and verifying the actual project expenses to ensure that they are accurate and complete. This process typically involves comparing the actual expenses incurred during the project to the budget that was originally approved, and making any necessary adjustments to account for any discrepancies or oversights. The process of finalizing the project budget is an important step in project management, as it helps to ensure that the project stays on track and within budget. It also helps to identify any potential cost overruns or other issues that may need to be addressed in order to keep the project on track. In addition, finalizing the project budget can provide valuable information and insights for future projects, by helping to identify areas where the project team may have over- or under-estimated costs, and by providing a basis for benchmarking and continuous improvement (Ho, 2018).

2. Finalize the project timeline: Verify that the project was completed within the allotted time frame and that any delays were accounted for and communicated. This process typically involves comparing the actual completion date of the project to the timeline that was originally approved, and making any necessary adjustments to account for any discrepancies or oversights. The process of finalizing the project timeline is an important step in project management, as it helps to ensure that the project stays on track and within budget. It also helps to identify any potential delays or other issues that may need to be addressed in order to keep the project on track (Binder, 2016).

3. Verify completion: Make sure that all project deliverables have been completed and that the home meets all applicable building codes and regulations. This process typically involves reviewing the final deliverables to ensure that they are complete, accurate, and in compliance with all relevant requirements and specifications. The process of verifying completion is an important step in project management, as it helps to ensure that the project delivers high-quality results that meet or exceed the expectations of the client and stakeholders (Larson & Gray, 2017).

4. Document the project: Create a written report summarizing the project details and results, including the final budget, timeline, and deliverables. ct plans, budgets, schedules, and performance reports, and organizing it into a coherent and comprehensive narrative that provides a clear and accurate picture of the project. The process of documenting the project is an important step in project management, as it helps to provide a...

Celebrate: Hold a ceremony to recognize all of the individuals involved in the project and celebrate the successful completion of the project. A reception or open house would be appropriate in this case, but typically it involves organizing a special event, such as a party, a reception, or a dinner, to thank and recognize the people who contributed to the project, and to celebrate the achievements and accomplishments of the project team. The process of celebrating is an important step in project management, as it helps to recognize the contributions and efforts of the project team, and to celebrate the successful completion of the project (Larson & Gray, 2017).

6. Archive project records: Store all project documentation, such as contracts, invoices, reports, and drawings, in a secure location in case they are needed in the future (Binder, 2016). This process typically involves organizing and categorizing the project records, and storing them in a safe and accessible location, such as a filing cabinet, a storage room, or a digital archive. The process of archiving project...

…and plan for potential problems and delays. This could have helped to identify and address any issues before they caused the project to go over budget and past its completion date. Additionally, using risk management techniques and tools could have helped the project team to reduce the likelihood of unexpected costs arising due to unforeseen delays or problems (Larson & Gray, 2017).

Risk management techniques could have had an effect on the delivery of the project. Risk management is the process of identifying, assessing, and managing potential risks in order to minimize their impact and maximize the chances of success. Risk management techniques can help project managers plan for potential risks, respond to them, and mitigate their impact.

Two examples of using risk management techniques that could have helped deliver the project on or under budget include:

1. Risk Identification: Risk identification is the process of identifying potential risks that could affect the project. This step involves brainstorming potential risks and impacts, as well as assessing the likelihood of those risks occurring. Identifying potential risks early on can help project managers plan for them and respond quickly if they do occur.

2. Risk Mitigation: Risk mitigation is the process of reducing the impact of a risk. This involves developing strategies to reduce the likelihood of a risk occurring, as well as strategies to minimize the impact if it does occur. Mitigation strategies can include creating contingency plans, setting up processes to monitor risks, and allocating additional resources to address potential risks.

Conclusion

In the end, the project turned out a success as the client was happy with the final outcome, but it could have been improved and more effectively managed so that the challenge of going over cost and time budget by 20% was either avoided or that the client was kept entirely in the loop so as to avoid difficulties down the road. By providing regular communication with the client and stakeholders, the project team could have kept the client informed about the progress of the project, and could have worked together to address any potential challenges or issues that arose. This could have helped to build trust and credibility with the client, and could have helped to ensure that the project was completed on time and within budget. By focusing on tracking progress and setting reasonable goals, providing regular communication with the client and stakeholders, and having a…

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Sources used in this document:

References


Binder, J. (2016). Global project management: communication, collaboration and management across borders. Routledge.


Ho, A. T. K. (2018). From performance budgeting to performance budget management: theory and practice. Public Administration Review, 78(5), 748-758.


Larson, E., & Gray, C. (2017). Project Management: The Managerial Process 7e. McGraw Hill.

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